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June 5 (Reuters) - UBS Group AG (UBSG.S) is looking to retain more than 100 Credit Suisse Group AG (CSGN.S) investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said. Bloomberg said that UBS's retention target of more than 100 bankers did not include China. UBS and Credit Suisse declined to comment on the report. Credit Suisse also declined to say how many investment bankers it currently employs in Asia. Reuters last month reported that hundreds of Credit Suisse employees are resigning each week in a sign of the uncertainty gripping the lender while it is being taken over by its larger rival.

Persons: Sergio Ermotti, Yana Gaur, Jamie Freed, Kirsten Donovan Organizations: UBS Group AG, Credit Suisse Group AG, Suisse's, Reuters, Bloomberg News, Bloomberg, UBS, Credit Suisse, Thomson Locations: Asia, South Korea, Thailand, Vietnam, India, China, Bengaluru

☆ UBS to retain more than 100 Credit Suisse bankers in Asia -Bloomberg News
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 4 (Reuters) - UBS Group AG (UBSG.S) is looking to retain more than 100 Credit Suisse Group AG (CSGN.S) investment bankers across Asia, as the Swiss banking giant plans to shore up talent in markets where its rival has a stronger presence, Bloomberg News reported on Sunday. Bloomberg said that Switzerland's biggest bank's retention target of more than 100 bankers did not include China. It has held talks with a few bankers in China, but the final number being kept will depend on discussions with regulators, the report added. UBS did not immediately respond to a request for comment on the report, while Credit Suisse declined to comment. Reuters last month reported that hundreds of Credit Suisse employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by its larger rival.

Persons: Sergio Ermotti, Mrinmay Dey, Jamie Freed Organizations: UBS Group AG, Credit Suisse Group AG, Bloomberg, Suisse's, UBS, Credit Suisse, Reuters, Thomson Locations: Asia, Swiss, South Korea, Thailand, Vietnam, India, China, Bengaluru

☆ China seeks dialogue, says clash with U.S. would be 'unbearable disaster'
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, June 4 (Reuters) - Chinese Defence Minister Li Shangfu said on Sunday that conflict with the United States would be an "unbearable disaster" but that his country seeks dialogue over confrontation. "It is undeniable that a severe conflict or confrontation between China and the U.S. will be an unbearable disaster for the world." In their latest row, China's military criticised the United States and Canada for "deliberately provoking risk" after the countries' navies staged a rare joint sailing through the sensitive Taiwan Strait on Saturday. U.S. Secretary of Defense Lloyd Austin rebuked China in a speech at the security meeting in Singapore on Saturday for refusing to hold military talks, leaving the superpowers deadlocked over their differences. Reporting by Chen Lin, Greg Torode; Editing by Gerry Doyle and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Shangfu, Li, Joe Biden's, Defense Lloyd Austin, Austin, Chen Lin, Greg Torode, Gerry Doyle, Raju Gopalakrishnan Organizations: Chinese Defence, People's Liberation Army, U.S, National Defence, . U.S, Defense, Saturday, Thomson Locations: SINGAPORE, United States, China, U.S, Washington, Beijing, Taiwan, South, Canada, ., Singapore, Russia, Asia

Guardia Civil/Handout via REUTERSMADRID, June 1 (Reuters) - Spanish police raided three clandestine tobacco factories early this year, seizing nearly 40 million euros ($44 million) worth of tobacco leaf and illicit cigarettes. This operation is one of dozens across the EU that regional policing and anti-fraud agencies say have driven seizures of illicit cigarettes to record levels. It may have been further accelerated by the war in Ukraine, which for years has been a production hub and transit route for illicit tobacco, OLAF added. TOBACCO INVESTIGATORSThe industry has responded by hiring investigators to research illicit operations and share intelligence with European authorities, executives at Japan Tobacco, BAT and Imperial Brands told Reuters. "A good many workers from Ukraine have been found in these illegal factories," Japan Tobacco's Byrne said about counterfeiting operations across the EU.

Persons: who'd, OLAF, Cyrille Olive, Philip Morris, Olive, Europol, Vincent Byrne, Byrne, Japan Tobacco's Winston, Alex McDonald, Ernesto Bianchi, McDonald, Japan Tobacco's Byrne, They're, they're, Richa Naidu, Emma Pinedo, Emilio Parodi, Matt Scuffham Organizations: Guardia Civil, REUTERS, Spanish, EU, BAT, Imperial Brands, Japan Tobacco, Philip Morris International, Reuters, Marlboro, America's Dunhill, Supplies, Investigators, Mobile, Thomson Locations: Seville, Spain, Guardia, REUTERS MADRID, Alfaro, Europe, Ukraine, British American, France, Netherlands, Portugal, Slovenia, Denmark, Czech Republic, Ireland, Japan, China, Asia, EU, Russia, Belarus, Roda de Ter, Barcelona, Spanish, Italy, Pomezia, Russian, Moldovan, London, Madrid, Milan

As life in China returns to normal after the pandemic, hawkers are hitting the streets. They look to at least supplement their income amid an uneven economic recovery in which jobs and wage growth has been sluggish. For decades, street stalls and hawkers - common elsewhere in Asia - have been banned or tightly regulated in many Chinese cities, with authorities seeing them as unsightly. The tech hub of Shenzhen, which banned hawking in 1999, will ease restrictions on street stalls from September. Lanzhou in the northwest said this month it would designate areas for street stalls as it sought to encourage innovation and entrepreneurship.

