Sun. May 26th, 2024

Australia’s Treasury Wine Estate buys Californian label DAOU for $900mn

Treasury Wine Estate, the Australian producer behind Penfolds, has agreed to pay $900mn for Californian luxury brand DAOU Vineyards. 

TWE has been investing in the US as part of a restructuring of its assets since China — previously the largest market for Australian wine — imposed punitive tariffs in 2020. 

A further earn-out of $100mn has been included as part of the deal to acquire what TWE said was the fastest growing luxury wine brand in the US over the past year. 

Shares in TWE were halted on Tuesday as part of a fundraising to finance the deal. 

What to watch in Asia today

Events: Many Asia-Pacific cities celebrate Halloween, but Seoul will be cautiously marking a year since a surge of revellers resulted in 151 deaths and more than 80 injuries. Tokyo’s busy Shibuya district has imposed a policy of no alcohol in the streets, amid fears of a similar crush. Anime Tokyo Station opens in the Japanese capital’s Ikebukuro district. The Association of Japanese Animations and the Tokyo metropolitan government earlier this year signed an agreement to open a landmark facility devoted to the Japanese visual art.

Central banks: The Bank of Japan will conclude its two-day policy meeting and release fresh quarterly growth and inflation forecasts, while the Reserve Bank of New Zealand issues a financial stability report.

Economic indicators: Japan announces unemployment figures for September. China issues official manufacturing purchasing managers’ index data for October. South Korea releases industrial production and retail sales for September. The ANZ New Zealand business confidence index for October is available.

Corporate results: Foxconn Industrial Internet and Yum China are among companies reporting third-quarter data. Indian telco Bharti Airtel and Japan’s Daiichi Sankyo, Denso, Japan Tobacco, Mitsubishi Electric and Mitsui & Co announce second-quarter earnings.

SolarWinds sued by SEC after 2020 breach by Russian hackers

The US Securities and Exchange Commission filed a complaint against SolarWinds, accusing the company of misleading investors by not disclosing ‘known risks’ © Suzanne Cordeiro/AFP via Getty Images

SolarWinds, the IT company breached by Russian hackers as part of a sprawling espionage campaign in 2020, has been sued by the US Securities and Exchange Commission.

The SEC on Monday filed a complaint accusing the company and chief information security officer Timothy Brown of misleading investors by not disclosing “known risks” and not accurately representing its cyber security measures.

“We allege that, for years, SolarWinds and Brown ignored repeated red flags about SolarWinds’ cyber risks, which were well known throughout the company and led one of Brown’s subordinates to conclude: ‘We’re so far from being a security minded company,’” Gurbir Grewal, director of the SEC’s enforcement division, said in a statement.

S&P upgrades Ford as cost cuts expected to offset new labour contract

S&P has upgraded Ford to investment-grade territory, citing the carmaker’s improving margins and expectations that its cost reduction programme would “more than offset higher labour-related costs”.

In a Monday update, the rating agency moved Ford up to triple-B minus from double-B plus.

Ford reached a tentative agreement last week with the United Auto Workers union that would increase member wages by 25 per cent over four years, following a historic 40-day strike against the traditional Big Three domestic car manufacturers.

S&P’s move comes after Fitch raised the company to investment grade status in September.

Moody’s lifted the company to the highest notch of junk territory in July.

Bank of Canada rate-setting group ‘has not started’ discussing when to cut

Tiff Macklem, governor of the Bank of Canada, left, and Carolyn Rogers, senior deputy governor, walk to a meeting of the House of Commons finance committee in Ottawa on Monday © David Kawai/Bloomberg

A top Bank of Canada official has said that the central bank’s monetary policy setting body has not yet discussed when to start cutting interest rates.

Once the bank is confident that inflation is coming down and remains at those levels, “we would start thinking about lowering interest rates, but we’re just not there yet,” senior deputy governor Carolyn Rogers told the country’s House of Commons on Monday.

The BoC’s “governing council has not started talking about when we’ll reduce interest rates”, she said.

The bank held its key interest rate at 5 per cent last week because officials want to give monetary policy time to cool the economy and relieve price pressures, BoC governor Tiff Macklem told lawmakers.

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