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☆ How U.S. bank balance sheets have changed as Fed raises rates
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

Alongside that, overall U.S. commercial bank credit during the third quarter began shrinking on a year-over-year basis for the first time in more than a decade, Fed data show. Overall bank credit, reported weekly, stood at $17.26 trillion on the last Wednesday of September on a non-seasonally adjusted basis, down from $17.30 trillion on the last Wednesday of June and $17.33 trillion a year earlier. Reuters Graphics Reuters GraphicsBank deposits overall stabilized during the quarter, after falling sharply in the wake of the March bank failures. Reuters Graphics Reuters GraphicsDeposits at smaller banks fell sharply after the March bank turmoil, but have recovered much of their losses, and are now down about 2% from their April 2022 level. Reporting by Ann Saphir; Editing by Dan Burns and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Reuters Graphics Banks, Ann Saphir, Dan Burns, Diane Craft Organizations: Silicon, JPMorgan, Citigroup, Reuters Graphics, Reuters Graphics Reuters, Bank, Graphics, Thomson Locations: U.S, Wells Fargo

☆ Dollar holds on to gains after firm U.S. inflation; focus turns to China data
▼ + stars: | 2023-10-13 | by ( ) www.cnbc.com time to read: +2 min

A foreign currency dealer counts US dollar notes at a currency market in Karachi on July 19, 2022. The dollar remained firm on Friday, putting pressure across a basket of currencies as stronger-than-expected U.S. consumer inflation revived prospects that the Federal Reserve will have to keep rates higher for longer. U.S. consumer prices were pushed higher by a jump in rental costs in September, data showed on Thursday. On the day, markets are also focused on a handful of economic data from China out later in the Asian morning, including trade data, consumer inflation and producer prices for September. The Australian dollar , which often trades as a proxy for China growth, stood at $0.6321, while the kiwi fell to $0.59275.

Persons: David Doyle, Macquarie, Kyle Rodda, Sterling Organizations: Federal Reserve, Bloomberg News Locations: Karachi, U.S, Tokyo, China

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. Reuters' analysis of China's savings on oil purchases from the three sanctioned countries compares what Chinese importers would have paid by purchasing similar grades from non-sanctioned producers. For imports of Venezuelan oil, mostly heavy grade Merey, China saved an average of $10 a barrel versus comparable Colombian Castilla crude, the calculations based on the trader data showed. With January-September inflows of Venezuelan oil at around 430,000 bpd, according to the average of the Vortexa and Kpler data, China's savings from buying Venezuelan oil was $1.17 billion. TEAPOT MARGINSWith state refiners Sinopec and PetroChina refraining entirely from buying Iranian and Venezuelan crude, teapots have feasted on discounted oil from the two suppliers.

Persons: Aly, Kang Wu, Brent, Viktor Katona, Chen Aizhu, Muyu Xu, Tony Munroe Organizations: REUTERS, refiners, Reuters, P, Administration, Customs, Vortexa, Russia's, Castilla, Brent, U.S . State Department, U.S ., Thomson Locations: Zhuhai, China, Russia, Iran, Venezuela, SINGAPORE, United States, Moscow, Tehran, Caracas, East, West Africa, South America, Beijing, Kpler, Kozmino, Baltic, Ukraine, Europe, India, Brazil, Urals, Oman, U.S, Venezuelan, teapots, Shandong, Israel

☆ Beijing Hyundai cuts asking price for Chongqing auto plant by 30%
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A Beijing Hyundai sign is seen at an entrance to the Beijing Hyundai Motor plant in Chongqing, China October 8, 2018. REUTERS/Yilei Sun/File Photo Acquire Licensing RightsSHANGHAI, Oct 9 (Reuters) - Beijing Hyundai Motor has cut the minimum asking price for its auto plant in the southwestern Chinese city of Chongqing by almost 30% to 2.58 billion yuan ($353.38 million) after putting it up for sale in August. The price cut for the plant, a joint venture between South Korea's Hyundai Motor (011760.KS) and Beijing Automotive Group Co, was disclosed in a filing on the China Beijing Equity Exchange late last month. Beijing Hyundai Motor is selling the land use rights, equipment and other facilities belonging to its plant as the South Korean automaker rejigs its strategy in China amid fierce price competition and slowing demand. The original asking price was 3.68 billion yuan, and the statement did not give a reason for the reduction.

