Media Focus on Multinational Corporations[2021.06.01]






Walmart Partners With Gap on New Home Products Line

The shares of Walmart Inc (NYSE:WMT) are up 0.7% at $143.12 at last check, after the massive retailer announced it is partnering with Gap (GPS) to launch a new line of home products that will be sold exclusively on its website starting in June. The new collection will feature more than 400 items across décor, tabletop, bedding and bath, and comes on the heels of a booming home goods market, which was fueled by the Covid-19 pandemic.

Digging deeper, Walmart stock has taken a major step back from its Dec. 1, all-time high of $153.65, falling all the way to the $126 mark in March. Shares have been in recovery mode ever since, recently breaking above the 120-day moving average. Longer term, WMT sports a 17% year-over-year lead.


Jeff Bezos will step down as Amazon CEO on July 5

New York (CNN Business)Amazon founder Jeff Bezos will officially step down from his role as chief executive on July 5, he announced during the company's annual shareholder meeting Wednesday.

Bezos will hand the reins to Andy Jassy, who currently runs Amazon Web Services, after a nearly three-decade run leading the internet giant that made him one of the richest people in the world. Bezos will become Amazon's executive chair.



Amazon’s $8.45 billion deal for MGM is historic but feels mundane

Amazon announced a deal to acquire MGM Studios for $8.45 billion on Wednesday.

The deal adds content to Amazon Prime Video and a studio to produce more TV series and films.

It marks the first time a large technology company has acquired a legacy media company, but it doesn’t feel particularly historic.



VW says Lamborghini is not for sale after reported $9.2 billion bid

(Reuters) -Volkswagen has received a 7.5 billion euro ($9.2 billion) offer for Lamborghini, British weekly magazine Autocar reported on Tuesday, though VW's Audi said the supercar brand was not for sale.

The non-binding offer sets out terms for the purchase of Automobili Lamborghini by Switzerland's Quantum Group AG, which has formed a consortium with London-based investment firm Centricus Asset Management, Autocar reported.



Goldman Sachs obtains China license for asset management venture

Goldman Sachs said Tuesday it won preliminary approval from Chinese regulators for a wealth management joint venture to serve customers in China.

The venture, owned 51 percent by Goldman's asset management division and 49 percent by a subsidiary of the state-owned Industrial and Commercial Bank of China, aims to serve some of the estimated $70 trillion in investible assets expected at Chinese households by 2030, Goldman said in a news release.

The announcement marks the latest sign of increased openness by Beijing to participation by foreign financial heavyweights.

JPMorgan Chase was authorized in December 2019 for a majority holding in a trading joint-venture in China, followed a few months later by similar announcements from Goldman and Morgan Stanley.

Asset management giant BlackRock received approval in early May for a venture with China Construction Bank and Singapore sovereign wealth fund Temasek, The Wall Street Journal reported.

'China's wealth management industry has grown on the back of increased household wealth and continued financial market reform,' said Tuan Lam, head of client business for Asia Pacific ex-Japan at Goldman Sachs Asset Management.

'This joint venture with China's preeminent financial institution will accelerate our objective of establishing a leadership position in one of the world's largest, fastest-growing wealth management opportunities.'



JD unit to raise over $3b from HK float

JD Logistics, the logistics arm of Chinese mainland e-commerce giant JD, is likely to raise HK$24.1 billion ($3.1 billion) from its initial public offering in Hong Kong after pricing its shares at the lower half of an indicative range.

The company said on Thursday that it had set its IPO price at HK$40.36 and was looking to capitalize on the country's booming online shopping for rapid growth. It is planning to offer 609.16 million new shares and had earlier said the shares would be offered in an indicative price range of HK$39.36 to HK$43.36 each.

The Beijing-based warehousing and shipping company said the public offering size could increase by up to 15 percent if a 'green-shoe' option is exercised, or in case of an overallotment. The option allows companies to issue more shares when there is strong demand from the market.

The company has already roped in an impressive array of cornerstone investors like Soft-Bank Vision Fund, Temasek Holdings Pte, Blackstone Group Inc, Tiger Global and several other big names. Some of the company's existing shareholders and their related parties are also keen to increase their holdings, JD Logistics said, adding that Hillhouse Capital and Tencent have already subscribed to its shares.


Fonterra posts 30% rise in earnings on back of China demand

Chinese market has led the progress for world leading dairy producer Fonterra as the country's economy continues to recover strongly, recording a 30 percent rise in earnings before interest and tax year-on-year, said Fonterra's top executive.


【Shanghai Disney Resort】&【Goodbaby】

Shanghai Disney Resort and Goodbaby Group enter multi-year resort alliance

Shanghai – Shanghai Disney Resort and Goodbaby Group, one of the world's leading parenting product companies, jointly announced on Friday that the two parties have entered into a multi-year resort alliance - introducing Goodbaby as the Official Stroller Sponsor of Shanghai Disney Resort. The brand-new strollers, custom-tailored for Shanghai Disneyland, are now available in the park, providing an even smoother and more enjoyable experience for families with little ones.



Moen's parent company to expand China presence

Fortune Brands Home & Security Inc, the parent company of Moen – the sanitary ware and smart home services provider -- will expand both its online and offline presence across China to further compete with other established rivals in the coming years, said its senior executives.



Oatly increases investments in plant-based sources to achieve sustainable growth

Oatly Group AB, the Swedish food and beverage company, pledged to deploy more resources in both business operation and production in China to push sustainable growth in the coming years, said its top executive.



BASF's new innovation campus in China to boost its creative capacity

BASF, a German multinational chemical company and the largest chemical producer in the world, said it will further build up its creative capacity in China.

BASF will construct an innovation campus phase 3 in Shanghai. That will further strengthen its research and development capabilities for advanced materials, systems and chemical engineering, and serve the needs of growing industries in the country.



Galanz finishes offer for Whirlpool China

The offer to acquire Whirlpool (China) by Galanz Group was not dependent on its short-term financial performance, but its strong faith in investing in the Chinese unit of Whirlpool in the future, a top executive officer with Galanz said.

'The offer is to make Whirlpool (China) a multinational company recognized by end users, employees, customers and shareholders,' said Leung Chiu Yin, chairman of Galanz Group.

With the completion of part of the tender offer, Galanz has officially became the controlling shareholder of Whirlpool (China), holding approximately 51.69 percent of the issued shares. Whirlpool Corporation will continue to be a shareholder of Whirlpool (China), holding approximately 20 percent of the outstanding shares.



Huawei's new mobile OS coming in June

Chinese technology giant Huawei Technologies Co said on Tuesday that it will launch its self-developed HarmonyOS operating system for smartphones on June 2 as part of its ongoing efforts to cultivate its software prowess after overseas restrictions affected its hardware business.

The move marks a crucial step for Huawei, which has been preparing for its transition from Google's Android operating system to HarmonyOS for a long time after Washington restricted its access to Google software and services in 2019.

HarmonyOS, or Hongmeng in Chinese, was unveiled more than a year ago and is undoubtedly the biggest push by Huawei to build its own software ecosystem. The operating system has already been used in tablets, smart TVs, as well as third-party companies' home appliances such as ovens and smoke exhaust ventilators.