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☆ Hong Kong restricts foreign lawyers from national security cases
▼ + stars: | 2023-05-10 | by ( Jessie Pang | Thomson Reuters | Jessie Pang Joined Reuters In After An Internship. She Covers Hong Kong With A Focus On Politics | ) www.reuters.com time to read: +3 min

HONG KONG, May 10 (Reuters) - Hong Kong's legislature passed a legal amendment on Wednesday to prevent foreign lawyers working on national security cases, a restriction critics say will undermine fair trials and the right of defendants to choose their lawyers. The amendment enshrines in law a ruling from China's top lawmaking body last December that Hong Kong courts must get the approval of the city's leader before admitting a foreign lawyer without Hong Kong qualifications for national security cases. It would also discourage some foreign lawyers from getting Hong Kong restricts foreign lawyers from national security casesinvolved, he said. "The vague definition of 'cases concerning national security' in the bill implies that the government can arbitrarily use the new powers to allow or prohibit foreign lawyers from taking up local cases, whatever civil or criminal, on the over-broad ground of 'national security'," Lai said. Beijing imposed the national security law on Hong Kong in 2020 after months of anti-government protests.

☆ China’s New Hot Stocks Are State-Owned Banks and Brokers
▼ + stars: | 2023-05-09 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

Bank of China’s shares are up more than 44% since the start of the year. Photo: Lam Yik/Bloomberg NewsWhile investors in the U.S. are fretting about bank stocks, over in China banks and brokers are among the market’s hottest trades. China Citic Bank ’s shares jumped 10% on Monday in Shanghai, the maximum daily rise permitted in mainland China’s market. Further gains on Tuesday took their increase to 15% this week, leading a rally in the sector that has also included sizable gains in Bank of China, Industrial and Commercial Bank of China and Agricultural Bank of China—all state-owned lenders.

☆ Hong Kong Wants More Tourists, but Mostly ‘Good Quality’ Ones, Please
▼ + stars: | 2023-05-09 | by ( David Pierson | Olivia Wang | ) www.nytimes.com time to read: 1 min

One by one the tour buses descended on the blue collar neighborhood in Hong Kong known as To Kwa Wan — literally translated as Potato Bay — unloading throngs of travelers from mainland China outside large restaurants where a quick lunch awaited them inside. Outfitted in white, red and orange ball caps to denote which tour they belonged to, the visitors crowded the sidewalks, smoked cigarettes under a “No Smoking” sign and bumped into the glass storefront of a real estate office where Nicky Lam, a property agent, was rolling her eyes. “They’re very loud,” Ms. Lam said, complaining that some of the tourists used her office bathroom and water cooler without asking. “One tourist came in and asked for restaurant recommendations,” she added. “I stared at him and said, ‘This is a real estate office.’”

☆ Amazon applies therapy to retail
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

Rising costs and customers battered by inflation are hampering Amazon’s efforts to get its retail division on a path to sustainable profitability. While the rate of sales growth has outstripped growth in costs of distribution, the retail business over the past 12 months has lost $8 billion. More important, investors haven’t loved the idea of subsidizing delivery costs at the expense of profit. Applying therapy to its retailing business won’t change its consumers’ co-dependency. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Omaha man sails into Florida’s imperfect storm
▼ + stars: | 2023-05-09 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

This imperfect storm suits the Berkshire Hathaway (BRKa.N) CEO’s investing style. Underwriters in the state have been feverishly trying to offload risk following last year’s Category 5 hurricane that was Florida’s deadliest in nearly 90 years. The upside is several billion dollars, Jain said, if Mother Nature turns out to be more forgiving. “If the big hurricane happens in Florida, we could lose – across all the units, we could lose as much as $15 billion. And if there isn’t a loss, we’ll make several billion dollars as profit,” Jain said during Berkshire Hathaway’s annual shareholder meeting in Omaha.

☆ Buffett’s imprint on Berkshire reaches its limit
▼ + stars: | 2023-05-08 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, May 8 (Reuters Breakingviews) - Warren Buffett gives off a zen vibe about Berkshire Hathaway (BRKa.N) after his time is up. They’ll have over a decade to wind down the inheritance, in effect insulating Berkshire’s new leaders while they leave their own imprint. The succession planning has been possible because of Buffett’s iron grip, and not everyone is happy about it. One shareholder, Peter Flaherty, proposed separating the chairman and CEO roles at Berkshire. Berkshire security may be able to shut down such dissent at its own shareholder meeting, but it can’t stifle the doubts about life after Buffett.

