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President of the European Central Bank (ECB) Christine Lagarde speaks as she takes part in a news conference on the outcome of the Governing Council meeting, in Frankfurt, Germany, October 28, 2021. The ECB backstop Pandemic Emergency Purchase Programme (PEPP) has allowed the vulnerable bond markets of Italy, Spain, Portugal and Greece to borrow and spend freely during the coronavirus pandemic without being punished by investors. "Given current circumstances, I expect that we will not carry out any further (PEPP) bond purchases from early next year," Lagarde was quoted by the Frankfurter Allgemeine Zeitung as saying. And do not forget that we have other purchase programmes in our toolkit." "It's eye-catching at the moment and is worrying a lot of people but we do not expect this rise in inflation to last," Lagarde said.
Persons: Christine Lagarde, Kai Pfaffenbach BERLIN, Lagarde, Maria Sheahan, Kirsti, Sarah Marsh, Emelia Sithole Organizations: European Central Bank, REUTERS, Frankfurter Allgemeine Zeitung, ECB, Thomson Locations: Frankfurt, Germany, Italy, Spain, Portugal, Greece
Having drained the markets with its multi-trillion-euro debt-buying programmes, the ECB has left fewer bonds sitting on dealers' balance sheet and available to be borrowed on the repo market. Investors are currently paying 0.99% to borrow German bonds against cash for two months, implying a 7% rate for bonds lent on Dec. 31 for the following Monday, data on Refinitiv Eikon shows. German bonds trade at their highest premium to swaps since the height of the pandemic and spreads on corporate bonds have started two widen, albeit from very tight levels. This is a safeguard that central banks have in place to minimise the risk they take and to incentive borrowers to turn to the market instead. "If we were to see more transactions failing, we think the Bundesbank and the other euro area central banks could consider raising the counterparty limit, at least temporarily."
Persons: De Vidts, Germany's Schatz, I'd, Peter Chatwell, Giuseppe Maraffino, Francesco Canepa, Emelia Sithole Organizations: European Central Bank, ECB, Investors, International Capital Market Association, Mizuho, Barclays Investment Bank, Thomson Locations: FRANKFURT
Bjarke Mikkelsen, CEO of the e-commerce retail platform Daraz, speaks with Reuters during an interview in Islamabad, Pakistan November 24, 2021. REUTERS/Asif ShahzadISLAMABAD, Nov 25 (Reuters) - Pakistan's largest e-commerce retail platform Daraz aims to host up to 300,000 small to medium enterprises (SMEs) in two years, its CEO said, as the firm seeks to bolster its position in its home market in the face of potential competition from global giant Amazon. Daraz, founded in 2012 in Pakistan and acquired by Chinese giant Alibaba (9988.HK) in 2018, has 100,000 SMEs in Pakistan on its platform. Out of the 70 million users who visited the Daraz website last month, 35 million were from Pakistan. He added that e-commerce in the South Asian nations where Daraz operates was only 2% of the retail market, which could be scaled up 10 to 20 times.
Persons: Bjarke Mikkelsen, Asif Shahzad, Pakistan's, Mikkelsen, Imran Khan, Khan, Daraz, Emelia Sithole Organizations: Reuters, REUTERS, Walmart, India's Reliance, Tata, HK, Amazon, Thomson Locations: Islamabad, Pakistan, Asif Shahzad ISLAMABAD, India, Sri Lanka, Bangladesh, Nepal
The logo of Amazon is pictured inside the company's office in Bengaluru, India, April 20, 2018. REUTERS/Abhishek N. ChinnappaNEW DELHI, Nov 24 (Reuters) - Amazon.com Inc (AMZN.O) has asked India's Supreme Court to pause an expedited review of allegations that the U.S. firm concealed information while seeking antitrust clearance for a 2019 deal with India's Future Group, legal papers seen by Reuters showed. If the CCI rules against Amazon and revokes the 2019 approval, it could have wide-ranging ramifications on the U.S. firm's ongoing legal battle with Future, people familiar with the case say. That's because Amazon has so far successfully used the 2019 Future unit deal to argue breach of certain contracts when the Indian company announced plans to sell its retail assets to rival Reliance Industries (RELI.NS) for $3.4 billion last year. Future, which denies any wrongdoing, accuses Amazon of illegally interfering in its business decisions and derailing a potential deal without which it says it will face liquidation.
