Cosco Shipping Holdings Co. was down 8.0% at HK$13.18 by midday, taking year-to-date losses to 13%. Orient Overseas (International) Ltd. lost 9.2% and Pacific Basin Shipping Ltd. fell 5.8%.
Blackstone's Crown Takeover Edges Closer With License Approvals
Blackstone Inc.'s $6.3 billion takeover of Australia's Crown Resorts Ltd. edged closer to approval after regulators in two Australian states cleared the U.S. private-equity giant to operate a casino.
Casino regulators in New South Wales and Victoria states had approved the takeover of ASX-listed Crown by Blackstone, Crown said Thursday. It said regulatory approval in Western Australia state was still required.
Judge Dismisses Lawsuit Accusing Top 'Good Morning America' Producer Michael Corn of Sexual Assault
A New York State Supreme Court judge has dismissed a lawsuit against former ABC News executive Michael Corn by a producer at the network who accused him of creating a hostile work environment, sexual harassment and improper sexual contact.
In a ruling released Wednesday, Judge Barbara Jaffe said the statute of limitations for the alleged improper touching in 2015 had expired.
China's Exports Rebounded in May as Covid Restrictions Eased
SINGAPORE-Chinese exports to the rest of the world surged in May as Covid-19 restrictions eased, adding to signs of recovery in the world's second-largest economy after months of punishing pandemic lockdowns.
The year-over-year rebound in exports, which was much bigger than economists were expecting, suggests overseas orders for Chinese goods had piled up during previous months when factories were idle and port traffic collapsed amid stringent Covid containment measures in major cities, most notably Shanghai.
Senators Propose Law Aimed at Protecting Investors When a Cryptocurrency Exchange Fails
A bipartisan duo of U.S. senators introduced a bill that would aim to protect investors in the event that a cryptocurrency exchange files for bankruptcy by ensuring that their digital assets would be held separate.
The Responsible Financial Innovation Act, introduced by Sens. Kirsten Gillibrand (D., N.Y) and Cynthia Lummis (R., Wyo.) on Tuesday, would provide legal clarity for investors, creditors and crypto exchanges about the treatment of digital assets in bankruptcy, "ensuring that assets are appropriately safeguarded in an insolvency," according to an overview of the legislation.
China's Car Sales Started to Rebound in May as Production Woes Eased
HONG KONG-China's car sales in May rose 29.7% from April, offering a sign of a rebound in the world's biggest auto market, as production gradually resumed in lockdown-hit Shanghai and central and local governments offered cash boosters to stimulate purchases across the country.
Passenger-car sales in May rose to 1.35 million from 1.04 million vehicles in April, the China Passenger Car Association said Thursday.
Kansas City Fed Rescinds Master Account for Payments Firm, GOP Senator Says
WASHINGTON-The Federal Reserve Bank of Kansas City revoked the so-called master account of a payments firm that came to prominence earlier this year when Republican senators raised questions over how that account had been granted, according to a letter sent by Sen. Pat Toomey (R., Pa.).
In that letter, obtained by The Wall Street Journal, Mr. Toomey asked for more details about the Kansas City Fed's decision to terminate the account for the Colorado-based Reserve Trust. The decision to grant that account had faced scrutiny earlier this year after Mr. Toomey and other Republicans questioned Sarah Bloom Raskin, then President's Biden nominee for a seat on the Fed's board of governors, over her possible role in helping Reserve Trust to secure the master account when she served on its board.
Jan. 6 Committee Hearing on Capitol Riot Set to Feature Video, Interviews and Live Testimony
WASHINGTON-The House select committee investigating the Jan. 6, 2021, attack on the Capitol begins a marathon of public hearings with a prime-time session Thursday, as it seeks to convince a divided nation that former President Donald Trump's claims of a stolen election incited his followers to try to interrupt the peaceful transfer of power.
The committee, comprising seven Democrats and two Republicans, is expected to deploy a combination of video, audio and live testimony to lay out its take on the day's events, using previously unseen material it has gathered so far in its nearly yearlong investigation.
U.S. Prepares to Distribute Covid-19 Shots to Children Under 5
The Biden administration is gearing up to roll out vaccines for children under age 5 in conjunction with educational and outreach efforts, if the shots are approved by federal regulators.
Vaccinations for children under age 5 could begin as soon as June 21 if the shots from Moderna Inc. and Pfizer Inc. and partner BioNTech SE are authorized by the Food and Drug Administration. Ten million initial doses will be made available, senior administration officials said.
