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Hong Kong-listed tech stocks weakened in the afternoon, with SenseTime (00020.HK) falling more than 4%, Kuaishou (01024.HK) falling more than 3%, and Xiaomi Group (01810.HK), Baidu (09888.HK) and others following suit.On January 13th, JPMorgan Chase issued a report stating that WuXi AppTec (02359.HK) recently issued a profit warning, expecting sales to increase by 16% year-on-year to RMB 45.5 billion in 2025, exceeding the banks forecast by 2%; adjusted net profit is expected to increase by 41% year-on-year to RMB 15 billion, 4% higher than the banks forecast. The bank believes that the better-than-expected performance is mainly driven by continuous capacity and production capacity improvement, production process optimization, and improved operational efficiency; the market is expected to react positively to the profit warning. In addition, although the profit warning did not provide specific details on gross profit margin or operating expenses, the bank believes that WuXi AppTecs adjusted net profit margin expansion to 33% is another positive surprise; a target price of HKD 142 and an "overweight" rating are now given.January 13th Futures News: 1. WTI crude oil futures trading volume was 1,065,300 lots, a decrease of 158,978 lots from the previous trading day. Open interest was 1,998,254 lots, an increase of 2,157 lots from the previous trading day. 2. Brent crude oil futures trading volume was 204,328 lots, a decrease of 10,772 lots from the previous trading day. Open interest was 230,708 lots, an increase of 2,585 lots from the previous trading day. 3. Natural gas futures trading volume was 876,995 lots, a decrease of 207,686 lots from the previous trading day. Open interest was 1,643,126 lots, a decrease of 36,978 lots from the previous trading day.Kuwait set its official selling price for its extra-light crude oil to Asia in February at a discount of $1.60 per barrel to the average price in Oman/Dubai.HSBC raises its target price for General Motors (GM.N) from $48 to $75.

Cruise Lines Will Contest A U.S. Court's Huge Award For A Havana Dock

Aria Thomas

Jan 04, 2023 11:22

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Carnival (NYSE:CCL) Corp and Royal Caribbean (NYSE:RCL) Cruises stated on Tuesday that they will appeal a U.S. court verdict ordering them and two other cruise operators to pay $110 million in penalties for usage of a port seized by the Cuban government in 1960.


U.S. District Judge Beth Bloom ruled last week in Miami to award $440 million to the plaintiff, Delaware-registered Havana Docks Corp; registered to two U.S. residents claiming to be descendants of the original proprietors of the Havana Cruise Port Terminal.


It followed Bloom's March finding that the port's use constituted trafficking in seized Havana Docks Corp. property. The ruling represented a turning point for Cuban-Americans seeking restitution for confiscated property during the Cold War.


The judgment against Carnival granted the plaintiff $109,671,180.90 in damages, whilst the rulings against Norwegian, Royal Caribbean, and MSC, the most recent of which was released on Tuesday, each awarded the plaintiff $109,848,747.87 in damages.


Royal Caribbean confirmed to Reuters that it "disagrees with the verdict and expects to appeal." Carnival claimed that it strongly disagreed with the verdict, that it would appeal, and that it had participated in "legal travel."


Norwegian Cruise Line (NYSE:NCLH) declined to comment, and MSC Cruises did not provide a response to a request for comment.


Under the Helms-Burton Act, which authorizes U.S. residents to sue over the use of property taken in Cuba after 1959, Havana Docks filed action against the cruise lines.


"This is an extraordinarily significant ruling by Judge Bloom. According to Roberto Martinez, counsel for Havana Docks, the commercial use of confiscated property in Cuba in contravention of U.S. law bears clear, well-defined, and extensively published legal penalties.


"The incontrovertible data revealed that the cruise lines profited over $1.2 billion from their trips that exploited the stolen facility, but did not compensate Havana Docks Corp or the Cuban people," he stated.


The decisions could spark future lawsuits by Cuban exiles seeking compensation for confiscations of property by the late Cuban leader Fidel Castro, believed to be worth $2 billion.

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