From Shein's IPO to a lost shipwreck – Here are today's Headlines
Shein has reportedly taken a big step by submitting a confidential filing for an initial public offering (IPO) with US regulators.
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To start off, we're looking into:
Shein's IPO
The backstory: Shein, the fast fashion giant, started in China in 2008 and later set up its headquarters in Singapore. By 2017, Shein had its eyes on the US, quickly becoming the go-to spot for trendy, budget-friendly clothing. There's been some talk of Shein potentially chasing after US$2 billion in funding and eyeing a debut on the US stock market. But no official filing had surfaced while those rumors were swirling.
More recently: Last month, Shein announced a collaboration with its former rival, Forever 21, to launch a co-branded clothing line. Now, Shein's clothing is making its way onto the shelves of Forever 21 stores, increasing its market reach.
The development: Shein has reportedly taken a big step by submitting a confidential filing for an initial public offering (IPO) with US regulators. If this move goes forward, it could lead to a public debut next year. According to insiders, Shein is working with financial heavyweights Goldman Sachs, JPMorgan Chase and Morgan Stanley. Click the link here for more.
China's green leap
The backstory: China is a major player when it comes to energy. It leads globally in renewable capacity but still gets around 70% of its electricity from fossil fuels, mainly coal. It’s also the top emitter of greenhouse gases, accounting for about 30% of the world's yearly emissions.
More recently: Back in 2015, the country started a climate initiative in Guangdong. It published rules that turned eco-friendly actions into credits, essentially creating a reward system. This idea caught on and spread nationwide, using data like step counts and travel habits to create what it called "carbon coins."
The development: Last August, a metro station in Shenzhen introduced a promo for these "carbon coins." The initial response was so-so, but the local government is optimistic about the scheme. Since the launch of the Shenzhen carbon coin promotion in August 2022, 14.6 million users have hopped on board, leading to a cut of 720,000 metric tons in emissions. Click the link here for more.
What to know about COP28
The backstory: Every year, the UN organizes the “Conference of Parties” (COP) climate change discussions to make global progress toward slowing down and preventing climate change – and to figure out how to deal with the effects of climate change that we’re already experiencing. At previous COP summits, there have been some breakthrough developments.
The development: COP28 starts on Thursday in Dubai, which has been a bit controversial because the UAE has a lot of fossil fuel investments. COP28 president Sultan Al Jaber is also the CEO of Abu Dhabi National Oil Co., a major oil producer. A report was also released showing that the UAE planned to make fossil fuel-related deals during the summit. Even so, over 70,000 people are expected to be there, including politicians, diplomats, campaigners, financiers and business leaders. Click the link here for more.
To end, we'll look into:
An iconic shipwreck rediscovered?
One of the most iconic lost shipwrecks in history is Captain Cook’s “HMB Endeavour.” In 1768, Captain James Cook was put in charge of a voyage on the HMB Endeavour from the British port of Plymouth. The Endeavour traveled south across the Atlantic and around Cape Horn in Chile to Tahiti and New Zealand, eventually getting to Australia in 1770. It was the first European ship to reach Australia’s east coast. That first voyage was a success, making Cook and the Endeavour famous.
The ship was later bought and renamed the “Lord Sandwich 2” and used during the American Revolutionary War. It sunk off the coast of modern-day Rhode Island during the war in 1778. But after that, no one could find the ship’s remains.
Until now … maybe. Click the link here for more.
In other news ...
🔢Numbers:
📉Market snapshot and key quotes:
- In the US: US stocks closed on a positive note on Tuesday as investors hope that the Fed is done with interest rate raises.
- In Hong Kong: Hong Kong stocks closed lower on Tuesday due to Wall Street's negative trend, and investors kept an eye on upcoming US inflation data.
📊Top gainers/losers and company news:
- In the US: Affirm gained almost 12% after a 'hold' upgrade from Jefferies.
- Boeing rose over 1.4% with an “outperform” upgrade from RBC Capital Markets.
- Crocs jumped 5.1% after a “strong buy” rating from Raymond James. Traders are also betting that GameStop will jump around 50% within the next two weeks.
- In Hong Kong: Chinese tech giants were hit on Tuesday. Meituan tumbled over 5%, Alibaba fell by 2.3%, and Tencent dropped by almost 1%.
👀The numbers everyone is watching:
- In the US: This week's key data includes US GDP, wholesale inventories, construction spending and more.
- In Hong Kong: Hong Kong marked its first yearly export increase since April 2022, rising 1.4% in October after a 5.3% dip in September. Imports also rebounded, climbing 2.6% from a 0.4% decrease in the previous month.
