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☆ China sets GDP target of 'around 5%' for 2024
▼ + stars: | 2024-03-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China set a growth target of "around 5%" for 2024, according to the "Government Work Report" released Tuesday. The targets for GDP and other economic indicators were published as part of the opening of the National People's Congress annual meeting. The work report emphasized the need to "ensure both high-quality development and greater security," preventing risks and maintaining social stability, among other tasks. The work report said that "internal drivers of development are being built up," but added the country should be "well prepared for all risks and challenges." More than 2,800 delegates attended the opening of the National People's Congress annual meeting in Beijing on Tuesday.

Persons: Li Qiang, Louise Loo Organizations: Economic, National People's, National Bureau of Statistics, Communist Party of China's, National People's Congress, IMF, Oxford Economics Locations: Davos, Switzerland, BEIJING, China, Beijing

☆ Louis Dreyfus to build Ohio soy crush plant, add to processing boom
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

Two people converse in a soybean field during harvest season in Deerfield, Ohio, U.S., October 7, 2021. REUTERS/Dane Rhys/File Photo Acquire Licensing RightsPARIS, Oct 20 (Reuters) - Louis Dreyfus Company will build a soybean-processing plant in Ohio, the global crop merchant said on Friday, adding to a booming expansion of oilseed crushing in North America encouraged by biofuel use. Dreyfus will start construction in early 2024 on the facility in Upper Sandusky that will have annual soy-crushing capacity of 1.5 million metric tons, the company said in a statement. The plant will have capacity to produce 320,000 metric tons per year of edible soybean oil and 7,500 metric tons of lecithin, it said. Dreyfus said earlier this year it will more than double the size of its Canadian canola crushing plant in Yorkton, Saskatchewan.

Persons: Dane Rhys, Louis Dreyfus, Dreyfus, Archer Daniels, Gus Trompiz, Karl Plume, Jonathan Oatis, Rod Nickel Organizations: REUTERS, Rights, Louis Dreyfus Company, Reuters, Regional Growth, Archer Daniels Midland, Thomson Locations: Deerfield , Ohio, U.S, Ohio, North America, Upper Sandusky, North Dakota, Yorkton , Saskatchewan, Chicago

☆ China's property crisis weighs on developing Asia's 2023 growth outlook - ADB
▼ + stars: | 2023-09-20 | by ( Enrico Dela Cruz | ) www.reuters.com time to read: +2 min

Updating its regional economic outlook, the ADB trimmed its 2023 growth forecast for developing Asia to 4.7%, from 4.8% projected in July. But the growth forecast for next year for the grouping, which consists of 46 economies in the Asia-Pacific and excludes Japan, Australia and New Zealand, was revised slightly upwards to 4.8% from 4.7% previously. China's property crisis "poses a downside risk and could hold back regional growth," the ADB said in its report. The Manila-based lender maintained its 2024 growth forecasts for China and India at 4.5% and 6.7% respectively. While growth has so far been robust and inflation pressures are receding in developing Asia, Park said governments need to be vigilant against the many challenges the region faces, including food security.

Persons: Thomas Peter, Albert, Park, Enrico Dela Cruz, Mikhail Flores, Kanupriya Kapoor Organizations: REUTERS, Rights, Asian Development Bank, ADB, East, Thomson Locations: Beijing, China, Rights MANILA, Asia, El, Pacific, Japan, Australia, New Zealand, East Asia, South Asia, Southeast Asia, India, Manila

☆ Asian Development Bank trims growth forecast for region, dampened by Chinese property sector weakness
▼ + stars: | 2023-09-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The Asian Development Bank trimmed its 2023 growth forecast for the region to 4.7% on the back of China's embattled property sector and a persistently high interest rate environment. "The PRC's property market poses a downside risk and could hold back regional growth," ADB said in its outlook report released Wednesday. China's property sector has languished ever since Evergrande defaulted in 2021. ADB also lowered its China growth forecast from 5% to 4.9%. "Although inflation is coming down, prices are still somewhat elevated and we're seeing with high interest rates, cautious attitude by some investors in different parts of the region."

Persons: Evergrande, Albert Park, CNBC's, El Niño Organizations: Asian Development Bank, ADB Locations: China's, China, Southeast Asia

☆ Central America parliament expels Taiwan, makes China permanent observer
▼ + stars: | 2023-08-22 | by ( Ismael Lopez | ) www.reuters.com time to read: +2 min

Aug 21 (Reuters) - The Central American Parliament on Monday voted to expel Taiwan after more than two decades as a permanent observer and replace it with China, whose growing economic influence in Latin America has increasingly marginalized Taipei. The six-nation parliament, known as Parlacen, met in the Nicaraguan capital Managua where local legislators proposed adding China, which claims democratically ruled Taiwan as its own territory. Beijing has expanded its influence in Central America with Parlacen members Nicaragua, El Salvador, Honduras, Panama and the Dominican Republic breaking off diplomatic ties with Taiwan in recent years. Guatemala, the most populous country in Central America, is the only Parlacen member that still recognizes Taiwan. The United States recognizes China diplomatically but has unofficial ties with Taipei, and the Biden administration has said it opposes efforts to change the status quo in Taiwan.

