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☆ 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."

☆ The short seller that took on Asia's richest man has a new target: Wall Street legend Carl Icahn
▼ + stars: | 2023-05-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Hindenburg Research unveiled its short position against Carl Icahn's holding company on Tuesday. The short seller has also targeted Adani Group and payments company Block this year. Hindenburg Research, which earlier this year released a scathing report on Indian conglomerate Adani Group, unveiled its short position against Icahn Enterprises on Tuesday. Shares of Icahn Enterprises plunged nearly 20% shortly after the opening bell, trading at $41.49 at 10:05 a.m. Icahn Enterprises did not immediately respond to Insider's request for comment.

☆ Asia's central banks need to keep their eyes on inflation and address it head-on, IMF says
▼ + stars: | 2023-05-02 | 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 EmailAsia's central banks need to keep their eyes on inflation and address it head-on, IMF saysKrishna Srinivasan of the International Monetary Fund says core inflation is still sticky and it expects "higher for longer for Asia, and that includes India."

☆ Singapore's DBS Bank posts record first-quarter profit, beating estimates
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +1 min

Singapore's biggest bank DBS reported record first-quarter profit on Tuesday, rising a stronger-than-expected 43% from a year earlier on a higher net interest margin, sustained business momentum and resilient asset quality. Southeast Asia's largest lender by assets however said its net interest margin likely peaked in the first quarter and there would be a gradual decline. January-March net profit rose to 2.57 billion Singapore dollars ($1.9 billion) from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv. DBS reported a total net interest margin, a key gage of profitability, of 2.12% for the first quarter, up from 1.46% in the same period a year earlier. DBS expected full-year net interest margin at 2.05% to 2.10%.

DBS, which is also Southeast Asia's largest lender by assets, said January-March net profit rose to S$2.57 billion ($1.92 billion) from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv. Return on equity rose to a new high of 18.6% in the first quarter from 13.1% the same quarter a year earlier, according to its financial statement. Smaller peer United Overseas Bank (UOBH.SI) reported on Thursday a 74% surge in core net profit in the first quarter from a year earlier on the back of strong net interest and non- interest income growth. DBS, which earns most of its profit from Singapore and Hong Kong, declared a dividend of 42 Singapore cents per share for the first quarter. ($1 = 1.3362 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea exports suffer longest losing streak in three years, China sales tumble
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

SEOUL, May 1 (Reuters) - South Korea's exports fell for a seventh straight month in April for their longest losing streak in three years, driven by an extended slump in sales to China and suggesting persistent pressure on the economy from frail global demand. A breakdown of the data showed exports to China tumbled 26.5% for their 11th consecutive month of declines, while those to the United States fell 4.4% in their first shrinking month in three. By product, semiconductor exports dived 41.0%, extending their losses to the ninth straight month. Imports in April fell 13.3% to $52.23 billion following a 6.4% fall in March, also faster than a 10.6% decline expected by economists. Reporting by Jihoon Lee; Editing by Choonsik Yoo & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea exports contract for seventh month, longest streak in 3 years
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

SEOUL, May 1 (Reuters) - South Korea's exports fell for a seventh straight month in April in annual terms, data showed on Monday, marking their longest losing streak in three years and suggesting persistent pressure on the economy from frail global demand. Overseas sales by Asia's fourth-largest economy fell 14.2% year-on-year to $49.62 billion in April, the trade ministry data showed, after a 13.6% fall in February and compared with a 13.5% drop tipped in a Reuters survey. Imports in April fell 13.3% to $52.23 billion following a 6.4% fall in March, also faster than a 10.6% decline expected by economists. As a result, the country posted a trade deficit of $2.62 billion in April, the 14th month in a row that the export-reliant economy suffered monthly trade deficit. Reporting by Jihoon Lee; Editing by Choonsik Yoo & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Southeast Asia's largest lender by assets however said its net interest margin likely peaked in the first quarter and there would be a gradual decline. January-March net profit rose to S$2.57 billion ($1.9 billion) from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv. DBS reported a total net interest margin, a key gauge of profitability, of 2.12% for the first quarter, up from 1.46% in the same period a year earlier. DBS expected full-year net interest margin at 2.05% to 2.10%. DBS, which earns most of its profit from Singapore and Hong Kong, declared a dividend of 42 Singapore cents per share for the first quarter.

