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☆ Australia aims to start making guided missiles within two years
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, April 26 (Reuters) - Australia said on Wednesday it would start domestic manufacture of guided missiles by 2025, two years sooner than expected, in a wide-ranging shakeup of defence arrangements to focus on long-range strike capability. read moreThe timetable for domestic manufacture of guided weapons, originally set for 2027, will be hastened to within two years by allocating A$2.5 billion to the project, Defence Minister Richard Marles said in media interviews. The government was already in talks with missile manufacturers Raytheon (RTX.N) and Lockheed (LMT.N) about establishing production in Australia, Marles added. Discussions were also being held with Kongsberg (KOG.OL), the Norwegian manufacturer of the naval strike missile Australia had already agreed to purchase, he said. Pat Conroy, the minister for defence industry, said the review recommended acquiring Kongsberg's joint strike missile which would "allow us to look at manufacturing the Strike Missile family of missiles in Australia".

☆ Australia to prioritise long-range strike capability in defence shakeup
▼ + stars: | 2023-04-24 | by ( Kirsty Needham | ) www.reuters.com time to read: +5 min

[1/6] Australian Prime Minister Anthony Albanese, Australian Deputy Prime Minister Richard Marles, Australian Defence Industry Minister Pat Conroy and Chief of the Australian Defence Force (ADF) Angus Campbell speak to the media at a news conference after the release of the Defence Strategic Review at Parliament House in Canberra, Australia April 24, 2023. AAP/Lukas Coch/via REUTERSCANBERRA, April 24 (Reuters) - Australia's government will prioritise long-range precision strike, domestic production of guided weapons, and diplomacy - key points of a review released Monday recommending the country's biggest defence shakeup since World War Two. Australia must also strengthen defence cooperation with Japan, India, Pacific and South East Asian nations, the review said. The review found Australia's defence force was "not fit for purpose", he said. The navy needs more smaller vessels with long-range strike weapons, with details decided after an independent analysis this year, the report said.

☆ Swiss bank Julius Baer makes key appointments in Southeast Asia
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, April 13 (Reuters) - Zurich-based Julius Baer (BAER.S) has appointed Chin Lit Yee as its new head of South East Asia, the private bank said on Thursday. Kevin Tay will assume Yee's previous role as group head of South East Asia, with all appointments coming into effect on Thursday, according to the statement. Prior to joining Julius Baer in 2015, he had worked with Credit Suisse, Deutsche Bank and J.P. Morgan, according to Thursday's statement. The appointments come as Julius Baer intensifies its focus on Asia, its second home market. Meanwhile, Julius Baer named Yee Kim Tan as its Singapore branch manager.

☆ Australia defence chief: US intel leak report 'serious' incident
▼ + stars: | 2023-04-11 | by ( Kirsty Needham | ) www.reuters.com time to read: +2 min

SYDNEY, April 11 (Reuters) - A possible intelligence leak by the United States was a "serious" incident, Angus Campbell, the chief of Australia's Defence Force, said on Tuesday, adding that the U.S. was engaging with its partners to understand the consequences. The AUKUS partnership with Britain and the United States for Australia to acquire nuclear-powered submarines was the most prominent example of engagement, he said, but Australia was also working with Pacific island and South East Asian nations. Asked whether Australia had a role in a conflict over Taiwan, Campbell said, "Anything that undermines the security, stability and prosperity of the Indo-Pacific region in which we live is of interest to Australia." The war in Ukraine showed that there was no way to predict how any conflict would unfold, Campbell said. Reporting by Kirsty Needham; Editing by Tom Hogue, Clarence Fernandez and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. and China wage war beneath the waves – over internet cables
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +28 min

Three of China’s state-owned carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd (China Unicom) – had committed funding as members of the consortium, which also included U.S.-based Microsoft Corp and French telecom firm Orange SA, according to six people involved in the deal. China Telecom, China Mobile, China Unicom and Orange did not respond to requests for comment. China Telecom, China Mobile and China Unicom were resolutely behind HMN Tech, which had come in with a bid of around $500 million. China Telecom and China Mobile threatened to walk off the project, taking tens of millions of dollars of investment with them. Among them is China Telecom, which had previously won authorization to provide services in the United States.

