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A logo of DBS is pictured outside an office in Singapore January 5, 2016. DBS, which is also Southeast Asia's largest lender by assets, said April-June net profit hit a quarterly record high S$2.69 billion ($2.69 billion) compared to S$1.82 billion a year earlier. DBS' NIM, a key profitability gauge, rose for sixth consecutive quarter to 2.16% during the quarter from 1.58% a year earlier. Return on equity hit new quarterly high of 19.2%, up from 13.4% the same quarter a year ago. ($1 = 1.3411 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, NIM, Piyush Gupta, Gupta, Yantoultra Ngui, Muralikumar Anantharaman, Stephen Coates Organizations: DBS, REUTERS, Refinitiv, Thomson Locations: Singapore, SINGAPORE, Hong Kong

☆ China's aging population will have 'important implications' for global liquidity, Moody's says
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's aging population will have 'important implications' for global liquidity, Moody's saysChristian de Guzman, senior vice president at Moody's Investors Service, discusses the impact that Asia's aging populations might have on global credit conditions.

Persons: Moody's, Christian de Guzman Organizations: Moody's Investors Service

Russia remained the top supplier to China, with pipeline and seaborne arrivals of 2.04 million bpd in July, which was down from June's 2.56 million bpd. However, it was still enough to exceed imports from Saudi Arabia, which Refinitiv estimated at 1.82 million bpd in July, down from 1.94 million bpd in June. It's also worth noting that much of the strength in China's crude imports is because of massive inflows into commercial or strategic storages. India's refiners continue to gorge on discounted Russian crude, with arrivals in July estimated at an all-time high of 2.08 million bpd. Japan's July oil imports are estimated at 2.49 million bpd, up from June's 2.11 million bpd, while South Korea's are put at 2.76 million bpd, up from 2.53 million bpd in June.

Persons: Amit Dave LAUNCESTON, It's, China doesn't, India's refiners, Brent, Clyde Russell, Christopher Cushing Organizations: REUTERS, Refinitiv Oil Research, Brent, OPEC, Reuters, Thomson Locations: Vadinar, Gujarat, India, Australia, China, Asia, Russia, June's, Saudi Arabia, OPEC, Angola, Oman, East, Iraq, Moscow, South, North Asia

SINGAPORE, Aug 2 (Reuters) - Singapore's prime minister on Wednesday said his ruling party had "taken a hit" over a spate of scandals including a graft probe and senior lawmakers' resignations, which shocked the city-state otherwise known as a haven of political stability. He said such incidents involving ministers are rare, and that the ruling People's Action Party (PAP) has "zero tolerance" for corruption. "...The PAP has taken a hit but we will show Singaporeans that we will uphold standards and do the right thing, so that trust is maintained," he said. While the PAP has maintained a grip on power since 1959, voters, already bruised by high living costs, have raised eyebrows at the graft probe and resignations of two senior PAP lawmakers on account of an "inappropriate relationship". When asked why their relationship was kept under wraps since late 2020, Lee said, "I should have forced the issue earlier".

Persons: Lee Hsien Loong, Iswaran, General's Chambers, Lee, Kanupriya Kapoor Organizations: Transport, Action Party, Thomson Locations: SINGAPORE, Singapore

☆ Shui vows to revive China as Steel Roses wilt on global stage
▼ + stars: | 2023-08-02 | by ( Michael Church | ) www.reuters.com time to read: +3 min

But coach Shui Qingxia is unlikely to meet the same fate as her predecessor, Jia Xiuquan, who left his post after the Olympic exit. A victory at last year's Women's Asian Cup should be enough to earn the 56-year-old former midfielder a reprieve. But Wang Shuang, the darling of the Steel Roses squad, surprised fans in China by saying her team's elimination in the group phase was "not necessarily a bad thing". "It allows us all to see the gap between us and premier league teams, the teams in the U.S.," the 28-year-old Racing Louisville forward said. Reporting by Michael Church, additional reporting by Martin Quin Pollard in Beijing, Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Shui Qingxia, Hannah Mckay ADELAIDE, Sarina Wiegman, England's, Jia Xiuquan, Shui, Wang Shuang, Michael Church, Martin Quin Pollard, Robert Birsel Organizations: Soccer Football, FIFA, England, Hindmarsh, World, Olympic, Asian Games, Olympics, Steel Roses, Racing Louisville, Thomson Locations: New Zealand, China, Adelaide, Australia, Netherlands, United States, India, Denmark, England, Paris, Europe, U.S, Racing, Beijing