☆ Vietnam to require social media users to verify identity
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

HANOI, May 8 (Reuters) - Vietnam is preparing to make it mandatory for social media users of both local and foreign platforms to verify their identity in a bid to rein in online scams, state media reported on Monday. The measure, part of the Telecommunications Law Amendment to be issued by the end of this year, will enable law enforcement agencies to track down offenders using social media to break the law, state-run Voice of Vietnam (VOV) newspaper reported. "There are times the authorities can identify social media account holders that violate the laws but cannot track them down because those criminals use cross-border applications," VOV cited information deputy minister Nguyen Thanh Lam as saying. "Unverified accounts, no matter on local or foreign platforms such as Facebook, TikTok, YouTube, will be dealt with." Vietnam in recent years has issued several regulations together with a cybersecurity law that target foreign social media platforms in a bid to battle disinformation in news and force foreign tech firms to establish representative offices in Vietnam and store data in the country.

☆ Crypto-silence is precious for Gensler's SEC
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

But he has taken several enforcement actions against crypto firms alleging that they are selling unregistered securities, and the SEC is considering suing Coinbase. Think from Gensler's perspective, though, and there's little upside in breaking the silence. Accept that digital assets are not securities after all, and he would look foolish for not saying so sooner. Yet state definitively that they are securities, and Gensler would have to show his reasoning, opening the SEC up to more costly legal battles that it could lose. Complain as they may, Gensler's foes may just have to accept that sometimes, no answer is an answer.

☆ Shopify offloads its logistics baggage
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

TORONTO, May 4 (Reuters Breakingviews) - Shopify (SHOP.TO) is finding that simpler is better after all. Investors welcomed the move: Shares of the company led by Tobias Lütke shot up over 20% in morning trade. Shopify wanted to build out its own logistics business, and now it's leaving that job to Flexport instead. That said, Shopify already uses partnerships with other companies to expand in hard-to-crack areas like fintech, including with payments giant Stripe and buy-now-pay-later company Affirm (AFRM.O). Although Shopify said on Thursday that first-quarter revenue rose 25% year-on-year, beating analyst expectations, Shopify's small-business customers are under pressure from rising interest rates.

☆ Morgan Stanley's Slimmon says it's dangerous to be too defensive, names top 'offensive' stock picks
▼ + stars: | 2023-05-04 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

"I do not see much upside in the market near-term," Slimmon, senior portfolio manager at the firm, said in notes sent to CNBC on Tuesday. Stocks to buy Slimmon said it's time to buy some "offensive" stocks. Offensive stocks are those that tend to do well when the market goes up, while defensive sectors are the sectors that outperform when the market goes down. "So I think it's very dangerous to own just very defensive stocks … I think you want some offensive in your portfolio," Slimmon told CNBC's " Squawk Box Asia " on Tuesday. Near-term opportunity Slimmon said there's one area he sees as a near-term opportunity: China.

☆ Eli Lilly’s golden ticket is a regrettable winner
▼ + stars: | 2023-05-03 | by ( Robert Cyran | ) www.reuters.com time to read: +6 min

NEW YORK, May 3 (Reuters Breakingviews) - Eli Lilly’s (LLY.N) Mounjaro might turn out to be the biggest selling drug ever. The pharmaceutical giant is maximizing the diabetes treatment’s gain by using a golden ticket to speed its U.S. approval for use in a possibly bigger market, obesity. Lilly’s peak sales for treating obesity might be about 10 times as high, Jefferies analysts estimate. At the industry multiple of 5 times revenue, that would pad its $535 billion market value by $30 billion. Lilly may have secured a Willy Wonka-like golden ticket that allows its obesity drug to reach customers quicker.

☆ Texas Gunman Who Killed Five Could Be Anywhere in U.S. or Across the Border, FBI Says
▼ + stars: | 2023-05-02 | by ( Alyssa Lukpat | ) www.wsj.com time to read: 1 min

The FBI has increased the reward for information that could help authorities find the suspect. Photo: David J. Phillip/Associated PressA manhunt for a 38-year-old accused of fatally shooting five people in Texas continued for a fourth day, with authorities saying he could be anywhere in the U.S. or across the border. The suspect, Francisco Oropesa , has been on the lam since Friday night, after he shot his neighbors in their house, said San Jacinto County Sheriff Greg Capers . One of the victims was a young boy. They lived in Cleveland, Texas, about 40 miles north of Houston.

