Shares of Chinese social-media company Weibo Corp. fell in their trading debut in Hong Kong on Wednesday morning amid a challenging environment for Chinese technology stocks.
Shares of the Beijing-based company dropped as much as 7.2% compared with its offering price of HK$272.80. They were last down 6.2% at HK$256.00.
Wynn Names Gambling-Industry Executive as CFO
Wynn Resorts Ltd. appointed a gambling-industry veteran to oversee the casino operator’s finances just weeks after the company announced it would elevate its finance chief to the role of chief executive.
Las Vegas-based Wynn on Tuesday said Julie Cameron-Doe would join in the second quarter of next year. Ms. Cameron-Doe has served as chief financial officer of Aristocrat Leisure Ltd., a Sydney, Australia-based gambling-machine maker, since 2018.
Facebook’s Head of Messenger to Leave Company Next Year
The person overseeing Facebook’s Messenger said he would leave the company next year, the latest executive to disclose departure plans from the social-media platform.
Stan Chudnovsky, who has been running Messenger since 2018, said he’ll step down in the second quarter of next year. The 51-year old said he has no plans to retire, but that he’ll take a break after “working nonstop” since he was 16.
Giant Gap Persists Between Job Openings and Available Workers
U.S. job openings continue to far outpace the number of available workers, with nearly five million more open positions than people seeking work.
There are around 11 million job openings in the U.S., according to estimates from job-search site ZipRecruiter, based on their analysis of online job postings and government data sources. That compares with 6.9 million people who are unemployed but say they want to work.
Crypto CEOs to Testify Before Lawmakers Weighing Greater Regulation
WASHINGTON-The chief executive officers of half a dozen cryptocurrency firms are set to appear before Congress on Wednesday, as lawmakers and regulators wrestle with how to bring the more than $2 trillion market under government oversight.
The House Financial Services Committee, led by Rep. Maxine Waters (D., Calif.), called the hearing in hopes of improving lawmakers’ understanding of crypto assets and how the sector fits into existing regulations.
Turkey’s Woes Haven’t Spread to Broader Emerging Markets
The world’s biggest emerging markets have dodged contagion from Turkey’s currency implosion, but there are other threats looming on the horizon.
Emerging markets such as Russia, Mexico and Brazil are notoriously volatile and prone to getting hit when one of them wobbles. So far, however, Turkey’s problems have been contained. An unorthodox series of rate increases has plunged its economy into a spiral without causing much damage elsewhere.
Japan’s Economy Shrank More Than Estimated in Third Quarter
Japan’s economy shrank more than initially estimated in the July-September quarter due to weaker spending by consumers and the government, revised data showed Wednesday.
The world’s third-largest economy after the U.S. and China contracted 3.6% on an annualized basis, which reflects what would happen if the third-quarter pace continued for a full year.
House Votes to Approve Bill Setting Up Process for Lifting Debt Limit
WASHINGTON-Top Republicans and Democrats struck a deal for a process to raise the debt ceiling in the Senate, with the House passing a bill late Tuesday that paves the way for Congress to prevent a calamitous default.
The bill, which also prevents cuts to Medicare and other programs that threatened to kick in at the end of the year, is the product of weeks of talks between Senate Majority Leader Chuck Schumer (D., N.Y.) and Senate Minority Leader Mitch McConnell (R., Ky.). It doesn’t itself raise the debt ceiling. Instead, it sets up a procedure for an additional vote on the issue that would require a simple majority in the Senate rather than the 60 votes needed for most legislation.
Blinken Calls China, Russia Efforts to Disrupt Global Order Serious Mistakes
Attempts by China or Russia to expand their territory by invasions of Taiwan or Ukraine, respectively, would be serious mistakes with severe consequences, Secretary of State Antony Blinken said Tuesday at The Wall Street Journal’s CEO Council Summit.
President Biden’s warning to Russian President Vladimir Putin on a secure video call Tuesday about the consequences of a potential invasion of Ukraine should “affect President Putin’s calculus going forward,” Mr. Blinken said.
Sen. Joe Manchin Holds Back Support for Social-Spending Bill
WASHINGTON-Sen. Joe Manchin declined to commit to voting for Democrats’ roughly $2 trillion social-policy and climate package, citing concerns about inflation and the length of programs, weeks before the Christmas deadline party leaders are racing to meet.
