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Dec 2 (Reuters) - Canadian Imperial Bank of Commerce (CIBC) CM.TO said on Friday it would appeal a New York court’s ruling in a lawsuit brought against the bank by an entity of U.S. private equity firm Cerberus Capital Management. The lawsuit, filed in 2015, relates to an October 2008 transaction in which CIBC issued a limited recourse note - a form of debt - to the Cerberus-controlled fund. Cerberus had alleged that CIBC defaulted on certain payments and is seeking damages of $1.067 billion. CIBC said it had satisfied all its obligations. New York-based Cerberus did not immediately respond to a request for comment.
(Reuters) -Royal Bank of Canada (RBC) and National Bank of Canada, two of the biggest banks in the country, posted a drop in profits as their market-focused businesses took a hit from the central bank’s hawkish monetary tightening campaign. FILE PHOTO: FILE PHOTO: A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. To cushion the hit from markets, banks have turned to their lending business that got a boost from the central bank’s rate hikes. While National Bank posted an adjusted profit of C$2.08, below analysts’ expectation of C$2.24. RBC reported a modest drop in profit to C$3.88 billion, while National Bank’s earnings dropped 4% to C$738 million.
Slideshow ( 4 images )JAKARTA (Reuters) - Indonesia’s central bank governor Perry Warjiyo said on Wednesday that monetary policy will remain pro-stability and that energy subsidies next year will allow Bank Indonesia (BI) to raise interest rates in a measured way. Warjiyo said inflation expectations remain high and reiterated that BI will steer core inflation toward its target range of 2%-4% in the first half of 2023. In 2024, he expected inflation to be within a range of 1.5%-3.5%. Warjiyo said other central bank tools will be geared toward maintaining economic growth, which is seen between 4.5%-5.3% next year and between 4.7%-5.5% in 2024. (This story has been corrected to fix core inflation target to 2-4%, not 2-3%, in paragraph 3)
REUTERS/Aly SongHONG KONG (Reuters) - Shares of Chinese property companies soared on Tuesday after the country’s securities regulator lifted a ban on equity refinancing for listed property firms, in the latest support measure for the embattled real estate sector. The China Securities Regulatory Commission (CSRC) said late on Monday it would broaden equity financing channels, including private share placements for China and Hong Kong-listed Chinese developers, lifting a years-long ban. The latest regulatory measure comes Beijing steps up support for the property sector, a pillar accounting for a quarter of the world’s second-biggest economy. Beijing suspended refinancing by listed property firms in August 2009 as part of its attempts to control surging home prices. Regulators briefly lifted the suspension by granting approval to refinancing requests by a selection of property firms starting from 2013, but imposed back restrictions in 2016 to curb housing prices.
Bill Ackman bets Hong Kong dollar peg can break
  + stars: | 2022-11-24 | by ( Reuters Staff | )   time to read: 1 min
FILE PHOTO: A Hong Kong dollar note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/IllustrationSINGAPORE (Reuters) - Billionaire investor Bill Ackman said he’s betting the Hong Kong dollar can fall and said it’s matter of time before its peg to the U.S. dollar breaks. “We have a large notional short position against the Hong Kong dollar through the ownership of put options,” he said on Twitter. “The peg no longer makes sense for Hong Kong.”The Hong Kong dollar is pegged in a tight band between 7.75 and 7.85 per dollar and was last at 7.8178 per dollar.
