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(Reuters) -Chinese manufacturer Sany Heavy Industry  is seeking to raise as much as HK$12.36 billion ($1.59 billion) in its Hong Kong listing, according to a filing with the exchange made on Monday. The company is offering 580.4 million H shares under listing, for a maximum offer price of HK$21.30 apiece.   ($1 = 7.7669 Hong Kong dollars) (Reporting by Rishav Chatterjee in Bengaluru; editing by Diane Craft)

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PARIS(Reuters) -Gucci owner Kering has agreed to sell its beauty business to L'Oreal for 4 billion euros ($4.66 billion), the company said on Sunday, as new CEO Luca de Meo moves to tackle the luxury group's high debt and refocus on its core fashion business. Under the deal, French beauty giant L'Oreal will acquire Kering's fragrance line Creed, as well as the rights to develop products under Kering's fashion labels Bottega Veneta and Balenciaga. ($1 = 0.8576 euros) (Reporting by Dominique Patton and Tassilo Hummel in Paris, Anusha Shah in Bengaluru; Editing by Edmund Klamann)

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By Karen Freifeld (Reuters) -U.S.-based electronic components distributor Arrow Electronics said on Saturday the U.S. government was reversing trade restrictions placed on Arrow's China-based affiliates for facilitating the sale of U.S. components found in weaponized drones used by Iran-backed groups like the Houthis. Arrow (China) Electronics Trading Co and another Arrow entity with six aliases in Hong Kong were added to the Commerce Department's Entity List on October 8 in a Federal Register posting. Licenses are required to export goods and technology to companies on the list and are likely to be denied. Firms are placed on the list over U.S. national security or foreign policy interests. On October 8, Commerce said that drones operated by Iran-backed groups and their debris recovered in the Middle East since 2017 had U.S. components traced to sales tied to these Arrow-related entities. Arrow said on Saturday the Commerce Department told it the department would soon publish the reversal in the U.S. Federal Register and sent a letter Friday removing the restrictions in the meantime. "We have received official communication from the U.S. Commerce Department," Arrow spokesman John Hourigan said in an email. "Arrow is authorized to resume shipping to and from these entities under the same conditions that applied prior to October 8."  Asked about the matter, a spokesperson for the U.S. Department of Commerce's Bureau of Industry and Security said in an email: "BIS is committed to ensuring that export restrictions are appropriately targeted to protect national security." Hourigan said the company operates in compliance with all laws and regulations. Centennial, Colorado-based Arrow Electronics had global 2024 sales of $28 billion. Hourigan said that Arrow Electronics (Hong Kong) Co. Ltd, which he described as a subsidiary when it was added to the Entity List, was not actually affiliated with Arrow Electronics.  However, the six aliases tied to the Hong Kong company in the Federal Register posting are affiliated with Arrow and, the company said, would be removed from the Entity List. (Reporting by Karen Freifeld; Editing by Cynthia Osterman)

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(Reuters) -A massive fire at the import cargo complex of Dhaka airport has caused extensive damage to goods and materials belonging to major garment exporters, with losses and impacts on trade likely to run into millions of dollars, industry leaders said on Sunday. The blaze broke out on Saturday afternoon in the import section of the airport’s cargo village, forcing a temporary suspension of flights. Smoke continued to rise from the charred remains of the facility on Sunday as firefighters and airport officials assessed the damage. The fire gutted storage areas used for imported raw materials, ready-to-export apparel, and product samples — all essential to Bangladesh’s $47 billion garment industry. "This incident has caused serious damage to the country’s export trade, especially the garment sector,” said Inamul Haq Khan, senior vice-president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).  “High-value goods and urgent air shipments have been destroyed — including garments prepared for shipment, raw materials for production, and, most importantly, product samples.” He warned that the loss of samples could jeopardise future business. “These samples are essential for securing new buyers and expanding orders. Losing them means our members may miss out on future opportunities,” he added. ESSENTIAL SAMPLES BURNED IN FIRE BGMEA has begun gathering information from affected exporters to determine the extent of the losses. “We have asked all members to submit detailed lists of damaged goods, and an online portal has been launched to speed up data collection,” Khan added. The airport cargo village is one of Bangladesh’s busiest logistics hubs, handling more than 600 metric tons of dry cargo daily — a figure that doubles during the October to December peak season. “Every day, around 200 to 250 factories send their products by air,” Khan said. “Given that scale, the financial impact is significant.” The cause of the blaze has not yet been determined, and an investigation is underway. The incident marks the third major fire reported in Bangladesh this week. A fire on Tuesday at a garment factory and an adjacent chemical warehouse in Dhaka killed at least 16 people and injured others. On Thursday, another burned down a seven-storey garment factory building in an export processing zone in Chittagong. Bangladesh is the world’s second-largest exporter of apparel after China. The sector, which supplies major global retailers such as Walmart, H&M, and Gap, employs about 4 million workers and generates around $40 billion a year — more than a tenth of the country’s GDP. The fire, which struck during the peak export season, is expected to delay shipments and pose additional challenges in meeting international delivery deadlines. (Reporting by Ruma Paul; Editing by Louise Heavens)

