Latest news with #CKHutchisonHoldingsLtd.
Bloomberg
28-04-2025
- Business
- Bloomberg
Panama Seeks US Cooperation Without Taking Sides in Trade War
Panama expects more cooperation with the US but is avoiding taking sides in a trade war between the world's two largest economies, according to its finance chief. The Central American country unexpectedly found itself in the center of the US-China dispute when President Donald Trump threatened to take back the Panama Canal, falsely alleging that Beijing operated it. US Defense Secretary Pete Hegseth visited Panama in April promising to increase military cooperation with the government, after a deal led by BlackRock Inc. to buy two Panama ports from Hong Kong-based CK Hutchison Holdings Ltd. was put on hold due to Chinese pressure.
Bloomberg
08-04-2025
- Business
- Bloomberg
Panama Says CK Hutchison Owes $300 Million, Concession in Doubt
A local unit of CK Hutchison Holdings Ltd. that's being sold to BlackRock Inc. owes $300 million to the government of Panama and didn't comply with contract renewal procedures, casting doubt over the concession's legality, Comptroller Anel Flores said. The unit, Panama Ports Co., didn't receive required approvals from the comptroller's office for a contract extension in 2021 and also used a series of tax-exempt subcontractors to lower the amount it pays to the government, Flores said. The company has also breached its agreement to share 10% of net income with Panamas government, Flores said Monday following an audit.
Yahoo
31-03-2025
- Business
- Yahoo
CK Hutchison Shares Fall as Li Ka-shing Mulls Ports Deal Delay
(Bloomberg) -- CK Hutchison Holdings Ltd.'s shares dropped by the most in nearly two weeks following news its Hong Kong billionaire owner Li Ka-shing is considering delaying the signing of a controversial deal to sell his Panama Canal ports to a consortium including BlackRock Inc. Gold-Rush Fever Returns to Historic New Zealand Mining Town What Frank Lloyd Wright Learned From the Desert Bank Regulators Fight for Desks as OCC Returns to New York Tower These US Bridges Face High Risk of Catastrophic Ship Strikes Charter Schools, Colleges Push Muni Debt Distress Near Record The stock fell as much as 4.7% Monday, the most since March 18. The slide has pared its year-to-date gain to 5.5%, versus the benchmark Hang Seng Index's 16% rally. Li's reported decision came after Beijing ratcheted up pressure and criticisms of the transaction, which is part of a $19 billion mega deal by the conglomerate to sell 43 ports around the world. While the US has touted the deal as a win in taking back control of the canal back from China, Beijing views it as a threat to its shipping and trade interests. Work on the deal is still progressing, but the companies need more time to complete formalities such as due diligence, Bloomberg News reported last week, citing people with knowledge of the matter. China earlier told state-owned firms to hold off on any new collaboration with businesses linked to Li and his family, and authorities have begun looking into the transaction for potential security or antitrust violations. Trump's IRS Cuts Are Tempting Taxpayers to Cheat Google Is Searching for an Answer to ChatGPT Israel Aims to Be the World's Arms Dealer Business Schools Are Back How a US Maker of Rat-Proof Trash Bins Got Boxed in by Trump's Tariffs ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
27-03-2025
- Business
- Yahoo
China Pauses New Deals With Li Ka-shing Family After Panama Ports Plan
(Bloomberg) -- China has told state-owned firms to hold off on any new collaboration with businesses linked to Li Ka-shing and his family, according to people familiar with the matter, after the Hong Kong billionaire irked Beijing with his plan to sell two Panama ports to a global consortium. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? How SUVs Are Making Traffic Worse Trump Slashed International Aid. Geneva Is Feeling the Impact. These US Bridges Face High Risk of Catastrophic Ship Strikes The directive was issued to state-owned enterprises last week at the behest of senior officials, the people said, asking not to be identified discussing private matters. Existing tie-ups are not affected, they added. Under the directive, state enterprises wouldn't immediately get approval for business activities linked to the tycoon. The regulators are also reviewing what investments the family has in China and abroad in a bid to better understand the breadth of their business dealings, the people said. CK Hutchison Holdings Ltd., CK Asset Holdings Ltd., Horizons Ventures Ltd. and Pacific Century Group didn't respond to requests for comment. The State-owned Assets Supervision and Administration Commission, an agency overseeing Chinese state companies, and the Ministry of Commerce also didn't respond. The order to pause new dealings doesn't necessarily mean Beijing will bar state firms from working with businesses linked to Li. But it does ratchet up pressure on the 96-year-old billionaire after CK Hutchison's deal with a BlackRock Inc.-led consortium to sell ports in Panama and elsewhere put his conglomerate's flagship entity in the crosshairs of US-China tensions. The sale, which is expected to net the company more than $19 billion in proceeds, triggered scrutiny in Beijing after US President Donald Trump hailed it as the US reclaiming the strategic waterway from Chinese influence, though the Panama ports are just two out of 43 facilities being divested globally. China is also looking into the sale for potential national security and antitrust violations, Bloomberg reported earlier this month. Yet it's uncertain how much leverage Beijing has, given that Chinese and Hong Kong ports are not included in the transaction. The impact on CK Hutchison from a halt on new business with state-owned companies may also be limited. The Cayman Islands-registered conglomerate makes just 12% of its revenue from Hong Kong and mainland China. The bulk of its operations span Europe — particularly the UK — North America and Australia, in sectors covering retail, telecommunications, ports and utilities, with little exposure to Chinese state-owned firms. Horizons Ventures, Li's private investment arm, has also focused its projects overseas, with more than 80% of the firms it invested in located in European countries, US, Canada, Australia and New Zealand, according to its website. Nevertheless, CK Asset — the conglomerate's property arm now headed by Li's older son Victor — has one-fifth of its long-term rental investment property portfolio by area on the mainland, with China home to most of its land bank for property projects developed for sale. Second son Richard's company, Pacific Century Group, is also exposed to China. Its insurance arm, FWD Group Holdings Ltd., has stated its ambition to expand into mainland China in previous financial documents, which would likely require partnerships with Chinese companies. Still, China's order to pause new talks with Li Ka-shing-related companies came before Richard Li was invited to a high-profile summit in Beijing over the weekend, which suggested that the scion isn't blacklisted by Beijing. As for the Panama ports deal, work is continuing on finalizing due diligence, tax, accounting and other transaction teams and the parties involved are still aiming to sign an agreement as planned by April 2, people familiar with the matter said. Business Schools Are Back Google Is Searching for an Answer to ChatGPT A New 'China Shock' Is Destroying Jobs Around the World The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? How TD Became America's Most Convenient Bank for Money Launderers ©2025 Bloomberg L.P.
Bloomberg
19-03-2025
- Business
- Bloomberg
Deal Uncertainty Sends CK Hutchison Bets Spiking Before Earnings
Since CK Hutchison Holdings Ltd.'s blockbuster ports deal was revealed, investors have boosted options bets to an eight-year high. Now they're waiting for more clues on the sale as the Hong Kong conglomerate readies to report earnings later Thursday. The number of CK Hutchison options outstanding has surged to almost 95,000, with about as many bullish as bearish contracts. While the stock has trimmed its initial jump on concerns that Chinese authorities are scrutinizing the deal, it's still up 18% in March, heading for its best monthly rise since November 2020.