☆ Thai election winner out of alliance aiming to form government
▼ + stars: | 2023-08-02 | by ( Panarat Thepgumpanat | ) www.reuters.com time to read: +3 min

REUTERS/Athit PerawongmethaBANGKOK, Aug 2 (Reuters) - Thailand's election-winning Move Forward Party has been excluded from a coalition of parties hoping to form the next government after a May general election, parties in the alliance said on Wednesday. Southeast Asia's second largest economy has been in political limbo since the poll, in which the progressive Move Forward emerged as the largest party, closely followed by the populist Pheu Thai party. "Pheu Thai, in consultation with Move Forward, will withdraw from cooperation and will move ahead with government formation and nominating Srettha Thavisin for prime minister," the Pheu Thai party said. "Pheu Thai has supported Move Forward to our fullest ability," Chonlanan said. The combined two houses of parliament are due to vote for a new prime minister on Friday.

Persons: Pita Limjaroenrat, Thaksin Shinawatra, Srettha Thavisin, Pheu, Phumtham Wechayachai, Chonlanan Srikaew, Chonlanan, Chayut Setboonsarn, Devjyot Ghoshal, Jacqueline Wong, Robert Birsel Organizations: REUTERS, Party, Conservative, Thomson Locations: Bangkok, Thailand, BANGKOK, Asia's, Pheu Thai

While an ISM survey offered a tough assessment of U.S. manufacturing conditions, so-called hard data suggest the sector is shuffling along. Federal Reserve data in June showed factory production rebounded in the second quarter, ending two straight quarterly declines. Meanwhile, U.S. construction spending increased solidly last month and May's data was revised higher, boosted by outlays in both single and multifamily housing projects, the Commerce Department said. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) missed analysts forecasts and showed the first decline in activity since April. Money markets now see a 60% probability that the Bank of England will hike rates by 25 basis points on Thursday.

Persons: Dado Ruvic, Steven Ricchiuto, Carlos Casanova, Kit Juckes, Sterling, Herbert Lash, Joice Alves, Ankur Banerjee, Alex Richardson, Hugh Lawson, Alexander Smith Organizations: REUTERS, Reuters, Federal, outlays, Commerce Department, Labor, Survey, Labor Department, Mizuho Securities USA, Reserve Bank of Australia, Bank of Japan, U.S, Natixis Investment, P Global, European Central Bank, ECB, Societe Generale, Bank of, Thomson Locations: Asia, Hong Kong, U.S, Bank of England, London, Singapore

☆ Aussie set for biggest one-day drop since March, yen at 3-week low
▼ + stars: | 2023-08-01 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The Aussie fell 1.4% to $0.6626, wiping out the 0.87% gains it clocked in July and set for its sharpest daily drop since March. "I think it was right that the RBA held today, given trimmed mean inflation and unemployment matched the RBA's forecasts. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) missed analysts forecasts and showed the first decline in activity since April. The euro eased 0.2% to $1.0975, not too far from an almost three-week low touched on Friday. Money markets now see a 60% probability that the Bank of England will hike rates by 25 basis points on Thursday.

Persons: David Gray, Matt Simpson, Carlos Casanova, Kit Juckes, Sterling, Joice Alves, Ankur Banerjee, Alex Richardson, Hugh Lawson Organizations: REUTERS, Australian, Reserve Bank of Australia, Bank of Japan's, City, Federal, P Global, European Central Bank, ECB, Societe Generale, Bank of, Thomson Locations: Sydney, Australia, China, Asia, Hong Kong, U.S, Bank of England, London, Singapore

BENGALURU, Aug 1 (Reuters) - The Reserve Bank of India (RBI) will hold its key interest rate at 6.50% through end-March 2024, according to a Reuters poll of economists, who pushed back their expectations for the first rate cut to the second quarter of 2024 from the first quarter in a June survey. Few are forecasting a plunge in coming months, offering little reason for the RBI to change policy now. Indeed, inflation is expected to average above 5% this fiscal year, which ends on March 31, 2024, above the RBI's 4% medium-term target. In a June survey, economists predicted the RBI to cut the repo rate by 25 basis points by end-March 2024 and another 25 basis points in the April-June quarter. Among those who offered forecasts until March 2024, a slim majority, 32 of 62, expected rates to hold at 6.50%, while 20 saw a cut to 6.25%, and 10 said 6.00% or lower.

