Media Focus on Multinational Corporations [2022.09.19]






Boeing to resell some Max jets ordered by Chinese airlines

Boeing officials said Thursday they will find new buyers for some Boeing 737 Max jets that were built for Chinese airlines but can't be delivered because China's aviation regulator has not cleared the plane to fly after two deadly crashes.

Boeing hopes the move will reduce its inventory of undelivered Max jets, which built up while the planes were grounded around the world.

However, the decision risks adding to tension between the aircraft manufacturer and China, which was once Boeing's biggest market for the Max.

Arlington, Virginia-based Boeing had 290 undelivered 737s in inventory as of June 30, with about half of them earmarked for China, company officials said. The company did not disclose how many might be resold to new buyers.

Boeing's hopes were raised last December, when China's aviation regulator took a major step toward letting airlines resume using the Max. In February, Chinese airlines ran flight tests. But the Civil Aviation Administration of China has not taken the final steps to allow Max flights and deliveries to resume, which Boeing officials blame on COVID-19 lockdowns.

Meanwhile, the company was running out patience.

We have deferred decisions on those planes for a long time. We cant defer that decision forever,Boeing Chief Financial Officer Brian West said Thursday. So we will begin to re-market some of those airplanes that were otherwise earmarked for our Chinese customers.

China is an important market,' and Boeing did not make the decision lightly, West said during a Morgan Stanley investor conference. But he expressed confidence that Boeing can find new buyers for the planes, which list at $100 million and up although airlines routinely get deep discounts.

China is the last major market where the Max is still awaiting approval to fly. The U.S. Federal Aviation Administration approved changes Boeing made to the plane in late 2020, and regulators in Europe, Canada and Brazil have followed suit.

The importance of the Chinese market to Boeing was underscored in July, when China's three largest airlines ordered nearly 300 planes from its European rival Airbus.

U.S. relations with China were strained during the administration of former President Donald Trump, who waged a trade war with China. On Thursday, Boeing CEO David Calhoun said free trade with China has helped the company but that recent geopolitical eventswill slow us down.

I think we will get back there some day,Calhoun said at a U.S. Chamber of Commerce event. I just dont think its a day soon.


Sino-Russian CR929 aircraft project to be updated

PATRIOT PARK /Moscow Region/, August 15. /TASS/. The development project of the Sino-Russian long-range wide-body passenger jet CR929 is planned to be updated in accordance with current macroeconomic conditions, CEO of the Russias United Aircraft Corporation (UAC) Yury Slyusar told reporters on the sidelines of the Army-2022 forum.

'Yes, we are working. There is a combination of several factors: lockdown and sanction. It has left its mark; we have to update the participation format. Nevertheless, we are working in close contact with the Chinese side; all our joint ventures are operating,' the top manager said.

The coronavirus pandemic and the change in the air transportation market structure as a consequence, sanctions and the overall macroeconomic situation were the main drivers influencing the project, Slyusar added.


Airbus anticipates A321 assembly at Tianjin facility later this year

European aircraft manufacturer Airbus plans to start to assemble A321 single-aisle aircraft at its final assembly line in Tianjin later this year, and it is looking to seek more cooperation opportunities with Chinese aviation industry players.

The first batch of two large parts, a nose and a fuselage, arrived in Tianjin Port from Hamburg, Germany, on Saturday, and the large sections are expected to be transported to Airbus' final assembly center in Tianjin on Tuesday.

The A321, the biggest member of the A320 family, now serves as Airbus' single-aisle aircraft with the strongest demand globally. Each A321 can hold about 30 percent more passengers than the A320 for typical cabin configuration, and its extra-long-range version is capable of flying up to 8,700 kilometers, Airbus said.

Worldwide, Airbus has four A320 family assembly facilities in Toulouse, France; Hamburg; Alabama in the United States and Tianjin. The aircraft manufacturer has expanded its capacity at all these facilities to meet growing demand for the A321, it said.

'The whole company of Airbus has shifted from dealing with the COVID-19 pandemic to considering future growth. We will focus on digital and green development transformation, and continue to explore new cooperation possibilities with Chinese aviation industry partners,' said George Xu, executive vice-president of Airbus and CEO for Airbus China.

The two large portions of the A321, which were carried by a cargo ship owned by Hong Kong, arrived at Pacific International Container Terminal of Tianjin Port on Saturday afternoon.

'It was the first batch of large parts of the A321 that arrived in Tianjin since the establishment of the A320 family assembly facility in Tianjin more than a decade ago,' said Zhao Zhiming, deputy general manager of the engineering logistics supply chain company in Tianjin of China COSCO Shipping Co Ltd.