SINGAPORE (Reuters) - Billionaire investor Bill Ackman said he’s betting the Hong Kong dollar will fall and that its peg to the U.S. dollar can break, the latest big money manager to take a public short bet as U.S. rate hikes turn the blowtorch on Hong Kong’s currency system. FILE PHOTO: A Hong Kong dollar note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration“We have a large notional short position against the Hong Kong dollar through the ownership of put options,” he said on Twitter. U.S. fund manager Kyle Bass has long bet against the Hong Kong dollar and told Nikkei in July he expects the peg to break. GRAPHIC: Hong Kong rates, liquidity ()($1 = 7.8132 Hong Kong dollars)
FILE PHOTO: An Amazon delivery person pulls a cart full of packages in the Manhattan borough of New York City, New York, U.S., December 10, 2021. REUTERS/Carlo Allegri/File PhotoLONDON (Reuters) - Amazon UK said it would expand its electric-cargo bike fleet and make more deliveries on foot to accelerate the decarbonisation of the transportation network it uses to deliver packages across the country. Amazon is targeting net-zero carbon by 2040 and said that the extra e-cargo bikes, a four-wheeled vehicle with handlebars and a container on the back, and the walkers would carry 2 million deliveries a year. In 2021, Amazon delivered more than 45 million packages using its electric fleet. As well as the electric bikes, it already has 1,000 electric delivery vans and five fully electric heavy goods vehicles in its fleet.
BEIJING (Reuters) -China will use timely cuts in banks’ reserve requirement ratio (RRR), alongside other monetary policy tools, to keep liquidity reasonably ample, state media on Wednesday quoted a cabinet meeting as saying. Chinese Yuan banknotes are seen in this illustration taken February 10, 2020. The cabinet will send officials to provinces this month to check the implementation of policy measures that have been rolled out this year, state media said. The cabinet also called for speeding up investment and construction of major infrastructure projects, and called for stabilising and expanding consumption and vowed to support sound development of the platform economy, state media said. Deputy PBOC governor Pan Gongsheng said the bank would provide 200 billion yuan ($27.93 billion) in loans to six commercial banks for housing completions, state media Economic Daily said on Monday.
(Reuters) - Activist investor Carl Icahn has a sizeable short position in video game retailer GameStop Corp, Bloomberg News reported on Monday, citing sources familiar with the matter. FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on Fox Business Network's Neil Cavuto show in New York, U.S. on February 11, 2014. Icahn began shorting the stock around January 2021, the report added but did not provide details of the size of Icahn’s position. Short interest in GameStop’s stock is very high, with 17.53% of the company’s outstanding shares shorted as of Oct. 31, according to Refinitiv data. The retailer executed a four-for-one stock split this year, the stock rose a split-adjusted high of over $120 in Jan. 2021.
Nov 18 (Reuters) - Myanmar's ruling military on Friday said it did not engage in political bargaining with other countries before releasing four foreign prisoners among nearly 6,000 in an amnesty this week. Junta spokesman Zaw Min Tun was speaking at a regular briefing, a day after Australian economist Sean Turnell, former British ambassador Vicky Bowman, Japanese filmmaker Toru Kubota and U.S. citizen Kyaw Htay Oo were released. Reporting by Reuters staff; Writing by Martin Petty; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.
BANGKOK, Nov 17 (Reuters) - Japanese Prime Minister Fumio Kishida said on Thursday he conveyed concerns during a summit with Chinese leader Xi Jinping about peace in the Taiwan Strait. Kishida said he reaffirmed with Xi that they would reopen dialogue between their diplomatic officials and communicate closely on all levels, including at the leadership level. "I conveyed my grave concerns about the situation in the East China Sea, including the Senkaku Islands, as well as China's military presence such as their launching of missiles," he told reporters. The disputed islands are known as the Senkaku in Japan and the Diaoyu in China. "I also reiterated the importance of peace and security in the Taiwan strait," Kishida added.
Nov 17 (Reuters) - Myanmar's military leaders have released Sean Turnell, an Australian economist and former adviser to democracy icon Aung San Suu Kyi, and 6,000 others from prison under an amnesty, Myanmar media reported on Thursday. Irrawaddy News and BBC Burmese reported Vicky Bowman, a former British envoy and Toru Kubota, a Japanese filmmaker, were also among those released. Myanmar has been in the political turmoil since the military staged coup last year by arresting civilian leaders including Aung San Suu Kyi in the early morning raids on Feb. 1, 2021. Myanmar Now, an independent news outlet, cited the military council as saying the pardons were granted because it was Myanmar National Day. Reporting by Reuters staff; Writing by Kanupriya Kapoor; Editing by Jacqueline Wong and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.