Persons: Brenda Goh, Zhang Yan, Joyce Lee, Jamie Freed Organizations: Beijing Hyundai, REUTERS, Yilei, Rights, South Korea's Hyundai, Beijing Automotive Group, China Beijing Equity Exchange, South, Hyundai, U.S, Thomson Locations: Beijing, Chongqing, China, South, South Korean, Seoul

☆ Shanghai stock exchange probes Zhejiang King after its public listing halt
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

A security guard stands at the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China, February 3, 2020. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Oct 8 (Reuters) - The Shanghai Stock Exchange said it will probe Zhejiang King Co Ltd after the Chinese maker of air conditioners halted its initial public offering (IPO) amid media reports about alleged issues such as the overpricing of shares. Zhejiang King on Saturday said it will suspend the new share subscription procedure initially scheduled on Monday because of the media reports, without specifying the nature of those reports. Zhejiang King said in its prospectus published last month that assets related to its air conditioner business were indirectly acquired from a different listed air conditioner company via a series of asset restructuring schemes. Zhejiang King said last month it aimed to raise 2.38 billion yuan ($325.98 million) at 68.07 yuan per share.

Persons: Aly, Zhejiang King, Roxanne Liu, Ryan Woo, Christian Schmollinger Organizations: Shanghai Stock Exchange, REUTERS, Rights, Zhejiang King Co, China Securities Index Co, Thomson Locations: Pudong, Shanghai, China, Rights BEIJING, Zhejiang King, Zhejiang

[1/2] Dollar banknotes are seen under Euro saving money box in this picture illustration taken February 16, 2017. The European common currency was last down 0.16% at $1.0533, a touch above Tuesday's 10-month low of $1.0448 but still set for a further weekly decline of 0.2% making that streak the longest since its launch in 1999. The dollar's recent strength has been underpinned by a rapid sell-off in U.S. government bonds, which sent yields to multi-year highs. "The pause in the bond sell-off is granting some room for recovery for most currencies against the dollar. The Australian dollar was steady at $0.6364, but set for a 1% weekly decline.

Persons: Dado Ruvic, Francesco Pesole, Vishnu Varathan, Rae Wee, Alun John, Shri Navaratnam Organizations: REUTERS, Rights, ING, Bank of Japan, Ministry of Finance, Mizuho Bank, Swiss, Thomson Locations: Rights SINGAPORE, LONDON, U.S, United States, Singapore, London, Lincoln

☆ Dollar pauses rally as markets brace for U.S. nonfarm payrolls test
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: +3 min

The dollar dipped on Friday but traders were largely keeping to the sidelines in both the currency and U.S. Treasury markets as they looked to U.S. nonfarm payrolls data later in the day for potential catalysts. The dollar index , which earlier in the week hit a roughly 11-month high of 107.34, last settled at 106.37, but remained on track for 12 straight weeks of gains. The benchmark 10-year Treasury yield last stood at 4.7269%, while the two-year yield settled at 5.0267%. The pause in the dollar's rally has also provided a much-needed reprieve for the yen , which last bought 148.48 per dollar. Sterling edged 0.03% lower to $1.2188 and was likewise headed for five straight weeks of losses, struggling against a dominant dollar.

Persons: Rodrigo Catril, We've, Vishnu Varathan, Thierry Wizman Organizations: . Treasury, greenback, U.S, Treasury, National Australia Bank, Bank of Japan, Ministry of Finance, Mizuho Bank ., Sterling, European Central Bank, Bank of England, Reserve Bank of Australia, New Zealand, Reserve Bank of New Locations: U.S, Reserve Bank of New Zealand

☆ Dollar pauses rally as markets brace for US nonfarm payrolls test
▼ + stars: | 2023-10-06 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. The dollar index , which earlier in the week hit a roughly 11-month high of 107.34, last settled at 106.37, but remained on track for 12 straight weeks of gains. The benchmark 10-year Treasury yield last stood at 4.7269%, while the two-year yield settled at 5.0267%. The pause in the dollar's rally has also provided a much-needed reprieve for the yen , which last bought 148.48 per dollar. Sterling edged 0.03% lower to $1.2188 and was likewise headed for five straight weeks of losses, struggling against a dominant dollar.