Air Canada

Air Canada plans to use electric aircraft soon

he batteries provide energy for short distances, the charging time is about half an hour: The airline Air Canada has ordered 30 electric hybrid planes in Sweden.


Chinese Evergrande group starts production of electric car 'Henchi 5'

Evergrande's debt is more than $300 billion. Now the Chinese real estate group wants to develop into an electric car manufacturer - and in a few years outstrip Tesla.


Fosun's Debt Stands at RMB100 Billion, Corresponding to Total Assets of RMB270 Billion

HONG KONG, Sept. 18, 2022 /PRNewswire/ -- Fosun International Limited (HKEX stock code: 00656, 'Fosun International') said a major international investment bank Morgan Stanley has reiterated its 'Overweight' rating on Fosun International with a target price of HK$11.4.

In the first half of 2022, Fosun achieved sustainable growth in its revenue, with a total revenue of RMB82.89 billion, representing an increase of 17.7% over the same period in 2021. The company pointed out that after entering the second half of the year, thanks to the Group's long-term adherence to profound industry operations, the financial and operational indicators of companies in multiple segments have rapidly shown signs of a steady recovery.

Fosun's Actual Debt is Only RMB100 Billion, Corresponding to Total Assets of RMB270 billion

The market is concern about Fosun International's debt situation and believes that Fosun is under the pressure of RMB650 billion debt. According to Fosun International's 2022 interim results, its total assets amounted to RMB849.7 billion and total liabilities amounted to RMB651.3 billion as of 30 June 2022. However, the market's perception of RMB650 billion debt is in fact a confusing statement.

This RMB650 billion figure is the consolidated total liabilities of Fosun International and its subsidiaries, including the liabilities of its financial institutions such as insurance companies, banks, etc. However, the liabilities of financial institutions and the commonly referred interest bearing corporate debt are two different concepts. In fact, the consolidated interest bearing debt of Fosun International stands at approximately RMB260 billion only, which also consists of debts of its consolidated listed subsidiaries such as Yuyuan and Fosun Pharma, etc. The repayment obligations of these debts are independently borne by the corresponding listed companies. In other words, the actual debt that is borne by Fosun International is only approximately RMB100 billion, corresponding to total assets of RMB270 billion and net asset value (NAV) of around RMB20 per share. From this perspective, Fosun is not under significant debt repayment pressure.

Morgan Stanley Reiterated its 'Overweight' Rating on Fosun International with a Target Price of HK$11.4 for the Third Time

Morgan Stanley issued a research report on 16 September, the report said that most of Fosun's debt at the consolidated level reported in its recent interim results announcement consists of lending by Fosun's operating subsidiaries. The firm estimated that the debt at the holding company, including onshore debt, offshore debt and bank loans, is much lower. In terms of cash, with a tightening credit market, it is understandable that the company needs to take quick action to convert liquid assets into cash. It is estimated that the cash generated from its recent asset sales, together with its cash on hand is getting closer to being able to repay its near-term debt obligations. Morgan Stanley has therefore reiterated its 'Overweight' rating on Fosun International with a target price of HK$11.4.


RM LAW Announces Class Action Lawsuit Against Abbott Laboratories

BERWYN, Pa., Sept. 16, 2022 /PRNewswire/ -- RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Abbott Laboratories ('Abbott' or the 'Company') ( NYSE: ABT) securities during the period from February 19, 2021 through June 8, 2022, inclusive (the 'Class Period').

Abbott shareholders may, no later than October 31, 2022, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Abbott and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.

The lawsuit alleges that defendants put profitability ahead of children's safety. During the Class Period, Abbott Laboratories engaged in a scheme to maximize revenues and inflate its stock price while disregarding and then concealing lapses in safety protocols that ultimately were linked to serious infant illnesses and even deaths.


Bayer supports China's goal of improving health in expectant mothers and newborns

German drug maker Bayer AG supported a public welfare activity in China in an effort to raise social awareness in defects of newborns and improve the overall health of women and children in the country.

The activity, named the Defect Free Campaign, was jointly launched on Sept 12 by the National Health Commission and the China Health Promotion Foundation.

The campaign, which has been successfully held for three years, invites maternal experts to offer trainings to healthcare professionals in medical institutions in China, to raise awareness of basic maternal knowledge and skills and infant healthcare, as well as improve maternal health literacy.

The first 1000 days of a baby's life, defined as the 'window period' by the World Health Organization, is the key stage of child development. It is also a golden time to prevent chronic diseases in adulthood.

'Currently, the public has attached great importance to birth defects and their prevention. In the future, we will emphasize more on improving the quality of the birth population and preventing diseases from the early stage of a life cycle,' said Zhang Jianbin, director of the Population Culture Development Center of the NHC.

