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Hong Kong (CNN Business) China's central bank cut interest rates on Monday as new data showed the economy losing steam last month because of renewed Covid lockdowns and a deepening property downturn. The People's Bank of China reduced the main rate at which it provides short-term liquidity to banks, from 2.1% to 2%. The central bank also cut the rate of its one-year lending facility from 2.85% to 2.75% in order to "maintain reasonable and sufficient liquidity in the banking system," it said in a statement. It was the first time since January that those rates had been cut. The move took investors by surprise.
Persons: Covid, Julian Evans, Pritchard Organizations: CNN, People's Bank of, Capital Economics Locations: Hong Kong, People's Bank of China, China
United players trashed tactical plan, says apologetic Ten Hag
  + stars: | 2022-08-14 | by ( ) www.reuters.com   time to read: +2 min
Aug 14 (Reuters) - Manchester United manager Erik ten Hag apologised to the club's supporters for his team's abject performance in their 4-0 loss against Brentford on Saturday, claiming the players consigned pre-match plans to "the bin". You can't have a tactical plan but then put it in the bin." The former Ajax Amsterdam coach took responsibility for the loss but also called on his players to show greater confidence and present a more united front. "They are good players, and have to take responsibility on the pitch, as a team and as individuals, and that's what we didn't do," he said. "I asked them to play with belief and take responsibility for their performance, and that's what they didn't do.
Persons: Erik, Hag, Alex Ferguson's, Josh Dasilva, Mathias Jensen, Ben Mee, Bryan Mbuemo, Thomas Frank's, Michael Church, Michael Perry Organizations: Manchester United, Brentford, Premier League, Brighton, Reuters.com, United, Ajax Amsterdam, Thomson Locations: Hong Kong
Sinopec has notified the NYSE that it plans to voluntarily delist its American depositary shares. Five Chinese state-owned companies said they intend to delist their American depositary shares from the New York Stock Exchange, as financial regulators in Beijing and Washington remain at loggerheads over U.S. audit requirements. In separate filings to Hong Kong’s stock exchange Friday, PetroChina China Petroleum & Chemical Aluminum Corp. of China China Life Insurance Co and Sinopec Shanghai Petrochemical Co . said they have notified the NYSE that they plan to voluntarily delist their American depositary shares.
Persons: Sinopec Organizations: NYSE, New York Stock Exchange, China Petroleum, Chemical Aluminum Corp, China China Life Insurance, Shanghai Petrochemical Co Locations: Beijing, Washington, Hong, China
SEOUL, South Korea — South Korea’s capital has vowed to move people out of dangerous basement apartments made famous by the movie "Parasite," after three members of a family who lived in the low-income housing died in record flooding this week. The rains inundated Seoul and the country’s north from Monday to Wednesday, leaving at least 11 people dead, with eight still missing as of Thursday. The dead included a family who were trapped underground in their home, leading to a national outcry and calls for government action on glaring social inequalities. The family of three were a 12-year-old girl, her mother and the mother's sister, who had Down syndrome. The mother, identified as Hong by her labor union, worked as a sales associate at a duty-free store an hour from her home.
Persons: Bong Joon, Oscar, , Hong Organizations: ” Seoul, NBC Locations: SEOUL, South Korea, South, Seoul, Gwanak
Huawei’s first-half net profit margin was 5%, down by nearly half from the year-earlier 9.8%. HONG KONG—Revenue at China’s Huawei Technologies Co. fell 5.9% in the first half of the year compared with a year earlier, as U.S. restrictions continued to pressure its business. The Shenzhen-based telecommunications giant reported revenue of 301.6 billion yuan, equivalent to about $44.7 billion. It has been falling since 2020 as Western restrictions on its access to chips hamper sales of its core products.
Persons: Huawei’s Organizations: HONG KONG —, Huawei Technologies Co Locations: HONG KONG, Shenzhen
China Tourism Group Duty Free Corp. is planning to raise around $2 billion from a Hong Kong initial public offering, returning to the market after pulling a deal at the end of last year. The targeted deal size is a big drop from the amount the company previously planned to raise, but looks set to be the largest IPO in Hong Kong this year.