South Korean companies do not disclose the unit prices for their weapons, which are often sold with support vehicles and spare parts. That will include building South Korean arms on license in Poland, officials in Seoul and Warsaw said. "It may work for some countries at very, very low volume," he added of Polish-brokered South Korean weapons sales, discussing challenges the joint operation might face. The 2022 arms deal began with South Korean companies signing a framework agreement with the Polish government. Seoul has since approved at least some South Korean weapons components for use in Ukraine.

☆ Ukraine peace plan is only way to end Russia's war, says Zelenskiy aide
▼ + stars: | 2023-05-29 | by ( Max Hunder | ) www.reuters.com time to read: +5 min

He pushed back on a flurry of peace initiatives from China, Brazil, the Vatican and South Africa in recent months. "There cannot be a Brazilian peace plan, a Chinese peace plan, a South African peace plan when you are talking about the war in Ukraine," Zhovkva said in an interview late on Friday. Zelenskiy made a major push to court the Global South this month in response to peace moves from some of its members. Moscow has bolstered ties with Global South powers during the war in Ukraine, including by selling more of its energy to India and China. 'PEACE SUMMIT'Zhovkva said the reaction to Ukraine's 10-point peace plan had been extremely positive at the G7 summit.

☆ Central Asia leaders converge in China as Xi touts 'enduring' friendship
▼ + stars: | 2023-05-18 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

The first to land was President Kassym-Jomart Tokayev of Kazakhstan - China's largest trading partner in Central Asia - with his face-to-face meeting with Xi on Wednesday ending with a deal to build "enduring friendship" and share "weal and woe". Tokayev's deal with Xi will set the tone for the other bilateral meetings, where China will seek deeper cooperation with other Central Asia states in its quest to achieve greater food, energy and national security. Two-way trade between China and Central Asia hit a record $70 billion last year, with Kazakhstan leading with $31 billion. Kyrgyzstan followed with $15.5 billion, Turkmenistan with $11.2 billion, Uzbekistan with $9.8 billion and Tajikistan with $2 billion. Reporting by Andrew Hayley; writing by Ryan Woo; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Farmers in Poland and other eastern European countries who held out for higher prices have been hit by a perfect storm. A jump in exports from Brazil and Russia helped to drive global grain prices lower while the EU opened its borders to tariff-free Ukrainian grain imports in a show of solidarity after Russia blocked the country's Black Sea ports. After opening its borders to Ukrainian grain, Poland imported 2.08 million tonnes of maize and 579,315 tonnes of wheat last year, up from just 6,269 tonnes of maize and 3,033 tonnes of wheat in 2021. If the grain corridor due to expire this month were to collapse, Ukrainian farmers would have little option but to send all their grain exports through eastern Europe. European wheat prices hit post-harvest highs in October 2022 of more than 350 euros a tonne but since then prices have dropped to pre-invasion levels of about 235 euros.

The sole breadwinner of a family of five is about 8 million baht ($236,000) in debt and has no cash savings. In February, it said that household debt levels should be brought down from 86.9% of GDP at the end of 2022 to below 80% to help reduce financial risks. Political parties' extravagant election promises could increase the macro-economic risks posed by debt, analysts say. "There was no warning," said Achin Chunglog, president of a nationwide group of volunteers that helps people struggling with debt. In the rural hinterland, 90% of farm households have outstanding loans, according to a March study that described a "vicious cycle of debt".

☆ IMF raises Asia's economic forecast on China recovery, warns of risks
▼ + stars: | 2023-05-02 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"Asia and Pacific will be the most dynamic of the world's major regions in 2023, predominantly driven by the buoyant outlook for China and India," the IMF said its regional economic outlook report. "As in the rest of the world, domestic demand is expected to remain the largest growth driver across Asia in 2023." Asia's economy is expected to expand 4.6% this year after a 3.8% increase in 2022, contributing around 70% of global growth, the IMF said, upgrading its forecast by 0.3 of a percentage point from October. "The costs of failing to bring inflation below target are likely to outweigh any benefits from keeping monetary conditions loose," the IMF said. "Insufficient tightening in the short term would require disproportionately more monetary tightening later to avoid high inflation becoming ingrained, making a larger contraction more likely."

chartEither way, extremely low U.S. volatility generally bodes well for other stock markets. And worrying UK inflation figures may extend a dark shadow over Asia. Figures on Wednesday showed that Britain was the only country in western Europe with double-digit inflation in March, prompting several banks to raise their UK rate outlook. UK money markets are pricing in a further 75 basis points of tightening this year, taking the base rate up to 5%. Meanwhile, Australia's central bank governor Philip Lowe addresses the media on Thursday and India's central bank releases the minutes of its last policy meeting.