Persons: Suman Chowdhuri, Anant Chandak, Veronica Khongwir, Susobhan Sarkar, Hari Kishan, Ross Finley, Tomasz Janowski Organizations: Reserve Bank of India, U.S . Federal Reserve, Thomson Locations: BENGALURU

☆ Exclusive: China asks some banks to reduce or delay dollar buying to ease pressure on yuan -sources
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI/BEIJING, Aug 1 (Reuters) - China's currency regulators have in recent weeks asked some commercial banks to reduce or delay their dollar purchases, two people with direct knowledge of the matter said. The informal instruction, or the so-called window guidance, was meant to slow the pace of yuan depreciation, the sources said. One source said the regulators were emphatic banks should hold off dollar purchases under their proprietary trading accounts. Chinese yuan has lost 3.6% against the U.S. dollar so far this year, hitting 7.16 per dollar on Tuesday to be one of Asia's worst performing currencies. Reporting by Shanghai and Beijing Newsrooms; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Simon Cameron, Moore Organizations: U.S, People's Bank of China, Reuters, State Administration of Foreign Exchange, Thomson Locations: SHANGHAI, BEIJING, Shanghai, Beijing

☆ Asia's factory activity shrinks as China's slump, global slowdown weigh
▼ + stars: | 2023-08-01 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

Japan, South Korea, Taiwan and Vietnam saw manufacturing activity contract in July, the surveys showed, highlighting the strain sluggish Chinese demand is inflicting on the region. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) fell to 49.2 in July from 50.5 in June, missing analysts' forecasts of 50.3 and marking the first decline in activity since April. "Falling new orders, bleak employment prospects and high inventory levels point to subdued factory activity in the coming months." Japan's final au Jibun Bank PMI fell to 49.6 in July, down from 49.8 in June, due to weak domestic and overseas demand. In India, growth in manufacturing activity slowed for a second month, but the pace of expansion remained healthy and beat expectations.

Persons: forestalling, PMIs, Shivaan Tandon, Leika Kihara, Sonali Paul Organizations: PMI, TOKYO, P Global, Emerging, Capital Economics, Jibun, International Monetary Fund, Thomson Locations: Japan, South Korea, Asia, Taiwan, Vietnam, Emerging Asia, India

☆ Indian factory growth eased for second month in July, but kept healthy pace
▼ + stars: | 2023-08-01 | by ( Anant Chandak | ) www.reuters.com time to read: +2 min

BENGALURU, Aug 1 (Reuters) - Growth in India's manufacturing activity eased in July for a second month, with some moderation in output and new orders, although the pace of expansion remained healthy, a private business survey showed on Tuesday. The sector has remained resilient despite declines in manufacturing activity in other major producers, suggesting Asia's third-largest economy is still on robust footing. "The Indian manufacturing sector showed little sign of losing growth momentum in July as production lines continued to motor on the back of strong new order growth." New orders remained robust in July, and while output growth moderated to a three-month low it remained strong. With input prices rising at the quickest pace since October, output prices also rose, but at a slower pace compared with the previous month, highlighting uncertainty regarding inflation.

Persons: Andrew Harker, Harker, Anant Chandak, Kim Coghill Organizations: Manufacturing, P, P Global Market Intelligence, Bank of, Thomson Locations: BENGALURU, Bank of India

☆ Exclusive: China asks some banks to reduce or delay dollar buying -sources
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +5 min

One source said regulators were emphatic banks should hold off dollar purchases under their proprietary trading accounts due to the "recent yuan depreciation". "The yuan exchange rate expectations are stable, and the foreign exchange market has the foundation to meet authentic and compliant FX needs," SAFE said in response to a Reuters query. Keeping non-urgent dollar demand at bay could relieve some of the immediate pressure on the yuan, the sources said. But that excitement soon faded, as domestic and foreign investors said they would wait for substantive action before putting more money into China. There was also a seasonal factor too, as overseas-listed Chinese companies usually need more foreign exchange in the summer to pay dividends to shareholders.