Persons: Abhishek, Aditya Kalra, Emelia Sithole Organizations: Amazon.com Inc, India's, Reuters, of India, Amazon, Reliance Industries, Thomson Locations: Bengaluru, India, DELHI, U.S, Indian, New Delhi
A long-running row with Brussels about Warsaw overriding parts of EU law could be costly too if it isn't resolved. "If balance of payments deterioration proves more permanent, we expect higher FX volatility in the region," JPMorgan said. Inflation for big three CEE economies - Poland, the Czech Republic and Hungary - currently averages around 6.5%. If it ends up settling between 3-5%, 10-year bond yields in the region would hit 3.9%-5.2% - far higher than in recent years. Lyubka Dushanova, an emerging market specialist at State Street Global Advisors, reckons that CEE central banks being behind the curve and losing inflation-fighting credibility causes market weakness.
Persons: Hungary's, Alexander Lukashenko, Jens Stoltenberg, Viktor Szabo, Russia's, Manik Narain, Narain, Lyubka, Dushanova, Marc Jones, Karin Strohecker, Emelia Sithole Organizations: Investors, European Union, JPMorgan, EU, NATO, State Street Global Advisors, Thomson Locations: Europe, Belarus, Poland, EU, Hungary, Romania, Ukraine, Russia, Brussels, Romania's leu, Turkey, Bosnia, Balkans, Ukraine's, Warsaw, Czech Republic
Oil slumps below $80 on resurgent European COVID fears
  + stars: | 2021-11-19 | by ( Ron Bousso | ) www.reuters.com   time to read: +3 min
Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. U.S. West Texas Intermediate (WTI) crude for December delivery was down $2.61, or 3.3%, at $76.40 a barrel. read moreGermany, Europe's largest economy, warned it may also have to move to a full COVID-19 lockdown. As a result, it said any release "would only provide a short-term fix to a structural deficit". OPEC+ has stuck to its policy of gradual oil output increases even as prices surged, saying it expects supply to outpace demand in the first months of 2022.
Persons: Aly, Goldman, Brent, WTI, Craig Erlam, Goldman Sachs, Aaron Sheldrick, Emelia Sithole, Mark Potter, David Evans Organizations: REUTERS, . West Texas, Organization of, Petroleum, Reuters, Thomson Locations: Zhuhai, China, Austria, Europe, Germany, Europe's, OPEC, United States, U.S
REUTERS/Brendan McDermidNov 19 (Reuters) - Global corporate dividends are set to reach a record high this year, as a rebound in business activity and a rise in consumer demand boosted profits for most sectors which were hit by the pandemic last year. Register now for FREE unlimited access to reuters.com RegisterGlobal corporate dividends by year"The robust growth in dividend payouts by global companies reflects the sharp snapback in earnings post the pandemic-driven weakness. Global corporate dividends in Q3Mining firms led the dividend payouts, boosted by a surge in commodity prices this year, according to the data. The asset manager calculated that global companies delivered a record $403.5 billion in the third quarter, which was up 22% over the same period last year. According to the data, MSCI World index's (.MIWD00000PUS) forward dividend yield stood at 1.72, lower than a 10-year average of 2.45.
Persons: Brendan McDermid, Geoffry Dailey, Janus Henderson, Jonathan, Patturaja, Emelia Sithole Organizations: New York Stock Exchange, REUTERS, Global, BNP, Management, Mining, Federal Reserve, European Central Bank, Mondrian Investment Partners, Thomson Locations: New York City, U.S, Japan
LONDON, Nov 17 (Reuters) - Blockchain technology firm ConsenSys said on Wednesday it had raised $200 million, at a valuation of $3.2 billion, from investors including HSBC (HSBA.L) and U.S. hedge fund Third Point. Blockchain emerged over a decade ago as the technology behind cryptocurrencies such as bitcoin. MetaMask monthly active users total 21 million, an 38-fold increase from last year, ConsenSys said. "ConsenSys' MetaMask wallet and other tools offer a unique platform for consumers, enterprises, and developers to engage, build, and create on the decentralized web," said Third Point CEO Daniel Loeb. Ether, the second largest cryptocurrency after bitcoin, is widely seen as a key part of Web3 as many apps are built on the ethereum blockchain.
