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Nomura analysts were equally downbeat on China's economic outlook. Most economists see downside risk to Chinese growth but they don't expect a recession. It was the slowest growth since December 2022, and shows just how much of a challenge authorities face as they try to make consumption the key driver of future economic growth. MORE STIMULUSAsian stocks stalled at one-month lows, the yuan hit a 9-month nadir while the dollar held broadly firm after the weak Chinese data and latest policy easing measures. But we do need to lower our expectations for China's growth."

Persons: Julian Evans, Pritchard, Nomura, Nie Wen, Robert Carnell, Liangping Gao, Albee Zhang, Shri Navaratnam Organizations: National Bureau of Statistics, Capital Economics, Retail, Hwabao Trust, Investment, Reuters, ING, NBS, Nomura, Thomson Locations: BEIJING, Beijing, China, Asia, Pacific

☆ Premier urges Chinese tech giants to support economy as crackdown ends
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

After listening to suggestions from firms that also included PDD Holdings' (PDD.O) Pinduoduo and JD.com (9618.HK), Li told them authorities would seek to make regulation of platform firms more transparent and predictable. Shares in some U.S.-listed Chinese firms rallied in premarket trade, with Alibaba Group Holding gaining 2.2% and PDD Holdings rising 2.7%. Still Zhou Hao, economist at Guotai Junan International, said Wednesday's meeting was a "positive signal". "A sound development of the platform economy is very significant to investors too. Prudent development of platform firms is important to investors' long-term valuation," he added.

Persons: Li Qiang, Li, ByteDance's Douyin, Zhou Hao, Ella Cao, Brenda Goh, Ellen Zhang, Ethan Wang, Ryan Woo, Barbara Lewis, Mark Potter Organizations: Wednesday, HK, PDD Holdings, Alibaba, Ant, Reuters, Guotai, Thomson Locations: BEIJING, China, premarket

Erdogan's ties to Russian President Vladimir Putin have weighed on Turkey's relations with its traditional Western allies for years, along with other factors including concern over his increasingly autocratic rule. "Turkey doesn't want the Turkish-Russian relationship to be badly hurt, but this will inevitably have an impact on relations. Ankara has been important to Moscow as Erdogan has refused to join Western sanctions against Russia over the Ukraine invasion. 'ROSE-TINTED SPECTACLES'The Kremlin said it intended to develop relations with Turkey "despite all the disagreements". In 2009, Cyprus blocked six out of the 35 chapters Turkey must conclude as part of its EU accession negotiations.

Persons: Erdogan, Tayyip Erdogan, Vladimir Putin, Volodymyr Zelenskiy, Dalay, Washington, Biden, Putin, Dmitry Peskov, Peskov, Evren Balta, Orhan Coskun, Tom Perry, Mark Heinrich Our Organizations: NATO Russian, NATO, Western, Analysts, Ukraine, Chatham, VISA, Turkish, Reuters, Kremlin, Russia, European Union, EU, Union, Ozyegin University, Thomson Locations: Sweden, Turkey, Washington, ANKARA, ISTANBUL, U.S, Russia, Ukraine, Ankara, Moscow, Turkish, NATO, Republic of Turkey, Europe, Cyprus

[1/2] British Chancellor of the Exchequer Jeremy Hunt holds a Ministerial Statement at the House of Commons in London, Britain, June 26, 2023. The government rocked pension savers last September with a fiscal statement that drove government bond yields higher and forced pension schemes to scramble for cash, triggering a parliamentary inquiry into their investments. The government is under pressure to revitalise domestic investor interest in several industries considered key to Britain's growth, including fintech, biotech, life science and clean technology. Encouraging greater investment in growth assets will help younger savers but the reforms offer little hope to those retiring in the near term. Inflation continues to ravage Britain's economy, with rates running higher than in any other major rich country.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Richard Gnodde, Becky O’Connor, Jon Hatchett, Hymans Robertson, Andrew Bailey, Hunt, Anna Anthony, Sinead Cruise, Carolyn Cohn, Nick Macfie Organizations: REUTERS, Aviva, Goldman Sachs, Public Affairs, Bank of England, Financial, Thomson Locations: London, Britain, City, PensionBee, Britain's