Bayer has been supporting the public welfare project for four years. He Yong, general manager of Bayer Consumer Health China, said: 'This year marks the 140th anniversary of Bayer rooting in China. Bayer will cooperate closely with the Chinese government and relevant institutions to optimize maternity and child care. We look forward to uniting more diverse social groups and benefiting a wider range of Chinese consumers'.

Specifically, this year, the campaign will carry out nutritional supplement programs in key cities, such as Jining in Shandong province, Luoyang in Henan province and Shantou and Qingyuan in Guangdong province so as to help more expectant mothers and families and facilitate the goal of 'Healthy China 2030'.


LG Chem plans to meet China's growing skincare demands

By Zhong Nan | | Updated: 2022-09-16 10:56

Two research and development staff members from LG Chem conduct a product test at a laboratory in South Korea. [Photo provided to]

LG Chem Ltd, the South Korean company, plans to introduce more medical aesthetics products into China as consumers have a growing demand in pursuing the speed and efficacy in skincare regimens, said its executives.

In addition to focusing on the sales and production of hyaluronic acid products in the country, LG Chem will rely on science and technology to improve product quality and reinforce their brand image to increase its competitiveness in this market, said Kim Hye-ja, vice-president of LG Chem Life Sciences Co's aesthetic division and CEO of LG Jiansheng Life Sciences(Beijing) Co Ltd.

Eager to seize more of the market share, LG Chem introduced its latest hyaluronic acid product Y-Solution in China in September 2021.

'We always feel obliged to leverage advanced technologies in the upgrade of the hyaluronic acid industry and ensure the products' service safety,' said Jung Im-no, expert advisor of LG Chem Life Sciences' aesthetic division, adding that the company has been investing constantly in research and applications.

According to a recent report on China's health industry by Shenzhen, Guangdong province-based industry research firm Qianzhan Institute, bioactive substances such as hyaluronic acid are increasingly used in a wide range of sectors, including medical treatment and cosmetics, indicating promising prospects.

Already one of the world's largest, China's aesthetic medicine market value stood at 143.6 billion yuan ($20.5 billion) in 2020, and is expected to hit 318.5 billion yuan in 2024, with the compound annual growth rate reaching 17.3 percent, according to a study released by consultancy Frost&Sullivan.


Starbucks China aims for 9,000 stores by 2025

Starbucks China plans to increase the amount of stores in China, its second largest market, by 50 percent to 9,000 stores by 2025. It also plans to double its sales and quadruple its operating income through efforts including store expansion, growth in Omni channel, as well as at-home and on-the-go coffee services.

In the past ten years, Starbucks stores on the Chinese mainland have grown by nearly 10 times and have been on track to reach 6,000 stores by the end of this year. By 2025, the company is expected to open a new store every nine hours to add 3,000 new stores in about 300 cities throughout the country, said Belinda Wong, chairwoman of Starbucks China, at the biennial Investor Day conference on Sept 13.

In first and second tier cities, Starbucks China is going to optimize its store portfolio and density in key trade zone. For example, at its reserve stores, Starbucks China is expected to elevate its connections with communities through smarter omni-channel services and operate about 2,500 greener stores.

Delivering locally-relevant coffee innovation is key to the implementation of the plan, according to the company. In the next three years, Starbucks China is investing $220 million on launching its Digital Technology Innovation center in the country to further facilitate its digitization of store operations and in-house technology and data infrastructure.


New iPhone launch event sets off buying spree

Apple Inc saw more than 1 million bookings for its latest smartphone iPhone 14 series on, a major e-commerce platform in China, as of Sept 10, only two days after the launch event on Sept 8, the Beijing Business Today reported on Tuesday. showed that the iPhone 14 was out of stock by Sept 10 and the delivery time for the iPhone 14 Pro has been delayed to mid or late October, a time span of five to six weeks.

Multiple e-commerce platforms including and said that although their system showed the latest iPhone would be delivered after 60 days of online purchase, they cannot guarantee the delivery date because it is subject to a real situation. Apple stores including in Beijing's Wangfujing and Sanlitun said it was difficult to get the latest iPhones in store at the beginning of the launch.

Apple's website also showed weeks-long delays for delivering some of the iPhone 14 series products, such as the iPhone 14 Pro 256GB (five-six week delay), iPhone 14 Pro Max 256GB (six-seven week delay) and iPhone 14 Plus 256GB (over-three week delay).

