Title: Russian Attacks on Grain Silos Spark Rise in Wheat Prices in Chicago
Subtitle: Concerns over global food supplies increase as Ukraine’s grain silos are targeted
Date: [Date]
Location: Hong Kong
Wheat prices in Chicago surged by 4 percent on Wednesday following reports of Russian attacks on Ukrainian grain silos. The attacks have raised concerns about global food supplies, prompting investors to push up wheat prices. The price of maize also rose by over 2 percent, while soybean oil prices increased by 0.3 percent.
Russian drones targeted port facilities in Ukraine’s Odesa region, according to the regional governor’s message on Telegram. Russia and Ukraine are significant exporters of grain globally. Moscow’s attacks, combined with its cancellation of a deal allowing Ukrainian grain shipments across the Black Sea last month, have contributed to the increased grain prices.
– By William Langley in Hong Kong
Country Garden Services’ Stock Surges Amidst Repurchase Plan
Title: Country Garden Services’ Stock Rises 17% as Company Implements Repurchase Plan
Subtitle: Chinese developer’s property management arm aims to restore investor confidence
Date: [Date]
Location: Shanghai
Country Garden Services Holdings, the property management arm of Chinese developer Country Garden, announced plans to repurchase 10 percent of its shares as part of efforts to restore investor confidence. The company believes that its shares are currently undervalued and that the repurchase plan will demonstrate confidence in its long-term business prospects.
Country Garden, the affiliated developer, has sparked concerns among investors regarding the country’s indebted real estate sector. In a recent move that added to market uncertainty, the company abruptly canceled a $300 million share placement without explanation. As a result of the repurchase plan, shares of the services arm rose by 17 percent on Wednesday.
– By Thomas Hale in Shanghai
Ferrari Reports Latest Earnings Data, Earth Overshoot Day Begins
Title: Ferrari Releases New Earnings Data as Earth Overshoot Day Begins
Subtitle: Luxury carmaker’s earnings coincide with ecological deficit spending milestone
Date: [Date]
Location: London
Ferrari NV, the Italian luxury carmaker, released its latest earnings data on Wednesday. The report comes as Earth Overshoot Day begins, marking the point when humans begin living beyond their ecological means and enter a state of deficit spending. The day was conceptualized by Andrew Simms of the UK’s New Economics Foundation think-tank in 2006.
Pope Francis also embarked on a six-day visit to Portugal, while the UK commemorated the 50th anniversary of the Summerland fire tragedy, which claimed the lives of 50 people at a leisure center on the Isle of Man.
– By Donato Paolo Mancini in London
Nomura Shares Decline After Disappointing Quarterly Earnings
Title: Nomura Shares Drop Sharply on Disappointing Quarterly Earnings
Subtitle: Japanese investment bank’s wholesale revenues decline, impacting profits
Date: [Date]
Location: Hong Kong
Shares in Nomura, the Japanese investment bank, fell as much as 8.5 percent on Wednesday following the release of disappointing earnings and declining wholesale revenues. While the bank reported a net income increase of ¥23.3 billion ($163 million) in the three months to June compared to the same period a year earlier, it fell short of the average forecast of ¥34.3 billion.
Nomura’s wholesale banking unit, encompassing trading and investment banking operations, experienced a 4 percent decline in revenue, resulting in a 92 percent decrease in profits. Although shares recovered slightly by mid-morning, they were still on track for their largest one-day decline since March 2021.
– By William Langley in Hong Kong