Mr. Manchin, a West Virginia Democrat, made the remarks during The Wall Street Journal’s CEO Council Summit at a pivotal moment for Democrats in Washington-and one where he has been a key figure. Because Senate Democrats are using a special budget maneuver to pass their education, healthcare and climate package without any GOP support, they can’t lose a single senator from their own party.
Commission Approves Report on Supreme Court Amid Partisan Differences
WASHINGTON-A bipartisan commission appointed by President Biden unanimously adopted a report detailing controversies over the Supreme Court and assessing proposals to address them, but few expected the 294-page document to resolve political divisions concerning the judiciary that have intensified in recent years.
At Tuesday’s meeting, members of the commission universally praised the report-writing process for its civil dialogue and regard for all views. However, the final report was neither designed to nor did it produce consensus or any recommendations.
China Aims to ‘Revise the Global Rule Set,’ Top U.S. General Says
WASHINGTON-China is expanding its military in a bid to “revise the global rule set” and undo the post-World War II national security framework, the highest ranking military officer said Tuesday.
Army Gen. Mark Milley, the Chairman of the Joint Chiefs of Staff, said China’s investment in its navy, hypersonic missiles, cyber and other technologies are designed to ensure that it, along with Russia and the U.S., are world-leading nations. Such a rise would end a post-World War II era in which Russia and the U.S. were the only superpowers.
Germany’s Scholz Takes Power After Merkel’s 16-Year Rule
BERLIN-Germany’s parliament elected a new chancellor on Wednesday, ending Angela Merkel’s 16-year rule. The country’s new center-left leader inherits longstanding challenges from his predecessor and faces a cluster of short-term crises that could complicate his plans to modernize the German state and its economy.
Olaf Scholz, 63, and his Green and free-market coalition partners have agreed on a four-year program to overhaul Germany’s economy, fight climate change, digitize public services and reverse its demographic decline.
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Centamin Sees Gold Production Growing to 450,000-500,000 Ounces by 2024
Centamin said Wednesday that its Sukari gold mine in Egypt will increase production over the next three years and reach between 450,000 and 500,000 ounces in 2024.
The FTSE 250 gold miner guided for production of 430,000-460,000 ounces in 2022 and 450,000-475,000 ounces in 2023. Capital expenditure is expected to total $555 million in that three-year period.
The prospects of the mine have been enhanced by a 23% increase in proven and probable mineral reserves, including a threefold increase for underground reserves, Centamin said.
An expansion study on the development of Sukari’s underground pit is underway for completion in the second half of 2022.
Centamin said the new geological model for Sukari underpins a mine schedule of at least 12 years, and that it has identified a clear roadmap to constantly produce more than 500,000 ounces a year over the next decade.
However, Chief Executive Martin Horgan said that the company can increase production even further.
“That [production of 500,000 ounces per year] is what we can demonstrate that we can–with a high level of confidence–consistently deliver. But I think there is a chance to beat that,” Mr. Horgan told Dow Jones Newswires.
Centamin also said it plans to deliver an additional 2 million ounces of mineral reserve growth by 2024 through a combination of exploration at both Sukari underground and the Doropo project in Ivory Coast.
RBC Capital Markets said in a note Wednesday that 2022 cost guidance was disappointing. Centamin forecast all-in sustaining costs of $1,275-$1,425 an ounce for next year.
“We’re not alone in Centamin. It’s a sector-wide and global issue around short-term cost inflation pressures. Fuel clearly is an obvious one,” Mr. Horgan said.
Shares in London were flat at 92.12 pence.
Centamin Delivers on Sukari Potential, But Cost Guidance Disappoints
Centamin has announced a review for its flagship Sukari gold mine in Egypt. Gold reserves have been increased by 1.1 million ounces, enabling a mine schedule of at least 12 years which will enable the company to reach annual production of 500,000 ounces.
The update has delivered on Sukari’s potential and suggests more upside to come as exploration and underground expansion accrue over time, RBC Capital Markets says. Also, with $256 million on the balance sheet, the group might look to return some cash to shareholders, RBC says.
On the downside, forward guidance, especially for 2022 costs, is disappointing, the bank says. The new cost guidance midpoint of $1,350 an ounce is ahead of $1,038 previously.
(MORE TO FOLLOW) Dow Jones Newswires
December 08, 2021 06:04 ET (11:04 GMT)
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