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By Lewis Krauskopf NEW YORK (Reuters) -Earnings reports next week, including from Tesla and Netflix, will provide a deeper look at U.S. corporate profits while delayed U.S. inflation data will mark another test of the stock market, which has become shakier even as it remains around record highs. The fourth year of the S&P 500's bull run kicked off this week with some significant gyrations after a long period of market calm. Revived U.S.-China trade tensions and credit concerns at regional U.S. banks drove the anxiety. The CBOE market volatility index, known as Wall Street's "fear gauge", has surged in recent days and hit its highest level in nearly six months on Friday. "The market is becoming more volatile, but it's also coming off of a very non-volatile period where we didn't have a lot of risk catalysts bubbling to the top," said Michael Reynolds, vice president of investment strategy at Glenmede. "Once you have valuations hit sort of full levels, as we're seeing now almost across the board, you have to be on the lookout for incremental risk catalysts." The spark for the latest volatility was a surprise resurgence in U.S.-China trade tensions. Stocks slumped late last week after the U.S. threatened to significantly hike tariffs by November 1 over China's rare-earth export controls. The U.S.-China trade issue will be key for markets in the coming week, said Doug Beath, global equity strategist at Wells Fargo Investment Institute. U.S. President Donald Trump confirmed on Friday that he would meet with Chinese President Xi Jinping in two weeks in South Korea. Sharp swings in global financial shares to end the week also kept investors on edge as they weighed the extent of credit concerns emerging from regional U.S. banks. Major stock indexes posted weekly gains and are on pace for strong years. The benchmark S&P 500 is up 13.3% year-to-date and 1.3% below its record high. But there are signs the market is weakening under the surface. The percentage of S&P 500 stocks in some form of an uptrend declined from 77% in early July to 57% as of Tuesday while the number of stocks in a downtrend increased from 23% to 44% over that time, according to Adam Turnquist, chief technical strategist for LPL Financial.  That "narrowing gap highlights emerging cracks in the market’s foundation," Turnquist said in written commentary. Similarly, Kevin Gordon, senior investment strategist at Charles Schwab, said he will be watching how broadly based the market's gains are going forward. "If you have a fewer number of companies that are actually moving higher, but the indexes do move higher because of the megacaps, that's a really important divergence," Gordon said. Attention will be on third-quarter earnings after major banks started the reporting season on a strong note. Aside from streaming giant Netflix and electric vehicle maker Tesla, other companies due to report in the coming week include consumer companies Procter & Gamble and Coca-Cola, aerospace and defense giant RTX and tech stalwart IBM. The corporate results and executive comments will offer insight into the economy as the U.S. government shutdown has stopped economic data releases since October 1, including monthly employment data. Corporate "reports and what companies say is really our best chance at assessing what the broader economic health is," Gordon said. The government has said it will release the U.S. consumer price index for September on Friday, nine days late, saying the CPI data allows the Social Security Administration to meet deadlines for timely payment of benefits. The CPI report, which is a closely watched inflation gauge, will be released days before the Federal Reserve's next monetary policy meeting on October 28-29. The U.S. central bank is widely expected to cut interest rates by a quarter percentage point again, after weakening jobs data prompted the Fed to lower rates last month for the first time this year. "We'd really have to see something out of left field in terms of notable inflation pressures to knock the Fed off of a rate cut path at the October meeting," Glenmede's Reynolds said. (Reporting by Lewis Krauskopf; Editing by David Gregorio and Cynthia Osterman)

