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Former Wall Street banker goes missing in China amid probe: report

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By Gail Collins

Opinion Columnist

51job Inc. Bottom Line Declines In Q3

51job Inc. (JOBS) revealed a profit for third quarter that decreased from last year

The company’s bottom line totaled RMB40.83 million, or RMB0.68 per share. This compares with RMB164.53 million, or RMB2.55 per share, in last year’s third quarter.

Excluding items, 51job Inc. reported adjusted earnings of RMB134.91 million or RMB1.97 per share for the period.

The company’s revenue for the quarter rose 18.7% to RMB1.08 billion from RMB0.91 billion last year.

51job Inc. earnings at a glance:

-Earnings (Q3): RMB40.83 Mln. vs. RMB164.53 Mln. last year.
-EPS (Q3): RMB0.68 vs. RMB2.55 last year.
-Revenue (Q3): RMB1.08 Bln vs. RMB0.91 Bln last year.

Metro FY Loss Narrows

Metro (MTTWF.PK) reported that its loss for fiscal year 2020/21 narrowed to 45 million euros from the prior year’s 140 million euros. The company doesn’t plan to distribute a dividend for the period.

Adjusted EBITDA for fiscal year 2020/21 was 1.17 billion euros up 72 million euros from the previous year.

Adjusted for the first-time consolidation of the companies Aviludo and Davigel Spain, sales development in local currency was -0.4% and adjusted EBITDA, at 1.16 billion euros, was 65 million euros up on the previous year.

Group sales remained below the pre-pandemic level for the full year, but sales in local currency were at previous year’s level.

Group sales in euros decreased by 3.4% to 24.8 billion euros, due to negative currency effects, especially in Russia and Turkey.

Looking ahead for financial year 2021/22, the company expects a total sales growth of 3% to 7%, hence reaching the pre-pandemic level. The HoReCa business is expected to be the main growth driver, especially due to high momentum in delivery. All segments will contribute to the growth. For Western Europe (excluding Germany), a significantly overproportionate growth is expected. Germany is expected to grow below the group range, also due to the reduction of the tobacco business.

The company expects annual EBITDA adjusted on the level of the past financial year 2020/21.

Reddit files to go public

  • Reddit on Wednesday announced that it has confidentially submitted a draft registration statement with the Securities and Exchange Commission to go public.
  • The social media company announced the filing, but it did not make the filing publicly available.
  • Most recently, the company announced that it had raised a $700 million round in August 2021 at a valuation of more than $10 billion.

Reddit on Wednesday announced that it has confidentially submitted a draft registration statement with the Securities and Exchange Commission to go public.

The social media company did not make the filing publicly available. The company also did not say how many shares would be offered nor the price range for the proposed offering.

Although Reddit was created in 2005, it has taken a unique road toward going public.

Conde Nast Publications acquired Reddit in 2006. The social media services remained a part of the publication company until it was made an independent subsidiary in 2011. Since then, it raised a series of funding rounds from venture capital firms.

Most recently, the company announced that it had raised a $700 million round in August 2021 at a valuation of more than $10 billion.

At the time of that funding round, the company said that it had reached $100 million in advertising revenue during the second quarter of 2021, up 192% from a year prior.

U.S. Business Inventories Jump More Than Expected In October

Business inventories in the U.S. jumped by more than anticipated in the month of October, according to a report released by the Commerce Department on Wednesday.

The report said business inventories surged up by 1.2 percent in October after climbing by an upwardly revised 0.8 percent in September.

Economists had expected business inventories to advance by 0.9 percent compared to the 0.7 percent increase originally reported for the previous month.

Wholesale inventories led the way higher, spiking by 2.3 percent, while manufacturing inventories climbed by 0.8 percent and retail inventories inched up by 0.1 percent.

The Commerce Department also said business sales soared by 2.1 percent in October after jumping by 1.2 percent in September.

Wholesale sales shot up by 2.2 percent during the month, while manufacturing and retail inventories both leapt by 2.0 percent.

With sales jumping by more than inventories, the total business inventories/sales ratio dipped to 1.24 in October from 1.26 in September.

Four children dead and five seriously injured after bouncy castle blown into air at Australian school

Four children have died and five others have been seriously injured after a bouncy castle was blown into the air at an Australian primary school.

Several children fell from a height of about 10m at about 10am (local time) after strong winds lifted the structure at Hillcrest Primary School in Devonport, Tasmania, according to the police.

Emergency services, including several helicopters, attended the scene.

Former Wall Street banker goes missing in China amid probe: report

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A Chinese private equity investor who has worked at some of Wall Street’s top banks is missing after authorities started a probe into allegations of misconduct, according to reports.

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Wang Chaoyong is the founder of ChinaEquity Investment Co. His situation was disclosed by the Chinese media group Caixin and reported by Bloomberg News.

Earlier this year, ChinaEquity became the target of regulators amid allegations of a range of improprieties. The allegations included illegal transfer of interest, breach of contract and using assets of investors to fund connected parties, according to the Caixin report.

Wang was sought by police on Nov. 30 in Beijing and reportedly hasn’t been seen in public since.

BLACKBURN URGES COMMERCE DEPARTMENT TO ADD MORE CHINESE COMPANIES TO 'ENTITY LIST,' RESTRICT TRADE

Wang was last seen in his office in the Chinese capital’s central business district on Nov. 29. 

ChinaEquity was among the country’s earliest private equity and venture capital firms when it was established in 1999.

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Wang had previously worked at JPMorgan Chase & Co. and Morgan Stanley, according to a biography on the firm’s website.