☆ EU, Japan to deepen chip cooperation - Breton
▼ + stars: | 2023-07-03 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

[1/2] EU Commissioner for Internal Market Thierry Breton speaks during an interview with Reuters in Tokyo, Japan July 3, 2023. REUTERS/Issei KatoTOKYO, July 3 (Reuters) - The European Union (EU) will deepen cooperation with Japan on semiconductors, its industry chief said on Monday, as countries move to strengthen control over a technology vital for defence, electronic and automotive industries. The EU and Japan will work together to monitor the chip supply chain and facilitate exchange of researchers and engineers, Thierry Breton said. "We believe that it's extremely important to secure the supply chain of semiconductors," Thierry Breton told Reuters in Tokyo, where he is discussing cooperation on chips and artificial intelligence with the government and companies. The deepening cooperation between the EU and Japan comes as the bloc has pledged to reduce its dependence on China, which aims to increase its capabilities in high-end technology such as chips.

Persons: Thierry Breton, Issei Kato TOKYO, Rapidus, Breton, Sam Nussey, Chang, Ran Kim, Himani Organizations: Internal, Reuters, REUTERS, European Union, EU, IBM, JSR, Thomson Locations: Tokyo, Japan, EU, Leuven, Belgium, China

☆ EU plans to boost ammunition production to aid Ukraine
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, May 2 (Reuters) - The European Union's executive wants to set aside more than 500 million euros ($550 million) to increase ammunition production to help Ukraine and replenish the stocks of EU member countries. Under a plan to be presented by the European Commission on Wednesday, the EU would give subsidies to European arms firms for investments that increase production of ammunition and missiles. The latest element of the ammunition drive aims to give arms firms incentives to increase their production. It would set aside 500 million euros from the EU budget to part-finance projects that increase capacity. Breton said the EU had a substantial industrial base for the production of ammunition but "it does not have the scale today to meet the security needs of Ukraine and our Member States".

LONDON, April 14 (Reuters) - A year on from the nickel crisis the London Metal Exchange (LME) is still struggling to regain trading momentum. Volumes dropped sharply after the controversial decision to suspend nickel trading and cancel trades. In this subdued metals trading landscape there are currently two unlikely star performers: London lead and Shanghai tin. The Shanghai nickel contract took a big collateral hit from the LME's crisis and volumes remain depressed, down by half year-on-year in the first quarter. ShFE volumes year-on-year change in Q1 2023LEAD GETS INDEX BOOSTERThe two metallic stand-outs in terms of first-quarter trading activity were LME lead and ShFE tin.

☆ 'We are all Chinese', former Taiwan president says while visiting China
▼ + stars: | 2023-03-28 | by ( Nicoco Chan | ) www.reuters.com time to read: +3 min

[1/4] Former Taiwanese President Ma Ying-jeou gestures as he arrives at an airport in Shanghai, China March 27, 2023. Ma, in office from 2008-2016, is the first former or current Taiwanese president to visit China since the defeated Republic of China government fled to Taiwan in 1949 at the end of a civil war with the Communists. He is visiting amid heightened tension as Beijing uses political and military means to try and pressure democratically governed Taiwan into accepting Chinese sovereignty. Taiwan President Tsai Ing-wen has repeatedly offered talks with China, but has been rejected as China considers her a separatist. He and Chinese President Xi Jinping met in Singapore in 2015.