Persons: Rick Wilking, Rodrigo Catril, We've, Vishnu Varathan, Thierry Wizman, Rae Wee, Shri Navaratnam Organizations: REUTERS, Rights, . Treasury, greenback, U.S, Treasury, National Australia Bank, Bank of Japan, Ministry of Finance, Mizuho Bank ., Sterling, European Central Bank, Bank of England, Reserve Bank of Australia, New Zealand, Reserve Bank of New, Thomson Locations: Westminster , Colorado, Rights SINGAPORE, U.S, Reserve Bank of New Zealand

☆ Japan’s inertia leaves yen at the mercy of the Fed
▼ + stars: | 2023-10-05 | by ( Francesco Guerrera | ) www.reuters.com time to read: +4 min

A man looks at an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar and Nikkei share average outside a brokerage in Tokyo, Japan October 4, 2023. The debate, though, ignores the bigger issue: Surging U.S. bond yields and Japan’s ultra-low interest rates, though, will keep the yen under pressure. Until it tightens monetary policy, Japan will have to live with an exchange rate driven by Washington. Until Tokyo regains control of its monetary levers, it will have to live with a foreign exchange rate driven by U.S. whims. The greenback then fell back to as low as 147.30, sparking speculation that Japanese monetary officials had intervened to prop up the currency.

Persons: Issei Kato, Kazuo Ueda, Ueda, Antony Currie, Oliver Taslic Organizations: U.S ., Nikkei, REUTERS, Reuters, Bank of Japan, Reuters Graphics, Federal Reserve, Bank of, Thomson Locations: Tokyo, Japan, Washington

An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. "The (investigation into Hui) clearly shows that Chinese policymakers prioritise political considerations to economic ones in dealing with Evergrande," he said. Evergrande and China's housing authority did not immediately respond to requests for comment during the week long National Day holiday. Gavekal in its report said that at the very least, an orderly restructuring of Evergrande seemed increasingly hard to achieve. A liquidation petition filed against Evergrande is scheduled for hearing in a Hong Kong court on Oct 30.

Persons: Aly, Hui Ka Yan, Hui, Xin Sun, Evergrande, Christopher Beddor, Sandra Chow, bondholder, Antonio Fatas, Xie Yu, Clare Jim, Kane Wu, Sumeet Chatterjee, Lincoln Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, lurched, East Asian, King's College London, SOE, Evergrande, Thomson Locations: Danzhou, Hainan province, China, HONG KONG, Beijing, homebuyers, Asia, Pacific, Gavekal, Hong Kong, Evergrande

☆ Yen cowers near 150 as intervention chatter runs rife
▼ + stars: | 2023-10-04 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

[1/3] Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. Japanese authorities last year intervened to prop up the yen for the first time since 1998. Other currencies similarly fell against the yen in the previous session, with the euro losing more than 1.5% to a low of 154.39 yen. Sterling edged 0.03% lower to $1.20745, languishing near the previous session's close to seven-month low of $1.20535. Meanwhile, Cleveland Fed President Loretta Mester said she is open to raising interest rates again.

Persons: Florence Lo, James Malcolm, Masato Kanda, Janet Yellen, Rodrigo Catril, Raphael Bostic, Loretta Mester, Rae Wee, Sam Holmes Organizations: U.S, REUTERS, Rights, UBS, Tokyo, Treasury, Sterling, National Australia Bank, Atlanta Fed, Cleveland Fed, New Zealand, Reserve Bank of New Zealand, Thomson Locations: Rights SINGAPORE, Asia, Washington, Japan

☆ Fragile yen is flat as intervention talk in focus
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: +4 min

The index, however, remained within striking distance of a nearly 11-month high of 107.34 reached in the previous session. The Japanese currency was last flat at 149.06 per dollar, after unexpectedly surging nearly 2% at one point on Tuesday to 147.30, its strongest level in three weeks. The Bank of Japan's money market data showed on Wednesday that Japan likely did not intervene in the currency market a day earlier. Sterling climbed 0.3% to $1.2112, rebounding after falling to a nearly seven-month low of $1.20535 in the previous session. The decision sent the kiwi sliding more than 0.2% to a nearly one-month low of US$0.5871.