Persons: China's, Ken Cheung, Alvin Tan, Tan, Goldman Sachs, Vidya Ranganathan, Simon Cameron, Moore Organizations: U.S ., People's Bank of China, State Administration of Foreign Exchange, Reuters, Mizuho Bank, Asia FX, RBC Capital Markets, Goldman, Overseas, Thomson Locations: SHANGHAI, BEIJING, Hong Kong, Asia, China, Shanghai, Beijing

☆ Asia's factories face weak demand, signaling growth challenges ahead
▼ + stars: | 2023-08-01 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Six out of the nine private surveys released Tuesday showed that manufacturing activity in Asia's major producers again contracted in July. In addition to China, readings for Japan, South Korea, Malaysia, Taiwan, Vietnam also signaled contraction in manufacturing activity. "The data reaffirm our view that external demand will constitute a headwind to growth in the second half of 2023." PMI manufacturing surveys are leading indicators of economic activity. A reading above 50 points to an expansion in activity, while a reading below that level suggests a contraction.

Persons: PMIs, Shivaan Tandon Organizations: Factories, Emerging, Capital Economics, PMI Locations: East China's Shandong province, Asia, China, Japan, South Korea, Malaysia, Taiwan, Vietnam, India, Indonesia, Philippines, Emerging Asia

Asia's imports of the super-chilled fuel were estimated at 21.85 million metric tons in July by commodity analysts Kpler, up from June's 21.28 million and the most since January. Europe's imports were estimated at 8.72 million metric tons in July, down from June's 9.06 million and lowest monthly total since August last year. The Kpler data point to an increase of just 570,000 metric tons in Asia's imports in July, while Europe saw a drop of 340,000. Among Asia's major importers, China's demand remains muted with Kpler estimating July arrivals at 5.88 million metric tons, down from 6.20 million in June. South Korea, the world's third-biggest LNG buyer, saw July imports of 2.81 million metric tons, a small decline from June's 2.92 million.

Persons: Robert Birsel Organizations: LNG, Europe's, Reuters, Thomson Locations: LAUNCESTON, Australia, Europe, June's, Asia, Ukraine, Japan, China, South Korea, India, U.S, United States, Europe's U.S

☆ Morning Bid: Will August retain July's heat?
▼ + stars: | 2023-07-31 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

August 1 (Reuters) - A look at the day ahead in Asian markets from Stephen Culp, financial markets journalist. Asian stocks have closed the books on a July that ran fairly hot, and not just with respect to temperatures. On Tuesday, Australia's central bank is expected to follow in the footsteps of its global peers by hiking its policy rate by 25 basis points. Both reports should provide further clarity on the effects of the Federal Reserve's restrictive monetary policy on the world's largest economy. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Stephen Culp, Wall, Deepa Babington Organizations: CSI, Asia Pacific, Nikkei, China PMI, Bank of Japan's, Caterpillar, Institute for Supply, Labor, Reserve Bank of, Global, PMI, Thomson, Reuters Locations: Japan, China, Australia's, United States, India, Korea

The combined business comprises over 9,000 professionals in more than 50 jurisdictions, EQT said in a statement. BPEA EQT had tapped Goldman Sachs to be the lead adviser on the merger of the two companies, Reuters reported. Simon Webster, who joined Vistra as CEO in November 2022, will be the CEO of the combined business, EQT said. BPEA bought Tricor from private equity firm Permira in 2021 for $2.8 billion. EQT agreed last year to buy BPEA or Baring Private Equity Asia in a deal worth 6.8 billion euros ($7.5 billion), creating BPEA EQT.

Persons: EQT, BPEA, BPEA EQT, Goldman Sachs, Lazard, Simon Webster, Webster, Vistra, Tricor, Gokul, Nivedita Bhattacharjee, Mark Potter Organizations: Reuters, Barclays, HSBC, Vistra, Baring Private Equity Asia, Thomson Locations: Hong Kong, China, Vistra, Bengaluru, Yantoultra, Singapore

☆ South Korea's Q2 GDP speeds up but weakness clouds outlook
▼ + stars: | 2023-07-25 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

It beat the median 0.5% rise forecast in a Reuters survey of economists and marked the biggest quarterly growth since the second quarter of 2022. "Qualitatively, it is not so positive as the headline figure indicates," said Park Sang-hyun, chief economist at HI Investment Securities. Asia's fourth-largest economy is expected to grow 1.4% in 2023, down from 2.6% in 2022, according to the latest forecasts by the central bank and the government. "The upshot is that the central bank, enabled by falling inflation, is likely to step in to support the economy by loosening monetary policy in the coming months," said Shivaan Tandon, emerging Asia economist at Capital Economics. Reporting by Jihoon Lee; Editing by Ed Davies, Kim Coghill and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Asia's, Shivaan Tandon, Jihoon Lee, Ed Davies, Kim Coghill, Sam Holmes Organizations: Gross, Bank of, HI Investment Securities, Capital Economics, Thomson Locations: SEOUL, Bank of Korea, Asia