Persons: ConsenSys, Joe Lubin, Daniel Loeb, Goldman Sachs, Tom Wilson, Emelia Sithole Organizations: HSBC, Big Tech, Thomson Locations: Blockchain, . New York, Web3
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium May 5, 2021. "Public funding would be nice," EPI Chief Executive Martina Weimert told an event held by the European Payments Institutions Federation. The European Union has been keen to achieve strategic autonomy in financial services, such as by cutting reliance on U.S. Mastercard and Visa for cross-border card payments. Weimert said EPI was now in a "critical phase" of decision making over the next few weeks. Anybody who tells you it's an easy call and let's do it quick and dirty, well it's not really looking to transform the European ecosystem," Weimert added.
Persons: Yves Herman, Martina Weimert, Weimert, EPI, Huw Jones, Emelia Sithole Organizations: EU, REUTERS, U.S, Mastercard, Visa, European Payments, European, Federation, Retailers, Deutsche Bank, BNP, ING, Societe Generale, EPI, Thomson Locations: Brussels, Belgium, Sabadell, France, Germany, Spain, European Union
read moreInvestors will look to U.S. retail sales data on Tuesday for clues as to where the dollar may be headed next. The data is expected to show retail sales rose 1.1% last month, according to a Reuters poll. "Following the consumer sentiment data, attention will be firmly on U.S. retail sales tomorrow to see whether the decline in consumer morale is being reflected in retail sales," said Fiona Cincotta, senior financial markets analyst at City Index. Versus the Swiss franc , the euro slid to its weakest in 18 months and was last down 0.17% at 1.0524. Swiss National Bank governing board member Andrea Maechler said modest Swiss inflation, at an annual rate of around 1.2%, was capping the franc's rise.
Persons: Gary Cameron NEW, Joseph Trevisani, It's, we've, firmed, Fiona Cincotta, Christine Lagarde, Lagarde, Jane Foley, Simon Harvey, Andrea Maechler, John McCrank, Joice Alves, Emelia Sithole, Mark Potter, Dan Grebler Organizations: Engraving, REUTERS, Gary Cameron NEW YORK, European Central Bank, Rabobank London, greenback, Swiss, FX, Monex, National Bank, Bank of England, Thomson Locations: Washington, Europe, United Kingdom, Swiss, Britain, New York, London
Dollar hits 16-month high as investors await fresh data
  + stars: | 2021-11-15 | by ( John Mccrank | ) www.reuters.com   time to read: +4 min
read moreThe dollar index , which measures the currency against six peers, hit 95.287 on Monday, its highest since July 2020, and was last up 0.14% at 95.266. read moreInvestors will look to U.S. retail sales data on Tuesday for clues as to where the dollar may be headed next. The data are expected to show retail sales rose 1.1% last month, according to a Reuters poll. "Following the consumer sentiment data, attention will be firmly on U.S. retail sales tomorrow to see whether the decline in consumer morale is being reflected in retail sales," said Fiona Cincotta, Senior Financial Markets Analyst at City Index. Swiss National Bank (SNB) governing board member Andrea Maechler said modest Swiss inflation, at an annual rate of around 1.2%, was capping the franc's rise.
Persons: Gary Cameron NEW, firmed, Fiona Cincotta, Christine Lagarde, Lagarde, Jane Foley, Simon Harvey, Andrea Maechler, Joe Biden, Xi Jinping, John McCrank, Joice Alves, Emelia Sithole, Mark Potter Organizations: Engraving, REUTERS, Gary Cameron NEW YORK, European Central Bank, European, Rabobank London, greenback, Swiss, FX, Monex, Swiss National Bank, Bank of England, Thomson Locations: Washington, Europe, United Kingdom, Swiss, Britain, New York, London
While centred on California, the 147-year old Bank of the West has retail operations in 19 U.S. West and Midwest states. It was bought by BNP in 1979 and subsequently merged with its local subsidiary, the French Bank of California (FBC). BIDDING FIELDTo secure a successful sale of the business, BNP would have to overcome a number of challenges, the sources noted. Toronto-Dominion Bank (TD.TO) and Bank of Montreal (BMO.TO) are seen as possible suitors alongside Ohio-based KeyCorp (KEY.N), two of the sources said. Royal Bank of Canada (RY.TO) - which owns City National Bank, the ninth-largest bank in California by deposits - could also express interest in Bank of the West, one of the sources said.
