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☆ Citi upgrades India to 'overweight' citing stable earnings, economic growth
▼ + stars: | 2024-05-11 | by ( ) www.cnbc.com time to read: +2 min

Citigroup analysts upgraded India to "overweight" from "neutral" in their emerging markets allocation on Friday, citing strong earnings and economic growth momentum. It also attributed India's one-year forward price-to-earnings (P/E) of 20x, which is slightly higher than the long-term averages, to a stable earnings trajectory. The brokerage remains "overweight" on India's banks, insurers, public sector enterprises, autos and capital goods companies among others. Citi downgraded China to "neutral" from "overweight", saying the recent rally in its stock markets occurred despite weakening fundamentals. Citi reiterated its "overweight" rating on Taiwan and Korea, maintaining "underweight" on Latin American countries.

Persons: Surendra Goyal Organizations: Hong, Citigroup, Citi, Jefferies, Asia Locations: India, China, Asia Pacific, Japan, Taiwan, Korea

☆ Fitness gym collapse kills 3 in China's Heilongjiang province
▼ + stars: | 2023-11-07 | by ( Bernard Orr | Thomson Reuters | Bernard Orr Is A Veteran Journalist With Over Years Of Experience. He Reports On Breaking News Mainland China | ) www.reuters.com time to read: +2 min

BEIJING, Nov 7 (Reuters) - Three people were killed and one injured after a structural collapse at a fitness club in northeast China's Heilongjiang province, local officials said on Tuesday. According to a local resident, the collapsed gymnasium is a basketball arena where youth basketball training is held, Global Times reported late Monday. The venue where the accident occurred belongs to the New Sunshine Fitness Club in Huanan County, according to the county government. 34 Middle School gymnasium collapsed in July," said a netizen on China's Weibo social media platform. Another gymnasium collapse occurred in three months."

Persons: Bernard Orr, Ella Cao, Gerry Doyle Organizations: Government, Global Times, Sunshine Fitness, New Sunshine, Authorities, Weibo, Thomson Locations: BEIJING, China's Heilongjiang, Jiamusi city, Huanan County, Shanghai, New, Heilongjiang, China's Qiqihar

REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsLONDON, Oct 23 (Reuters) - China is upping the critical minerals stakes by curbing exports of graphite, a key raw material in electric vehicle batteries. There is much potential for further escalation in this unfolding critical minerals battle between China and the West. Previous restrictions on lower-grade graphite exports destined for the steel and lubricants sectors have been rescinded. The world's graphite supply chain could well be in for a similar short-term shock. Western governments are still evaluating their response, waiting like the rest of us to see how China's graphite volumes play out in the coming months.

Persons: Fabian Bimmer, Wei Jianguo, Wei, Biden, Obama, Trump, Adam Hodge, China's Wei, David Evans Organizations: Volkswagen, REUTERS, Commerce, U.S, Chips, Benchmark Minerals, U.S . Department, Department of Defense, EV, World Trade Organization, European Union, WTO, Thomson, Reuters Locations: Salzgitter, Germany, China, U.S, Alaska, Australia, Japan

REUTERS/Issei Kato Acquire Licensing RightsOct 24 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. September's PMIs showed that manufacturing activity in Japan and Australia shrank and services sector activity grew, although growth in Japan was the slowest this year. The big picture, however, is still dominated by the ebb and flow of the U.S. Treasuries market. And while a broad easing of financial conditions on Monday - lower Treasury yields and a weaker dollar - should support emerging market assets, Wall Street's late downward drift will warrant caution. The MSCI Asia ex-Japan and MSCI global emerging market indexes are both down around 13% over the past three months and on Monday both hit their lowest level since Nov. 11 last year.

