Rio Tinto, the mining giant, remains optimistic despite China’s economic recovery slowing down in the second quarter. The company, which exports minerals to China, expects its iron ore shipments to be at the top end of the range, offsetting the deteriorating outlook for copper and bauxite. Rio Tinto’s second-quarter production report also highlights the stabilizing of its iron ore operations in Western Australia and plans for a significant increase in copper production in Mongolia by the end of the decade.
In other news, there are several events and data releases to keep an eye on in Asia today. Intermodal Asia, a trade fair for the transportation and container industry, opens in Shanghai, and the International Marine Contractors Association hosts its annual Asia-Pacific meeting in Singapore. New Zealand will release second-quarter inflation data, while Indonesia, Malaysia, and Macau will present investment, trade, and tourist arrival figures respectively. At the same time, Adani Group companies will hold their first annual meetings since receiving critical reports from a US-based short seller.
In Russia, a Chechnyan official has been appointed to run Danone’s assets in the country after they were nationalized by President Vladimir Putin. Yakub Zakriev, the province’s agriculture minister, now serves as the chief executive of Danone Russia. The nationalization of Danone’s assets and other foreign-owned breweries in Russia is seen as a preliminary step towards transferring these assets to loyalists of the regime.
Meanwhile, former Panamanian president Ricardo Martinelli has been sentenced to 10 years in prison for money laundering. Martinelli was convicted of using a complex scheme to launder money from public contracts for the purchase of a media company. This conviction raises doubts about his reelection bid next year.
Johnson & Johnson has filed a lawsuit against the US government, challenging a law that allows federal authorities to negotiate prices for expensive drugs. The pharmaceutical company claims that this provision of the Inflation Reduction Act is detrimental to innovation and has joined other companies in challenging the new law.
Lastly, French luxury group Kering has announced a management overhaul to address underperformance at its brand Gucci. Francesca Bellettini, who has successfully led Yves Saint Laurent’s expansion, will become deputy chief executive to drive the next stages of growth. Gucci chief Marco Bizzarri will step down in September and be temporarily replaced by chief operating officer Jean-François Palus. These changes aim to give Kering a new direction and catch up with sector leader LVMH in terms of growth.
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