☆ IMF raises 2023 economic outlook for Asia, sees China and India making up half of global growth
▼ + stars: | 2023-05-01 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

This comes as the rest of the world braces for slower growth from tightened monetary policy and Russia's invasion of Ukraine. The two largest emerging market economies of the region are expected to contribute around half of global growth this year. International Monetary FundThe IMF's upgraded outlook would mean the region would contribute around 70% of global growth, it said. "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 in its report. On a country-basis, the organization raised its growth outlook for China, Malaysia, the Philippines, and Laos to 5.2%, 4.5%, 6%, and 4% respectively.

REUTERS/Anushree Fadnavis/File PhotoSummarySummary Companies Reliance's JioCinema to lock horns with Netflix, DisneyWarner deal to boost English content, local content in focus tooExecutives say Warner deal will boost Reliance streaming plansJioCinema content quality key to beat rivals, analyst saysMUMBAI, April 28 (Reuters) - The video streaming business of Mukesh Ambani, Asia's richest person, is likely to focus on pricing and local content following a deal with Warner Bros as it seeks to challenge the likes of Disney and Netflix, industry sources said. While Netflix and other rivals boast of content specially created for the India audience, JioCinema's current free offerings largely include old Hindi and local language movies. The big challenge is lack of fresh local and global content on JioCinema, something that will be become even more critical as the IPL season ends next month. They have also diversified into regional local language content. The only way to scale up is to really differentiate your content and make sure execution is right," he said.

☆ Mark Zuckerberg, whose Meta laid off thousands of people, is now the 12th richest person on the planet after his wealth surged to $87 billion
▼ + stars: | 2023-04-28 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Zuckerberg's wealth shot up by $10 billion to top $87 billion on Thursday. Meta has laid off thousands of staffers, which likely impacted the company's productivity and dented employee morale. Because of that, Zuckerberg's wealth shot up by $10 billion to top $87 billion, the highest it's been in over a year. He is now the 12th richest person on the planet, per the Bloomberg Billionaire Index. These cuts are on top of the 11,000 jobs Meta already axed in November, part of the company's broader play to make 2023 its "year of efficiency."

REUTERS/Edgar SuSINGAPORE, April 27 (Reuters) - Vera Liu, a Singapore property agent, was panicking in the wee hours of Thursday morning after new property taxes saw two of her deals fall through. Policymakers are growing concerned that foreign investors increasingly see Singapore property as a hot asset class, squeezing out locals. Christine Sun, the senior vice president of research & analytics at OrangeTee & Tie, called it a "freezing measure" for foreign buyers. Shares of Singapore property companies fell on Thursday, with City Development (CTDM.SI) and UOL Group (UTOS.SI), which have large Singapore footprints, hit hardest. "There's little impact on the other 90%," said Mak, who has been analysing Singapore property for more than two decades.

India's crude imports from Russia are expected to reach a record high in April as Asia's second-biggest oil buyer increasingly turns away from its traditional suppliers in the Middle East. As Russian oil was increasingly sanctioned and shunned by European buyers and some in Asia, such as Japan, the steep discounts on offer led to India's refiners buying increasing volumes. The Middle East's share of India's imports likely dropped to 39.8% in April, according to Refinitiv, down from the 12-month average of 56%. While the buying of Russian crude is fairly broad-based among India's refiners, the biggest buyer is Reliance Industries (RELI.NS), which operates a 1.24 million bpd refinery complex in Jamnagar. Kpler data shows that this complex is expected to receive 20.87 million barrels of Russian crude in April, or about 30% of the total volume of India's imports.

☆ He bought a budget airline for 30 cents in 2001 and turned it into one of Asia's top budget airlines. Now, he's ready to walk away.
▼ + stars: | 2023-04-26 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

In September 2001, Fernandes bought the AirAsia brand from a Malaysian government-owned conglomerate for the equivalent of 30 cents at the time. And he's ready to walk away: "Good leadership is to know when to go," he told Bloomberg in an interview published Tuesday. And though he's already talking about plans to replace him, Fernandes doesn't know "exactly when I press the button." Newly privatized carrier Air India appointed an executive of Scoot, the low-cost arm of Singapore Airlines, as CEO in June. There were also airline executive reshuffling at American Airlines and Southwest Airlines in December.

