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Taiwanese shares sank almost 2%, while Chinese stocks fell to a near three-week low. Markets had already begun to stabilise on Tuesday as analysts downplayed the potential fallout from the property developer's debt crisis and saw that relief seep into Wednesday. In a week flush with central bank meetings, a report from Philippines' Bangko Sentral ng Pilipinas (BSP) is due on Thursday. ** The top gainer on the Jakarta stock index was Andalan Sakti Primaindo, up 34.6%. ** The top loser on the Singapore benchmark was Yangzijiang Shipbuilding, down 2.8%.
Persons: Shashwat Awasthi, China Evergrande's, ines, Simon Cameron, Moore Organizations: Bank Indonesia, Fed, DBS, Malaysian, ng Pilipinas, Yangzijiang Shipbuilding, JK Locations: Philippines, Taiwan, China, Singapore, Manila, Jakarta, Asia, Japan, India
Food spending in the region will hit more than $8 trillion by the start of the next decade — up from $4 trillion in 2019 — becoming the world's largest food and beverage market, the group's "Asia Food Challenge Report 2021" said Tuesday. By 2030, Asia is expected to be home to 4.5 billion people and 65% of the world's middle class. Folks want healthier food, they want safer food, they want to buy online. A $1.5 trillion investment opportunityThe rapid uptick puts pressure on an already fragile food ecosystem, which has been under immense pressure since the outbreak of the coronavirus pandemic. According to the report, it will take $1.55 trillion of investment by 2030 across the entire value chain to meet the region's swelling food demand.
Persons: , Anuj Maheshwari, CNBC's Organizations: PwC, Rabobank, Temasek, Food, Visual China, Getty Locations: Asia, Temasek, India, Southeast Asia, China, Pacific, Handan, Hebei Province
CANBERRA, Sept 22 (Reuters) - An Australian-EU trade deal would be mutually beneficial and allow EU members a greater presence in the Indo-Pacific, said Australia's trade minister, as Canberra tries to repair ties with Paris after the scrapping of a $40 billion submarine deal. In solidarity with France, EU lawmakers have publicly questioned whether a trade deal with Australia could be possible. Australia's Minister for Trade Dan Tehan on Wednesday urged the EU to progress ahead with a trade deal. Australia and the EU are set to hold the next round of talks on a trade deal on Oct 12. Morrison is in the United States to attend the quadrilateral security dialogue, made up of India, Japan, the United States and Australia - which convenes later this week.
Persons: Navy's Collins, Waller, Collins, Trade Dan Tehan, Tehan, Scott Morrison, Charles Michel, Morrison, Joe Biden, Emmanuel Macron, Colin Packham, Michael Perry Organizations: Royal, EU, Canberra, Paris, France's Naval Group, U.S, Trade, Wednesday, United Nations, Australia's, Thomson Locations: Sydney Harbour, CANBERRA, Australian, EU, Australia, France, United States, Canberra, Washington, New York, India, Japan
Delta variant clouds developing Asia's growth outlook - ADB
  + stars: | 2021-09-22 | by ( )   time to read: +3 min
Growth in developing Asia, which groups 46 countries in the Asia-Pacific, is projected to reach 7.1% this year, the ADB said in an update to its Asia Development Outlook report, down from its 7.2% forecast in July and 7.3% in April. While seeing a slight downgrade, this year's growth estimate is a turnaround from the region's 0.1% contraction last year. For 2022, the ADB kept its 5.4% growth forecast for developing Asia. "Developing Asia remains vulnerable to the COVID-19 pandemic, as new variants spark outbreaks, leading to renewed restrictions on mobility in some economies," ADB Acting Chief Economist Joseph Zveglich said in a statement. The ADB also maintained its growth outlook for India at 10.0% this year and 7.5% next year.