Persons: Parlacen, Senators Tim Kaine, Marco Rubio, Biden, Ismael Lopez, Ben Blanchard, Sarah Morland Organizations: Central American, United Nations, U.S, Senators, Democrat, Republican, Foreign, United, Thomson Locations: Taiwan, China, America, Taipei, Nicaraguan, Managua, Parlacen, Beijing, Central America, Nicaragua, El Salvador, Honduras, Panama, Dominican Republic, Guatemala, Xinjiang, U.S, Belize, Paraguay, Americas, United States

☆ Ford balances growth and profits in a promising quarter, keeps its stock rating
▼ + stars: | 2023-07-27 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Earnings before interest and taxes (EBIT) increased slightly to $3.79 billion, well ahead of analysts' predictions for EBIT of $3.16 billion. With Thursday's results, management shows it is playing to win and that the fourth quarter was an outlier. Strong profitability and cash flow generation overall in the second quarter provided the much-needed offset. Quarterly commentary Ford Blue, which represents Ford's gas-powered and hybrid vehicles, delivered a strong quarter and was again profitable in every region in which it operates. By segment, Ford expects Ford Blue to deliver full year EBIT of "about $8 billion," up from about $7 billion, and Ford Pro's EBIT to be "approaching $8 billion," up from $6 billion.

Persons: Jim Farley, we've, Farley, we're, Ford, Ford Pro's, Jim Cramer's, Jim Cramer, Jim, Jeff Kowalsky Organizations: Ford, Refinitiv, Management, Ford Model, Ford Pro, CNBC, Electric Vehicle, AFP, Getty Locations: North America, Europe, EBIT, Dearborn , Michigan

☆ How Singapore has become a leading force in tech innovation
▼ + stars: | 2023-07-07 | by ( Sponsor Post | Created Insider Studios With Edb Singapore | ) www.businessinsider.com time to read: +8 min

Over 13 years ago, AvePoint, a SaaS solutions provider based in New Jersey, recognized the potential of Southeast Asia and found its entry point in Singapore. "While Singapore is a very small country, the country's focus on talent development and productivity results in it leading the forefront of innovation with a strong tech ecosystem for talent and corporate success," he said. In Singapore, ServiceNow was able to access a unique business partnership with Singapore Airlines, the world's most-awarded airline and one of the region's largest customers, developing a system called SQNow, which streamlines and manages IT workflows. "Being successful in Singapore is often a gateway into other markets around Southeast Asia," Nehammer added. Why Singapore's brand continues to thriveSingapore's ascent as a global tech powerhouse is anchored on the pillars of innovation, business networks, and robust tech infrastructure.

Persons: Tianyi Jiang, ServiceNow, it's, Jiang, Nehammer, AvePoint Organizations: ASEAN, Association of Southeast Asian Nations, Singapore government's Smart, Smart, Singapore, Singapore Airlines, NCS, Tech, Monetary Authority of Singapore, MAS, Higher, Insider Studios, Singapore Economic Development Board Locations: Singapore, New Jersey, Southeast Asia, Asia, Rhode

☆ Investors are eyeing China's neighbors as the recovery from 'zero-Covid' slows
▼ + stars: | 2023-06-12 | by ( Jihye Lee | ) www.cnbc.com time to read: +8 min

Bloomberg | Bloomberg | Getty ImagesChina's lackluster economic recovery since emerging from strict "zero-Covid" lockdowns has caused weaker sentiment toward the country, prompting investors to look for alternative options — like its near neighbors. Higher targets for JapanForeign investors have undoubtedly been key in driving the Japanese market, maintaining the highest levels the Nikkei has seen since 1990. During the same period last year, foreign investors had sold a net 1.73 trillion yen approximately. Wall Street banks including Morgan Stanley and Societe Generale are among those that are optimistic on Japanese stocks, holding "overweight" positions. Upside for Korea tech stocksSouth Korea is another market closely watched as concerns over China's recovery linger.

Persons: Goldman, Andrew Tilton, Berkshire Hathaway's Warren Buffett, India's, Goldman Sachs, Tilton, Morgan Stanley, ROE, Mike Wilson, we've, Price, Goldman's Tilton, Rhee Chang, Nomura, Chloe Andrieu, Pranjul Bhandari, Bhandari Organizations: Bloomberg, Getty, Asia, Pacific, Japan Foreign, Nikkei, Japan's Ministry of Finance, Societe Generale, Equity, U.S, UBS Global Wealth, U.S ., UBS, The Bank of, CNBC, Citi, AFP, Afp, Korea Financial Investment Association, South Korean, Fitch, Ben Advisors Locations: Macau, China, Japan, South Korea, India, Goldman Sachs, Berkshire, South, Shanghai, Shenzhen, Wall, Korea, Asia, The Bank of Korea, Fuyang, China's, Anhui, Indonesia