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(Reuters) -Chinese tech giants, including Alibaba-backed Ant Group and e-commerce group JD.com, have paused plans to issue stablecoins in Hong Kong after the government raised concerns about the rise of currencies controlled by the private sector, the Financial Times reported on Saturday. Companies have put their stablecoin ambitions on hold after receiving instructions from Chinese regulators, including the People’s Bank of China and Cyberspace Administration of China, not to move ahead with the plans, the FT reported, citing people familiar with the matter. Hong Kong's legislature passed a stablecoin bill in May that established a licensing regime for fiat-referenced stablecoin issuers in Hong Kong, providing regulatory clarity for future participants. Under the new regime, any person who issues stablecoins in Hong Kong – or issues stablecoins backed by Hong Kong dollars, whether within or outside the city – must obtain a licence from the Hong Kong Monetary Authority. Ant Group said in June it would be participating in the pilot stablecoin programme. JD.com has also said it would take part in the pilot, according to the FT. PBOC officials advised against participating in the initial rollout of stablecoins over concerns about allowing tech groups and brokerages to issue any type of currency, the FT report said. Reuters could not immediately verify the report. Ant Group, JD.com, PBOC and CAC did not respond to requests for comment. A spokesperson for the HKMA told Reuters on Sunday in an email that it does not comment on market rumours. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually pegged to a fiat currency such as the U.S. dollar, are commonly used by crypto traders to move funds between tokens. (Reporting by Chandni Shah in Bengaluru; Additional reporting by Liz Lee in Beijing; Editing by Franklin Paul, Michael Perry and Christian Schmollinger)

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By David Lawder, David Milliken and Andrea Shalal WASHINGTON (Reuters) -International finance chiefs are returning home with a measure of relief over the surprising resilience of the global economy to the cascade of policy shocks through the first nine months of Donald Trump's second U.S. presidency but also drained by seemingly never-ending uncertainty over what lies ahead. When finance ministers and central bankers gathered in Washington in April for the first of the twice-yearly meetings of the International Monetary Fund and World Bank, the anxiety over Trump's just-unveiled "Liberation Day" tariffs was palpable. Six months on at the just-concluded October meetings, that had been replaced by fatigue and wariness that the policy landscape is never fully settled. "It's been just absolutely exhausting since Liberation Day as a policymaker, trying to make sense and then actually make policy and communicate to the public about this," Bank of Thailand Deputy Governor Piti Disyatat said. "So the uncertainty has been very difficult." "The global economy appears to be more resilient than we thought several months ago. But there's no room for complacency given various types of uncertainty," said a Japanese delegation official who participated in talks in Washington. "There was a great degree of discussion over uncertainties."  A week of fractious back-and-forth between the U.S. and China drove the point home as Trump responded to new export controls on rare earth minerals from Beijing with the re-imposition of 100% tariffs on Chinese exports to the U.S. The re-escalation of tensions between the world's two largest economies sharpened the focus among the hundreds of policymakers taking part in the meetings, amid growing momentum for new trade arrangements outside the U.S.-China orbit. IMF Managing Director Kristalina Georgieva said she had rarely seen as much constructive engagement at the semi-annual meetings of finance officials and central bankers.  "It may be because uncertainty is so high that there is no space for theatricals," Georgieva told a banking conference on Saturday. "It may be because now many countries realize that what they took for granted – international cooperation that helps us do better – we should not take for granted."  STRENGTHENING REGIONAL, BILATERAL TIES Georgieva and World Trade Organization chief Ngozi Okonjo-Iweala told participants it was promising that U.S.-China tensions – however intense – had not blown up into a wider trade war, and noted that many countries were in fact seeking to deepen bilateral and regional ties. New Zealand Finance Minister Nicola Willis told Reuters she expected that trend to gain momentum against the backdrop of increasing geopolitical and economic uncertainty. She said it was notable that the European Union was now looking to link up with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a free trade deal between 11 member countries. "All of those trade relationships are very strong, and the messages that we're having from our partners is that they wish to continue to build on them and expand them, rather than go the other way," she told Reuters in an interview. Rania Al-Mashat, Egypt's minister of planning, economic development and international cooperation, told Saturday's event that increased regional cooperation was a "fallout" of global developments, but would remain important going forward. REFORMS NEEDED EVERYWHERE The situation also focused attention on strains in the global economy, including persistent and "excessive" external balances, near-record debt levels, growing worries about the non-bank sector and disruption from artificial intelligence technologies. Bank of England Governor Andrew Bailey said frank discussion was needed, given the international community's past failure to identify – and halt – the subprime mortgage developments that triggered the global financial crisis of 2007-2009. Transparency was critical in an opaque world with tight cross-links between banking, insurance and private finance. "It’s our duty to lift the lid and see what’s going on," Bailey said at an event hosted by the Group of Thirty on Saturday. “We’ve obviously had a few events that are going on at the moment where we are having to ask the question, are these one-offs or is it the canary in the coal mine?" Georgieva underscored her concern about "stretched valuations," following the IMF's warning on Tuesday that markets are too comfortable with risks, including trade wars, geopolitical tensions and yawning government deficits, which heightened the risk of a "disorderly" market correction. The IMF chief said she ended the week with a long list of to-do's, including reviews of how the IMF conducts its surveillance of countries' economies and assesses their debt levels, while Okonjo-Iweala underscored the urgency for WTO reforms. "We need to diversify trade," WTO's Okonjo-Iweala said, noting that global trade had clearly helped many countries, even if results had been uneven, leaving other countries behind.  "We need to fix parts of it that don't work," she said. "We need to re-imagine globalization. We cannot have what we had in the past," she said.  CLIMATE RISKS MOUNTING Climate change posed perhaps the biggest risk, officials agreed, despite Trump's recent comments at the United Nations, calling it a "con job." The issue bubbled up during a meeting of the IMF steering committee on Friday, where South African central bank governor Lesetja Kganyago told officials that climate risk was indisputably a macro-critical issue with huge implications for insurance, economic fundamentals and financial stability. "In trade negotiations, you can walk away … and you can find another trading partner," Kganyago told the G30 conference. "With climate, when you walk away from the negotiations, the whole planet gets warm and we will all suffer." (Reporting By Karin Strohecker, Leika Kihara, Andrea Shalal, David Lawder and David Milliken; Writing by Dan Burns and Andrea Shalal;Editing by Nick Zieminski)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By David Lawder, David Milliken and Andrea Shalal WASHINGTON (Reuters) -International finance chiefs are returning home with a measure of relief over the surprising resilience of the global economy to the cascade of policy shocks through the first nine months of Donald Trump's second U.S. presidency but also drained by seemingly never-ending uncertainty over what lies ahead. When finance ministers and central bankers gathered in Washington in April for the first of the twice-yearly meetings of the International Monetary Fund and World Bank, the anxiety over Trump's just-unveiled "Liberation Day" tariffs was palpable. Six months on at the just-concluded October meetings, that had been replaced by fatigue and wariness that the policy landscape is never fully settled. "It's been just absolutely exhausting since Liberation Day as a policymaker, trying to make sense and then actually make policy and communicate to the public about this," Bank of Thailand Deputy Governor Piti Disyatat said. "So the uncertainty has been very difficult." "The global economy appears to be more resilient than we thought several months ago. But there's no room for complacency given various types of uncertainty," said a Japanese delegation official who participated in talks in Washington. "There was a great degree of discussion over uncertainties."  A week of fractious back-and-forth between the U.S. and China drove the point home as Trump responded to new export controls on rare earth minerals from Beijing with the re-imposition of 100% tariffs on Chinese exports to the U.S. The re-escalation of tensions between the world's two largest economies sharpened the focus among the hundreds of policymakers taking part in the meetings, amid growing momentum for new trade arrangements outside the U.S.-China orbit. IMF Managing Director Kristalina Georgieva said she had rarely seen as much constructive engagement at the semi-annual meetings of finance officials and central bankers.  "It may be because uncertainty is so high that there is no space for theatricals," Georgieva told a banking conference on Saturday. "It may be because now many countries realize that what they took for granted – international cooperation that helps us do better – we should not take for granted."  STRENGTHENING REGIONAL, BILATERAL TIES Georgieva and World Trade Organization chief Ngozi Okonjo-Iweala told participants it was promising that U.S.-China tensions – however intense – had not blown up into a wider trade war, and noted that many countries were in fact seeking to deepen bilateral and regional ties. New Zealand Finance Minister Nicola Willis told Reuters she expected that trend to gain momentum against the backdrop of increasing geopolitical and economic uncertainty. She said it was notable that the European Union was now looking to link up with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a free trade deal between 11 member countries. "All of those trade relationships are very strong, and the messages that we're having from our partners is that they wish to continue to build on them and expand them, rather than go the other way," she told Reuters in an interview. Rania Al-Mashat, Egypt's minister of planning, economic development and international cooperation, told Saturday's event that increased regional cooperation was a "fallout" of global developments, but would remain important going forward. REFORMS NEEDED EVERYWHERE The situation also focused attention on strains in the global economy, including persistent and "excessive" external balances, near-record debt levels, growing worries about the non-bank sector and disruption from artificial intelligence technologies. Bank