Persons: Wang, Joseph Zveglich, Abdul Abiad, Abiad, Zveglich, Karen Lema, Ed Davies Organizations: REUTERS, Asian Development Bank, ADB, Asia Development, European Union, HK, Thomson Locations: Tianjin, China, Wang MANILA, Asia, United States, India, Myanmar
The Nasdaq logo is displayed at the Nasdaq Market site in New York September 2, 2015. REUTERS/Brendan McDermid/File PhotoNEW YORK, Sept 21 (Reuters) - Business software firm Freshworks said it had priced its U.S. initial public offering well above the target range to raise $1.03 billion, valuing the (CRM.N) rival at $10.13 billion as hybrid work fuels demand for its products. Freshworks priced 28.5 million shares at $36 per share, the company backed by Accel and Sequoia Capital said on Tuesday. It had earlier expected to raise $969 million at the top end of its increased price range of $32 to $34 per share. Freshworks shares are scheduled to start trading on the Nasdaq on Wednesday under the symbol "FRSH".
Persons: Brendan McDermid, Freshworks, Morgan Stanley, J.P, Morgan, Echo Wang, Vishal Vivek, Aakriti, Devika Organizations: Nasdaq, REUTERS, Accel, Sequoia Capital, BofA Securities, underwriters, Thomson Locations: New York, Mateo , California, Chennai, India, Bengaluru
India slammed the U.K.'s decision to exclude vaccinated Indian travelers from its new travel guidelines, calling it "discriminatory" and warning of reciprocal measures. The British government will next month allow fully vaccinated travelers from a list of countries to skip quarantine upon arrival — but Indians who are fully vaccinated will still need to be quarantined. The U.K. last week eased travel restrictions for fully vaccinated individuals from 17 countries and territories, including Japan and Singapore, saying they would not have to stay in quarantine for 10 days after arriving in England. The approved vaccines are: Oxford/AstraZeneca, Pfizer-BioNTech, Moderna or Janssen. It has been approved for emergency use by the World Health Organization.
Organizations: AstraZeneca, Pfizer, BioNTech, Moderna, Janssen, Oxford University and British, Swedish pharma, Serum Institute of India, World Health Organization Locations: India, British, Japan, Singapore, England, Oxford
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMotilal Oswal remains positive on India's metal markets despite Evergrande crisisHemang Jani of Motilal Oswal Financial Services says the overall demand outlook for India's metal markets remains steady and the recent correction in metal prices is a buying opportunity.
Persons: Motilal Oswal, Hemang Jani Organizations: Motilal, Motilal Oswal Financial Services
India to target children for COVID-19 vaccine from Oct -sources
  + stars: | 2021-09-22 | by ( )   time to read: +1 min
A healthcare worker checks the temperature of a child during a door-to-door surveillance to safeguard children amidst the spread of the coronavirus disease (COVID-19), at a village on the outskirts of Ahmedabad, India, June 9, 2021. The world's first DNA-based COVID-19 vaccine, ZyCoV-D won emergency authorisation from Indian regulators last month. From October, the company, better known as Zydus Cadila, will produce 10 million doses a month. The vaccine is the only one approved for children in India, which has given a total of 825.9 million doses to adults among its population of nearly 1.4 billion. Reporting by Neha Arora and Krishna N. Das; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.
Persons: Amit Dave, Cadila, Neha Arora, Krishna, Clarence Fernandez Organizations: REUTERS, Cadila Healthcare, Reuters, Thomson Locations: Ahmedabad, India
WASHINGTON — A long-delayed bill to provide financial support to U.S. government personnel believed to be suffering from Havana Syndrome is headed to President Joe Biden’s desk after the House passed it Tuesday. NBC News reported that diplomats affected by Havana Syndrome voiced frustration over continuing challenges in getting medical care and benefits in a tense hourlong conversation with Secretary of State Antony Blinken this month. The first incidents of the syndrome “medically confirmed” by the U.S. government were in Havana in 2016 and 2017. Many U.S. workers thought to be suffering from Havana Syndrome reported hearing a loud sound and feeling pressure in their heads. For years, those who have come forward reporting potential Havana Syndrome have complained about immense bureaucratic hurdles to getting proper medical care.
