Weekly Market Update - 20 November 2023

Stranded Containers

One of the world’s largest port operators is the latest victim in a string of devastating, high-profile cyberattacks globally this year. DP World is slowly restoring operations at its ports in Australia after hackers forced a mass closure and prompted government crisis meetings at the weekend. Tens of thousands of containers were stranded ahead of the year-end holiday season, with interruptions expected to continue for several more days. Reports said the company had not received a ransom demand.

Source: Bloomberg

Vanke Bonds

China Vanke Co.’s recent scramble encapsulates Chinese property debt investors’ fickle sentiment as they try to decode hazy government reassurances amid the industry’s freefall. Investors of Vanke — considered one of the more fiscally prudent Chinese developers — began dumping its bonds at a rapid clip in late October, unsure how long its liquidity can be sustained, and the selloff turned the developer into Asia’s worst investment-grade performer for the month.

Source: Bloomberg

Electric Ambitions

India is considering tax cuts on the imports of completely-built units of electric vehicles, for a period of up to five years, as it tries to entice the likes of Tesla Inc. to sell and eventually make its cars in the country. The Indian government is working on an electric vehicle policy that would allow international car manufacturers to import battery-powered vehicles on concessional duty rates if they commit to eventually building them in India, people familiar with the matter said. Meantime, the country is planning to invite bids for an 80 billion-rupee ($960 million) incentive program for production of EV batteries, according to people familiar with the matter.

Source: Bloomberg