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☆ Oil rises on large US stock draws, but rate hike fears linger
▼ + stars: | 2023-06-28 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

June 28 (Reuters) - Oil prices edged higher on Wednesday after industry data showed a larger-than-expected drawdown of U.S. inventories, signalling robust demand from the world's biggest oil consumer, but the gains were limited by worries over interest rate hikes. Both contracts had fallen by about 2.5% in the previous session on signals that central banks may not be done with interest rate hikes. "Tuesday's slump took Brent and WTI close to support levels that have held through the price dives of the past couple of months," said Vandana Hari, founder of oil market analysis provider Vanda Insights. Higher interest rates can weigh on economic activity and oil demand. Analysts said that markets have struggled to shake off fears that higher interest rates will weigh on global growth and oil demand.

Persons: Brent, WTI, Vandana Hari, Hari, Christine Lagarde, Mohi Narayan, Arathy Somasekhar, Muralikumar Anantharaman, Jamie Freed, Gerry Doyle Organizations: Brent, U.S, West Texas, Vanda Insights, American Petroleum Institute, Analysts, European Central Bank, Federal Reserve, National Australia Bank, Thomson Locations: Saudi, China

☆ Nissan will not fill COO position left open by Gupta's departure
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

TOKYO, June 28 (Reuters) - Nissan Motor Co (7201.T) has decided to not fill in the chief operating officer position vacated by Ashwani Gupta under a new management structure, the Japanese automaker said on Wednesday. Responsibilities previously carried out by the operations chief will be taken over by other executives, it said. Chief Financial Officer Stephen Ma will take over operations performance duties. Japan's No.3 automaker is investigating accusations that Uchida carried out surveillance of Gupta, Reuters has reported. Nissan is in the midst of finalising the terms of a sweeping reset of its decades-old alliance with Renault SA (RENA.PA).

Persons: Ashwani Gupta, Hideyuki Sakamoto, Stephen Ma, Makoto Uchida, Nissan, Gupta, Japan's, Uchida, Satoshi Sugiyama, Muralikumar Organizations: Nissan, Reuters, Renault SA, Renault, Thomson Locations: TOKYO

☆ Yen under pressure; Aussie slides as inflation slows
▼ + stars: | 2023-06-28 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

"We are closely watching currency moves with a strong sense of urgency," Japan's top currency diplomat Masato Kanda told reporters on Wednesday. The yen was hovering around the seven-month low of 144.18 per dollar it touched overnight. Against the euro, the yen was pinned near the 15-year low of 157.93 it hit on Tuesday. Against sterling, the Asian currency was hovering around 183.25, just a shade below the 7.5-year low it touched on Tuesday. In the spot market, the onshore yuan opened at 7.2225 per dollar and was changing hands at 7.2285.

Persons: Masato Kanda, Carol Kong, Kong, Rodrigo Catril, Jerome Powell's, Powell, Andrew Bailey, Christine Lagarde, Kazuo Ueda, Ankur Banerjee, Muralikumar Anantharaman, Jamie Freed Organizations: Bank of Japan, Ministry, Finance, Commonwealth Bank of Australia, Federal, Fed, National Australia Bank, European Central Bank, Bank of England, Sterling, Thomson Locations: SINGAPORE, Japan, Sintra , Portugal, Tokyo, Singapore

☆ Dollar flat; Aussie slides as inflation slows
▼ + stars: | 2023-06-28 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The Australian dollar fell sharply as consumer inflation eased in May. The dollar index is on course to log a decline of about 1.5% for the month. Meanwhile, the Australian dollar fell 0.72% to $0.6637 after the Australian consumer price inflation rate slowed to a 13-month low in May, driven by a sharp pullback in fuel. A measure of core inflation also cooled, in a sign interest rates might not have to rise again in July. The Japanese yen strengthened 0.16% to 143.81 per dollar, but remained close to the seven-month low of 144.18 it touched on Tuesday.