☆ Prada sees solid revenue growth for 2023 after beating expectations last year
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

MILAN, March 9 (Reuters) - Italy's Prada said on Thursday it expects revenue growth to outpace rivals this year, after sales exceeded analyst expectations in 2022 thanks to a strong performance in Europe. "In 2023, we expect revenue growth to remain solid and above market average," Prada's new Chief Executive Andrea Guerra said in the statement, adding that China had started again to be "an engine of growth". Prada said net sales grew 63% in Europe with a strong performance across the region, sustained by local demand and an upturn in tourism throughout the year. Revenue growth in the Americas stood at 22% with a "normalisation" in the second half of last year. The growth in Asia Pacific was hit by the lockdowns in China, but the strong performance in South Korea and South East Asia helped to contain the decline.

☆ Alibaba shares rally 6% after massive earnings beat
▼ + stars: | 2023-02-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Alibaba reported earnings for its fiscal third quarter that smashed expectations, sending U.S.-listed shares soaring 6% higher at 7:07 a.m. EST. Net income: 46.82 billion yuan vs 34.02 billion yuan, up 69% year-on-year. During the December quarter, China abruptly ended its strict Covid controls such as lockdowns. Revenue from Alibaba's biggest business, the China commerce division, which includes its popular marketplace Taobao, totaled 169.99 billion yuan, down by 1% year-on-year. International commerce revenue grew 18% year-on-year to 19.47 billion Chinese yuan.

☆ ASEAN chair Indonesia to intensify talks on code for South China Sea
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Willy KurniawanJAKARTA, Feb 4 (Reuters) - Indonesia plans to intensify talks with China and other Southeast Asian countries to finalise a code of conduct (COC) for the disputed South China Sea, its foreign minister said on Saturday, amid escalating tensions in the strategic waterway. Indonesia is preparing to host a round of negotiations on the COC this year, the first taking place in March, the foreign minister said. China claims jurisdiction over almost the entire South China Sea based on its U-shaped "nine-dash line", a boundary found to have no legal basis by the Permanent Court of Arbitration in the Hague in 2016. ASEAN members the Philippines, Vietnam, Malaysia and Brunei all have overlapping claims with China in the strategic waterway. Separately, ASEAN members wrapped up talks having only reiterated support for the bloc's five-point peace plan on Myanmar which includes the cessation of conflict in the conflict-torn nation and the start of dialogue.

☆ Ericsson shares slide as fourth-quarter earnings disappoint
▼ + stars: | 2023-01-20 | by ( Supantha Mukherjee | ) www.reuters.com time to read: +3 min

The company has already announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023. The company's net sales rose in the fourth quarter, but margins, net income and core earnings fell. The company's fourth-quarter adjusted operating earnings, excluding restructuring charges, fell to 9.3 billion Swedish crowns from 12.8 billion a year earlier. Net sales rose 21% to 86 billion crowns, beating estimates of 84.2 billion. A settlement of a patent deal with Apple (AAPL.O) last month resulted in revenue of 6 billion crowns, but Ericsson also took 4 billion crowns in charges, including a provision for a potential fine from U.S. regulators and divestments.

☆ South Koreans are the world's biggest spenders on luxury goods
▼ + stars: | 2023-01-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Handbags displayed in a Chanel SA store window at the Avenuel department store, operated by Lotte Shopping Co Ltd., in Seoul, South Korea, on Tuesday, Dec. 14, 2021. Whether it's calf-leather Italian Prada bags or classic, checkered British Burberry trench coats, South Koreans are the world's biggest spenders on personal luxury goods per capita, Morgan Stanley said. The investment bank estimated South Korean total spending on personal luxury goods grew 24% in 2022 to $16.8 billion, or about $325 per capita. Luxury brands have also highlighted strong sales in Korea. Moncler said its revenue in South Korea "more than doubled" in the second quarter compared with before the pandemic.

☆ Microsoft mulls building 'super app' - The Information
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - Microsoft Corp (MSFT.O) recently considered building a "super app" that could include shopping, messaging, news and web search services among others, The Information reported on Tuesday, citing people familiar with the matter. The Windows-maker mulled building the app to loosen the hold of Alphabet Inc's Google (GOOGL.O) and Apple Inc (AAPL.O) on the mobile search space, according to the report. Microsoft executives wanted the app to also boost the company's multibillion-dollar advertising business and Bing search, as well as draw more users to Teams messaging and other mobile services, The Information reportedMicrosoft did not immediately respond to a Reuters request for comment. Tesla Inc (TSLA.O) Chief Executive Elon Musk, who also owns Twitter, has shown interest in building a super app named "X" that would combine a multitude of services. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand's Ardern set to meet China's President Xi
▼ + stars: | 2022-11-17 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