Organizations: China Tourism Group Duty Free Corp, Hong Locations: China, Hong Kong
Shanghai-listed China Tourism is planning to sell 102.76 million shares priced between HK$143.50 and HK$165.50 ($18.30 and $21.10) each, the term sheet said. The launch of the deal comes as Hainan island, in China's south where China Tourism has several major shopping outlets, remains under tight restrictions due to an outbreak of COVID-19. Hong Kong share sales of Chinese-listed companies are typically offered at a discount to entice investors to buy the stock but the flagged discount of China Tourism is higher than normal. China Tourism plans to set the final price next Thursday, the term sheet said, and the Hong Kong stock will start trading Aug. 25. ($1 = 7.8432 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch; Editing by Christian Schmollinger, Stephen Coates and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.
Persons: Wang, Tianqi, Scott Murdoch, Christian Schmollinger, Stephen Coates Organizations: REUTERS, China Tourism Group Duty Free Corp, Reuters, China Tourism, HK, Reuters.com Register, Reuters.com Register China Tourism, Thomson Locations: Sanya, Hainan province, China, Wang HONG KONG, Hong Kong, Shanghai, Reuters.com Register China, Hainan, China's, Shanghai . Hong Kong, China Tourism's Shanghai, Lincoln
SINGAPORE — Japan stocks surged on return to trade, while shares in the Asia-Pacific were mixed on Friday following strong gains in the previous session as investors digested the U.S. inflation report. The Nikkei 225 jumped 2.4%, while the Topix index rose 1.86%. Shares of Samsung Electronics rose 0.83% as South Korea's president, Yoon Suk-yeol, officially pardoned the company's vice chairman, Jay Y. Lee. But SoftBank shares rose 6.25% on Friday on news that it would add 4.6 trillion yen ($34.5 billion) to its pre-tax gains by reducing its stake in Chinese tech giant Alibaba. The company said the move would "further strengthen our defense against the severe market environment," according to a press release.
Persons: Fumio Kishida, Eddy Loh, Yoon Suk, Jay Y, Lee, CNBC's Organizations: Nikkei, Japan's, Reuters, Wealth Management, Samsung Electronics, CNBC, Shenzhen Component, chipmaker Semiconductor Manufacturing International Corporation, Nasdaq, Dow, Financial, ANZ, PPI, Credit Suisse, Court, SoftBank Group Locations: SINGAPORE, Japan, Asia, Pacific, Australia, China, Mainland China, Shanghai, Hong Kong, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHong Kong rail operator says it will continue to invest heavily in its railway servicesJacob Kam of Hong Kong's MTR Corporation discusses how it has been affected by the Covid pandemic and how it's keeping profits up.
Persons: Jacob Kam Organizations: Hong, Hong Kong's MTR Corporation Locations: Hong Kong, Hong
The logo of SK Hynix is seen at its headquarters in Seongnam, South Korea, April 25, 2016. But fresh battle lines are being drawn in the race to develop advanced packaging techniques, which involve placing different chips with different functions into a single package, enhancing overall capabilities and limiting the added cost of more advanced chips. "While the United States and its partners have advanced packaging capabilities, China's massive investments in advanced packaging threaten to upend the market in the future," the White House said in a 2021 report. The sources said the R&D facilities and the chip packaging plant would both qualify for the funding. There has been a flurry of expansion plans announced by chipmakers in the United States in recent years, from Taiwan Semiconductor Manufacturing Co (2330.TW) to Samsung Electronics (005930.KS) and Intel (INTC.O).
Persons: Kim Hong, Ji WASHINGTON, Biden, Alexandra Alper, Karen Freifeld, Chris Sanders, Alexandra Hudson, Tom Hogue Organizations: SK Hynix, REUTERS, Korea's SK Hynix, SK Group, South, bioscience, White, SK, United, HK, SK Group's, chipmakers, Taiwan Semiconductor Manufacturing, Samsung Electronics, Intel, Thomson Locations: Seongnam, South Korea, U.S, United States, China, Asia
SHIPS, SUBMARINES, DRONESThe United States has kept at least four warships east of Taiwan, centred on the USS Reagan aircraft carrier, during the exercises. Taiwan also launched its locally produced Albatross reconnaissance drones during the Chinese drills, according to video footage reviewed by Reuters. NO ACTIVE ADVERSARYThe two U.S. military officials said it would take time to digest any intelligence harvested. The United States believed that Russian forces would be able to take Kyiv within two to three days, but their estimates were wrong. On another level, however, China's military chiefs might be unafraid of displaying their expertise in conducting such complex, integrated drills, some analysts believe.