Persons: Benoit Tessier, Goldman Sachs, Jean, Laurent Bonnafé, Joe Biden, Randal Quarles, Jerome Powell's, Ameriprise, Charles Schwab, Bharat Masrani, KeyCorp, Pamela Barbaglia, David French, Emelia Sithole Organizations: BNP, REUTERS, PNC, Canada's, BMO, LONDON, Bank of, Reuters, Britain's HSBC, San, JPMorgan, Spain's BBVA, PNC Financial Services Group Inc, European Central Bank, of, U.S . West, Bank of California, West, Federal, BBVA's, Toronto, Dominion Bank, Bank of Montreal, TD Bank, U.S ., Charles Schwab Corp, Royal Bank of Canada, City National Bank, RBC, Thomson Locations: Paris, France, San Francisco, Europe, California, U.S, Midwest, Ohio, U.S . East Coast, Bank, London, New York
Bank of the West, with $99.2 billion of assets as of June 30, ranks as BNP's biggest business outside Europe. While centred on California, the 147-year old Bank of the West operates 531 branches, primarily in the U.S. West and Midwest. To secure a successful sale of the business, BNP would have to overcome a number of challenges, the sources noted. TD Bank, with retail operations along the U.S. east coast, has proceeds available from the $26 billion sale of broker-dealer TD Ameriprise to Charles Schwab Corp (SCHW.N). Royal Bank of Canada (RY.TO) - which owns City National Bank, the ninth-largest bank in California by deposits - could also express interest in Bank of the West, one of the sources said.
Persons: Benoit Tessier, Goldman Sachs, Jean, Laurent Bonnafé, Joe Biden, Randal Quarles, Jerome Powell's, Ameriprise, Charles Schwab, Bharat Masrani, Pamela Barbaglia, David French, Emelia Sithole Organizations: BNP, REUTERS, PNC, Canada's, BMO, LONDON, Bank of, Reuters, British, HSBC, JPMorgan, Spain's BBVA, PNC Financial Services Group Inc, European Central Bank, of, West, U.S . West, Bank of California, Federal, BBVA's, Toronto, Dominion Bank, Bank of Montreal, TD Bank, Charles Schwab Corp, Royal Bank of Canada, City National Bank, TD, KeyCorp, RBC, Thomson Locations: Paris, France, California, Europe, U.S, Ohio, Bank, London, New York
Nov 12 (Reuters) - Republican Jack Ciattarelli conceded defeat to Democrat Phil Murphy in the New Jersey governor's race on Friday, 10 days after the end of an election campaign in which he narrowed a wide lead enjoyed by the incumbent. At a press conference in Raritan, his hometown, Ciattarelli said he had congratulated Murphy on his victory and assured supporters his concession was justified. "I called Governor Murphy earlier today and congratulated him on his re-election and wished him well in serving people of New Jersey," the former state senator said. Ciattarelli, 59, prompted cheers from the audience when he announced he would run for governor again in four years. President Joe Biden carried the state over former President Donald Trump last year by more than 15 percentage points.
Persons: Jack Ciattarelli, Phil Murphy, Ciattarelli, Murphy, Goldman Sachs, Joe Biden, Donald Trump, Katharine Jackson, Emelia Sithole Organizations: Republican, Democratic, Republicans, Thomson Locations: New Jersey, Raritan, Washington
Serbia restores warship that fired first shots of World War One
  + stars: | 2021-11-12 | by ( ) www.reuters.com   time to read: +2 min
A view of the fully restored river monitor Sava, also known as SMS Bodrog, an Austro-Hungarian warship which fired the first shots during World War I, in Belgrade, Serbia, November 10, 2021. REUTERS/Zorana JevticBELGRADE, Nov 12 (Reuters) - Serbia has finally recalled to service as a floating museum a warship that fired the first shots that began World War One, following years of lobbying from navy ship enthusiasts who wanted it restored. Its two canons hurled shells at Serbian positions in Belgrade, marking the start of the four-year war in which around 20 million people died. Renamed Sava, it also served in World War Two after it was taken over by Nazi German-ruled Croatia and was part of the former Yugoslavia's navy until 1962 after which it was sold to a private company as a gravel barge. Sava, which is now fully restored and floats on the river Sava near Belgrade's city centre, is one of two surviving Austro-Hungarian river monitors which served during World War One.