Persons: Helen, Masato Kanda, James Malcolm, Sterling Organizations: U.S ., ADP, U.S, Monex USA, Tokyo, Analysts, UBS, Federal Reserve, greenback, New Zealand Locations: U.S, Washington, Japan

☆ Morning Bid: Yen back near 150 as intervention chatter swirls
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

Tokyo has not confirmed any such move to support the yen , with both Japan's finance minister and its top currency diplomat making no direct comment. Tokyo last intervened to buy yen in September and October last year, when the currency eventually slumped to a 32-year low of 151.94 per dollar. In Asian hours, the yen was back just below the 150 mark and last at 149.27 per dollar. They continue to sell bonds, sending yields higher with the 10-year Treasury yield at a fresh 16 year peak. The benchmark 10-year Japanese government bond yield also clung to a 10-year high.

Persons: Kim Kyung, Ankur Banerjee, Kevin McCarthy, Edmund Klamann Organizations: National Printing Bureau, Bank of Japan, REUTERS, Ankur, Reuters, U.S . House, Ofcom, Labs, Thomson Locations: Tokyo, Japan, United States, U.S, Germany, France, Italy

☆ Yen cowers near 150 as Japanese intervention chatter runs rife
▼ + stars: | 2023-10-04 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. Japanese authorities last year intervened to prop up the yen for the first time since 1998. Other currencies similarly fell against the yen in the previous session, with the euro losing more than 1.5% to a low of 154.39 yen. The Aussie stood at 94.03 yen , after having fallen to an over one-month low of 93.16 yen on Tuesday. Sterling edged 0.02% lower to $1.2076, languishing near the previous session's close to seven-month low of $1.20535.

Persons: Florence Lo, James Malcolm, Shunichi Suzuki, Masato Kanda, Janet Yellen, Rodrigo Catril, Raphael Bostic, Loretta Mester, Rae Wee, Sam Holmes, Stephen Coates Organizations: U.S, REUTERS, Rights, UBS, Japanese Finance, Tokyo, Treasury, New Zealand, Sterling, National Australia Bank, Atlanta Fed, Cleveland Fed, Thomson Locations: Rights SINGAPORE, Asia, Washington, Japan

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. Traders have been on watch for weeks for a possible intervention by Japanese officials to combat a sustained depreciation in the yen. "It could just be people expecting intervention and then reacting to what they believed to be intervention," said Asher. To support the Japanese currency, authorities need to tap Japan's foreign reserves of dollars to sell for yen. A senior Japanese ministry of finance official declined to comment on whether Japan had intervened in foreign exchange markets.

Persons: Florence Lo, Michael Brown, Brown, Colin Asher, Asher, Niels Christensen, Jeremy Stretch, Edward Moya, Stretch, Tuesday's, Chuck Mikolajczak, Samuel Indyk, Saqib Iqbal Ahmed, Gertrude Chavez, Dreyfuss, Dhara Ranasinghe, Lucy Raitano, Ira Iosebashvili, Megan Davies, Jonathan Oatis, Andrea Ricci, Hugh Lawson, Gareth Jones Organizations: U.S, REUTERS, Trader, Mizuho, Nordea, Bank of Japan, New York Federal Reserve, CIBC Capital Markets, Ministry, Finance, Seven, Japan, Thomson Locations: TOKYO, London, Copenhagen, Japan, U.S, Tokyo, Asia, New York, United States

[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The dollar fell as low as 147.30 yen versus the Japanese currency, after hitting a one-year high of 150.165. Tuesday's low in the dollar was its weakest level in three weeks versus the Japanese currency. The euro dropped to a roughly two-month low against the yen of 154.39 yen and was last down 0.7% to 155.99. That earlier drove the dollar higher as real interest rates factor in inflation.