Persons: Collin Koh, Koh, Trevor Hollingsbee, Hollingsbee, Carl Schuster, Greg Torode, Idrees Ali, Jonathan Landay, Raju Gopalakrishnan Organizations: Eastern Theatre Command, Rocket Force, Strategic Support Force, Reuters, USS Reagan, Twitter, U.S, Ball, The, Pacific Command, United, Pentagon, British Defence Ministry, Communist Party, China's Eastern, Command, PLA, Thomson Locations: HONG KONG, WASHINGTON, Taiwan, United States, China, Singapore, States, Philippines, U.S, The U.S, Beijing, Crimea, Syria, Hawaii, U.S . Pacific, Hong Kong, Washington
Samsung’s de facto leader will be a tad emboldened
  + stars: | 2022-08-12 | by ( ) www.reuters.com   time to read: +2 min
Its de facto decision maker has been on parole since last year after serving some 18 months in prison for bribery and other charges. The pardon removes certain work restrictions, including employment and travel curbs. Lee, who still holds a vice chairman title despite stepping down from Samsung's board in 2020, may now be able to have an official executive role. The free pass also removes an unnecessary distraction from Samsung’s daunting to-do list. While Lee’s legal scandals have played out, Samsung has fallen behind peers in new technologies like autonomous driving read more .
Persons: Jay Y, Lee, Robyn Mak, Una Galani, Pranav Kiran Organizations: Reuters, Samsung Electronics, South, Samsung, Twitter, Netflix, Aviva, Tech bros, Thomson Locations: HONG KONG, KS, China
The trip likely also resulted in a shift in China's military calculations, analysts say. China's immediate response to the Pelosi visit was its biggest-ever military exercises around Taiwan. Even before the exercises, China has claimed sovereignty over the strait, which the United States and Taiwan say is an international waterway. "The drills changed the status quo of the Taiwan Strait, originally established by the Americans. Elisa Cheng, 28, who works in advertising in Taipei, told Reuters that people her age doubt China would invade Taiwan.
Persons: Chiang Kai, Jameson Wu, Nancy Pelosi, Zhao Tong, Pelosi, Wang Kun, Shi Yinhong, Pelosi's, Chen Shui, Tsai Ing, Elisa Cheng, Lun Tian, Martin Quin Pollard, Kevin Yao, Greg Torode, Aleksander Solum, Ryan Woo, Robert Birsel Organizations: shek, Hall, REUTERS, U.S, House, Carnegie Endowment, International, People's Liberation Army, China . Security, Taiwan Society, International Strategic Studies, Renmin University, Pelosi's, Reuters, Thomson Locations: Taipei, Taiwan, BEIJING, United States, China, Taiwan Strait, People’s Republic of China, U.S, Beijing, Hong Kong
A labourer selects wooden planks as he works at a residential construction site in Hefei, Anhui province February 18, 2012. REUTERS/StringerHONG KONG, Aug 12 (Reuters) - A group of property developers in the eastern Chinese city of Hefei urged the local government this month to crack down on what they described as "malicious protests" by homebuyers, according to a joint letter reviewed by Reuters. "Property developers now not only need to face their own internal pressure, but also unreasonable complaints and protests from some homebuyers," the letter said. They urged the local government to crack down on these type of "professional protests", ban unreasonable posts on the internet and punish "self-media" who published fake reports. China Resources Land, Longfor Group and the Hefei government did not immediately respond to requests for comment.
