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August 21 – According to the Guangxi Zhuang Autonomous Region Finance Department, since the beginning of this year, Guangxi has experienced continuous heavy rainfall, resulting in severe flooding and geological disasters in Nanning, Guigang, Qinzhou, Fangchenggang, and other areas, seriously threatening the lives and property of the people. The Guangxi Zhuang Autonomous Region Finance Department, together with the Guangxi Zhuang Autonomous Region Agriculture and Rural Affairs Department and Water Resources Department, sought central government support and increased the coordination of funds, raising a total of 458 million yuan for agricultural disaster prevention and mitigation and water conservancy disaster relief. As of now, 233 million yuan for agricultural disaster prevention and mitigation and 225 million yuan for water conservancy disaster relief have been fully allocated to relevant cities and counties, effectively ensuring the smooth implementation of agricultural and water conservancy disaster prevention, mitigation, and relief work throughout the region. Next, the Guangxi Zhuang Autonomous Region Finance Department will continue to closely monitor the disaster situation, actively cooperate with relevant departments to accelerate project progress, strengthen fund supervision, and continuously promote the effective use of disaster relief funds to benefit the people.Futures News, August 21st: Crude oil prices rose in stages, improving the trading atmosphere in the fuel oil market. Refineries confidence in maintaining prices increased, and with a reluctance to sell at low prices, most offers were pushed up in line with market conditions. Downstream buying interest gradually increased, with restocking mainly driven by immediate needs. It is expected that fuel oil trading will maintain a stable to slightly rising trend today.Iranian officials say they plan to attack crude oil export facilities, aiming to strike at Trump ahead of the US midterm elections. A quick overview of the pre-market crude oil prices converted between domestic and international markets in one chart.August 21 – S&P Global Market Intelligences Deputy Director of Economics stated that Japans private sector continued its strong performance in August, with companies reporting the fastest output growth since February. Growth momentum improved in both manufacturing and services, with manufacturing performing particularly well, showing significant growth in both output and new orders. Furthermore, new export orders in the manufacturing sector recorded their fastest growth in eight and a half years, and the semiconductor and AI-related industries had a substantial backlog of new business. Easing cost pressures in August are a positive sign for Japanese companies. Although input costs still rose sharply due to the impact of the Middle East war on supply chains and energy prices, as well as the weak yen, the overall cost inflation rate has fallen to its lowest level in five months. However, with output price increases still near historical highs, companies may need to see a sustained slowdown in inflation before further reducing product prices. With improved business confidence compared to the previous month, strong sales growth, and continued employment increases, Japans private sector is expected to continue its strong performance, provided that it is not subjected to further shocks in terms of prices or demand.According to Futures News on August 21, as of 8:30 AM Beijing time, spot platinum fell 0.16% and spot palladium fell 0.03%.

KKR and Ramsay Health cease purchase negotiations

Charlie Brooks

Sep 26, 2022 11:06

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Ramsay Health Care and a consortium led by KKR have terminated purchase negotiations, the hospital operator announced Monday, putting an end to weeks of uncertainty.


The KKR-led firm initially approached Ramsay in April with a A$88 per share cash offer, but withdrew it in late August after the company disclosed a 39% decline in profits.


As per the all-cash proposal, Ramsay shareholders would receive A$88 per share, but only for the first 5,000 shares.


Larger shareholders obtained A$78.20 per share of Ramsay and 0.22 shares of its subsidiary in France, Ramsay Generale de Sante. Ramsay described the alternative concept as inferior.


The poor performance of the company was cited as the reason why KKR would not boost its $14.5 billion cash-and-stock offer. If Ramsay modifies its valuation expectations and considers a fresh offering, KKR will explore conditions that are mutually agreeable.


"The coalition cannot generate a fresh proposal at this time," Ramsay explained.


A KKR-led consortium official told Reuters, "Following a recent conversation with the Ramsay Board, we have amicably discontinued discussions."


A successful acquisition of Ramsay would have been the greatest private equity deal in Australia.


The inability of Ramsay to reach a deal with the KKR-led group exemplifies the growing problem of execution risks in Australian mergers and acquisitions.


Sydney Airport and Afterpay were among the major acquisitions in 2021.