FILE PHOTO: Birds fly near the U.S. Capitol at sunrise, on Capitol Hill in Washington, U.S., February 8, 2022. REUTERS/Tom Brenner/File PhotoWASHINGTON (Reuters) - A bill ensuring federal recognition of same-sex marriages received enough votes to clear the first procedural hurdle in the U.S. Senate on Wednesday, after months of bipartisan negotiations and delays. Voting on the bill continues.
FILE PHOTO: The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo(Reuters) - Goldman Sachs on Wednesday raised its forecast for the peak in the federal funds rate by 25 basis points to 5-5.25%, after adding one more quarter-point Federal Reserve hike in May 2023 to its outlook. The bank said in a research note that it now sees the Fed hiking by 50 bp in December and 25 bp in February, March and May.
NUSA DUA, Indonesia, Nov 16 (Reuters) - A leaders declaration at the summit of the Group of 20 (G20) major economies was adopted on Wednesday, several diplomatic sources told Reuters. Reporting by Reuters staff; Writing by Martin Petty; Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.
FILE PHOTO: U.S. President Donald Trump departs on travel to West Point, New York from the South Lawn at the White House in Washington, U.S., December 12, 2020. REUTERS/Cheriss May/File Photo(Reuters) - A federal appeals court in Atlanta has set Nov. 22 arguments on the third-party review of materials seized from former U.S. president Donald Trump’s Florida resort in August, according to court documents. Prosecutors are conducting a criminal probe of Trump’s retention of government records, including classified information.
(Reuters) - The Russian rouble was trading higher on Monday, holding close to last week’s level of 60 against the U.S. dollar as domestic exporters prepared to buy roubles ahead of a new tax period. FILE PHOTO: Russian rouble coin is seen in this illustration taken April 7, 2022. REUTERS/Dado Ruvic/IllustrationThe rouble was up 0.45% against the dollar to 60.27 by 0830 GMT. Export-focused firms usually convert foreign exchange revenues into roubles to pay domestic liabilities, which supports the Russian currency. The dollar-denominated RTS index was last up 1% at 1,169.83, while the rouble-based MOEX Russian index climbed 0.92% to 2,237.85.
Slideshow ( 2 images )BANGKOK (Reuters) - Thailand’s monetary policy would be “measured and gradual” to support economic recovery, Bank of Thailand governor Sethaput Suthiwartnarueput told a seminar on Monday. The economy was recovering gradually, despite a global slowdown, and should reach pre-COVID levels early next year, he said. The central bank governor said the economy was expected to grow 3.3% this year and 3.8% next year, maintaining an earlier forecast. “The economy should reach pre-pandemic levels later this year or early next,” he said. The economy would continue to recover gradually despite a global slowdown, supported by consumption and tourism, he said, adding that monetary policy would ensure a “smooth take-off”.
Czech Crown coins and notes are seen in this picture illustration taken April 1, 2017. In July, the Czech National Bank (CNB) used 10 billion euros ($10.35 billion) of its massive international reserves to support the crown. Intervention amounts eased to 2.6 billion euros in September, according to bank data. Interventions have kept the crown in a tight range and on the strong side of 24.78 since they started. The CNB’s reserves dropped to 131.6 billion euros at the end of October, or about 48% of expected 2022 gross domestic product, from 160.4 billion euros seen in April.
