Australia’s Westpac to exit China, other Asia markets as focus swings to home

By Paulina Duran



a sign on the side of a building: An office building with Westpac logo is seen in Sydney


© Reuters/Loren Elliott
An office building with Westpac logo is seen in Sydney


SYDNEY (Reuters) – Australia’s Westpac Banking Corp is exiting banking operations in China and some other Asian markets to focus on its core domestic and New Zealand businesses, as it grapples with capital constraints amid the COVID-19 pandemic.

The country’s second-largest lender, whose capital has been eroded by a record lawsuit settlement and a surge in bad-debt provisions due to the pandemic, said on Wednesday it will exit operations in Beijing, Shanghai, Hong Kong, Mumbai and Jakarta, where it does business with institutional clients.

It will instead consolidate its international operations into branches in Singapore, London and New York.

Under pressure from regulators to increase their capital bases, and from investors to show higher returns from their investments, Australian banks have been selling non-core assets, including their offshore operations.

Following a failed big push

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Adventure Kitchen Spices Up the Nutley and Montclair Farmers Markets

MONTCLAIR, NJ – Lynley Jones has created a way to make cooking fun and adventurous by developing her own spice blends and recipes. Adventure Kitchen is the result of that. Jones is founder and chief creator.

Jones, originally from Arizona, moved to New Jersey 25 years ago after graduate school to work at AT&T in Basking Ridge. Lynley resides in Montclair with her husband and two children who attend Montclair High School. Both her daughter and son have helped with Adventure Kitchen and her son was a camp counselor for the Adventure Kitchen Summer Camps. Jones canceled the camp this year due to COVID-19. The camp is for 8 to 14-year-olds who are curious cooks and eaters as well as selective eaters.

Her brother, Eric Jones, moved to Montclair about a year and half ago to help manage Adventure Kitchen.

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I Luv Company, Specializing in Silicone Kitchen Utensils and Idea Consumer Goods, Speeds Up the Entry into Overseas Markets – Press Release

Video Link: https://www.youtube.com/embed/M-s5oIzQYF0

I Luv Company, which sells silicone kitchen utensils and idea consumer goods to hypermarkets and home shopping in Korea, is accelerating its entry into the overseas market.

I Luv Company is loved by housewives in their 30s, 40s and 50s, dealing with silicone and novel idea kitchen utensils and daily necessities, as well as safe consumer goods and cost-effective consumer goods.

I Luv Company owns 1 patent and 2 trademark registrations, 1 design, and 1 intellectual property rights, was awarded in the Trademark Design Rights Fair in 2018, and received a commendation from the Shared Growth Committee and the Ministry of Trade, Industry and Energy in 2019. 

The main product of I Luv Company is silicone cooking utensils, and what’s special is that it is entirely made of silicone, unlike general cases where only part of the product is made of to lower the mass production cost,

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Stay-at-Home Stocks Send Markets Soaring Friday

The stock market has been looking for a strong recovery, and on Friday, it finally got one. Even though investors are still uncertain about what another potential round of federal government stimulus might look like or whether the COVID-19 crisis will continue, they nevertheless feel confident that the long-range prospects for the economy and the markets are sound. That helped lift the Dow Jones Industrial Average (DJINDICES:^DJI), S&P 500 (SNPINDEX:^GSPC) and Nasdaq Composite (NASDAQINDEX:^IXIC) considerably on Friday.

Today’s stock market

Index

Percentage Change

Point Change

Dow

+1.34%

+359

S&P 500

+1.60%

+52

Nasdaq Composite

+2.26%

+241

Data source: Yahoo! Finance.

Earlier this year, investors seemed to have the idea that the key to a permanent recovery would be for things to return as much to normal as possible. As 2020 has progressed, though, many market participants are getting more comfortable with the idea that the pandemic might create some

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