Persons: Stringer HONG KONG, homebuyers, Clare Jim, Xie Yu, Lincoln Organizations: REUTERS, homebuyers, Reuters, Developers, Government, China Resources, HK, Longfor, Thomson Locations: Hefei, Anhui, China, Beijing
Hong Kong (CNN Business) A Chinese sci-fi comedy about an astronaut stranded on the moon has shattered summer box office records in China, providing much-needed lift to the world's second largest cinema industry that continues to grapple with Covid lockdowns. The film tells the story of a Chinese astronaut's attempts to survive alone on the moon, where he is accidentally left behind by his teammates. The astronaut — played by star comedian Shen Teng — goes on to believe that he is the last human in the universe after watching an asteroid hit the Earth. Actor Shen Teng (L1) and actress Ma Li (R1) attend the road show of film 'Moon Man' on July 25, 2022 in Taiyuan, Shanxi Province of China. The movie had the highest number of screenings for a film in China on its opening day, and has become one of the top grossing sci-fi movies in Chinese history.
Persons: Covid, Cho Seok, , Shen Teng —, Ma Li —, Shen Teng, Ma Li, Read Organizations: CNN Locations: Hong Kong, China, Korean, Taiyuan, Shanxi Province
Hong Kong's Q2 GDP shrinks 1.3% y/y; govt cuts 2022 forecast
  + stars: | 2022-08-12 | by ( ) www.reuters.com   time to read: +3 min
An aerial view shows containers and ships at the Kwai Chung Container Terminal in Hong Kong, China June 7, 2021. It was the second straight quarter of year-on-year contraction for the Asian financial hub's gross domestic product (GDP). Seasonally adjusted GDP was 1% higher in the second quarter than three months earlier, however. The advance estimate for the second quarter had been a 1.4% contraction. The curbs are partly blamed for a net outflow of 113,200 people from Hong Kong between mid-2021 and mid-2022, according to government estimates.
Persons: Aleksander Solum, Gary Ng, Ng, Twinnie Siu, Donny Kwok, Anne Marie Roantree, Bradley Perrett Organizations: Kwai, REUTERS, Natixis Corporate, Investment Bank, Thomson Locations: Hong Kong, China, HONG KONG, Singapore
Production costs soar at Rusal due to Russia-Ukraine conflict
  + stars: | 2022-08-12 | by ( ) www.reuters.com   time to read: +3 min
The logo of Russian aluminium producer Rusal is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. read moreThe company said aluminium production costs jumped to $2,028 per tonne in the six months to the end of June. "The company is forced to rebuild its supply chains," Rusal, which sells its products to Europe, Russia, Asia and North America, said. Its sales of primary aluminium fell by 11.9% to 1.76 million tonnes, while production rose by 1.2% to 1.89 million tonnes. Apart from Russia and Ukraine, Rusal operates in Guinea, Jamaica, Ireland, Italy and Sweden.
Persons: Rusal, Sergei Karpukhin, Vladimir Potanin, Mark Potter Organizations: St ., Economic, REUTERS, BCS, Reuters, Thomson Locations: St, St . Petersburg, Russia, Ukraine MOSCOW, Ukraine, China, Moscow, Mykolaiv, Australia, Europe, Asia, North America, Rusal, Guinea, Jamaica, Ireland, Italy, Sweden, Hong Kong
Four Chinese state-owned companies to delist from NYSE
  + stars: | 2022-08-12 | by ( ) www.reuters.com   time to read: +3 min
A trader walks on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2022. REUTERS/Andrew KellySHANGHAI/HONG KONG, Aug 12 (Reuters) - Several Chinese state-owned companies including China Life Insurance (601628.SS) and oil giant Sinopec (600028.SS) announced plans on Friday to delist from the U.S. stock market. China and the United States have been in talks to resolve a long-running audit dispute that could result in Chinese companies being kicked off American exchanges if they cannot comply with U.S. audit rules. The companies' decision comes amid heightened China and U.S. tensions following U.S House speaker Nancy Pelosi’s visit to Taiwan last week. Washington has long demanded complete access to the books of U.S.-listed Chinese companies, but Beijing bars foreign inspection of audit documents from local accounting firms, citing national security concerns.