Persons: Rodrigo Catril, Jerome Powell's, Powell, Carol Kong, Bank of England's Andrew Bailey, Christine Lagarde, Kazuo Ueda, Lagarde, Sterling, CBA's Kong, Ankur Banerjee, Muralikumar Organizations: U.S, Federal, Data, Fed, National Australia Bank, European Central Bank, Commonwealth Bank of Australia, Bank of England's, Bank, Bank of Japan, Ministry, Finance, Thomson Locations: SINGAPORE, Sintra , Portugal, Singapore

☆ Oil ticks up as drop in US crude and gasoline stocks exceeds view
▼ + stars: | 2023-06-28 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Oil prices edged higher on Wednesday as markets worried about supply tightness in the U.S., the world's biggest oil consumer, after data showed a larger-than-expected draw in its crude and gasoline inventories. Both contracts had fallen about 2.5% in the previous session on signals that central banks may not be done with interest rate hikes. That comes after a clash between Moscow and Russian mercenary group Wagner led to concern about possible oil supply disruptions and as markets await Saudi Arabia's pledged oil output cut from July. A rise in U.S. consumer confidence in June also worried markets that the Federal Reserve will likely have to continue raising interest rates. Markets also awaited data due on Wednesday on China's industrial profits to gauge the strength of the world's second-biggest economy.

Persons: Wagner, Christine Lagarde, Arathy Somasekhar, Muralikumar Organizations: Brent, U.S, West Texas, American Petroleum Institute, Analysts, Saudi, European Central Bank, Federal Reserve, Thomson Locations: U.S, Moscow, Russian

☆ Oil higher on large US stock draws, but rate hike fears linger
▼ + stars: | 2023-06-28 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

June 28 (Reuters) - Oil prices edged higher on Wednesday after industry data showed a larger-than-expected drawdown of U.S. inventories signalling robust demand from the world's biggest oil consumer, but the gains were limited by worries over interest rate hikes. Both contracts had fallen by about 2.5% in the previous session on signals that central banks may not be done with interest rate hikes. "Tuesday's slump took Brent and WTI close to support levels that have held through the price dives of the past couple of months," said Vandana Hari, founder of oil market analysis provider Vanda Insights. Higher interest rates can weigh on economic activity and oil demand. Analysts said that markets have struggled to shake off fears that higher interest rates will weigh on global growth and oil demand.

Persons: Brent, WTI, Vandana Hari, Hari, Christine Lagarde, Mohi Narayan, Arathy Somasekhar, Muralikumar Anantharaman, Jamie Freed Organizations: Brent, U.S, West Texas, Vanda Insights, American Petroleum Institute, Analysts, European Central Bank, Federal Reserve, National Australia Bank, Thomson Locations: Saudi, China

[1/3] Jun 28, 2023; Nashville, Tennessee, USA; Connor Bedard puts on a Chicago Blackhawks jersey after being taken with the first pick in the 2023 NHL Draft at Bridgestone Arena. Mandatory Credit: Christopher Hanewinckel-USA TODAY SportsJune 28 (Reuters) - The Chicago Blackhawks selected Connor Bedard with the first pick of the NHL Draft on Wednesday in hopes the young centre can help bring the storied franchise back into contention for a Stanley Cup. "It's hard to put into words," Bedard said about being drafted by the six-time champions. Bedard's first game as a professional will be Oct. 10 when the Blackhawks face Sidney Crosby and the Penguins in Pittsburgh. The Anaheim Ducks surprised some, including Leo Carlsson, when they used the second pick to draft the big Swedish centre.

Persons: Connor Bedard, Christopher Hanewinckel, " Bedard, Sidney Crosby, Bedard, Patrick Kane, Connor McDavid, Western Hockey League's Regina, Kane, Leo Carlsson, " Carlsson, University of Michigan's Adam Fantilli, Will Smith, David Reinbacher, Rory Carroll, Frank Pingue, Muralikumar Anantharaman, Chris Reese Organizations: Chicago Blackhawks, Bridgestone Arena, The Chicago Blackhawks, NHL, Stanley, Blackhawks, Penguins, Chicago, Western Hockey League's, Western Hockey League's Regina Pats, WHL, Anaheim Ducks, University of Michigan's, Columbus Blue Jackets, San Jose Sharks, Montreal Canadiens, Thomson Locations: Nashville , Tennessee, USA, Pittsburgh, American, Nashville, Los Angeles, Toronto

Summary Oil prices rise early in second sessionPolitical instability in Russia adds to supply concernsHopeful expectations for summer driving season demand remainJune 27 (Reuters) - Oil prices edged higher on Tuesday, spurred by worries about political instability in Russia and possible supply disruptions, as well as U.S. demand hopes ahead of the summer driving season. Following the weekend's events, ANZ analysts said, the complacency among traders about Russian oil continuing to seep into the international market could no longer be assumed to the same extent. The challenge has fed questions about President Vladimir Putin's grip on power and some concern about possible disruption of Russian oil supply, although loadings have kept on schedule. Oil fell about 3.6% last week on worries that further interest rate hikes by the U.S. Federal Reserve could sap demand as China's economic recovery disappoints investors. Traders were also watching for signs of a pickup in demand for transport fuels, such as gasoline, in the United States ahead of the peak summer driving season.