📅To check out our economic calendar for this week, click here.
More headlines ...
📰Israel/Palestine update: The fifth day of a temporary truce between Hamas and Israel has come, and more captives were released on both sides. The first accounts from former Hamas hostages describe conditions with limited food and the constant sound of bombs dropping around them. Elon Musk is still in Israel, where he toured the site of a Hamas attack. Hamas is now inviting Musk to Gaza to see the destruction caused by Israel’s offensive. The WHO also has said that untreated illness could kill more people than the violence in the region if the health system isn’t restored (with those casualties totaling around 15,000). So far, Hamas has released at least 50 hostages in exchange for Israel freeing around at least 150 prisoners.
⛑️Workers rescued in India: After more than two weeks trapped in a hill after a tunnel collapse, workers in the Himalayas have been rescued. On Tuesday, all 41 trapped men were pulled out of the collapsed tunnel, and they all seem to be relatively healthy, all things considered.
🥼Ukrainian spy chief’s wife poisoned?: The wife of Ukrainian military intelligence chief Kyrylo Budanov, Marianna Budanova, was reportedly poisoned this week, and rumors started flying that it’s evidence that Russia is targeting Ukrainian senior leadership in the current war. Budanova is recovering in the hospital, and her husband didn’t get sick.
🚫Finland to close the entire Russian border: Finland and Russia are having tensions since Finland accused Russia of pushing people into the country illegally. So, Finland has been closing more of its border crossings with Russia over the past couple of weeks. Now, the nation’s announced that it’s temporarily closing its entire border with Russia, with its last open crossing due to close Wednesday night. Asylum seekers will be redirected to airports and other ports of entry.
📡North Korea spy satellite reports: Last week, North Korea launched a suspected spy satellite into space, which it says is successfully in orbit. This would be North Korea’s first orbiting spy satellite. On Tuesday, state media reported that Kim Jong Un had seen satellite photos of the White House, Pentagon and US aircraft carriers at an American naval base.
🌏Expo 2030 host chosen: Every five years, the Expo world fair attracts millions of visitors and billions of dollars in investment. The next one, in 2025, will be hosted in Osaka, Japan. Three countries – Saudi Arabia, South Korea and Italy – were in the running to host the 2030 event, and a winner has been chosen. Saudi Arabia came out on top, and the Expo 2030 will take place in Riyadh.
💐RIP Charlie Munger: Warren Buffet is a household name in investing. The co-founder of Buffet’s Berkshire Hathaway empire, Charlie Munger, passed away on Tuesday in California at the age of 99. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.
📺TVB cuts: Hong Kong’s biggest free-to-air broadcaster has seen five consecutive years of losses, so it’s looking to cut costs. Now, it plans to lay off more than 300 staff, which is 8% of its workforce, and reduce its channels to just four. On Monday, it said this move would save around HK$100 million on content and another HK$50-60 million yearly in fixed costs and overheads next year.
🗨️Parthenon dispute: There’s ongoing controversy about the contents of British museums from other countries, a lot of which has been taken over the past few centuries through colonialism, looting and violence. While many of these countries want their artifacts back, Greece has been one of the most prominent voices, requesting the return of the Elgin Marbles, ancient statues taken from the Parthenon. On Sunday, Greece’s PM Kyriakos Mitsotakis called on TV for these artifacts to be returned, and, in response, UK PM Rishi Sunak canceled a scheduled meeting with his Greek counterpart.
⛏️Panama throws out Canadian mine plans: Panama had agreed to a 20-year agreement for a major Canadian copper mine to continue operating there, which has stirred up many environmental protests. On Tuesday, Panama’s Supreme Court rejected the plan, and mine operations have to stop ASAP. The court said that the mine plans were unconstitutional.
🤖Amazon announces new AI chip and chatbot: As the artificial intelligence (AI) tech race continues, Amazon’s cloud division has designed its own AI chip that integrates Nvidia’s GPU technology. These will be offered to customers to build and run their own AI applications. And, as other tech companies introduce their AI chatbots – from Chat GPT to Bard to Copilo t– Amazon is finally unveiling its own, the Amazon Q.
🤑Skims IPO: Kim Kardashian’s popular shapewear company, Skims, was valued at around US$4 billion a few months back. Now, the brand is discussing its next big moves, including a potential initial public offering (IPO) as soon as next year, according to insiders. Nothing’s official yet, though.
"Editor's correction: This piece previously inaccurately stated that Skims' valuation earlier this year was US$4 million. It was, in fact, US$4 billion."
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Written and put together by Joey Fung, Vanessa Wolosz and Christine Dulion
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