[1/2] New Zealands' Prime Minister Jacinda Ardern addresses the 77th United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 23, 2022. REUTERS/Caitlin OchsWELLINGTON, Nov 17 (Reuters) - New Zealand Prime Minister Jacinda Ardern expects to meet Chinese President Xi Jinping on Friday on the sidelines of the meeting of the Asia-Pacific trade group APEC, a New Zealand government spokesperson said on Thursday. It will be their first meeting in person since 2019, although they spoke by telephone in 2021. Ardern flew to Cambodia this week to attend the East Asia Summit of the Association of South East Asian Nations (ASEAN), hold two-way meetings and attend related events. Reporting by Lucy Craymer; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ EXCLUSIVE Tesla mulls exporting China-made EVs to United States-sources
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +5 min

Tesla's Shanghai Gigafactory has the capacity to produce 1.1 million electric vehicles per year after an upgrade earlier this year, making it Tesla's most productive manufacturing hub. The California plant, Tesla's first, produces the Model S, the Model 3 sedans and the Model X and Model Y crossovers. At the same time, the price gap between Tesla cars sold in China and the United States has been widening, reflecting both higher U.S. prices and new discounts in China. Tesla sells the Model Y for the equivalent of $49,344 in China, compared to the U.S. price of $65,990. loadingTesla would not be the first U.S. automaker to ship made-in-China vehicles to the United States.

☆ Southeast Asia's top digital economies expected to hit $200 billion in 2022, report shows
▼ + stars: | 2022-10-27 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

SINGAPORE — South East Asia's top digital economies grew faster than expected in 2022 and is set to reach $200 billion in total value of transactions made this year, according to a new report by Google, Temasek and Bain & Company. An earlier report in 2016 estimated the internet economy in the region's six major countries will close in on $200 billion in GMV by 2025. The six major economies covered in the report are: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. "After years of acceleration, digital adoption growth is normalising," said the report released Thursday. Southeast Asia continues to see growth in the number of internet users — with 20 million new users added in 2022, raising the total number of users to 460 million.

☆ Factbox: Who's in and out in Credit Suisse's day of reckoning
▼ + stars: | 2022-10-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Oct 27 (Reuters) - Credit Suisse's (CSGN.S) latest shake-up has led to the promotion of some senior executives to more powerful roles while others are leaving. IN:MICHAEL KLEINA former Citigroup Inc (C.N) dealmaker, Klein has been named adviser to Credit Suisse CEO Ulrich Körner. He was hired by former Credit Suisse boss Tidjane Thiam in 2017 to run equity derivatives globally. A Spanish national, Lopez Lorenzo joined Credit Suisse in 2015 from JPMorgan (JPM.N) where he was a managing director in New York. The 47-year-old banker was part of a new crop of executives who had been tasked to restore Credit Suisse's reputation after a series of scandals.

☆ Indonesia's China-funded rail project on track despite cost overrun
▼ + stars: | 2022-10-13 | by ( Yuddy Cahya Budiman | ) www.reuters.com time to read: +3 min

Indonesian President Joko Widodo stands beside an Electric Multiple Unit high-speed train for a rail link project part of China's Belt and Road Initiative at Tegalluar train depot in Bandung, West Java province, Indonesia, October 13, 2022. Antara Foto/Hafidz Mubarak/via REUTERSTEGALLUAR, Indonesia, Oct 13 (Reuters) - A high-speed railway project in Indonesia, part of China's Belt and Road Initiative, is on track for a 2023 launch despite ongoing negotiations between the two countries about the project being over-budget, officials said on Thursday. KCIC has said the project is facing a cost overrun of about $2 billion, raising the estimated total cost to 113 trillion rupiah ($7.36 billion). KCIC's President Director Dwiyana Slamet Riyadi confirmed the discrepancy in cost calculations, saying negotiations are underway to resolve it. Dwiyana said discussions were ongoing as to whether Chinese President Xi Jinping may witness a trial run of the rail project when he visits the Southeast Asian country next month for the G20 leaders' summit.

☆ China auto sales growth slows in Sept as signs of softening demand emerge
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +3 min

China's overall auto sales growth also slowed compared to the previous two months, growing 25.7% in September to 2.61 million vehicles. The market is overall relatively weak," said Cui Dongshu, secretary general of the China Passenger Car Association (CPCA). CPCA, which focuses on retail sales of cars, said earlier on Tuesday that China's passenger car sales in September rose 21.2% from a year earlier to 1.95 million. CAAM, which tracks broader auto sales including passenger vehicles, buses and trucks, has said it hopes the government will extend those incentives next year. In September, China's vehicle exports increased 73.9% from a year ago, CAAM said and EVs accounted for one-sixth of them.

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