Persons: WASHINGTON, Joe Biden’s, Biden, Sen, Susan Collins, , Collins, Jeanne Shaheen, Democrat Mark Warner of Virginia, Republican Marco Rubio, Antony Blinken, Blinken, Kamala Harris ’, William Burns, Rubio, ” Rubio Organizations: American, Neurological, White, Senate Intelligence, Democrat, Republican, NBC News, Havana Syndrome, CIA, State Department, U.S, NATO, National Academies of Science Locations: U.S, Havana, HAVANA, Maine, Republican Marco Rubio of Florida, Cuba, China, Vietnam, India, Western Europe, Austria, Germany, Russia
In his first meeting with the cohort of State Department staffers affected in Cuba and China, Blinken spent more than an hour offering reassurances and fielding questions, with most affected staffers joining remotely by phone. “It's confounding and puzzling to everyone who works on this that we have not been able to determine the cause or attribution,” the senior State Department official said. Diplomats have bristled at the fact the FBI did not directly interview the diplomats affected. On the Sept. 10 call, when Blinken asked how the department could reduce the skepticism, at least one diplomat encouraged the State Department to publicly refute that report. “The FBI study is one I have actually read,” she told the diplomats, according to notes from the call.
Persons: Antony Blinken, Blinken, “ It's, they’re, , , Trump, Biden, “ That's, , Kamala Harris, William Burns, Pamela Spratlen, Spratlen Organizations: WASHINGTON –, State Department, NBC, Havana Syndrome, State Department’s Bureau of Medical Services, Pentagon, National Intelligence, NBC News, CIA, U.S, White House National Security Council, FBI, Diplomats Locations: WASHINGTON, WASHINGTON – U.S, Havana, Cuba, China, U.S, Vietnam, India,
SANAND, India, Sept 21 (Reuters) - Hundreds of workers at a Ford Motor Co (F.N) factory in India's western Gujarat state protested outside the automaker's plant on Tuesday, demanding that the factory's closure plan be scrapped or workers be provided other jobs. "Our demand before the company and the government is that the plant should not be shut," he added. Once upbeat on emerging markets including India, major automakers have recently been shutting up shop in the country due to stagnating sales. read moreThe plant employs around 1,200 people, a Ford India spokesperson said in a statement. "We are in shock since the announcement," said Jaisukh Kandolia, an employee who had been working at the Ford plant since 2016.
Persons: Anil Singh Jhala, Narendra Modi, Jaisukh Kandolia, Sumit Khanna, Zeba Siddiqui, David Evans Organizations: Ford Motor, Ford, Thomson Locations: SANAND, India, India's, Gujarat, Gujarat's Sanand, Ford India, Ahmedabad, New Delhi
NEW DELHI — India, the world's largest vaccine producer, will resume exports and donations of surplus coronavirus vaccines in October after halting them during a devastating surge in domestic infections in April, the health minister said Monday. The halt in exports left many developing countries without adequate supplies and delayed vaccines for millions of people. Download the NBC News app for breaking news and politicsBefore halting exports, India donated or sold 66 million vaccine doses to nearly 100 countries. He said India's monthly coronavirus vaccine production has more than doubled since April and is expected to increase to 300 million doses in October. A country of nearly 1.4 billion people, India has administered more than 800 million vaccine doses.
Persons: Mansukh Mandaviya, India’s Organizations: Covid, NBC, Serum Institute of India, AstraZeneca Locations: DELHI, India
LONDON, Sept 21 (Reuters) - Swiss exports of gold to India jumped to a five-month high in August while shipments to China fell, Swiss customs data showed on Tuesday. Switzerland is the world's largest bullion refining centre and transit hub and its data give insight into global demand trends. China and India are the largest consumers of gold. In 2020, Swiss shipments to China and India plunged as the coronavirus spread, and exports to India fell again this year when the Delta variant of the virus took hold there. SWISS TRADE DATA (KG) EXPORT (kg) Aug-21 116,442 Jul-21 94,081 Aug-20 112,004 SHIPMENTS TO KEY MARKETS (KG) To China To Hong Kong To India Aug-21 18,200 2,085 70,294 Jul-21 20,000 6,129 36,502 Aug-20 10,000 0 20,163 * Source: Swiss customs.