☆ Spain's PM Sanchez to go on state visit to China
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

MADRID, March 23 (Reuters) - Spanish Prime Minister Pedro Sanchez will visit China next week following a formal invitation by President Xi Jinping, as the Asian country seeks to position itself as a mediator in the ongoing war in Ukraine. The weight that Spain and Pedro Sanchez have in the world is unquestionable," Bolaños said, adding that "China has a key role to play in mediating the war". Bolaños said the visit would also be important from a trade and economic perspective, as Sanchez plans to meet with the Asia Pacific Forum and Spanish businesses operating in China. Xi has just concluded a three-day trip to Moscow, where he described China's position on the conflict as "impartial". The latest bilateral talks between the two leaders took place in November 2022 during the G-20 summit in Bali, Indonesia.

HONG KONG, March 3 (Reuters) - Bank of America (BAC.N) and Citigroup (C.N) have cut some investment banking jobs in Asia, people familiar with the matter told Reuters, joining global peers in paring headcount as China dealmaking slows. Citi on Thursday trimmed four jobs from its China investment banking team, said one of the two people and a separate person. BofA and Citi both declined to comment on layoffs involving investment bankers in Asia. JPMorgan (JPM.N) has also cut around 20 investment banking jobs, mostly mid-level bankers focused on China deals, according to two separate sources. Nomura Holdings Inc (8604.T) has cut 18 Asian banking jobs, most of them China-focused investment banking roles, sources have said.

☆ Major deadly earthquakes in the past two decades
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +4 min

White Helmets/via REUTERSFeb 6 (Reuters) - Some of the world's most deadly earthquakes in the past two decades are listed below, after a 7.8 magnitude quake struck central Turkey and northwest Syria on Monday and killed hundreds of people. - Aug. 14, 2021 - HAITI - A 7.2 magnitude earthquake struck southern Haiti, killing more than 2,200 people and destroying or damaging about 13,000 homes. - April 16, 2016 - ECUADOR - A magnitude 7.8 earthquake hammered Ecuador, killing more than 650 people on the country’s Pacific coast. - Sept 24, 2013 - PAKISTAN - Twin earthquakes, measuring 7.7 and 6.8 magnitude, rattled southwestern Balochistan province, killing at least 825 people. - May 12, 2008 - CHINA - A 7.8 magnitude earthquake hit Sichuan province, killing about 87,600 people.

☆ Russia seeks 'new level' of China ties
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Jan 30 (Reuters) - Russia said on Monday that it wanted to take ties with China to a "new level" and was looking forward to face-to-face talks with Beijing's leadership as a Russian newspaper reported that China's top diplomat would visit Moscow in February. "We are convinced that the potential for Russian-Chinese bilateral cooperation is still far from exhausted," Russia's foreign ministry said. The Russian foreign ministry's comments came shortly after Russia's Vedomosti newspaper reported that China's chief diplomat Wang Yi was set to visit Moscow in February. According to the newspaper, Wang may visit Putin during his stay. The purpose of Wang's visit is unclear but may be related to preparations for an upcoming visit to Russia by Chinese President Xi Jinping, it added.

☆ Japan to roll out plans to back Ukraine at 'appropriate time', U.S. official says
▼ + stars: | 2023-01-17 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 17 (Reuters) - Japan is engaged deeply on issues in Ukraine and is expected to roll out plans at the "appropriate time" to support Kyiv against Russia's invasion, White House Indo-Pacific coordinator Kurt Campbell said on Tuesday. "Prime Minister Kishida has a game plan and is already engaged deeply on issues in Ukraine," Campbell told a Center for Strategic and International Studies event. "I fully expect that at appropriate time Japan will be rolling out specific plans to support Ukraine in a variety of ways. They are active in many of the contact group discussions about support for Ukraine and they are just a key member," Campbell said, adding that Japan was "stepping up". Reporting by Kanishka Singh, Michael Martina and David Brunnstrom in Washington, editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

DAVOS, Switzerland, Jan 16 (Reuters) - Job cuts are not "top of mind" for Manulife Financial Corp (MFC.TO), Canada's largest insurer, as it sees significant growth opportunities, fuelled particularly by Asia, CEO Roy Gori said on Monday. "We are in growth mode," Gori told the Reuters Global Markets Forum on the sidelines of the World Economic Forum's annual meeting in Davos, adding that his firm has been increasing headcount. "We are growing at more than double or triple the GDP in most of the markets that we operate in. That means that we're investing organically to grow our business and ... possibly looking at inorganic opportunities for growth as well." The prospect of an imminent global recession cast a long shadow over Davos on Monday as participants counted the likely cost for their economies and businesses.