Persons: Bodrog, Natasa Tomic, Aleksandar Vasovic, Emelia Sithole Organizations: Bodrog, REUTERS, Nazi, Defense Ministry, Military Museum, Museum, Reuters, Thomson Locations: Sava, Austro, Hungarian, Belgrade, Serbia, Zorana, BELGRADE, Danube, Nazi German, Croatia, Serbian, Belgrade's, Hungary's, Budapest
Volunteer models walk in around 30 religious garbs, some dating back to the 15th century, runway show at the Tournai cathedral, Belgium, November 10, 2021. This was the first time in 50 years the garments were shown to the public, cathedral historian Michel-Amand Jacques said. Rudy Opsomer, the president of the Friends of the Tournai Cathedral, said the garments were usually kept in the church's chambers, far from the public eye. Ornaments dating back to the 15th century that are stored at the cathedral were too fragile to be shown. Church tradition obliges cathedral staff to burn the garments once they are worn out.
Persons: Pascal Rossignol, strode, Michel, Amand Jacques, Rudy Opsomer, Opsomer, Tournai's Bishop Guy Harpigny, Jacques, Harpigny, Ardee Napolitano, Emelia Sithole Organizations: REUTERS, Tournai Cathedral, Vatican Council, Times, Thomson Locations: Tournai, Belgium, Belgian
Bain estimates that global sales of personal luxury goods will reach 283 billion euros ($327 billion) this year, bouncing back from the crisis with a 4% increase, at constant exchange rates, compared to 2019, before the pandemic hit. Business in the United States, which this year overtook Europe as the largest market, was boosted by early vaccination campaigns and a quick rebound in local consumption. Due to the pandemic, overall sales for the sector fell by 23% in 2020, their largest-ever drop and first decline since 2009. A quarter of global sales this year were made with new consumers, according to Bain estimates. Shoppers under 40 are expected to account for more than 60% of luxury purchases this year and more than 70% by2025.
Persons: Louis Vuitton, Gonzalo Fuentes PARIS, Bain, Federica Levato, Mimosa Spencer, Silvia Aloisi, Emelia Sithole Organizations: REUTERS, Bain, Brands, Thomson Locations: Paris, France, United States, China, Europe, Milan
"An inflationary looking print gets investors speculating about an earlier rate hike than the Fed would like to do," said Erik Bregar, an independent FX analyst. The euro was last down 1% at $1.1481 after earlier touching $1.1480, its lowest level since July 21 2020. “If inflation doesn't subside, the Federal Reserve may need to taper at a more substantial rate and hike interest rates, which could hurt stocks and bonds,” said Davis. Against Japan's yen the greenback was last up 0.89% to 113.875 yen after touching a session high of 114 yen. The Australian dollar was down 0.64% against the greenback at $0.733 after earlier hitting $0.73270, its lowest level since Oct. 13.
Persons: Sinéad Carew, Erik Bregar, Sterling, bitcoin, Nancy Davis, , Davis, Greg Anderson, Gertrude Chavez Dreyfuss, Karen Brettell, Julien Ponthus, Saikat Chatterjee, Lisa Pauline Mattackal, Emelia Sithole, Alistair Bell Organizations: Sterling, YORK, Federal Reserve, U.S . Labor Department, Fed, European Union, Bank of, Management, Federal, BMO Capital Markets, Australian, New Zealand, RIC Locations: Britain, Northern Ireland, Greenwich , Connecticut, New York, Norway, Sweden, London, Bengaluru
The consumer price index rose 0.9% last month after gaining 0.4% in September and in the 12 months through October, the consumer price index accelerated 6.2%. the U.S. Labor Department said on Wednesday, while analysts expected on average the rise to be limited to 5.8%. “If inflation doesn't subside, the Federal Reserve may need to taper at a more substantial rate and hike interest rates, which could hurt stocks and bonds,” said Davis. Data had also shown on Tuesday that U.S. producer prices increased solidly in October, driven by surging costs for gasoline and motor vehicle retailing, suggesting that high inflation could persist. In cryptocurrencies, bitcoin jumped to an all-time high of $69,000.00 after the U.S. inflation data and was last up 2.5% at $68,632.87.