☆ S.Korea's Yoon to visit Japan for summit, first such trip in 12 years
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

SEOUL, March 9 (Reuters) - South Korean President Yoon Suk Yeol and his wife will visit Japan from March 16-17 at Tokyo's invitation, his office said on Thursday, the first such visit in 12 years after Seoul announced a plan to end a protracted dispute over wartime forced labour. Yoon will hold a summit meeting with Japanese Prime Minister Fumio Kishida. "The visit... will be an important milestone in the improvement and development of relations between South Korea and Japan," Yoon's office said in a statement. “South Korea is an important neighbour with which we should cooperate in addressing various issues in the international community,” Japan Chief Cabinet Secretary Hirokazu Matsuno said at a briefing. South Korea's defence ministry said on Tuesday it would work with Japan to enhance security cooperation, including trilateral relations with the United States.

But its tussle with the $620 million Toyo, Japan's third-largest marine construction firm in which it holds 27%, has been anything but whimsical. When asked for comment, Toyo Construction said it intended to set up a committee to consider the takeover proposal. It said it repeatedly requested more information to help it evaluate the offer but the Yamauchi office had not responded. The Yamauchi family office announced its all-cash offer to take Toyo private in May last year, a 30% premium to an earlier bid by Toyo's then largest shareholder. The board supported the lower offer, which later lapsed and the Yamauchi family office says it spent many months trying to engage with the board.

☆ Ford to cut 3,800 engineering, administration jobs in Europe
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 14 (Reuters) - Ford (F.N) plans to cut 3,800 product development and administration jobs in Europe in the next three years, the company said on Tuesday, citing rising costs and the need for a leaner structure as it pivots production to electric vehicles. The news comes as a blow to unions who said in late January the worst-case scenario was 2,500 job cuts in Europe in product development and a further 700 in administration. The cuts were needed to "revitalise business in Europe", Ford said in a statement. Lawler also said at the time that productivity of engineers in Europe was 25-30% lower than it should be. Ford is due to launch its first electric vehicle in Europe built on Volkswagen's MEB platform in Cologne later this year and is considering bringing a Ford platform to Europe, possibly to its plant in Valencia, Sander said.

☆ Swatch positive on recovery in luxury demand from China
▼ + stars: | 2023-01-24 | by ( John Revill | ) www.reuters.com time to read: +3 min

SummarySummary Companies Says January sales have exceeded January 2022Company now expects record sales for 2023Stock hits highest level since July 2021ZURICH, Jan 24 (Reuters) - Swatch Group (UHR.S) shares hit their highest level in nearly two-and-a-half years on Tuesday after the world's biggest watchmaker said it expected a recovery in luxury demand from China. The sales growth in January in China reinforces the Group's expectation to aim for a record year in 2023." The outlook sent Swatch's shares to their highest level since July 2021, and was the latest positive signal for the luxury sector at the start of the Chinese Year of the Rabbit. "To reach the record sales number of 2014 Swatch Group would need to have growth of 16% in 2023," said Patrik Schwendimann of Zuercher Kantonalbank. Europe's luxury sector($1 = 0.9192 Swiss francs)Reporting by John Revill; editing by Kirsten Donovan and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Swatch Group positive about Chinese market recovery in 2023
▼ + stars: | 2023-01-24 | by ( John Revill | ) www.reuters.com time to read: +2 min

The sales growth in January in China reinforces the Group's expectation to aim for a record year in 2023." Rival Swiss luxury group Richemont last week said it was seeing a "strong retail rebound" in China in the run-up to the Chinese New Year. Swatch, which in July said targeted a double digit sales increase for 2022, said its sales in China fell by 700 million Swiss francs ($761 million) during the year. Overall sales increased by 2.5% to 7.499 billion Swiss francs or by 4.6% in constant currency terms, while net profit rose to 823 million francs from 774 million francs a year earlier. Aiming for a record year implies over 23% sales growth, which is a pretty big call by [CEO Nick]Hayek."

Currently trading around $9,130, the copper price is up by 9.6% since the start of January. Investors played copper from the short side for much of last year, if they were prepared to engage at all. The funds' sudden return is a sign that many are betting on a much sunnier outlook. "To the degree these short positions have not already covered, this may support copper in the short term", the bank said. It's clear, though, that copper long positioning is primarily a bet on Chinese recovery, underpinned by measures to revitalise a foundering property sector and more metals-intensive green infrastructure.