Persons: Florence Lo, Shunichi Suzuki, Colin Asher, Sterling, Marc Chandler, Jeremy Stretch, JGB, Herbert Lash, Gertrude Chavez, Dreyfuss, Lucy Raitano, Joice Alves, Marguerita Choy, Sharon Singleton Organizations: U.S, REUTERS, Japan, Japanese Finance, New York Federal Reserve, Mizuho, Bannockburn Global, U.S . Labor, Labor, Survey, CIBC Capital Markets, UST, Federal Reserve, Reserve Bank of Australia's, Swiss, Thomson Locations: Japan, London, Bannockburn, New York

☆ Tesla launches updated Model Y in China, keeps starting price unchanged
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: 1 min

A Tesla logo is seen outside a showroom of the carmaker in Beijing, China May 31, 2023. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowSHANGHAI, Oct 1 (Reuters) - U.S. automaker Tesla (TSLA.O) on Sunday released an updated version of its Model Y in China, with minor changes to the vehicle's exterior and interior. The starting price in China for the Model Y, the company's global best-seller, was unchanged at 263,900 yuan ($36,146). Tesla unveiled a restyled Model 3 with a longer driving range, manufactured at its Shanghai factory, in China and other export markets in early September. ($1 = 7.3010 Chinese yuan renminbi)Reporting by Brenda Goh; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Tesla, Brenda Goh, Edmund Klamann Organizations: REUTERS, U.S, Sunday, Thomson Locations: Beijing, China, Shanghai

☆ China's lottery ticket sales soar amid weak economy, job prospects
▼ + stars: | 2023-09-30 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

BEIJING (Reuters) - China’s lottery ticket sales in August soared to their highest for any month so far this year, amid public concern about the economy following months of mostly gloomy data including youth unemployment. The surging lottery ticket sales coincided with months of mostly soft economic data, with the unemployment rate of job seekers aged between 16 and 24 drawing particular attention from policymakers. China’s youth unemployment rate hit a record high of 21.3% in June, according to official data. Some social media commentators have linked the sharp rise in lottery sales in recent months to young people’s deepening economic worries. Earlier this year, China’s social media was alit with videos of jobless university graduates visiting temples to seek the blessings of the gods.

Persons: Ann Wang, “ Young, ” Organizations: REUTERS, Xinhua Locations: BEIJING, Hualien, Taiwan, Weibo

☆ Chinese hedge fund punished for "inappropriate" staff behaviour -AMAC
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Sept 30 (Reuters) - Shanghai Minghong Investment Management Co, one of China's largest quantitative hedge funds, has been banned from registering new products for three months due to "inappropriate" staff behaviour, the Asset Management Association of China said. Shanghai Minghong failed to conduct effective internal control over issues such as employees' "inappropriate comments" about the company's peers on social media and failed to promptly urge them to make rectifications, the association said in a statement dated Sept. 29. The measures against Shanghai Minghong, established in 2014, come as the sector rapidly expands, with total funds managed nearly doubling to more than 1.08 trillion yuan ($148 billion) in 2021 from a year earlier, according to industry estimates. Shanghai Minghong could not be immediately reached for comment on Saturday due to a public holiday in China. ($1 = 7.3010 Chinese yuan renminbi)Reporting by Ryan Woo and Tina Qiao; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Shanghai Minghong, Ryan Woo, Tina Qiao, Kirsten Donovan Organizations: Shanghai Minghong Investment Management Co, Asset Management Association of China, China Securities, Shanghai Minghong, Shanghai, Thomson Locations: BEIJING, Shanghai, China

After spending most of the month hovering right around 7%, 30-year mortgage rates spiked above 7.30% this week. Mortgage rates were higher in September than they've been in nearly 23 years, according to Freddie Mac. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesLast week, the average 30-year fixed mortgage rate was 7.31%, according to Freddie Mac. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.72% last week, an 18-point increase compared to the prior week, according to Freddie Mac data.

Persons: they've, Freddie Mac, you'll Organizations: Economic, Zillow, Federal Reserve Locations: Chevron

[1/3] Tourists rest on the Bund ahead of the National Day holiday, in Shanghai, China September 26, 2023. China celebrates the Mid-Autumn Festival and National Day from Friday to Oct. 6 in the longest public holiday this year. The China Tourism Academy, part of the Ministry of Culture and Tourism, estimates people will make more than 100 million trips a day during "the most popular Golden Week in history". In 2019, mainland Chinese tourists spent $255 billion abroad, more than any other nationality, with group tours estimated to account for roughly 60% of that total. ($1 = 7.3030 Chinese yuan renminbi)Additional reporting by Wang Tao in Singapore; Editing by Marius Zaharia and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, It's, Joe Zhang, I'm, haven't, Boon Sian Chai, Boon, Cao, Nancy Dai, Zhou Weihong, Wang Zheng, Wang Tao, Marius Zaharia Organizations: Bund, REUTERS, Rights, China Tourism Academy, Ministry of Culture, Trip.com, Spring, Thomson Locations: Shanghai, China, Beijing, Japan, Tourism, Anqing, Anhui, South Korea, United States, ForwardKeys, Thailand, Singapore