Persons: Issei Kato, Jamie McGeever, bode, Michele Bullock, September's PMIs, Wall, Goldman Sachs, outflows, Goldman, Josie Kao Organizations: REUTERS, Reserve Bank of Australia, Nasdaq, Bank of Japan, PMI, Thomson, Reuters Locations: Tokyo, Japan, U.S, Korean, Australia, Asia, China, South Korea

☆ CEO of China's Weibo tests new real-name policy on his own account
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

File photo: The logo of Chinese social media app Weibo is seen on a mobile phone in this illustration picture taken December 7, 2021. The comments by Wang Gaofei, whose microblogging platform is China's equivalent of X, caught the attention of local media and several Weibo users, amid concerns over growing censorship and government scrutiny over the country's internet. In Wang's case, the display of his name on his account was first pointed out by a user, leading him to respond that he was testing out this policy on his own account first. "Long-time followers (of my account) all know that (I) try to first use (new) functions myself," he wrote. He also suggested users could delete followers to avoid being subjected to the policy.

Persons: Florence Lo, Wang Gaofei, Wang, Eduardo Baptista, Tomasz Janowski Organizations: Weibo, REUTERS, Rights, Thomson Locations: Rights BEIJING, China

☆ IKEA sticks with China despite slowing economy
▼ + stars: | 2023-10-12 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +2 min

REUTERS/Yves Herman Acquire Licensing RightsMALMÖ, Sweden, Oct 12 (Reuters) - China is still a key growth market for budget furniture retailer IKEA despite the world's second-largest economy showing signs of strain, executives at the biggest IKEA store owner said on Thursday. The company has 37 IKEA stores in China, out of a total of 537 locations worldwide. Ingka Group overall saw 697 million visits to its IKEA stores in the 2023 financial year, up 7.4% from the previous year. The rate of increase was much higher in China, Brodin said, as stores reopened and shoppers returned. China's sheer size makes it a key opportunity, said Tolga Oncu, head of IKEA Retail at Ingka Group.

Persons: Yves Herman Acquire, Jesper Brodin, Brodin, Ingka, Tolga Oncu, Oncu, Helen Reid, Josie Kao Organizations: REUTERS, IKEA, Ingka Group, Ingka, Reuters, IKEA Retail, Thomson Locations: Brussels, Belgium, Sweden, China

☆ South Korea mulls measures after tennis player wrecks racket
▼ + stars: | 2023-09-27 | by ( Hyunsu Yim | ) www.reuters.com time to read: +1 min

In a statement on Tuesday, the Korean Sport and Olympic Committee (KSOC) said Kwon's actions were "extremely regretful". "We will take appropriate measures for the situation through a comprehensive review after the Games come to an end," KSOC said. Kwon also drew criticism from South Korea's vice minister of culture, sports and tourism, who called the player's reaction to the defeat "regretful." Kwon apologised to Kasidit, and to his South Korean fans, in a handwritten note posted on social media. "I behaved recklessly soon after a match ended and I shouldn't have as a national team player," he said.

Persons: Pabellon Fuente, Korea’s Kwon, Spain’s Alejandro Davidovich Fokina, Eva Manez, Kwon, Kasidit Samrej, netizens, KSOC, Kasidit, Hyunsu Yim, Ed Davies, Peter Rutherford Organizations: Rights, Asian Games, Weibo, Hangzhou Olympic Sports Center, Thai, Korean Sport, Olympic, South, Thomson Locations: Spain, South Korea, San Luis, Valencia, Rights SEOUL, China

☆ Japanese figure skater Hanyu marries, making fans happy and sad
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +1 min

Figure skater Yuzuru Hanyu holds flowers as he attends a ceremony commemorating the 50th anniversary of normalization of diplomatic relations between Japan and China in Tokyo, Japan September 29, 2022. REUTERS/Issei Kato/File PhotoTOKYO, Aug 5 (Reuters) - Japan's Olympic gold-medal winning figure skater Yuzuru Hanyu announced his marriage late Friday, drawing congratulations from his fanbase, though some seemed sad that the photogenic 28-year-old would no longer be romantically available. Hanyu did not say who his partner was when declaring his new marital status on X, the social media messaging platform formerly as Twitter. There was a clear sense of loss in the reaction among many fans both in and outside Japan, as "Hanyu loss" became a fast trending hashtag on social media. "I'm taking Monday off due to 'Hanyu loss'," read on post on X, while another predicted many more fans would be doing the same.

