China’s Liu Urges More Solid Capital Market Reform
China urged more solid steps in the reform and opening up of financial systems, heralding the development of the state’s 14th five-year plan, according to a special meeting of the Financial Stability and Development Committee of the State Council.
The meeting, presided over by Vice Premier Liu He on Saturday, stressed the need to enhance the hub function of the capital market; fully implement a stock issuance registration system; establish a normalized de-listing mechanism; and increase the proportion of direct financing, according to astatement on the Chinese government website.
The meeting re-emphasized“zero tolerance” for crimes in the capital market, and stressed the importance of balancing financial development, stability and safety.
— With assistance by Charlie Zhu, and Chunying Zhang
Fatal crash in Tokoroa, Waikato – pedestrian killed
One person has died following a crash on State Highway 1, Tokoroa.
The crash, involving a pedestrian and a car, occurred on Main Rd just before midnight last night.
A police spokesperson said a second pedestrian suffered moderate injuries.
The road has since been reopened.
Inquiries into the circumstances of the crash are under way.
MORE TO COME
ON Semiconductor Q3 Results Top Estimates; Sees Q4 Revenue In Line With View
ON Semiconductor Corp. (ON) reported that its third-quarter net income attributable to the company was $160.6 million or $0.38 per share, compared to a loss of $60.7 million or $0.15 per share in the prior year.
“We delivered strong third quarter results, driven by broad-based macroeconomic recovery and robust demand for our products,” said Keith Jackson, president and CEO of ON Semiconductor.
Non-GAAP earnings per share were $0.27 compared to $0.33 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the third-quarter. Analysts’ estimates typically exclude special items.
Quarterly revenue was $1.32 billion, down about 5 percent from last year. Analysts expected revenue of $1.27 billion for the third quarter.
Looking ahead, the company expects to see above seasonal demand trends across most end-markets in the near term, as global business activity continues to normalize.
The company anticipates fourth quarter revenue to be about $1.30 billion to $1.40 billion. Analysts expect revenue of $1.31 billion for the fourth quarter.
Lufthansa Can Emerge Stronger From Pandemic, CEO Spohr Says
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Deutsche Lufthansa AG can emerge stronger from the airline industry’s worst crisis since World War II by becoming leaner, Chief Executive Officer Carsten Spohr said.
Europe’s largest airline group will become smaller, more efficient and use more modern planes as it manages the fallout from the pandemic that has curbed demand for travel, Spohr told reporters on Saturday at theopening of Berlin’s new airport.
“We will certainly want to maintain at least our relative market strength, and maybe even use opportunities from the crisis to improve our global position,” Spohr said.
Lufthansa, which owns former national carriers in Austria, Switzerland and Belgium, avoided insolvency with a 9 billion-euro ($10.5 billion) multi-government bailout, among the largest in Europe. More than two-thirds of those funds remain available to help it manage the crisis.
To cut costs, Lufthansa has switched to leasing more aircraft, retiring older, fuel-guzzling jets and paring its fleet by about 150 planes to reflect lower demand, especially for lucrative business travel. It’s also trying to sell its catering business abroad, and is considering divesting a minority stake in its aircraft-maintenance arm.
England Set To Enter One-Month National Lockdown As COVID Cases Surge
England is set to enter a second national lockdown next week in the face of surging coronavirus numbers, the UK Prime Minister Boris Johnson announced this evening.
Everything except essential shops and education settings will be closed from Thursday November 5 until December 2. Scotland and Wales had already introduced lockdowns in their countries. The government’s furlough scheme will be extended until December.
The number of daily UK cases reached 21,915 today with 326 deaths. Total deaths stand at 46,555.
Scientists on the UK’s Scientific Advisory Group for Emergencies (Sage) have told the government that COVID-19 is spreading significantly faster than their worst-case scenarios and could kill 85,000 people this winter if no action is taken. One scientific model predicted that without urgent action the UK could register 4,000 deaths per day.
The UK this week became the eighth country to record one million total COVID cases since the outbreak began.
The latest measures mean that any cinemas, theaters and entertainment venues that weren’t already closed will now need to close. It is also likely that all film and TV shoots will be temporarily halted.
Johnson and his chancellor, Rishi Sunak, were expected to spend the weekend devising a strategy for the closures but in another embarrassing turn for this government, details of the lockdown have been leaked to media over the last 24 hours.
We have reached out to the DCMS, BFI and UK Cinema Association for comment.