☆ Ford and GM can afford to put on a brave face
▼ + stars: | 2023-05-02 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

Automakers General Motors(GM.N) and Ford Motor(F.N) reported operating profit well above Wall Street’s expectations in the first quarter. Their battery-powered makeovers carry risks, but 3.6 million missing car sales thanks to Covid-era shortages means their gas-guzzler cash cows can put on a brave face, thanks to plenty of unfulfilled demand. Ford and GM reported total operating profit 43% and 20% above analyst expectations this quarter, respectively, according to Refinitiv. Reuters GraphicsThis price ratchet added billions to operating profit in recent years. GM increased its expectations for full-year operating profit by $500 million, to a range of $11 billion to $13 billion.

☆ Hong Kong: One of the world's most expensive cities raises minimum wage by 32 cents
▼ + stars: | 2023-05-02 | by ( Jessie Yeung | ) edition.cnn.com time to read: +6 min

So when the Hong Kong government raised the minimum wage by a measly 32 cents on Monday, activists and community workers were scathing in their response. “It cannot cover basic needs in Hong Kong.”The new minimum wage now stands at 40 Hong Kong dollars ($5.1) per hour, up from the previous 37.5 Hong Kong dollars ($4.78) per hour. But Wong said this new increase will make little difference in Hong Kong, consistently ranked one of the world’s most expensive cities. The city’s median hourly wage last year was 77.4 Hong Kong dollars ($9.86), according to the Census and Statistics Department. A demonstration from the Hong Kong Women Workers Association in front of the Central Government Office on May 1, 2023.

☆ Tech groupthink could hinder AI competition
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, May 1 (Reuters Breakingviews) - Everyone wants a piece of OpenAI, the startup behind artificial intelligence-powered chatbot ChatGPT. Now that OpenAI has the support of venture capital’s biggest names, that norm will make life harder for smaller challengers - especially given the steep costs of training AI models and how stretched venture funding is now. Rivals could look to the other tech goliaths; competitor Anthropic, backed by Microsoft nemesis Google, recently completed a similarly sized fundraise. By planting its flag in Silicon Valley early, OpenAI may have won a lasting edge in the AI race. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

In Shanghai, over seven million tourists arrived in the city for the weekend, according to Shanghai Travel Data. Also known as the May Day holiday, the Labor Day break is one of three major annual holidays in China. Tourists visit Nanjing Confucius Temple ahead of the May Day holiday on April 27, 2023 in Nanjing, Jiangsu Province of China. Visitors walk past the Casino Lisboa, operated by SJM Holdings, during Labour Day holiday in Macau, China, April 30, 2023. “The unscrupulous practice of these bed-and-breakfasts is ugly,” said an opinion piece posted on the social media platform by state media People’s Daily.

☆ World's longest bridge could transform Sicily. But not if the Mafia and earthquakes get in the way
▼ + stars: | 2023-04-30 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +9 min

Since then, various plans, including a short-lived idea for a tunnel, have come and gone – like water under the bridge. If built, the bridge across the Straits of Messina would span two miles (3.2 kilometers) and would be the longest suspension bridge in the world. When Salvini became transport minister, he made it his priority, betting his legacy on the bridge. “The bridge over the Strait of Messina is a project that can break ground immediately. The recent arrest of Cosa Nostra boss Matteo Messina Denaro after 30 years on the lam in Sicily represented a victory.

☆ Chinese tourists flock to gambling hub Macau for Labour Day holiday
▼ + stars: | 2023-04-30 | by ( Joyce Zhou | ) www.reuters.com time to read: +3 min

[1/5] A view of visitors in front of the ruins of Saint Paul's during Labour Day holiday in Macau, China, April 30, 2023. REUTERS/Lam YikMACAU, April 30 (Reuters) - Hundreds of thousands of mainland Chinese visitors have descended on the world's biggest gambling hub of Macau for the Labour Day holiday, packing tightly into its narrow cobblestone streets and placing bets in its glitzy casinos. Coco Li, a 42-year-old woman from Hubei province who was visiting with her husband, said they chose to come to Macau because travel rules had relaxed. "We've been actively working with the Macau government on our labour requirements," the company said. Reporting by Joyce Zhou in Macau; Writing by Farah Master; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Cool investors buy time for First Republic fix
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, April 28 (Reuters Breakingviews) - If investors are worried that stresses at First Republic Bank (FRC.N) will hurt other lenders, they aren’t showing it. Stocks of regional U.S. banks are generally faring well despite fears that the San Francisco-based lender might fail. As the government and the private sector mull a rescue, the market’s composure buys precious time for reaching a deal. The difference between now and March, when Silicon Valley Bank and Signature Bank crumpled, is marked. Regional Bank exchange-traded fund (IAT.P) closed with a 0.7% gain.