Persons: Peter Hobson, Jason Neely Locations: Swiss, India, China, Switzerland, SWISS, Hong Kong
The logo of Universal Music Group (UMG) is seen at a building in Zurich, Switzerland July 20, 2021. REUTERS/Arnd Wiegmann/File PhotoAMSTERDAM, Sept 21 (Reuters) - Universal Music Group's (UMG.AS) shares leapt more than a third in their stock market debut on Tuesday as investors bet a boom in music streaming still has a long way to run. read moreHere are facts about Universal and its flotation:FROM THE BEATLES TO BILLIE EILISHBy revenue, Universal Music Group or UMG is the largest of the "big three" record labels. Major competitors include Sony Music, part of Sony (6758.T), and Warner Music Group (WMG.O). REVENUES AND COVID-19 IMPACTUniversal reported earnings before interest, taxes, depreciation and amortization (EBITDA) of 1.49 billion euros on sales of 7.43 billion euros in 2020.
Persons: Arnd, Billie Eilish, Bob Dylan, EMI's, Pink Floyd, Vincent Bollore, China's Tencent, William Ackman's, Tencent, Universal, Toby Sterling, Sarah White, Keith Weir, Mark Potter Organizations: Universal Music, REUTERS, Universal, Sony Music, Sony, Warner Music Group, Decca Records, Spotify, YouTube, Vivendi, HK, William Ackman's Pershing Square Holdings, Thomson Locations: Zurich, Switzerland, British, U.S, South Korea, Brazil, India, Russia, Amsterdam, Europe's
Other equities in the region rebounded from steep losses seen in the previous session, even as worries about the impact of debt troubles at China Evergrande loomed. Jakarta's benchmark index trimmed losses to trade 0.3% lower by 0730 GMT and the rupiah was about flat. Indonesia has been on a tentative path to recovery from the COVID-19 pandemic in recent weeks. "We believe that BI will keep rates untouched for the balance of 2021 given the current inflation and growth situation." ** Top loser on the Jakarta stock index is Capitol Nusantara Indonesia, down 7%.
Persons: Awasthi, China Evergrande, Perry Warjiyo, Warjiyo, Nicholas Mapa, ines, Shashwat Organizations: Indonesia, U.S . Federal Reserve, Bank Indonesia, U.S, BI, ING, Capitol Nusantara, AQ Estate, JK Locations: China, Indonesia, Java, Bali, Philippines, Thailand, Singapore recouped, Taiwan, South Korea, Jakarta, Capitol Nusantara Indonesia, Asia, Japan, India
MORNING BID Losing the plot
  + stars: | 2021-09-21 | by ( )   time to read: +2 min
A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas/File PhotoA look at the day ahead from Julien PonthusThis week was supposed to be all about the so-called 'dot plot' and what kind of rate-rise projections U.S. Federal Reserve policymakers might make. Came Monday morning though, default worries surrounding Chinese property firm Evergrande triggered a selling storm the likes of which had not been seen for a while. Alongside headlines generated by surging gas prices ahead of winter. More realistically, few believe current market instability will change Fed thinking of when the economy might be ready for higher interest rates.
Persons: Francis Mascarenhas, Julien Ponthus, Lehman, Evergrande, Powell, Australia, Canada's Trudeau, Biden, Sujata Rao Organizations: REUTERS, Federal, Pfizer, Fed, Universal Music, UN, Thomson Locations: Mumbai, India, Asia, Pacific, Japan, Britain, Australia, Norway
Most regional currencies inched higher against the U.S. dollar, recouping some recent losses, while investors remained focused on Evergrande as well as the Federal Reserve's stimulus tapering. Trading volumes were still slim as markets in China, Taiwan and South Korea were shut, and gains were limited by worries of Evergrande defaulting on its massive pile of debt. Fears that the crisis could damage an already fragile Chinese economy and spill over into broader financial markets also sent Wall Street sharply lower on Monday. Still, Indonesia has been on a tentative path to recovery from the pandemic in recent weeks. ** Top loser on the Jakarta stock index is Reliance Sekuritas Indonesia, down 6.8%.