Persons: Andrew Kelly SHANGHAI, Nancy Pelosi’s, Kai Zhan, Yuanda, PetroChina, Chalco, China Unicom, Biden, Samuel Shen, Scott Murdoch, Hugh Lawson, David Goodman Organizations: New York Stock Exchange, REUTERS, China Life Insurance, Aluminium Corporation of China, American, China Securities Regulatory Commission, U.S, Holding Foreign Companies, Washington, NYSE, China Telecom, HK, China Mobile, Thomson Locations: Manhattan , New York City, U.S, HONG KONG, China, Hong Kong, United States, Taiwan, Beijing, Washington, Shanghai
Five Chinese companies including energy giants Sinopec and PetroChina said Friday they each plan to delist their shares from the US market. The moves come as the US and China remain locked in a dispute over the inspection of work by Chinese auditing firms. China's securities regulator reportedly said the delisting plans were based on the companies' concerns. The China Securities Regulatory Commission said the delisting plans were based on the business concerns held by the companies, according to Bloomberg. US lawmakers have set a 2024 deadline for Chinese companies to comply with US auditing rules or face delisting.
Persons: PetroChina, Organizations: Service, Energy, New York Stock Exchange, China Petroleum & Chemical Corp, Aluminum Corp, China Life Insurance, Shanghai Petrochemical, NYSE, China Securities Regulatory Commission, Bloomberg, Bloomberg Intelligence Locations: China, Sinopec, Hong Kong
REUTERS/Mike Segar/File PhotoSHANGHAI/HONG KONG, Aug 12 (Reuters) - Five Chinese state-owned companies, including oil giant Sinopec (600028.SS) and China Life Insurance (601628.SS), said on Friday they would delist from the New York Stock Exchange, amid economic and diplomatic tensions with the United States. The five, which in May were flagged by the U.S. securities regulator as failing to meet its auditing standards, will keep their listings in Hong Kong and mainland Chinese markets. Washington has long demanded complete access to the books of U.S.-listed Chinese companies, but Beijing bars foreign inspection of audit documents from local accounting firms, citing national security concerns. There was no mention of the auditing dispute in separate statements by the Chinese companies outlining their moves, which come amid heightened tensions after last week's visit to Taiwan by U.S. House of Representatives Speaker Nancy Pelosi. The oversight row, which has been simmering for more than a decade, came to a head in December when the Securities and Exchange Commission (SEC) finalized rules to potentially prohibit trading in Chinese companies under the Holding Foreign Companies Accountable Act.
Persons: Mike Segar, Nancy Pelosi, Alibaba, Kai Zhan, Yuanda, PetroChina, Brendan Ahern, Jefferies, Chalco, Sinopec, China Unicom, Biden, Samuel Shen, Scott Murdoch, Medha Singh, Michelle Price, Echo Wang, Hugh Lawson, David Goodman, Alexander Smith Organizations: New York Stock Exchange, REUTERS, China Life Insurance, Aluminium Corporation of China, Shanghai Petrochemical Co, U.S, Reuters.com Register, Washington, U.S . House, China Securities Regulatory Commission, Securities and Exchange Commission, SEC, Holding Foreign Companies, Alibaba Group Holdings, Inc, Baidu Inc, . Aluminium Corporation of China, NYSE, Public Company, Reuters, Krane Funds, China Petroleum & Chemical Corporation, China Telecom, HK, China Mobile, Thomson Locations: Manhattan, New York City , New York, U.S, SHANGHAI, HONG KONG, China, United States, PetroChina, Hong Kong, Reuters.com Register Beijing, Washington, Beijing, Taiwan, Shanghai, New York, Bengaluru
American lawmakers have long complained that Chinese companies do not play by the same rules as other companies on U.S. stock exchanges. Despite years of discussions, Beijing and Washington have failed to strike an agreement that would give American regulators access to fully inspect the audit papers of U.S.-listed Chinese businesses. A contentious trip last week by House Speaker Nancy Pelosi to Taiwan, which China has claimed as its own, has further inflamed the relationship. Hours after her visit, Beijing halted talks on military coordination, climate change and other issues. China’s market regulator said the moves would not “jeopardize” fund-raising activities by the five firms, adding that they can choose from multiple markets.