Previously, CITIC Securities said in its research report that Apple's 2022 global shipments will reach 230 million and will usher in its annual sales peak in the fourth quarter fueled by launching new phones. The shipment of the iPhone 14 series this year is expected to reach around 83.50 million with iPhone 14 Max and iPhone 14 Pro hopefully becoming the hot models.


Twitter shareholders endorse Elon Musk's $44b buyout deal

SAN FRANCISCO - Twitter on Tuesday said a preliminary count shows shareholders endorsed Elon Musk's bid to buy the social media platform for $44 billion, even as he tries to break the contract.

The tally came during a shareholder meeting that lasted just minutes, with most of the votes having been cast online.

Twitter has sued Musk to complete the deal, and a trial is set for October.


SpaceX strengthens its satellite internet offer in Europe

The American company is opening its very high speed services to French companies for the first time.

While in Paris, Gwynne Shotwell, president and chief operating officer of SpaceX, shows reporters a rather unusual vacation photo.

A small rectangular antenna less than 50cm high connected to a white case the size of a paperback, all set on a meadow in front of a circle of megaliths, in Drombeg in the south of Ireland.

'Even in the most remote places on the island, thanks to Starlink, I had access to the internet up to 350 megabits per second', assures the one whom Elon Musk has trusted completely to manage his space activities for twenty years now.

Thanks to a constellation of nearly 2,300 satellites in orbit 550 km above our heads, SpaceX has achieved the technological feat of offering very high-speed internet, at speeds close to fiber, potentially at the whole earth.


Rosneft accuses Germany of forced expropriationof German subsidiaries

The federal government put Rosneft refineries under trusteeship the Russian state-owned company is now talking about illegalaccess to its assets and is announcing legal action.


Gazprom confirms the high demand for Russian gas in the Chinese market

Oleg Aksyutin, Deputy Chairman of the Board of Directors of Russia's Gazprom, confirmed the high demand for Russian gas in the Chinese market.

And the Russian Sputnik news agency quoted Aksyutin as saying during a session at the St. Petersburg International Gas Forum today: China is increasing its requests for gas delivery via the (Siberian torrent) line,explaining that Gazprom is dealing with an increase in demand from Chinese parties to supply gas through a pipeline.Siberian gas, even in the midst of a slowdown in gas demand growth in the country.

Gazprom said in a statement today that 'no country except Russia can supply Europe with quantities of gas comparable to the resources of Siberia and Yamal and offer comparable delivery terms.'

Gas exchange rates in Europe rose today by more than 7 percent to exceed $2,400 per thousand cubic meters, according to the London Stock Exchange.


Chevron Gets Stakes in Australian CCS Schemes

Oil major Chevron has announced it is part of three joint ventures that have been granted permits to undertake evaluation and appraisal work for the potential storage of carbon dioxide offshore Australia.

The blocks, including two in the Carnarvon Basin off the north-western coast of Western Australia and one in the Bonaparte Basin offshore Northern Territory, total more than 31,500 km2 or nearly 7.8 million acres an area larger than Belgium.

Two, permits G-9-AP and G-11-AP, are operated by by Santos, with an affiliate of SK E&S also holding interest in G-11-AP, as announced yesterday (8 September).

The third, G-10-AP, is operated by Woodside, with partners BP, Japan Australia LNG, which is owned equally by Mitsubishi Corporation and Mitsui & Co., and Shell Australia.

Last month (24 August), the Australian Government approved the first two new offshore greenhouse gas storage areas since 2014. The permits were for a joint venture between INPEX, Woodside Energy and TotalEnergies for area G-7-AP over GHG21-1 in the Bonaparte Basin, and for Woodside Energy for area G-8-AP over GHG21-3 in the Browse Basin.

A total of five permits have now been awarded under the 2021 offshore Greenhouse Gas Storage Acreage Release. The government said these would provide Australian industry with new opportunities for carbon capture and storage and help Australia to achieve its target to lower emissions by 43% by 2030.

Chevron has a unique set of capabilities and relationships to support the further deployment of carbon capture and storage in Australia,said Mark Hatfield, managing director of Chevrons Australia Business Unit. We look forward to working with our venture participants to assess the greenhouse gas storage potential within these titles, which we hope will benefit Australia and the region for years to come.

As part of its global lower carbon strategy, Chevron is focused on carbon capture, utilization, and storage (CCUS) primarily through hubs with third-party emitters as partners and customers renewable fuels, hydrogen, offsets, and other emerging technologies, Chevron says.

Under almost every scenario, CCUS is expected to be essential for meeting the net zero ambitions of the Paris Agreement and is poised to play a crucial role in reducing carbon emissions in hard-to-abate, energy intensive industries such as LNG, refining, petrochemicals, power, steel, and cement,said Chris Powers, vice president of CCUS for Chevron New Energies. These and other ventures also have the potential to help generate higher returns and lower the carbon intensity of our own operations. We look forward to collaborating on these efforts.