☆ Asia's richest banker will loom over his successor
▼ + stars: | 2023-04-25 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

It will also be messy and is at odds with the regulator’s own aim to improve governance across the industry. Bosses of the country’s private-sector banks are allowed to stay in their jobs for up to 15 years. It is little surprise that more than 99% of investors voted for him to stay, per exchange filings published last week. If Kotak sits on the board, his successor - expected to be an insider – will effectively continue to work with his or her long-time boss. If things go wrong at Kotak, regulators may end up wondering who to blame.

☆ Thai c.bank chief sees economy growing at 3.6% this year
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, April 24 (Reuters) - Thailand's economy is still seen growing at 3.6% this year, the central bank chief said on Monday, in spite of some turbulence in the first half of the year. Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput told reporters exports are seen down 7.1% year-on-year in the first half of 2023, before rising 4.2% in the second half. Headline inflation, which cooled to 2.83% in March, is expected at 3.3% in first half and 2.5% in the second half. The BOT last month raised its benchmark rate by a quarter point to 1.75% to curb inflationary pressures. The BOT has raised its key rate by a total of 125 basis points since August, less aggressive than many of its peers.

☆ How to put your best travel foot forward for Earth Day 2023
▼ + stars: | 2023-04-22 | by ( Forrest Brown | ) edition.cnn.com time to read: +20 min

But you don’t have to totally cut out travel or stay super close to home to be a good planetary citizen. You need a city that’s dedicated to getting it right to best enjoy an urban biking vacation. Here, we've curated 30 of our favorite corners, including the Thu Bon River, which flows through central Vietnam. A maze of rivers and caves, the UNESCO World Centre is defined by its craggy limestone facades and jade green water. Bruno De Hogues/Photodisc/Getty Images Phong Nha-Ke Bang National Park: A UNESCO World Heritage, Phong Nha-Ke Bang National Park is heaven for spelunkers.

☆ Here are Friday's biggest analyst calls: Amazon, Tesla, CVS, Microsoft, XPO, AT&T, Spotify & more
▼ + stars: | 2023-04-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Bank of America reiterates Alphabet as buy Bank of America says it's bullish heading into Alphabet earnings next week. JPMorgan reiterates Amazon as a best idea JPMorgan says it's bullish heading into the e-commerce giant's earnings report next week. "We continue to see streaming music & audio as an attractive growth market and remain OW WMG and SPOT." Stephens initiates SentinelOne as overweight Stephens initiated the cyber security company with an overweight and says it has "best-in-class growth." JPMorgan reiterates Charles Schwab as overweight JPMorgan says Charles Schwab could be worth more if it were to "de-bank."

☆ Israel cements ties to Turkmenistan on Iran's border
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

Although the countries established diplomatic relations 30 years ago, there had only been a temporary Israeli mission in Ashgabat and predominantly Muslim Turkmenistan still has no embassy in Israel. "I came to open an Israeli embassy 17 kilometres from the border with Iran, and to hold a series of meetings with the president and other officials," Cohen tweeted on Thursday. In English remarks to Israeli reporters accompanying Cohen, his Turkmen counterpart, Rashid Meredov, described the embassy inauguration as "a very shining example of our friendship". Cohen, who also met Turkmen President Serdar Berdymukhamedov, called his visit "historic" and said Israel's ties with Central Asia's "energy superpower" were of strategic importance. "We intend to widen economic relations to include agriculture, water, technology and border defence," Cohen said in a video issued by Israel's Foreign Ministry.

read moreTSMC forecast revenue of $15.2 billion to $16 billion in the quarter ending June 30, down from $18.16 billion a year prior. TSMC, Asia's most valuable listed company, said first-quarter revenue dropped 4.8% year-on-year, in line with the company's previous forecast. Net revenue from China grew to 15% from 12%, while net revenue from North America fell to 63% from 69%. read moreThe chipmaker forecast 2023 capital expenditure of $32-36 billion, unchanged from a previous estimate. CEO Wei said TSMC was evaluating the possibility of building a speciality fabrication plant in Europe for auto chips.