Persons: Brent, Wagner, Vladimir Putin's, Saudi Arabia's, Morgan, Stephanie Kelly, Trixie Yap, Muralikumar Anantharaman, Clarence Fernandez Organizations: Brent, U.S, West Texas, ANZ, Saudi, BMI Research, U.S . Federal, Traders, American Automobile Association, Global, American Petroleum Institute, Energy Information Administration, Thomson Locations: Russia, Moscow, Russian, Rostov, Saudi Arabia, United States, U.S

The case against Saint-Gobain and its local unit was filed to the Competition Commission of India (CCI) in May by a retired glass industry executive, whose name was redacted in the documents as the person sought confidentiality. Saint-Gobain has a 44% share of the float glass market in India and a 19% share of the coated one, according to the documents. The group and its India unit, Saint-Gobain India Private Limited, "conduct their activities in compliance with laws", in particular competition law, it said. The May 25 case documents allege Saint-Gobain entered into agreements with glass processors, forcing them to "exclusively" purchase glass from the company or face stopped supplies if that obligation is not fulfilled. Saint-Gobain counts India as a key market.

Persons: Gonzalo Fuentes, Gobain, Benoit Bazin, Aditya Kalra, Muralikumar Organizations: La Defense, REUTERS, India, Company, Compagnie de Saint, Reuters, Saint, Competition Commission of India, Limited, DLF, Thomson Locations: Courbevoie, Paris, France, India, DELHI

☆ Morning Bid: China gets weary of a weakening yuan
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

China, unencumbered as it is by global pacts and commitments on market rates, has reacted swiftly this week. State banks have sold dollars to slow the yuan's decline, and the mid-point for daily trade has also been adjusted. Likewise, when it's around the 145-150 levels, the yen tips the cost-benefit balance for Japan too. Japan's yen has weakened against the dollar so far this year significantly more than its regional counterparts. The yuan has slid more than 4% against the dollar so far this year.

Persons: Vidya Ranganathan, Masato Kanda, Muralikumar Organizations: Vidya, ECB's, Thomson Locations: U.S, China, Japan, ECB's Sintra

☆ Morning Bid: Markets take mutiny in their stride, for now
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

Mercenaries from the Wagner group were returning to their bases after a deal ended Saturday's mutinous advance on Moscow. Oil moved up as the instability could mean challenges for exporting Russian crude, but moves were only modest. Talk was also that the insurrection in Russian ranks opened an opportunity for Ukraine to press its advantage in battle. The yuan and Chinese stocks slid, catching up with global moves while China was on holiday on Thursday and Friday. Later on Monday Germany's Ifo business survey is due and is expected to show business morale and expectations further souring.

Persons: Westbrook, Wagner, Oil, Vladimir Putin's, toughened, Tom Westbrook, Muralikumar Organizations: Westbrook Investors, Bank of Japan, Reuters Graphics Reuters, CBI, Thomson Locations: Asia, Russia, Moscow, Ukraine, U.S, Japan, China

From big-box chains Walmart (WMT.N) and Best Buy (BBY.N) to specialty retailers like Savage X Fenty and Adore Me, retailers' subscription programs are facing growing scrutiny. Amazon is under fire from the U.S. Federal Trade Commission, which filed a lawsuit against it in Seattle. Amazon "substantially revamped its Prime cancellation process" to some customers before the lawsuit was filed, according to the complaint. He withdrew the lawsuit, according to the court docket. Best Buy in 2021 launched a subscription program offering tech support and discounts on products.