Persons: Awasthi, Evergrande, Alvin Tan, ines, Shashwat, Shri Navaratnam Organizations: Bank, U.S ., Asia FX, RBC Capital Markets, . Bank Indonesia, Sekuritas, PLDT Inc, JK Locations: Bank Indonesia, China, Philippines, Thailand, Philippine, Taiwan, South Korea, Asia, Beijing, Indonesia, Java, Bali, In Thailand, Jakarta, Sekuritas Indonesia, Japan, India
Indian shares open higher as tech, banking stocks gain
  + stars: | 2021-09-21 | by ( Reuters Staff | )   time to read: +1 min
REUTERS/Francis MascarenhasBENGALURU (Reuters) - Indian shares bounced back on Tuesday, helped by gains in the technology and banking sectors, while increasing worries that Chinese property giant China Evergrande could default on its debt pile gripped global markets. On Monday, Indian shares dropped 1% as metal stocks plunged more than 6% on fears of a China Evergrande default. On Tuesday, metal stocks opened 0.2% higher. Tech stocks advanced 0.6%, with HCL Technologies rising 1% to be the top gainer on the Nifty 50 index. In broader Asia, markets were jittery amid fears of a China Evergrande default rippling through the Chinese property market, while trading was thin due to holidays in China, Taiwan and South Korea.
Persons: Francis Mascarenhas BENGALURU Organizations: Bombay Stock Exchange, Sensex, REUTERS, BSE, Investors, Federal Reserve, Tech, HCL Technologies Locations: Mumbai, India, China, Asia, Taiwan, South Korea
REUTERS/Francis MascarenhasBENGALURU (Reuters) - Indian shares closed higher in a volatile session on Tuesday as metals and tech stocks rebounded from a sharp slide over the last three sessions, while investors also focused on a U.S. Federal Reserve meeting due to end on Wednesday. The Nifty’s volatility index slipped 5.6% after having risen for four straight sessions. Metal stocks led the charge, jumping 2.6% from troughs hit in the previous session on concerns of the impact of a default by Chinese property giant China Evergrande. Tech stocks ended nearly 2% higher to snap three straight sessions of losses, with Mindtree Ltd jumping over 5%. Real estate stocks snapped two consecutive sessions of losses, with Brigade Enterprises adding more than 9%, as analysts pointed to signs of a rebound in sales for home builders following the easing of COVID-19 restrictions.
Persons: Francis Mascarenhas BENGALURU, Anita Gandhi Organizations: Bombay Stock Exchange, Sensex, REUTERS, U.S, Federal, BSE, Arihant, , Federal Reserve, Tech, Mindtree, Brigade Enterprises Locations: Mumbai, India, China
IT’S HARD TO pinpoint just when ghee was invented, but the why is pretty clear. Ghee is butter that has been heated and clarified—that is, had its milk solids and water removed to produce pure butterfat. This gives it a long shelf life, a virtue in its native India where hot temperatures can quickly turn butter rancid. During the clarification process, when the butter is cooked, the milk solids begin to caramelize, giving ghee a nutty flavor. This makes it ideal to fry an egg in, stir into rice or drizzle over roasted vegetables.
Locations: India
A CIA official reported symptoms consistent with so-called Havana Syndrome, a mysterious affliction that has struck diplomats, spies and other government workers at home and abroad, two sources familiar with the matter said Monday. Havana Syndrome first came into public view in 2017 after U.S. diplomats and other government workers stationed in Cuba reported feeling unusual physical sensations after hearing strange high- and low-pitched sounds. Late last month, at least two U.S. diplomats were medically evacuated from Vietnam after Havana Syndrome incidents were reported in the capital city, Hanoi, ahead of Vice President Kamala Harris' arrival. Many people who have experienced Havana Syndrome report experiencing vertigo, dizziness, fatigue, nausea and intense headaches. A CIA spokeswoman declined to confirm the case in India but said the U.S. government and the agency are taking every incident seriously.