LONDON, Dec 22 (Reuters) - China's imports of primary aluminium jumped to a one-year high of 110,700 tonnes in November in a significant reversal of the recent trend. China's imports and exports of primary unwrought aluminiumTRADE FLOWS FLIP AGAINChina's primary aluminium export surge has passed. Global aluminium production monthly change annualisedSLOWING MOMENTUMChina's renewed import appetite for primary aluminium looks at odds with the combination of lockdown-weakened demand and strong domestic production growth. Expressed in terms of annualised production, China's collective run-rate has dropped by almost 1.2 million tonnes since August. Sichuan briefly rationed power to industrial users, including aluminium smelters, in August because of a protracted drought in the hydro-rich province.

Money manager positioning on the CME's copper contract shifted back to a net long at the start of November for the first time since early May. Bulls remain conspicuous by their absence, waiting to see how Doctor Copper prices the confusing combination of Western recession and tentative recovery in China. The bounce has forced an unwind of fund short positions, which have more than halved to 31,177 contracts as of last Tuesday. Bears have retracted their claws on both exchanges but there's been no corresponding surge in bullish exuberance among fund managers. Investment fund and other financial net positioning on LME copperRECOVERY AND RECESSIONFunds' reticence to commit to copper is understandable given the market is trying to price two conflicting trends.

[1/2] South African President Cyril Ramaphosa delivers his State of the Nation Address at parliament in Cape Town, South Africa, June 20, 2019. REUTERS/Rodger Bosch/Pool via REUTERSJOHANNESBURG, Dec 1 (Reuters) - President Cyril Ramaphosa, the anti-apartheid champion who become one of South Africa's wealthiest businessmen and then its most powerful politician, was battling for his political survival on Thursday. Ramaphosa was the leading negotiator for the African National Congress (ANC) during talks that led to a peaceful end to apartheid in 1994, which enabled Nelson Mandela to become South Africa's first Black president. Shanduka Holdings, which is unlisted, has become one of the biggest black-owned groups in the country, holding 10% stakes in South Africa's biggest bank, Standard Bank, and insurer Liberty. Ramaphosa's negotiating skills at constitutional talks in the early 1990s won him grudging respect from South Africa's last white president, F.W.

☆ Analysis: Germans go back to basics to get back on track at World Cup
▼ + stars: | 2022-11-27 | by ( Ossian Shine | ) www.reuters.com time to read: +4 min

But if this was a German team in crisis, you would never have known and they set about their task with plenty of huff and not inconsiderable puff. Many in the arena expected Spain ease to the finish line as they stretched the Germans this way and that with incisive passing and tireless pressing. It had worked in all four of Germany's World Cup titles. Thoroughly reinvigorated from the introduction of Fuellkrug, Germany looked a different side. Eight years of tinkering following the retirement of all-time World Cup scorer Miroslav Klose was instantly forgotten as Fuellkrug led the line in the fashion of German World Cup greats Ottmar Walter, Gerd Mueller, Juergen Klinsmann and Klose.

☆ Tom Ford return offers remedy for Gucci fatigue
▼ + stars: | 2022-11-04 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

MILAN, Nov 4 (Reuters Breakingviews) - Tom Ford’s return to the realm of Gucci owner Kering (PRTP.PA) would add some much-needed sparkle. Bringing Tom Ford himself on board could even help revitalise it. Tom Ford offers diversification at a reasonable valuation. Sales of Tom Ford Beauty’s cosmetics and fragrances grew at a double digit rate in the third quarter, according to Vogue Business. In August, the Wall Street Journal reported that beauty giant Estée Lauder was looking to buy Tom Ford for $3 billion.