Persons: Issei Kato, Yuzuru, I've, Tetsushi Kajimoto, Simon Cameron, Moore Organizations: REUTERS, Thomson Locations: Japan, China, Tokyo, Sendai, Weibo

☆ BMW skids into ice cream melee at Shanghai auto show
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] A BMW booth is pictured at the Auto Shanghai show, in Shanghai, China, April 19, 2023. REUTERS/Aly SongSHANGHAI, April 20 (Reuters) - Chinese internet users berated German automaker BMW (BMWG.DE) on Thursday, accusing it of discrimination at the Shanghai auto show amid claims workers at its Mini booth favoured foreign over domestic visitors during an ice cream giveaway promotion. The controversy comes as BMW and fellow German automakers participate in the Shanghai auto show in full force as they fight to stay on top of consumer trends in a country where domestic rivals have been aggressively taking market share. One video showed two Chinese workers telling some local visitors to the Mini stand that the free ice cream had run out, only to offer a tub moments later to a Western attendee. "This has taken away my good feelings towards BMW," said one Weibo commentator.

☆ China's Weibo ups stake in Inmyshow Digital with $315 mln acquisition
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - China's Weibo Corp (9898.HK) said on Wednesday it was raising its stake in Shanghai-listed media marketing firm Inmyshow Digital Technology Group Co Ltd (600556.SS) through the acquisition of ShowWorld Hong Kong Ltd for 2.16 billion yuan ($314.7 million). ShowWorld Hong Kong, a subsidiary of Chinese technology company SINA Corp, holds an 18.4% stake in Inmyshow Digital Technology. On completion of the deal, Weibo will own a cumulative 26.57% stake in Inmyshow, becoming its biggest shareholder. Inmyshow Digital Technology provides its clients with marketing strategies and social media operations. ($1 = 6.8640 Chinese yuan renminbi)Reporting by Archishma Iyer in Bengaluru; Editing by Shailesh Kuber and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Thomas PeterBEIJING, Dec 7 (Reuters) - Searches on Chinese travel sites surged and social media platforms were flooded with delight and relief on Wednesday as the public cheered the biggest loosening of some of the world's strictest COVID policies. CAUTIOUS OPTIMISM, EXHAUSTIONThe news was also welcomed by foreign business groups, many of which had become increasingly outspoken about the damage the zero-COVID policy was having on China's economy and the operations of their companies. "Timely implementation will help stabilise China’s economy and get life back to normal," the European Chamber of Commerce in China said of the 10 measures announced on Wednesday. It also urged China to roll out mRNA vaccines for domestic use as part of a vaccination drive with the elderly a priority. Reporting by Sophie Yu and Martin Pollard, Writing by Brenda Goh; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Huge COVID protests erupt in China's Xinjiang after deadly fire
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +4 min

Reuters verified the footage was published from the Xinjiang capital Urumqi. Videos showed people in a plaza singing China's national anthem with its lyric, "Rise up, those who refuse to be slaves!" The Urumqi protests followed a fire in a high-rise building there that killed 10 on Thursday night. Urumqi officials abruptly held a news conference in the early hours of Saturday, denying that COVID measures had hampered escape and rescue but saying they would investigate further. Some lamented its similarities to the deadly September crash of a COVID quarantine bus.

☆ Pereira stuns Adesanya to claim UFC middleweight crown
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Nov 13 (Reuters) - Brazil's Alex Pereira pulled off a stunning comeback to knock out Israel Adesanya in the fifth round and claim the UFC middleweight title and Zhang Weili choked out Carla Esparza to regain the strawweight belt at UFC 281 at Madison Square Garden. Behind on the judges' scorecards and running out of steam, Pereira unleashed a stunning combination of strikes in the final round to dethrone Adesanya, who had held the title for 3-1/2 years, in only his eighth professional MMA bout. "I feel so good, I've been training all my life, I worked so hard for this," an elated Pereira said in his post-fight interview. After winning the fourth round comfortably, Adesanya looked to be cruising towards a decision victory until Pereira, who has a previous KO win over him in kickboxing, rocked him with a right hand and followed it up with a flurry of devastating punches to claim the crown. Reporting by Philip O'Connor; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

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