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On July 10, in accordance with the regular meeting mechanism established between the principal leaders of the enforcement departments of the China Securities Regulatory Commission (CSRC) and the Hong Kong Securities and Futures Commission (SFC), the two CSRCs held their 17th cross-border enforcement cooperation working meeting. Principal leaders from both sides enforcement departments attended the meeting. During the meeting, both sides briefed each other on the recent enforcement work in their respective capital markets, trends in illegal and irregular activities, and case handling. They summarized the achievements of cross-border enforcement cooperation, communicated the progress of major cases of mutual concern, discussed issues such as combating new types of cross-border illegal and irregular activities and strengthening intelligence sharing, and explored further cooperation within the existing framework to continuously enhance the effectiveness of cross-border enforcement collaboration and effectively improve the effectiveness and deterrent power of regulatory enforcement. Going forward, the CSRC will continue to thoroughly implement the spirit of the Central Economic Work Conference, the National Financial System Work Conference, and the new "Nine Articles" deployment, and in accordance with the work requirements of preventing risks, strengthening supervision, and promoting high-quality development, will work with the Hong Kong SFC to continuously improve the cross-border enforcement cooperation mechanism, strictly crack down on all kinds of cross-border illegal and irregular activities in accordance with the law, and jointly safeguard the stable and healthy development of the capital markets in both places.Market news: British Prime Minister Starmer will travel to Paris on Monday to attend a meeting of the Volunteer Union.Sources familiar with the matter say that The Sound is moving forward with preparations for its Hong Kong IPO, and the company is considering raising billions of dollars through the initial public offering. The Sound and its advisors could launch the IPO as early as the coming months.July 10th - Swissquote Bank senior analyst Ipek Ozkardeskaya stated that the market anticipates a very strong debut for SK Hynix in the US. This optimism propelled the Korea Composite Stock Price Index (KOSPI) up 5% during trading hours after the companys ADRs were priced at $149 per share, marking the largest single-day listing of a foreign company on the US stock market. For the technology sector, "since 2023, AI enablers have largely driven strong earnings growth, as massive AI spending—especially from large tech companies—has flowed directly into the pockets of semiconductor companies." Given SK Hynixs significant share price increase in South Korea over the past year, its performance on Nasdaq will indicate how much additional value the company can extract from the US market.According to the Oman News Agency, the official price of Omani crude oil was set at $69.29 per barrel today, with a delivery date in September.

Profit for Olam Group in H1 Inches Higher; Further Restructuring Ahead

Charlie Brooks

Aug 12, 2022 10:55

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Olam Group Ltd (SGX:OLAG), a Singapore-based commodity trader, announced a slightly greater profit for the first half of 2022 and disclosed that it was evaluating "strategic alternatives" for two further companies.


Friday, the world's largest coffee distributor said that its net profit attributable to shareholders for the six months ending June 30 rose 1.8% to S$429.1 million ($313.2 million). The revenue increase to S$28.45 billion is attributable to the rise in commodity prices.


Despite volatile commodity markets caused by the Russia-Ukraine crisis and COVID lockdowns in China, Olam's agro products division, which deals in food and industrial items, remained the company's top revenue source.


Due to global market volatility, Olam's expenses rose by around 25%.


The firm claimed that it remained committed to spinning off its food ingredients business, OFI, via a London initial public offering, but was waiting for market conditions to improve. The business did not disclose a particular date for its 2021 initial public offering.


OFI, which deals in coffee, chocolate, and edible nuts, accounted for around fifty percent of Olam's first-half revenue. Initially, the group expected to issue the IPO in the June quarter, however owing to unfavorable market conditions, the IPO has been postponed indefinitely.


The business characterized its view for the remainder of 2022 as "cautiously optimistic" and expects Olam Agri to have a better performance than in 2021.


Olam indicated that it will consider "strategic options" for its venture capital and technology and business services businesses as part of a five-year plan to reduce its focus and increase earnings.


In accordance with the plan, the company claimed continuing progress in selling off less important assets and monetizing "gestating" assets.


Olam anticipates incurring further one-time expenditures linked to the reorganization in the second half of 2022, but at a lesser rate than in 2021.

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