of England Governor Andrew Bailey said frank discussion was needed, given the international community's past failure to identify – and halt – the subprime mortgage developments that triggered the global financial crisis of 2007-2009. Transparency was critical in an opaque world with tight cross-links between banking, insurance and private finance. "It’s our duty to lift the lid and see what’s going on," Bailey said at an event hosted by the Group of Thirty on Saturday. “We’ve obviously had a few events that are going on at the moment where we are having to ask the question, are these one-offs or is it the canary in the coal mine?" Georgieva underscored her concern about "stretched valuations," following the IMF's warning on Tuesday that markets are too comfortable with risks, including trade wars, geopolitical tensions and yawning government deficits, which heightened the risk of a "disorderly" market correction. The IMF chief said she ended the week with a long list of to-do's, including reviews of how the IMF conducts its surveillance of countries' economies and assesses their debt levels, while Okonjo-Iweala underscored the urgency for WTO reforms. "We need to diversify trade," WTO's Okonjo-Iweala said, noting that global trade had clearly helped many countries, even if results had been uneven, leaving other countries behind.  "We need to fix parts of it that don't work," she said. "We need to re-imagine globalization. We cannot have what we had in the past," she said.  CLIMATE RISKS MOUNTING Climate change posed perhaps the biggest risk, officials agreed, despite Trump's recent comments at the United Nations, calling it a "con job." The issue bubbled up during a meeting of the IMF steering committee on Friday, where South African central bank governor Lesetja Kganyago told officials that climate risk was indisputably a macro-critical issue with huge implications for insurance, economic fundamentals and financial stability. "In trade negotiations, you can walk away … and you can find another trading partner," Kganyago told the G30 conference. "With climate, when you walk away from the negotiations, the whole planet gets warm and we will all suffer." (Reporting By Karin Strohecker, Leika Kihara, Andrea Shalal, David Lawder and David Milliken; Writing by Dan Burns and Andrea Shalal;Editing by Nick Zieminski)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

SEOUL (Reuters) -NVIDIA CEO Jensen Huang plans to meet "global leaders and top Korean executives" when he attends the Asia-Pacific Economic Cooperation CEO Summit in South Korea this month, the U.S. AI chipmaker said in a statement on Sunday. "Huang will participate in activities to underscore NVIDIA’s work to advance technology and drive growth in Korea and worldwide through AI, robotics, digital twins and autonomous vehicles," Nvidia said, with providing details. The CEO event from October 28 to 31 runs parallel to the annual Asia-Pacific Economic Cooperation forum leaders' summit, when heads of its 21 member countries will gather. Huang is expected to meet with top executives at Korea's Samsung Electronics and SK Hynix, which make memory chips used in AI data centers. Samsung declined to comment, while SK Hynix was not immediately available for comment. U.S. President Donald Trump on Friday confirmed he would meet with Chinese President Xi Jinping in two weeks in South Korea and raised the possibility of reaching a trade deal at the meeting. China last month accused Nvidia of violating the country's anti-monopoly law, the latest escalation in its trade war with the United States that has claimed the chipmaker as collateral damage. (Reporting by Hyunjoo Jin; Editing by Cynthia Osterman)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Chinese tech giants, including Alibaba-backed Ant Group and e-commerce group JD.com, have paused plans to issue stablecoins in Hong Kong after the government raised concerns about the rise of currencies controlled by the private sector, the Financial Times reported on Saturday. Companies have put their stablecoin ambitions on hold after receiving instructions from Chinese regulators, including the People’s Bank of China and Cyberspace Administration of China, not to move ahead with the plans, the FT reported, citing people familiar with the matter. Hong Kong's legislature passed a stablecoin bill in May that established a licensing regime for fiat-referenced stablecoin issuers in Hong Kong, providing regulatory clarity for future participants. Under the new regime, any person who issues stablecoins in Hong Kong – or issues stablecoins backed by Hong Kong dollars, whether within or outside the city – must obtain a licence from the Hong Kong Monetary Authority. Ant Group said in June it would be participating in the pilot stablecoin programme. JD.com has also said it would take part in the pilot, according to the FT. PBOC officials advised against participating in the initial rollout of stablecoins over concerns about allowing tech groups and brokerages to issue any type of currency, the FT report said. Reuters could not immediately verify the report. Ant Group, JD.com, PBOC, CAC and HKMA did not respond to requests for comment. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually pegged to a fiat currency such as the U.S. dollar, are commonly used by crypto traders to move funds between tokens. (Reporting by Chandni Shah in Bengaluru, Editing by Franklin Paul, Michael Perry and Christian Schmollinger)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)