Persons: Amazon, William Kovacic, Kathleen Benway, SAVAGE, Savage X, Savage, Ranjan Roy, Me's, Morgan Stanley, Spencer Sheehan, Arriana McLymore, Kate Masters, Siddharth Cavale, Muralikumar Organizations: YORK, Amazon.com Inc, Euromonitor Inc, U.S . Federal Trade Commission, FTC, Amazon, George Washington University Law School, FTC's, Consumer, WALMART, BEST, Walmart, Thomson Locations: Seattle, United States, U.S, Europe, California, Michigan, New York City

☆ Morning Bid: Fragile markets wait on PMIs
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

Japan's Nikkei (.N225) looks set to snap a 10-week winning streak and the MSCI Asia ex-Japan index was poised for its worst week of the year, as rates and inflation look higher for longer. The yen earned some reprieve, but it's shaky and at 143 to the dollar is firmly in intervention-watch territory. The Aussie, a growth bellwether, is quickly unwinding a two-week rally and Aussie stocks (.AXJO) are down 3% in three days. The sour turn leaves markets in a delicate spot ahead of global purchasing managers' index surveys due through the day. Reuters GraphicsReuters GraphicsKey developments that could influence markets on Friday:Europe, UK and U.S. PMIsUK Retail SalesReporting by Tom Westbrook; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Westbrook, Sterling, Threadneedle, Muralikumar Organizations: Bank of England's, Japan's Nikkei, Reuters Graphics Reuters, PMIs, Thomson Locations: Asia, Japan, China, Lira, Europe

☆ Morning Bid: How high will BoE go?
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

After a hotter than anticipated inflation report on Wednesday, markets priced in a nearly 50% chance that the BoE would opt for a half a percentage point hike. Economists, polled by Reuters last week, unanimously expected the BoE to raise interest rates by 25 bps to 4.75%, their highest since 2008. Markets are pricing in a 72% chance of a 25 bps hike next month and then no more, according to CME FedWatch tool. Swiss National Bank and Norway's Norges Bank are also due to announce their policy decisions, with a 25 basis point hike widely expected from both central banks. Reuters GraphicsKey developments that could influence markets on Thursday:Economic events: Policy rate decision from BoE, Turkey's central bank, Swiss National Bank and Norway's Norges BankReporting by Ankur Banerjee in Singapore; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Ankur Banerjee, BoE, Jerome Powell, Powell, Hafize Gaye Erkan, Muralikumar Organizations: Ankur, Bank of England, Reuters, Federal, Swiss National Bank, Norway's Norges Bank, Thomson Locations: Europe, China, Hong Kong, Asia, Japan, Turkey's, Singapore

☆ Longo prepared to play with pain for New Zealand's World Cup campaign
▼ + stars: | 2023-06-22 | by ( Ian Ransom | ) www.reuters.com time to read: +2 min

June 22 (Reuters) - Midfielder Annalie Longo is in a race to recover from a serious knee injury and make New Zealand's Women's World Cup squad, but will gladly endure pain to play in front of home fans if selectors back her. The 31-year-old tore her anterior cruciate ligament (ACL) and medial ligaments in her left knee against Mexico last September but has returned to training with Jitka Klimkova's Football Ferns to push for a fourth World Cup appearance. "For me it's kind of a do-or-die, risk-reward thing," she told Reuters from training. "I think just the nature of the time-frame there is going to be a bit of uncomfortable pain in the knee but it's all to play at a home World Cup. Drawn in Group A, New Zealand will also play Philippines and Switzerland in the preliminaries, looking for their first ever win at a World Cup and to fulfil their goal of making the knock-out phase.

Persons: Annalie Longo, Jitka, Longo, I've, I'm, Olivia Chance, Ria Percival, Klimkova, shrugged, Ian Ransom, Muralikumar Organizations: Mexico, Jitka Klimkova's Football Ferns, Norway, Reuters, Ferns, New Zealand, Iceland, New Zealand Football, Thomson Locations: Eden, Czech, New Zealand, Philippines, Switzerland, Melbourne

TOKYO, June 21 (Reuters) - SoftBank Group (9984.T) CEO Masayoshi Son said on Wednesday that his tech investing conglomerate plans to shift its stance to "offence mode" amid excitement over advances in artificial intelligence. "The time has come to shift to offence mode," Son told shareholders at the group's annual general meeting. SoftBank reported a net loss of 970 billion yen ($6.85 billion) for the year ended March 31, cushioning losses at the Vision Fund unit by selling down its stake in Alibaba (9988.HK). SoftBank's liquid assets, which include cash, cash equivalents and an undrawn commitment line, rose to 5.1 trillion yen at March-end compared to 2.9 trillion yen a year earlier. SoftBank aims to list Arm on Nasdaq later this year and is seeking to raise between $8 billion and $10 billion, Reuters has reported.