☆ Japan's SMFG is first global bank to sell AT1 bonds since C.Suisse wipeout
▼ + stars: | 2023-04-19 | by ( Junko Fujita | ) www.reuters.com time to read: +2 min

AT1 bonds - the riskiest tranche of a bank's bonds also known as "contingent convertibles" or "CoCo" bonds - can be converted into equity or written off if a bank's capital level falls below a certain threshold. SMFG sold the bonds in two tranches, in 89 billion yen ($662.50 million) five-year notes, and 51 billion yen 10-year bonds. The 89 billion yen issuance carries a coupon rate of 1.879% for the initial five years and two-month period, a regulatory filing showed. "In Japan, where spreads over corporate bonds are thin, the terms for these AT1 bonds were reasonably good, provided that the banking sector is credible," said Pictet's Otsuki. Japanese banks' AT1 bonds had been configured in a way the value is secured even if the government is involved in restructuring, and SMFG's new issues are seen to have the same features, she said.

☆ Germany's foreign minister: Parts of China trip 'more than shocking'
▼ + stars: | 2023-04-19 | by ( Alexander Ratz | ) www.reuters.com time to read: +2 min

[1/2] German Foreign Minister Annalena Baerbock speaks during a joint press conference with Chinese Foreign Minister Qin Gang (not pictured) at the Diaoyutai State Guesthouse in Beijing, China, April 14, 2023. Suo Takekuma/Pool via REUTERS/File PhotoBERLIN, April 19 (Reuters) - German Foreign Minister Annalena Baerbock on Wednesday described parts of her recent trip to China as "more than shocking" and said Beijing was increasingly becoming a systemic rival more than a trade partner and competitor. Beijing in turn asked Germany to support Taiwan's "reunification" and said China and Germany were not adversaries but partners. Speaking to the German Bundestag (lower house of parliament) on Wednesday about her China trip, Baerbock said "some of it was really more than shocking". China is Germany's largest trading partner, said Baerbock, but this did not mean Beijing was also Germany's most important trading partner.

☆ These are the 10 fastest-growing millionaire hotspots worldwide — and three are in the U.S.
▼ + stars: | 2023-04-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Hangzhou in China is one of the cities where wealth has grown the fastest in the past decade, a new report says. Hangzhou in China comes out on top of the list assessing the fastest-growing millionaire hotspots. Two further Chinese cities, Shenzhen and Guangzhou are also in the top 10, coming in third and seventh place respectively. Andrew Amoils, head of research at wealth intelligence firm New World Wealth, which worked on the report with Henley & Partners, links the jumps to various factors. "The US's dominance over the global tech sector has probably played a role in European cities struggling.

☆ On Malaysia homecoming, Oscar winner Yeoh vows to nurture local film talent
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +2 min

Yeoh, 60, won the Oscar for her portrayal of Chinese American laundromat owner Evelyn Wang in the science-fiction kung fu comedy "Everything Everywhere All at Once". We have to create platforms that will showcase their talent," Yeoh told a news conference before a fan event. Dressed in loose jeans and a white blouse, Yeoh posed for pictures smiling with her Oscar statuette in front of a sign that said "pride of Malaysia". [1/7] Malaysian actress Michelle Yeoh shows her engraved Oscar statuette during a news conference after returning to her home country for the first time since winning her first Oscar for Best Lead Actress, at Kuala Lumpur, Malaysia April 18, 2023. "I heard the roar of joy, happiness all across the world to Los Angeles," she told fans, recalling when the winner was revealed.

LAUNCESTON, Australia, April 18 (Reuters) - There is an increasing disconnect between the forecasts for strong global oil demand growth this year, led by Asia, and the reality of weakening margins for refined fuels. The profit from turning a barrel of Dubai crude into refined products at a typical Singapore refinery dropped to $2.53 a barrel on Monday. The falling margins on refined fuels may result in refiners in Asia processing less, especially as crude costs continue to rise. Despite the current problems facing refiners, both OPEC and the International Energy Agency (IEA) are sticking to bullish forecasts for crude demand growth in 2023. OPEC is also maintaining a bullish view for 2023 oil demand growth, keeping its forecast for an increase of 2.32 million bpd in its latest monthly report.

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