MANILA, July 24 (Reuters) - Philippines President Ferdinand Marcos Jr on Monday touted his administration's successes over the past year, including battling inflation and steering the economy back on track, but said a number of economic challenges lie ahead. After more than a year in office, buffeted by soaring inflation that has dented economic growth, the government is now "stabilising the prices of all critical commodities", Marcos said. "Inflation rate is moving in the right direction," he said in his second state of the nation address. Developing the long-neglected farm sector, which contributes 10% of the country's economic output, is a priority for Marcos, who also helms the agriculture ministry. The Philippines remains vulnerable to global price shocks because it buys a sizeable portion of its rice overseas, and relies on imports for most of its fuel requirements.

Persons: Ferdinand Marcos Jr, Marcos, helms, Michael Ricafort, Enrico dela Cruz, Eloisa Lopez, Bernadette Baum, Mark Potter Organizations: Rizal Commercial Banking Corp, Asia's, Thomson Locations: MANILA, Philippines, Philippine, Rizal, China, Manila, United States

☆ South Korea's economic growth ticks up in second quarter
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 25 (Reuters) - South Korea's economic growth ticked up in the second quarter, led by a more favourable net export contribution, official advance estimates showed on Tuesday, slightly exceeding market expectations. It beat the median 0.5% rise forecast in a Reuters survey of economists and marked the biggest quarterly growth since the second quarter of 2022. By expenditure, exports fell 1.8%, but imports dropped at a much faster rate of 4.2%, bringing a net growth contribution of positive 1.3 percentage points to the heavily trade-reliant economy. GDP for the quarter was 0.9% higher than the same quarter the year before, compared with an expansion of 0.9% in the January-March quarter and a 0.8% increase expected by economists. Reporting by Jihoon Lee; Editing by Ed Davies, Jonathan Oatis and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Asia's, Jihoon Lee, Ed Davies, Jonathan Oatis, Kim Coghill Organizations: Gross, Bank of, Thomson Locations: SEOUL, Bank of Korea

July 25 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. BI won't want the rupiah to strengthen too much because exports will suffer, but won't want potential inflation-boosting weakness either. On a year-on-year basis, GDP was expected to have expanded 0.8% in the April-June period, down slightly from 0.9% in January-March. On a quarterly basis, however, Asia's fourth largest economy is expected to have expanded 0.5%, up from 0.3% growth in the first quarter. Here are key developments that could provide more direction to markets on Tuesday:- Indonesia interest rate decision- South Korea GDP (Q2)- Hong Kong trade (June)By Jamie McGeever;Our Standards: The Thomson Reuters Trust Principles.

Persons: Jamie McGeever, Dalian Wanda, Monday's, Xi Jinping, Wall, Dow, Morgan Stanley's Mike Wilson Organizations: U.S, Garden, Dalian, Communist Party, Bank Indonesia, BI, China, Thomson, Reuters Locations: China, Beijing, Indonesia, South Korea, Asia, Korea, Hong Kong

☆ India is said to be an 'oasis' in the desert. Here are some sectors to watch for
▼ + stars: | 2023-07-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +8 min

Major economies were hit by higher inflation during the Covid-19 pandemic, but India's inflation was already elevated. In June, India's inflation rate was 4.81%, which remains within the Reserve Bank of India's tolerance band of 2% to 6%. There is a paradigm shift and flight of capital from Indian households savings to equity to contribute to the India growth story," Azeez told CNBC's "Squawk Box Asia" last week. "So whichever way one looks at the economic numbers, India appears as an oasis in the global desert," he added. watch nowHowever, Matthew Asia's Mittal said that instead of buying into pharmaceutical companies, upstream companies such as Syngene will be a good investment opportunity.

Persons: Goldman Sachs, Darren Robb, Feroze Azeez, Anand, Azeez, CNBC's, Nifty, it'll, Soumya Rajan, Peeyush Mittal, Nilesh Shah, Shah, Financials, Rajan, Waterfield's Rajan, We've, we've, Hindenburg, Matthews, Mittal, India's, Nestle, Kotak's Shah, Punit Paranjpe, Matthew Asia's Mittal Organizations: Bank, Getty, Wealth, Reserve Bank, Monetary Fund, Waterfield, Matthews Asia, CNBC, Mahindra Asset Management, IDFC, IDFC Ltd, HDFC Bank, Housing Development Finance Corporation, India's HDFC Bank, ICICI Bank, Bajaj Finance, Mahindra Finance, Nestle, World Bank, Nurphoto, Hindustan Unilever, Britannia Industries, Manufacturing Global, Godrej Aerospace, Afp Locations: India, United Kingdom, Japan, Mumbai, China, Nestle India, LuLu, Lulu, Kerala