☆ Fed’s SVB review finds there’s no “I” in “blame”
▼ + stars: | 2023-04-28 | by ( John Foley | ) www.reuters.com time to read: +4 min

So many, in fact, that the report makes it hard to point the blame anywhere in particular. The 114-page post-mortem of SVB, compiled in just over six weeks at the behest of supervisory chief Michael Barr, points out some obvious but undeniable truths. But this ailing dog of a bank also had a too-long leash, thanks to timid, consensus-seeking supervisors. Using pre-rollback rules, SVB would have fallen visibly short of its required liquidity levels by the end of 2022. But the report skirts over the extent to which the Fed’s top staff were aware of risks at SVB.

☆ US economy rides a shopping cart to nowhere
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, April 27 (Reuters Breakingviews) - The American consumer held the U.S. economy afloat in the first quarter, driving an annualized GDP growth rate of 1.1% - less than expected though still enough to avoid recession. But the signs that shoppers are getting tired are already in plain sight. Consumption added 2.5 percentage points to GDP growth, which is close to levels seen in the past. Spending by American households counts for 70% of GDP – meaning shoppers effectively decide whether the U.S. economy is headed for recession or recovery. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Eli Lilly races rising obesity expectations
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, April 27 (Reuters Breakingviews) - The race is on between Mounjaro’s growth and investors’ burgeoning hopes. The drug made by Eli Lilly (LLY.N), which was approved in May to treat diabetes, reaped an astonishing $569 million of revenue in the first quarter less than a year after it was approved for sale. The results encouraged Lilly to raise its annual profit guidance by 3.5%. The pharmaceutical firm also unveiled alongside its earnings release on Thursday that the drug had its second successful large clinical trial against obesity. With another successful trial under Lilly’s belt, Mounjaro is likely to receive an official green light from the U.S. Food and Drug Administration for use in obesity, and more insurers will subsidize the cost.

☆ Meta is younger dog learning newer new tricks
▼ + stars: | 2023-04-26 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

NEW YORK, April 26 (Reuters Breakingviews) - Meta Platforms (META.O) is a full generation younger than its Big Tech peers, and it’s looking pretty fresh, too. The company's first-quarter profit announced on Wednesday beat analysts’ expectations, sending shares of the $530 billion company up 12% in after-market trading. A 3% year-over-year boost in revenue, the first such increase the company has had in a while, was a pleasant surprise. In order to grow ads 26%, the company had to slice the average price per ad by 17%. Operating expenses jumped 10% from the same period last year, giving the company a 25% operating margin for the quarter.

CNN —A Taiwan-based book publisher has been placed under investigation in China on suspicion of “endangering state security,” Beijing said Tuesday amid mounting concern over his disappearance. Li’s detention comes at a tense moment in cross-strait relations, and several Taiwan citizens have been detained in China on state security grounds in recent years. CNN has reached out to Taiwan’s Mainland Affairs Office to inquire about Li’s citizenship status. One of them, Lam Wing-kee, has said he was kidnapped by Chinese “special forces” after crossing the border into mainland China from Hong Kong. Hong Kong used to be a hub for publishing politically sensitive books that would be banned in mainland China.

☆ TikTok ban is the least palatable of options
▼ + stars: | 2023-04-26 | by ( Jennifer Saba | ) www.reuters.com time to read: +8 min

Montana is following a movement around the United States to try to keep Americans from using TikTok. That has consequences: The United States has never pulled a platform used by so many people to communicate. China, which before TikTok had never cracked the U.S. market with a successful social media network, is unlikely to let ByteDance part with TikTok. More recently the company had been working with the Committee on Foreign Investment in the United States to ease concerns. TikTok users in the United States could still binge on short videos, but the company – and its rivals – would face tougher constraints.

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