FTC Considers Restricting the Use of Noncompete Clauses by Companies
WASHINGTON-Federal Trade Commission Chairwoman Lina Khan said the agency is considering a new regulation to restrict the use of noncompete clauses by companies, which she said hurt lower-wage workers and can stifle competition for talent.
In addition to regulation, Ms. Khan said the agency plans to target the use of noncompete clauses in individual cases through enforcement actions.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Saputo 4Q
Transat 2Q
Economic Indicators (ET):
1000 Bank of Canada Financial System Review
Other News:
China Lithium Shortfall to Increase Import Dependence:
Chinese manufacturers and mining companies are expected to increasingly look to invest in lithium projects in places such as Australia, Canada and Mexico, as demand for the battery commodity in China outpaces supply, said Fitch Solutions.
It has forecast Chinese lithium production to grow annually by an average of 6.1% on year during 2022-2031, but said it will lag significantly behind demand. Fitch expects average annual demand growth of more than 20% on year for electric vehicles alone over the same period.
Expected Major Events for Thursday
05:30/FRA: 1Q Job creation
06:00/GER: 1Q Labour cost index
06:00/JPN: May Preliminary Machine Tool Orders
10:00/FRA: Apr OECD Harmonised Unemployment Rates
12:30/US: 06/04 Unemployment Insurance Weekly Claims Report - Initial Claims
12:30/US: U.S. Weekly Export Sales
13:00/RUS: Weekly International Reserves
14:30/US: 06/03 EIA Weekly Natural Gas Storage Report
20:30/US: Foreign Central Bank Holdings
20:30/US: Federal Discount Window Borrowings
23:50/JPN: May Corporate Goods Price Index
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Thursday
Anixa Biosciences Inc (ANIX) is expected to report for 2Q.
Armstrong Flooring Inc (AFIIQ) is expected to report $-0.26 for 1Q.
BMTC Group is expected to report for 1Q.
Bit Digital Inc (BTBT) is expected to report for 1Q.
Capstone Green Energy Corp (CGRN) is expected to report for 4Q.
Comtech Telecommunications Corp (CMTL) is expected to report $0.00 for 3Q.
DocuSign Inc (DOCU) is expected to report $-0.11 for 1Q.
Enzo Biochem (ENZ) is expected to report for 3Q.
FuelCell Energy Inc (FCEL) is expected to report for 2Q.
Hooker Furnishings Corp (HOFT) is expected to report $0.28 for 1Q.
J.W. Mays Inc (MAYS) is expected to report for 3Q.
Kayne Anderson Energy Infrastructure Fund Inc (KYN) is expected to report for Full year.
Lakeland Industries (LAKE) is expected to report $0.27 for 1Q.
National Energy Services Reunited Corp (NESR) is expected to report $0.11 for 1Q.
Nautilus (NLS) is expected to report $-0.72 for 1Q.
Republic First Bancorp (FRBK) is expected to report $0.07 for 1Q.
Saputo Inc (SAP.T,SAPIF) is expected to report for 4Q.
SeaChange International Inc (SEAC) is expected to report $-0.07 for 1Q.
Singularity Future Technology Ltd (SGLY) is expected to report for 3Q.
Steel Connect Inc (STCN) is expected to report for 3Q.
Stitch Fix Inc (SFIX) is expected to report $-0.56 for 3Q.
Techprecision Corp (TPCS) is expected to report for 4Q.
Transat AT (TRZ.T) is expected to report $-2.17 for 2Q.
Vail Resorts (MTN) is expected to report $9.15 for 3Q.
Vince Holding Corp (VNCE) is expected to report for 1Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Altria Cut to Underweight From Equal-Weight by Morgan Stanley
Booz Allen Hamilton Cut to Equal-Weight From Overweight by Barclays
Chart Industries Cut to Equal-Weight From Overweight by Barclays
ContraFect Raised to Strong Buy From Buy by WBB Securities
Dutch Bros Cut to Neutral From Overweight by JP Morgan
EVgo Raised to Overweight From Equal-Weight by Capital One
Kontoor Brands Cut to Equal-Weight From Overweight by Barclays
Leidos Holdings Cut to Equal-Weight From Overweight by Barclays
Moody's Cut to Neutral From Overweight by Atlantic Equities
Omeros Cut to Neutral From Buy by B of A Securities
Radius Health Raised to Neutral From Underperform by B of A Securities
Rigel Pharmaceuticals Cut to Neutral From Overweight by Cantor Fitzgerald
Scotts Miracle-Gro Cut to Hold From Buy by Truist Securities
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
06-09-22 0537ET