Persons: Masayoshi Son, Son, SoftBank, Yoshimitsu Goto, ChatGPT, Astro, Tezuka Osamu, Sam Nussey, Anton, Muralikumar Anantharaman, Sonali Paul Organizations: SoftBank, Vision Fund, Vision, HK, Astro Boy, Nasdaq, Reuters, Intel, Thomson Locations: TOKYO, Alibaba

☆ Shanghai regulators summon Starbucks, Shake Shack citing excessive personal data collection
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Chinese flag flies near the Starbucks logo outside a cafe of the coffee chain in Beijing, China, August 3, 2022. REUTERS/Thomas Peter/FILE PHOTOBEIJING, June 21 (Reuters) - Chinese regulators in financial hub Shanghai summoned three firms including Starbucks (SBUX.O) and Shake Shack (SHAK.N) earlier this week for collecting excessive personal information, the city's cyberspace regulator said on Wednesday. The regulators urged these firms to comprehensively rectify, protect personal information and safeguard the legitimate rights and interests of consumers, Shanghai's cyberspace regulator said in a statement. Currently, two firms including Shake Shack have made initial improvements to the issues, and Starbucks is actively making adjustments, the regulator saidReporting by Beijing newsroom; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Muralikumar Organizations: REUTERS, Starbucks, Shake, Beijing, Thomson Locations: Beijing, China, BEIJING, Shanghai

The CEO role will be handed over to Eddie Yongming Wu, chairman of Alibaba's Taobao and Tmall Group, while Executive Vice Chairman Joseph Tsai will take over Zhang as chairman. "The idea or expectation that one person could manage the business' crown jewel Cloud and at the same time manage the entire Alibaba Group is an unreasonable expectation." "It would be inappropriate for me to continue serving as chairman and CEO of both companies at the same time during the spin-off process." Alibaba thanked Zhang for his "extraordinary leadership in navigating unprecedented uncertainties affecting the company's business over the past few years." Wu, who co-founded Alibaba alongside Ma and Tsai over two decades ago, will continue to concurrently serve as chairman of Taobao and Tmall Group, Alibaba said.

Persons: Zhang, Joseph Tsai, Alibaba, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Daniel, Brian Wong, Jack Ma, Joe, Eddie, Eric Chen, Wu, Ma, Tsai, Alipay, Jacob Cooke, Cooke, China's, J, Michael Evans, Abinaya, Brenda Goh, Scott Murdoch, Anne Marie Roantree, Josh Ye, Muralikumar Anantharaman, Christopher Cushing Organizations: Alibaba, HK, Tmall, Reuters, Cloud Intelligence Group, Analysts, Alibaba Health, Technologies, Thomson Locations: SHANGHAI, China, Hong Kong, Shanghai, Beijing, Japan, Spain, Australia, Thailand, Tokyo, Taobao, Bengaluru, Sydney

☆ India's Modi says there is 'unprecedented trust' between India, US - WSJ
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: 1 min

[1/2] Indian Prime Minister Narendra Modi speaks during the G20 leaders summit in Nusa Dua, Bali, Indonesia, Tuesday, Nov. 15, 2022. Dita Alangkara/Pool via REUTERS/File PhotoJune 19 (Reuters) - Indian Prime Minister Narendra Modi said on Monday that ties between New Delhi and Washington are stronger and deeper than ever, in an interview with the Wall Street Journal. "India deserves a much higher, deeper and wider profile and a role," Modi said in the interview, ahead of his visit to the U.S. this week that is billed as a turning point for bilateral relations. Reporting by Lavanya Ahire in Bengaluru; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Narendra Modi, Dita Alangkara, Modi, Lavanya, Muralikumar Organizations: Indian, Wall Street, Thomson Locations: Nusa Dua, Bali, Indonesia, New Delhi, Washington, India, Bengaluru

☆ China plans a new military training facility in Cuba, Wall Street Journal reports
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: 1 min

June 20 (Reuters) - China and Cuba are negotiating to establish a new joint military training facility on the island, sparking alarm in the U.S. that it could lead to the stationing of Chinese troops and other security operations just 100 miles off Florida's coast, the Wall Street Journal reported on Tuesday citing current and former U.S officials. Reporting by Jose Joseph in Bengaluru; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Jose Joseph, Muralikumar Organizations: Wall Street, Thomson Locations: China, Cuba, U.S, Bengaluru

☆ Tropical Storm Bret could become hurricane over next few days - US NHC
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: 1 min