☆ Saudi Arabia's PIF to acquire 30% of supermarket chain Tamimi Markets
▼ + stars: | 2023-06-01 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, June 1 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) plans to acquire a 30% stake in local supermarket chain Tamimi Markets Company, the kingdom's sovereign wealth fund said on Thursday. PIF, which has more than $620 billion in assets under management, said it signed a share subscription agreement to invest in Tamimi Markets. It said the transaction, which will involve a capital increase and subscription for new shares, aligns with the fund's strategy to enable the private sector and create Saudi national champions. "This investment aims to enable Tamimi Markets to realise its full potential, transforming it from one of the leading national grocery chains to a major regional chain," PIF said in an emailed statement. Reporting by Hadeel Al Sayegh; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: PIF, Hadeel Al Sayegh, David Goodman, Jason Neely Organizations: Saudi, Public Investment Fund, Tamimi Markets Company, Thomson Locations: DUBAI

☆ While Asia markets may cheer a Fed pause, watchers are split on growth prospects
▼ + stars: | 2023-05-08 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Ping Shu | Moment | Getty ImagesWhile a pause in the U.S. Federal Reserve's rate-hike cycle would lead to stronger Asian currencies, the region's recent earnings and disappointing Chinese economic data leave watchers split on the growth outlook. Stock Chart Icon Stock chart iconA Fed pause could boost U.S. stocks, but its effect on regional growth in Asia may not be as straightforward. Nomura's equity strategists kept their views for Asia-Pacific stocks unchanged despite the likelihood of a potential Fed pause, maintaining its year-end target for MSCI Asia ex-Japan. "Nonetheless, in our base case, we do not expect a meaningful decline in Asian stocks. "Asian investors' big worry surrounds China," he said, pointing to the "unsustainability of consumption rebound, especially against the backdrop of persistently high youth unemployment levels."

☆ South Korea's finance minister says country is at a 'turning point' in relations with Japan
▼ + stars: | 2023-05-03 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

South Korea Finance Minister Choo Kyung-ho attends the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, on Indonesia resort island of Bali, on July 16, 2022. (Photo by MADE NAGI / POOL / AFP) (Photo by MADE NAGI/POOL/AFP via Getty Images)South Korea's finance minister says the nation sees is at a "turning point" in economic relations with Japan. Speaking to CNBC's Chery Kang at the Asian Development Bank's annual meeting in Incheon, South Korea's finance minister and deputy prime minister Choo Kyung-ho praised Tokyo's recent decision to restore South Korea to a list of preferred trade partners. Choo said the recent talks with Suzuki will lead to further economic cooperation between the two U.S. allies. "The recent bilateral summit has opened things up for improvement.

[1/2] A man charges an electric vehicle (EV) at the charging hub of Indian ride-hailing BluSmart Electric Mobility in Gurugram, India, December 9, 2022. SCALING UPIndia's ride-hailing market is currently worth $13.4 billion - a tenth of China's - and penetration is just 7%, according to Statista, making the country of 1.4 billion a lucrative opportunity. BluSmart, which operates in just two cities with 5,000 vehicles, says it commands 9% market share of Delhi's ride-hailing market. In February, Uber's India chief Singh dismissed concerns about BluSmart, saying Uber still offered more diverse ride options, including scooters and autorickshaws. "In a way it (BluSmart) has forced Uber to reimagine how it wants to play in India," WEF's Khurana said.

☆ World Bank cuts Pakistan's GDP f'cast on rising rates, limited fiscal space
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, April 4 (Reuters) - The World Bank sharply lowered Pakistan's current year growth forecast, saying the country's economic growth prospects have weakened due to tighter financial conditions and limited fiscal space. The World Bank now expects Pakistan's economy to grow 0.4% in the current year, from its October forecast of 2% growth. Pakistan expects its economy to grow 2% in FY23, however, the country's central bank chief said in January the growth forecast could face downward pressure. The World Bank lowered its 2023 regional growth forecast to 5.6% from 6.1% in October. Inflation in South Asia is set to fall to 8.9% this year, and to below 7% in 2024, the World Bank said.

☆ Asian FX bulls return as easing China COVID curbs improves outlook - Reuters poll
▼ + stars: | 2022-12-15 | by ( Upasana Singh | ) www.reuters.com time to read: +4 min

Long positions on most other emerging Asian currencies also firmed, with those on the Malaysian ringgit and South Korean won at around two-year highs, a fortnightly poll of 10 analysts showed. Elsewhere, sentiment on China's yuan was mostly neutral, while investors turned bullish on the Philippine peso for the first time since July 2021. Long positions on the Thai baht were at their highest level since late February, while those on the Singaporean dollar were highest since early February. A turnabout of that impulse should benefit high-beta, risk-sensitive and commodity-linked FX," Barclays' analysts wrote in a note. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

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