☆ Analysis: Xi's next premier faces tough task reviving Chinese economy
▼ + stars: | 2022-10-24 | by ( Kevin Yao | ) www.reuters.com time to read: +4 min

China's economic tsar, Liu He, a U.S.-trained economist who is seen as the brains behind earlier reforms, will be replaced by He Lifeng, another Xi acolyte. "We face the problem of weakening expectations and confidence and it's empty talk if we cannot revitalise the economy," Jia said. China's economic miracle started in 1978 when Deng Xiaoping kicked off historic reforms, allowing more private enterprises and opening the economy to foreign investment. The poll showed China's growth could pick up to 5.0% in 2023, helped by a lower base. Xi's Standing Committee choices disappointed investors who had been hoping he would keep some reform-minded officials, including former Guangdong party boss Wang Yang.

☆ Hong Kong leader John Lee delivers his maiden policy address
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +5 min

HONG KONG, Oct 19 (Reuters) - Hong Kong's new leader John Lee delivered his maiden policy address annual policy address on Wednesday, mapping out his priorities for the former British colony which returned to Chinese rule in 1997. - To set aside HK$30 billion from the Future Fund to establish the Co-Investment Fund for attracting enterprises to set up operations in Hong Kong and investing in their business. ECONOMY- To set up a new Hong Kong Investment Corporation Limited (HKIC) to further optimise the use of fiscal reserves for promoting the development of industries and the economy, and to attract and support more enterprises to develop their business in Hong Kong. - To develop Hong Kong into an international carbon market. - The Hong Kong Monetary Authority (HKMA) has begun the preparatory work for issuing "e-HKD" (e-Hong Kong dollar) and is collaborating with the Mainland institutions to expand the testing of "e-CNY" (e-Chinese yuan) as a cross-boundary payment facility in Hong Kong.

☆ South Korea plans reforms to tackle 'Korea discount' for its stocks
▼ + stars: | 2022-09-20 | by ( Joori Roh | ) www.reuters.com time to read: +3 min

A woman talking on the phone walks past an electronic board of the Korea Composite Stock Price Index (KOSPI) at the Korea Exchange (KRX) in Seoul, South Korea, January 20, 2016 REUTERS/Kim Hong-Ji/File PhotoSEOUL, Sept 20 (Reuters) - South Korea plans to announce financial reforms later this year, including its policy on shareholder returns, that could help reduce the "Korea discount" in stock markets, a senior government official told Reuters on Tuesday. The "Korea discount" refers to a tendency for South Korean companies to have lower valuations than global peers due to factors such as low dividend payouts, the dominance of opaque conglomerates known as chaebols and geopolitical risks involving North Korea. Register now for FREE unlimited access to Reuters.com RegisterSome of the policies the authority is looking into include dividend policy, registration requirements for foreign investors and corporate filings. "(South Korea's) current dividend policy does not meet the global standard and has been mentioned several times by foreign investors ... In South Korea, unlike other major economies, companies confirm dividend amounts weeks after the so-called ex-date - after which buyers of the stock do not receive the payout - creating uncertainty for investors.

☆ EXCLUSIVE Kaisa offshore creditors offer $2 bln to take over stalled projects - sources
▼ + stars: | 2022-09-19 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

A sign of the Kaisa Holdings Group is seen at the Shanghai Kaisa Financial Centre, in Shanghai, China, December 7, 2021. It also comes as authorities are scrambling to contain a mortgage boycott by homebuyers against stalled projects. The offshore bondholder group, which is being represented by financial advisory group Lazard Ltd, made the offer to acquire Kaisa's stalled projects to the developer's advisor CITIC Securities, said the people. As most of Kaisa's projects are in top-tier Chinese cities, where housing prices are relatively resilient, bondholders expect to reap the profits after the completion of the stalled projects, said the two people. It is unclear how many stalled projects would be covered by the bondholder group's offer, and how many of them meet the purchase criteria laid out by the group.

☆ Exclusive: Kaisa offshore creditors offer $2 billion to take over stalled projects
▼ + stars: | 2022-09-19 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

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