Persons: Julien Ponthus, Sinéad Carew, Nancy Davis, , Davis, Greg Anderson, Peter Cardillo, bitcoin, Stephen Culp, Saikat Chatterjee, Kevin Buckland, Emelia Sithole, Alex Richardson, Alison Williams, David Gregorio Organizations: greenback, Federal Reserve, U.S . Labor Department, Fed, Management, Federal, BMO Capital Markets, Bank of, New Zealand, U.S, Spartan Capital Securities, RIC Locations: Greenwich , Connecticut, New York, Norway, Sweden, London, Tokyo
Wizz Air CEO says business class flying bad for environment
  + stars: | 2021-11-10 | by ( ) www.reuters.com   time to read: +2 min
CEO of Wizz Air, Jozsef Varadi, speaks during the unveiling ceremony for the 100th plane in its fleet, at Budapest Airport, Hungary, June 4, 2018. REUTERS/Bernadett Szabo/File PhotoLONDON, Nov 10 (Reuters) - The boss of Hungarian budget airline Wizz Air (WIZZ.L) attacked the sustainability credentials of traditional airlines like Air France-KLM (AIRF.PA) and Lufthansa (LHAG.DE), saying business class flying was bad for the environment. Wizz Air's Chief Executive Jozsef Varadi told the CAPA industry conference online that there was no place for business class on short-haul flights. "Why do we have to fly business class, especially on short haul? They also opened a new front in the battle between newer low-cost carriers and older more traditional airlines over tackling the environmental burden.
Persons: Jozsef Varadi, Bernadett Szabo, CAPA, Carsten Spohr, Varadi, IAG, Sarah Young, Emelia Sithole Organizations: Wizz Air, Budapest Airport, REUTERS, Wizz, Air France, KLM, Lufthansa, British Airways, SAF, Thomson Locations: Hungary, Glasgow, Velocys
Factbox: Possible successors to Volkswagen CEO Diess
  + stars: | 2021-11-08 | by ( ) www.reuters.com   time to read: +3 min
Ralf Brandstaetter, CEO of the Volkswagen Passenger Cars brand gestures in front of the revised logo of German carmaker Volkswagen AG during a preview of the world's biggest automaker at the international Frankfurt Motor Show IAA in Frankfurt, Germany September 9, 2019. REUTERS/Wolfgang RattayFRANKFURT, Nov 8 (Reuters) - Volkswagen's (VOWG_p.DE) four-member mediation committee is planning to discuss soon the future of CEO Herbert Diess, who has once again clashed with powerful labour representatives, people familiar with the matter said last week. read moreJefferies analysts on Monday called Diess "the most forward-looking CEO" since Ferdinand Piech, Volkswagen's former chairman and chief executive who died in 2019. And even though the outcome of the deliberations is unclear, Diess' frail relationship with German unions has repeatedly created uncertainty around the carmaker's leadership. The following individuals have been named in the past as potential candidates to succeed Diess, whose current contract runs until 2025:OLIVER BLUME, 53- CEO of Porsche AG since 2015- Volkswagen AG board member since April 2018- previous posting included leadership positions at the Volkswagen brand SEAT as well as Audi.
Persons: Ralf Brandstaetter, Wolfgang Rattay FRANKFURT, Herbert Diess, Ferdinand Piech, Diess, OLIVER BLUME, RALF BRANDSTAETTER, Spain MARKUS DUESMANN, THOMAS, Jan Schwartz, Ilona Wissenbach, Christoph Steitz, Emelia Sithole Organizations: Volkswagen, Volkswagen AG, world's, Frankfurt, REUTERS, Jefferies, Porsche AG, SEAT, Audi, Audi AG, Lamborghini, Ducati, Bentley, BMW, Daimler, Chrysler, Mercedes, Benz, Volkswagen Group, Technology, Thomson Locations: Frankfurt, Germany, Spain, Europe, Mexico, South Africa, Slovakia, Brazil
The ministry attributed the growth to strong demand for tech products in the year-end shopping season in which vendors traditionally launch new models such as smartphones. Exports of telecommunication and electronics products hit a record high in October at $5.88 billion, with semiconductor exports growing 11.8% from a year earlier. But it said the strong growth should continue for the next six months, with new consumer electronics hitting the market and the year-end holiday season, traditionally a busy time for Taiwan’s tech firms, helping exports. October exports to China, Taiwan’s largest trading partner, grew an annual 14.3% to $16.22 billion, while exports to the United States jumped 29.4%. Taiwan could see November exports increase in the range of 22% to 26% compared with a year earlier, the ministry added.