☆ Hong Kong's golfers gird up for battle as housing policy threatens famed course
▼ + stars: | 2023-07-21 | by ( Clare Jim | ) www.reuters.com time to read: +7 min

[1/2] Miguel Angel Jimenez from Spain hits a shot on the 18th fairway during the final day of the Hong Kong Open Championship at the Hong Kong Golf Club in Hong Kong, China November 18, 2012. The rare measure drew criticism from NGOs who questioned whether the golf course would be redeveloped as planned by 2029. Three of these courses are in the Fanling golf course located close to the border with mainland China. "If you see the aggressiveness of the branding by other countries, Hong Kong is really under the gun. "The (Hong Kong) government absolutely should not allow populism and antagonism against the wealthy to spread," Tong said.

Persons: Miguel Angel Jimenez, Tyrone Siu, Hong Kong's, John Lee, Lee, Simon Yau, Sze Lai Shan, LIV Golf, Amr El Henawy, El Henawy, Ronny Tong, Tong, Clare Jim, Justin Fung, Anne Marie Roantree Organizations: Hong Kong, Hong Kong Golf Club, REUTERS, Hong, Urban Studies, Lingnan University of Hong, Development Bureau, Reuters, Town, Society of Community Organization, HIT, HONG, UNESCO, Pacific Cultural Heritage, Team, Thomson Locations: Spain, Hong Kong, China, Tyrone Siu HONG KONG, Lingnan University of Hong Kong, HONG KONG, Asia, Saudi

☆ Asia's private credit markets thrive as desperate borrowers find lenders
▼ + stars: | 2023-07-20 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Private lenders, meanwhile, had "significant liquidity" to deploy for such financings, proving to be a right fit. Besides property developers, borrowers thronging private markets include privately-held companies and start-ups whose private equity issuance has been stymied by broader stock market swings and the deepening discounts of their valuations, known as a 'down round' in the industry. Investment firm Muzinich & Co. recently announced it had closed a $500 million Asia Pacific private debt strategy. Australian superannuation fund UniSuper, which runs a $15 billion private markets portfolio investing in unlisted infrastructure and private equity, is looking to grow its portfolio. "Just given the pipeline of opportunities, we could see ourselves potentially ... (doing) another $3 to $5 billion," said Sandra Lee, UniSuper's head of private markets.

Persons: Bryan Clark, Andrew Tan, Tan, Sandra Lee, UniSuper's, Shane Forster, Benno Klingenberg, Timm, Rae Wee, Georgina Lee, Vidya Ranganathan, Kim Coghill Organizations: Star, JLL, Western, Muzinich, Asia Pacific, Muzinich's Asia Pacific, ICE, Bain Capital, India's, Mahindra Bank, Hong Kong's ADM, BlackRock, Data, Barclays, UBS, Thomson Locations: SINGAPORE, Arizona, Asia, Hong Kong, Singapore

☆ TSMC flags 10% fall in 2023 sales, spending at low end of forecast
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +3 min

[1/2] A logo of Taiwan Semiconductor Manufacturing Co (TSMC) is seen at its headquarters in Hsinchu, Taiwan August 31, 2018. The world's largest contract chipmaker estimated investment spending for this year at the lower end of a previous estimate of $32-$36 billion amid challenges from rising inflationary costs and an uncertain global economic outlook. For the second quarter ended June, TSMC, a major Apple Inc (AAPL.O) supplier, reported a 23.3% fall in net profit - beating forecasts - although it was its first on-year drop in quarterly profit since the second quarter of 2019 when it fell 7.6%. TSMC saw April-June net profit drop to T$181.8 billion ($5.85 billion) from T$237.0 billion a year earlier. TSMC, Asia's most valuable listed company, said second-quarter revenue dropped 13.7% year-on-year to $15.68 billion, in line with the company's previous forecast.

Persons: Tyrone Siu, TSMC, Refinitiv, Yimou Lee, Sarah Wu, Ben Blanchard, Jacqueline Wong Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Ltd, Apple Inc, Thomson Locations: Hsinchu, Taiwan, Arizona, TAIPEI, U.S, TSMC, China, Taipei

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