Jan 6 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The deepening gloom surrounding the Fed and its 'higher for longer' stance on interest rates will surely spread to Asia - likely soon, depending on how the latest U.S. employment data pans out. Watch foreign exchange markets, too - the dollar is up 1.5% so far this week, on course for its best week since September. Of course, a higher dollar, rising U.S. Treasury yields and tighter U.S. financial conditions is never a good mix for emerging markets. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

That made Vietnam one of the top buyers of Russian arms, according to data from the Stockholm International Peace Research Institute (SIPRI), which tracks global military expenditures. Starting Thursday, the country will host its first large-scale international arms trade fair, for which more than 170 companies from 30 countries have registered, the defence ministry said. The Defence Ministry referred questions about the country's defence industry to the Foreign Ministry, which did not respond to requests for comment. A half-dozen Russian defence firms are registered for the Hanoi fair, including Rosoboronexport, the state agency that imports and exports weapons. That year, the COVID-19 pandemic reduced Vietnam's military imports to only $32 million, of which $9 million worth were Russian arms.

But she warned the outlook was "exceptionally" uncertain and dominated by risks, such as the fallout from Russia's war in Ukraine, global financial tightening and a slowdown in China's growth. But we need to rebuild and preserve buffers and be prepared to fully use our policy tool-kit," she told the same forum. The fallout from China's slowdown has been particularly painful in Asia, where factory activity slumped across the region in November. At the forum, Bank of Japan Governor Haruhiko Kuroda said he did not see a significant risk of Asia facing a sudden loss of confidence or a renewed financial crisis. "ASEAN policymakers must be vigilant" to risks and offer "clear, sufficient and timely communication to avoid unintended outcomes," he said.

☆ UAE's ADNOC to cut 5% of Dec crude volumes to term-buyers in Asia - sources
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 28 (Reuters) - Abu Dhabi National Oil Company (ADNOC) will cut 5% of the December crude oil supply to some term-lifters in Asia but will provide full contractual volumes in January, five sources with knowledge of the matter said on Monday. ADNOC exports the bulk of its crude to Asia and its grades include Murban, Umm Lulu, Das and Upper Zakum. "The output cut has to be reflected in the market. And it makes sense that oil producers want to hold off selling at such oil prices," a Singapore-based trader said. read moreSpot premiums of Middle Eastern crude, Oman, Dubai and Murban, slid this month as market sentiment soured amid oversupply fears.

This has led to two IHC subsidiaries rounding out the three biggest companies on the Abu Dhabi Securities Exchange (ADX). ITH was expected to turn over half a billion dirhams ($136 million) and have $1 billion in assets by the second quarter, Shueb said. Pure Health, under Alpha Dhabi, aims to raise more than $1 billion in a first-quarter IPO delayed from this year. Its merger with state-owned Abu Dhabi Health Services (SEHA), which Shueb said has almost 24,000 employees, is taking longer than expected, delaying the IPO. IHC, which completed four IPOs this year and plans a similar number in 2023, has yet to appoint banks for the Pure Health IPO, Shueb said, adding it is considering a possible 2023 IPO of International Energy Holding.

Not only are Treasury yields across the curve the highest in years, the rapid pace of increase makes sporadic spillovers into other regions and markets almost inevitable. At its current level, the 10-year Treasury yield is up around 260 bps this year. With the yen at a fresh 32-year low near 150 per dollar, all eyes are on the BOJ. The offshore yuan is at a record low against the dollar and the onshore yuan is at its lowest since 2008. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

REUTERS/David GraySummarySummary Companies Net zero push stokes hopes for offshore wind projectsVictoria state aims for 9 GW offshore wind by 2040Sector needs new regulations, to lure technology suppliersIndustry also set to face environmental, landowner concernsMELBOURNE, Sept 27 (Reuters) - Under a new government, Australia is shaping up to be the next big market for offshore wind developers, attracting interest from the likes of Shell, Denmark's Orsted and Norway's Equinor. To many in the industry, Australia could well become the next boom market for offshore wind. Community concerns about the impact of wind turbines on bird life, such as orange-bellied parrots, and sealife, such as fish and whales, are also expected. "There's only a limited number of vessels in the world that can be used for erecting turbines offshore. Victoria state's Gippsland coast first in lineThe state, which has spearheaded the country's offshore wind push, plans to procure 2 gigawatts (GW) of offshore capacity with supply due by 2032, enough to power 1.5 million homes.

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