U.S. President Joe Biden makes a statement about the U.S. midterm elections during his visit in Phnom Penh, Cambodia November 13, 2022. REUTERS/Kevin LamarquePHNOM PENH (Reuters) - U.S. President Joe Biden said he was incredibly pleased with the turnout in the U.S. election and said the Republican Party would now need to decide “who they are”. Speaking to reporters in Cambodia ahead of an East Asia Summit, Biden said his focus was on the Georgia Senate race. Edison Research projected on Saturday that the U.S. Senate next year would remain under the control of the Democrats, handing a major victory to Biden
Blackrock shelves China bond ETF - FT
  + stars: | 2022-11-13 | by ( Reuters Staff | )   time to read: +1 min
REUTERS/Brendan McDermid(Reuters) -Blackrock Inc has put off the launch of an exchange traded fund (ETF) that invests in Chinese bonds, amid growing tension between Washington and Beijing, the Financial Times said on Saturday. The world’s largest money manager has “indefinitely” shelved the ETF, the newspaper said, citing people familiar with the decision. Reuters had reported earlier in April that BlackRock was planning to launch its first product in China’s $220 billion onshore ETF market later this year and had started hiring staff accordingly. The first Blackrock ETF product was scheduled for the fourth quarter, Reuters reported, which would add to 6.8 billion yuan ($1.07 billion) worth of assets the company manages through two mutual funds with investments in Chinese and Hong Kong stocks. ($1 = 7.1066 Chinese yuan renminbi)
Ukraine minister urges ASEAN to stop Russian 'hunger games'
  + stars: | 2022-11-12 | by ( )   time to read: +2 min
PHNOM PENH, Nov 12 (Reuters) - Ukraine's foreign minister on Saturday urged Southeast Asian countries to take all measures possible to stop Russia from playing "hunger games" over a Ukrainian Black Sea grain deal, which could expire next week. "I call on all ASEAN members to take every method possible to stop Russia from playing hunger games with the world." The United Nations says more than 10 million tonnes of grain and other food has been exported from Ukraine under the deal. Ukraine is joining the Association of Southeast Asian Nations (ASEAN) summit and a parallel East Asian Summit for the first time. "Sitting down at a table for a nice picture, we've been there, we've done it, we've tried."
Mexico Sep industrial production falls 0.2 pct vs Aug
  + stars: | 2022-11-11 | by ( Reuters Staff | )   time to read: 1 min
FILE PHOTO: An employee works at Ark de Mexico, an assembly factory that makes wire harnesses and electric components for the automobile industry, in Ciudad Juarez, Mexico June 25, 2019. Picture taken June 25, 2019. REUTERS/Jose Luis Gonzalez/File PhotoMEXICO CITY, Nov 11 (Reuters) - Mexican industrial output fell 0.2 percent in September from August and was 3.9 percent higher year-over-year, the national statistics agency said on Friday.
FILE PHOTO: Facebook app logo is seen in this illustration taken, August 22, 2022. REUTERS/Dado Ruvic/IllustrationWASHINGTON (Reuters) - A U.S. judge hearing a big antitrust case against Meta’s Facebook declined on Thursday to quash a subpoena that the government had sent to Sequoia Capital seeking its analyses of Instagram and WhatsApp before they were acquired by Meta. The Federal Trade Commission, which has filed a lawsuit asking the judge to force Meta to sell Instagram and WhatsApp, had sought depositions of one current and one former Sequoia executive. The FTC filed a lawsuit in 2020 asking a court to undo then-Facebook’s acquisitions of Instagram for $1 billion in 2012 and WhatsApp for $19 billion in 2014. It said that the company acted illegally to maintain its social network monopoly.
Deutsche Telekom raises guidance after bumper Q3
  + stars: | 2022-11-10 | by ( Reuters Staff | )   time to read: +1 min
FILE PHOTO: A woman carrying her phone passes by the logo of German telecommunication company "Deutsche Telekom" at the ITS World Congress 2021, a fair for intelligent transport systems, in Hamburg, Germany, October 13, 2021. REUTERS/Fabian BimmerBERLIN (Reuters) -Deutsche Telekom nudged up its full-year guidance on Thursday as the U.S. dollar’s appreciation helped buoy third-quarter profit and its T-Mobile US business added customers. “We are once again proving to be an anchor of stability in difficult times,” said Tim Hoettges, chairman of Deutsche Telekom’s management board. In organic terms, Telekom expected full-year adjusted EBITDA AL to come in at more than 37.0 billion euros, up from previous guidance of around 37.0 billion. T-Mobile US now expects to unlock synergies from its merger with Sprint of $5.7-5.8 billion this year, up from previous guidance of $5.4-5.6 billion, Telekom said.
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