Saipem and Edison join hydrogen venture in Italy

Saipem and local utility company Edison have acquired significant shares in the entity overseeing the Puglia Green Hydrogen Valley project in southern Italy, the Italian multinational energy services provider announced on Thursday.

Under the agreement, Saipem and Edison will take 50% and 10% shares respectively of Alboran Hydrogen Brindisi, with the former holding exclusive rights for the projects implementation. Alboran Hydrogen Brindisi is a subsidiary of global renewable energy operator EN.IT Group

The project consists of building three green hydrogen plants in the municipalities of Brindisi, Taranto and Cerignola in the southern region of Puglia. The assets will have a combined electrolysis capacity of 220 MW powered by 400 MW of solar capacity.

Once fully operational, the development will produce up to 300 mcm (10.6 bcf) of green hydrogen per year. Hydrogen will be used to power local industry and transport in addition to being injected into the local gas grid.

No projected timeline or costs were disclosed for the projects completion.



During his trip to Denmark, Patrick Pouyanné signed an agreement with the President of the Technical University of Denmark (DTU) concerning the creation of the DTU-TotalEnergies Excellence Center of Clean Energy. This advanced research center will focus on developing reliable, profitable, low-emission energy solutions that will reduce the intermittence of renewables and accelerate the decarbonization of industrial facilities.

Located at the Risø campus, to the west of Copenhagen, the new center will be housed on the premises of the DTU, which is recognized in particular for its advanced research into offshore wind energy. This will pave the way for synergies with TotalEnergies, which has already established a global portfolio of offshore wind farms with total capacity of over 11 GW (3/4 fixed and 1/4 floating).

The DTU-TotalEnergies Excellence Center of Clean Energy will have three main missions:

Construction of a next-generation hybrid electric platform

This pilot scheme at the Risø power plant will test different systems for optimizing the production of wind energy with battery storage systems and the production of green hydrogen. The scientific data from the pilot scheme will then be used for research programs.

Multi-energy training for employees

Training is an essential driver for TotalEnergiessuccessful transformation into a multi-energy company. The DTU will provide training for employees, with online masterclasses and specially designed courses on electricity and clean energy.

Research partnerships

TotalEnergiesresearchers and engineers will work with the DTUs teaching staff, researchers and students on research programs for the joint development of technological solutions, with a focus on next-generation wind technologies and floating wind farms


Volkswagen values Porsche between 70 and 75 billion euros for its IPO

German automaker Volkswagen plans to IPO its subsidiary Porsche on September 29 and is aiming for a valuation between nearly 70 billion and 75 billion euros, the group announced on Sunday.

The indicative price of the offer will be between 76.50 and 82.50 euros per share, said in a press release the Volkswagen group, the world's second largest manufacturer which had given the green light to the IPO at the beginning of September on the Frankfurt Stock Exchange. from the manufacturer of the mythical 911.


Adobe buys Figma, the collaborative design platform, for $20 billion

The company has multiplied its value by 10 in just two years Figma's value has skyrocketed. The collaborative internet design application was worth 2 billion dollars in 2020, 10 billion in 2021 and has just been acquired by Adobe for 20 billion dollars (a similar figure in euros), as reported by the company based in San Jose (California). About half the price is paid in cash, with funds Adobe already has, or, if necessary, with a loan. The other half, withFigma's value has skyrocketed.

The collaborative internet design application was worth 2 billion dollars in 2020, 10 billion in 2021 and has just been acquired by Adobe for 20 billion dollars (a similar figure in euros), as reported by the company based in San Jose (California).

About half the price is paid in cash, with funds Adobe already has, or, if necessary, with a loan.

The other half, with the issuance of new shares.

In addition, Adobe will give an incentive of six million shares (valued at nearly $2 billion at current prices) to Figma's boss and employees.

The high price paid for the acquisition has caused a sharp drop in the stock market of Adobe, which is worth just over 150,000 million dollars.

The price has opened the session this Thursday with decreases close to 15%, also penalized by quarterly results somewhat worse than expected.

It has achieved a profit of 1,140 million dollars, after raising revenues by 13%, to 4,430 million.

The strength of the dollar has penalized their accounts due to the exchange impact on income abroad.

The operation is expected to close in 2023, following the necessary authorizations and approval by the Figma shareholders' meeting.

Following the purchase, Dylan Field, co-founder and CEO of Figma, will continue to lead the company, reporting to David Wadhwani, head of Adobe's digital media business.