Persons: William Burns, Kamala Harris, Burns, We've, David Cohen, Osama bin Organizations: CIA, CNN, Washington, U.S, National Academies of Sciences Locations: Havana, India, U.S, Cuba, China, D.C, Vietnam, Hanoi
Investors have been pouring money into India's stock market, and it could grow to more than $5 trillion to become the fifth largest in the world within three years, according to Goldman Sachs. Based on Goldman's analysis, as many as 150 private firms could potentially list on the stock market over the next 36 months. They explained that could drive India's aggregate stock market value to increase from $3.5 trillion currently to over $5 trillion by 2024. India's digital economyIndia is home to more than 800 million internet users and has over half-a-billion smartphone users — second only to China. Capital market shiftsIndia's share in the global stock market value is expected to rise from 2.8% currently to 3.7% over the next five years, according to the investment bank.
Persons: Goldman Sachs, Goldman, That's, Dhiraj Singh, Zomato, Ola, Timothy Moe, CNBC's, Moe Organizations: Bloomberg, Getty Locations: Mumbai, India, China, Asia
French President Emmanuel Macron and Australian Prime Minister Scott Morrison hold a news conference as they meet at the Elysee Palace in Paris, France, June 15, 2021. While U.S. President Joe Biden has sought to speak to French President Emmanuel Macron to ease tension, Morrison said he would not hold a separate bilateral meeting with the French leader. I'm sure that opportunity will come in time," Morrison told reporters in New York when asked if he would speak to Macron on the sidelines of the United Nations General Assembly. European Union countries expressed solidarity with France on Monday in a show of unity seen as threatening Australia's bid for a free trade deal with the bloc. read moreAustralia and the EU are set to hold the next round of talks on a trade deal on Oct 12.
Persons: Emmanuel Macron, Scott Morrison, Pascal Rossignol, Joe Biden, Morrison, Trade Dan Tehan, Biden, Colin Packham, Robert Birsel Organizations: Australian, REUTERS, Pascal Rossignol CANBERRA, United, France's Naval Group, U.S, While U.S, United Nations General Assembly, European, France, Trade, Thomson Locations: Paris, France, United Nations, Australian, EU, Australia, United States, Canberra, Washington, While, New York, India, Japan
REUTERS/Larry DowningWASHINGTON, Sept 20 (Reuters) - A CIA officer who was traveling with agency director William Burns to India this month reported symptoms consistent with Havana syndrome, CNN and the New York Times reported on Monday. Some 200 U.S. officials and family members have been sickened by Havana syndrome, a mysterious set of ailments that include migraines, nausea, memory lapses and dizziness. A CIA spokesperson said in a statement to Reuters the agency does not comment on specific incidents or officers. Last month, Vice President Kamala Harris delayed her arrival to Hanoi for three hours after the U.S. embassy there said someone had reported a health incident consistent with Havana syndrome. Burns has said there is a "very strong possibility" that the syndrome is intentionally caused and that Russia could be responsible.
Persons: Larry Downing WASHINGTON, William Burns, Kamala Harris, Burns, Osama bin Laden, Eric Beech, Christian Schmollinger Organizations: CIA, REUTERS, CNN, New York Times, U.S, U.S . National Academy of Sciences, Thomson Locations: McLean , Virginia, India, Havana, U.S, Cuba, Hanoi, Russia
An Afghan man works on a poppy field in Jalalabad province April 17, 2014. The Directorate of Revenue Intelligence (DRI), India's top anti-smuggling agency, seized two containers at western Gujarat's Mundra Port on Sept. 15 after receiving intelligence they contained narcotics, the official said. The containers had been imported by a firm in the southern coastal city of Vijayawada, the official added. The containers had been declared as containing semi-processed talc stones from Afghanistan and had been shipped from Bandar Abbas Port in Iran to Gujarat Mundra port, the Gujarat official said, adding that forensic tests confirmed the presence of heroin. More than 2,988 kg of heroin was recovered in one of India's biggest such hauls to date.
Persons: Sumit Khanna, Zeba Siddiqui, Nick Macfie Organizations: REUTERS, Revenue Intelligence, Thomson Locations: Jalalabad, Parwiz AHMEDABAD, Afghanistan, Taliban, Gujarat, Mundra Port, Vijayawada, Delhi, Bandar Abbas Port, Iran
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