Persons: Beatrice Tsai, Yimou Lee, Emily Chan, Ben Blanchard, Emelia Sithole Organizations: Finance, Ministry of Finance, Taiwan Semiconductor Manufacturing Co, Apple Inc, United States Locations: Taiwan, TAIPEI, China, United
The Bank of England, in announcing it would keep interest rates on hold, also dashed investors' expectations for a hike. U.S. Treasury yields fell and the yield curve steepened while oil prices fell, reversing earlier gains in a volatile session. The pan-European STOXX 600 index (.STOXX) rose 0.41%and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 0.17%. The dollar rebounded on Thursday from a dip on Wednesday as speculators consolidated long positions following five months of steady gains. The euro was last down 0.47 percent, at $1.1556, after being hampered by expectations the European Central Bank will trail the Fed in tightening.
Persons: Brendan McDermid, BoE, Brent, Edward Moya, Jerome Powell, Jan Nevruzi, Katanga Johnson, Marc Jones, Sujata Rao, Wayne Cole, Emelia Sithole, Steve Orlofsky, Dan Grebler Organizations: New York Stock Exchange, REUTERS, U.S, U.S . Federal, Bank of England, Nasdaq, Dow Jones, JPMorgan Chase &, Goldman Sachs, Treasury, Al, Al Arabiya TV, of, Petroleum, Corporate America, Japan's Nikkei, Fed, quicken, NatWest Markets, Bank of Canada, Canadian, Central Bank, Thomson Locations: New York City, U.S, WASHINGTON, U.S ., Saudi, Al Arabiya, Asia, Pacific, Japan, China, Australian, Czech Republic, ., Washington, London, Sydney
REUTERS/Aly SongBEIJING, Oct 29 (Reuters) - Short-video apps owner Kuaishou (1024.HK) said on Friday that its co-founder Su Hua was stepping down as chief executive with immediate effect and would be succeeded by the company's other founder Cheng Yixiao. Su's role as the chairman of the board will remain the same, Kuaishou said in a statement, adding that Cheng will oversee the company's daily operations and report to Su. read moreE-commerce company Pinduoduo founder Huang Zheng stepped down as chairman earlier this year, having earlier relinquished his CEO title. In 2013, the former Google (GOOGL.O) and Baidu engineer joined Kuaishou which was launched by Cheng in 2011, to serve as its CEO and Cheng became the chief product officer. The company, backed by China's social media giant Tencent (0700.HK), also operates the Kuaishou app in China and competes with ByteDance's Douyin, the Chinese version of TikTok.
Persons: Aly Song BEIJING, Su Hua, Cheng Yixiao, Kuaishou, Cheng, Su, JD.com, Richard Liu, Zhang Yiming, Huang Zheng, Jack Ma, China Rich, ByteDance's Douyin, Yingzhi Yang, Brenda Goh, Emelia Sithole Organizations: Kuaishou, China Digital Entertainment, REUTERS, HK, Google, Baidu, Thomson Locations: Shanghai, China, Beijing, U.S, United States
KUALA LUMPUR, Oct 28 (Reuters) - Malaysian glove maker Top Glove Corp has slashed the amount it aims to raise from its planned Hong Kong listing to HKD3.68 billion ($473 million), less than a quarter of its initial target, it said in a resubmitted listing application. A stock exchange filing showed on Thursday that China International Capital Corporation Hong Kong Securities Limited has resubmitted the application to HKEX on behalf of the world’s largest glove producer. “After taking into account the prevailing share price of the Company and the funding requirements of the Group, the Board has resolved to revise the proceeds to be raised from the Proposed Issuance of New Shares,” it said, adding that there was no change to the offering size. The company could raise about HKD4.24 billion if the over-allotment option is fully exercised, it said. ($1 = 7.7776 Hong Kong dollars) (Reporting by Liz Lee; Editing by Emelia Sithole-Matarise)
Persons: , Liz Lee, Emelia Sithole Organizations: Hong, China International Capital Corporation Hong Kong Securities Limited, Company Locations: KUALA LUMPUR, Malaysian, Hong Kong
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