A Comac C919, China's first large passenger jet, flies away on its first commercial flight from the Shanghai Hongqiao International Airport in Shanghai, China May 28, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Sept 28 (Reuters) - China Eastern Airlines (600115.SS) said on Thursday it will buy another 100 C919 airplanes in a deal worth $10 billion at list prices, in what would be the largest ever order for the jet made by the Commercial Aircraft Corporation of China (COMAC). The list price for the C919 is $99 million but aircraft can be sold at discounts of up to 50%, especially for new models. Next, the plane manufacturer will cooperate with China Eastern more closely, to show other potential users the reliability and performance of C919." China Eastern will get delivery of five aircraft in 2024, while ten are to be delivered each year from 2025 to 2027.

Persons: Aly, Li Hanming, Li, COMAC, COMAC's, Sophie Yu, Brenda Goh, Neil Fullick, Peter Graff, Miral Organizations: Shanghai Hongqiao International, REUTERS, Rights, China Eastern Airlines, Commercial Aircraft Corporation of China, Airbus, Boeing, China Eastern, Thomson Locations: Shanghai, China, Rights BEIJING, Beijing, Washington, Brunei

☆ China's Dalian Wanda in talks to avert $4 bln IPO repayment -Bloomberg News
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: 1 min

A person walks past the headquarters of Dalian Wanda Group, in Beijing's Central Business District (CBD), China August 8, 2023. REUTERS/Tingshu Wang Acquire Licensing RightsSept 28 (Reuters) - China's Dalian Wanda Group has started negotiations on a proposal that would allow the conglomerate to avoid repaying about 30 billion yuan ($4.11 billion) to investors in its shopping mall business if the unit fails to complete its initial public offering this year, Bloomberg News reported on Thursday. The Chinese conglomerate recently told investors that an IPO of the mall unit will likely take place next year, Bloomberg reported, people familiar with the matter. (This story has been refiled to fix a typo in the headline)($1 = 7.3067 yuan)Reporting by Urvi Dugar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Urvi, Savio D'Souza Organizations: Dalian Wanda Group, Beijing's, Business, REUTERS, Bloomberg, Thomson Locations: China, Bengaluru

☆ Who is Hui Ka Yan, Evergrande's billionaire boss who went from power circles to police surveillance?
▼ + stars: | 2023-09-27 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

[1/2] Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country's second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China March 29, 2016. A person close to Evergrande said Hui had stopped contacting staff over the past few days, while an industry source said he had become totally inaccessible. Evergrande grew to achieve 700 billion yuan ($95.8 billion) in annual sales by 2020. Outside mainland China, Hui mixed with Hong Kong tycoons. Without the country giving me a scholarship of 14 yuan every month, I could not have completed university," Hui said.

Persons: Hui Ka Yan, Bobby Yip, Yan, Hui, Evergrande, Xi Jinping, Cheng, tycoons, Cheng Yu Tung Organizations: Real Estate Group, REUTERS, Chinese Communist Party, China Evergrande, HK, Evergrande, Bloomberg, Reuters, Forbes, Hong, New, Party, Thomson Locations: Hong Kong, China, HONG KONG, Tiananmen, Guangzhou, Guangdong province, Henan

☆ China's funding round to boost chip industry struggling to raise target of $41 bln - FT
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: 1 min

A Chinese flag is displayed next to a "Made in China" sign seen on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsSept 27 (Reuters) - The funding round launched by China to support its semiconductor industry is struggling in the initial phases to raise its target of 300 billion yuan ($41.1 billion), with the difficult economic climate being blamed, the Financial Times reported, citing people familiar with the situation. ($1 = 7.3039 Chinese yuan)Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Jahnavi, Jacqueline Wong Organizations: REUTERS, Financial Times, Thomson Locations: China, Bengaluru

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