June 19 (Reuters) - Tropical Storm Bret over the central Atlantic could become a hurricane in the next couple of days, the U.S. National Hurricane Center (NHC) said in its latest advisory on Monday. "The system should be approaching the Lesser Antilles by late this week," the hurricane center said in its advisory. The storm, about 1,210 miles (1,945 km) east of the southern Windward Islands, is packing maximum sustained winds of 40 miles per hour (65 km per hour), the Miami-based forecaster said. Reporting by Ashitha Shivaprasad and Seher Dareen in Bengaluru; Editing by Sandra Maler and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Storm Bret, Ashitha Shivaprasad, Sandra Maler Organizations: U.S, National Hurricane Center, Thomson Locations: Windward, Miami, Bengaluru

☆ Dollar drifts as traders weigh rate path; yen fragile
▼ + stars: | 2023-06-19 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

In an action-packed week of central bank decisions, the Federal Reserve left interest rates unchanged on Wednesday but hinted that further hikes were on the way to tame inflation. Investors, though, expect the central bank to be done with its tightening in July. On Monday, the yen touched a near seven-month low of 141.98 per dollar, having slid 1% on Friday. The yen also touched a fresh 15-year low against the euro of 155.32. The Australian dollar fell 0.32% to $0.686, while the kiwi eased 0.26% to $0.622.

Persons: Marc Chandler, Chandler, Jerome Powell's, Powell, Mansoor Mohi, uddin, Sterling, Ankur Banerjee, Muralikumar Organizations: U.S, Bank of Japan, Federal Reserve, European Central Bank, Bank of, Investors, Investor, Citi, Bank of Singapore, Thomson Locations: SINGAPORE, Bank of Japan, Bannockburn, New York, Singapore

☆ Rio Tinto iron ore train derailed at weekend in Western Australia
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies About 30 wagons of self-driving train derailedNo injuries reportedUnclear if Rio will be able to meet customer commitmentsMELBOURNE, June 19 (Reuters) - Rio Tinto (RIO.AX) was working on Monday to recover about 30 wagons of a self-driving iron ore train that derailed in Western Australia, an accident that analysts said had the potential to disrupt its exports, although no one was injured. Saturday's incident was the second such event after peer BHP Group (BHP.AX) derailed a runaway iron ore train in the same region in late 2018. "The regulator has approved recovery of the site and work to recover the derailed wagons has commenced." Rio exports from Dampier port and through Cape Lambert in the northern part of Western Australia state. Shares in Rio, which said it was investigating the incident, were down 1.2%, alongside smaller declines in other iron ore miners.

Persons: David Lennox, Melanie Burton, Muralikumar Anantharaman, Clarence Fernandez Organizations: MELBOURNE, Rio Tinto, BHP Group, Thomson Locations: Rio, Western Australia, Dampier, Sydney, Cape Lambert

☆ Hong Kong court charges four with criminal damage after BYD offices vandalised
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, June 19 (Reuters) - A Hong Kong court on Monday charged four men with criminal damage to property at showrooms and a service centre of Chinese automaker BYD Co Ltd after they were vandalised last week in the financial hub. The men arrested were all of Chinese nationality and aged between 29-48 years, according to charge-sheets released by the court. None of them made any pleas in the court on Monday. All will be kept in the custody of the correctional services department until the next hearing on July 17. Police said last week that there was no evidence that the men had deliberately targeted the mainland auto brand and that an investigation was ongoing.

Persons: JC Motor, Jessie Pang, Farah Master, Muralikumar Organizations: Hong, BYD, Reuters, Police, Thomson Locations: HONG KONG, Hong Kong, Wan Chai, Sha Tsui, Kowloon, Tin Shui, New Territories

☆ Micron says committed to China, invests $602 mln in existing plant
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

Micron made no mention of the review's decision in its Friday statement, posted on WeChat. "This investment projects demonstrates Micron's unwavering commitment to its China business and team," it quoted CEO Sanjay Mehrotra as saying. Micron and Powertech did not immediately respond to requests for comment. This would bring Micron's workforce in China to more than 4,500 people, the company added. ($1 = 7.1337 yuan)Reporiting by Beijing newsroom; Editing by Muralikumar Anantharaman and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Sanjay Mehrotra, Muralikumar Anantharaman, Gerry Doyle Organizations: Micron, Technology Inc, Powertech, Thomson Locations: BEIJING, China, Xian, United States, Powertech's, Beijing

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