Persons: Nancy Pelosi Organizations: China’s Locations: Beijing, Washington, China, United States, Taiwan, Hong Kong
Prada products are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew KellyAug 12 (Reuters) - Italian luxury group Prada SpA is considering seeking at least $1 billion from a second listing in Milan and is working with Goldman Sachs Group Inc (GS.N) on early preparations, Bloomberg News reported on Friday. read moreCo-Chief Executive Officer Miuccia Prada and her husband, Italian businessman Patrizio Bertelli, are unlikely to cut their stake in any deal, the report said. Prada and Goldman Sachs did not immediately respond to requests for comment from Reuters. Register now for FREE unlimited access to Reuters.com RegisterReporting by Praveen Paramasivam in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons: Andrew Kelly, Paolo Zannoni, Miuccia Prada, Patrizio Bertelli, Prada, Goldman Sachs, Praveen, Devika Organizations: Prada, Woodbury, REUTERS, Goldman, Group Inc, Bloomberg, Reuters, Thomson Locations: Central Valley , New York, U.S, Milan, Europe, Hong Kong, Italian, Bengaluru
China's Xi plans foreign trip including meeting Biden -WSJ
  + stars: | 2022-08-12 | by ( ) www.reuters.com   time to read: +1 min
Biden's team has long sought and has not yet confirmed an in-person meeting between the two leaders to lower tensions as the two countries spar over Taiwan, trade and a host of other issues. The White House is continuing to work on doing so, according to one person familiar with the matter, who said Biden remains open to a face-to-face visit, including on the sidelines of November's meeting of the Group of 20 nations in Indonesia. "We don't have any details on timing or location," said a U.S. official. Xi and Biden discussed the possible meeting during a more-than-two-hour July 28 call that included tense talks over a visit to the Chinese-claimed island of Taiwan by U.S. House of Representatives Speaker Nancy Pelosi. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Trevor Hunnicutt, Steve Holland and Michael Martina; editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.
Persons: Xi Jinping, Selim Chtayti, Joe Biden, Biden's, Biden, Xi, Nancy Pelosi, Trevor Hunnicutt, Steve Holland, Michael Martina, Grant McCool Organizations: REUTERS, U.S, Wall Street, U.S . House, Thomson Locations: Hong Kong, China, Southeast Asia, Taiwan, Indonesia
China is signaling that Alibaba and JD.com may delist from the US stock market, former NYSE president Tom Farley told CNBC. That comes as five Chinese companies including PetroChina said they plan to exit the NYSE. China state-run energy companies PetroChina and Sinopec and three other Chinese companies on Friday each said they plan to delist their shares from the New York Stock Exchange. "All that said, the reason why people want to list on the New York Stock Exchange is because of the rule of law, because these companies can be inspected," he said. US lawmakers have set a 2024 deadline for Chinese companies to comply with US auditing rules or face delisting.
Persons: Tom Farley, PetroChina, Farley, , Alibaba Organizations: CNBC, NYSE, Service, New York Stock, New York Stock Exchange, Nasdaq Locations: China, Hong Kong
SINGAPORE — Asia-Pacific markets climbed on Thursday after a better-than-expected inflation report in the U.S. sent stocks spiraling higher. Hong Kong's Hang Seng index advanced 1.78%, with the Hang Seng Tech index rising 2.71%. We doubt very much that one monthly data point will be sufficient to get the Fed to drop its hawkish guard. PBOC reportThe People's Bank of China, in its monetary policy report released Wednesday, highlighted the inflation risk that lies ahead. Foxconn shares rose 2.27% on Thursday.
Persons: Brian Martin, Daniel Hynes, Dow Jones, SBG Organizations: Hang Seng, Shanghai, Shenzhen, Daniel Hynes ANZ Research, Dow Jones, Nasdaq, ANZ Research, People's Bank of, Citi, SoftBank, Apple, Foxconn, ., Longfor Locations: SINGAPORE — Asia, Pacific, U.S, Mainland China, South Korea, Asia, Japan, People's Bank of China
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