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Forex swings will upend lucrative yen carry trade
  + stars: | 2023-12-01 | by ( Francesco Guerrera | ) www.reuters.com   time to read: +3 min
But as central banks start moving in the opposite direction, those “carry trades” will become a lot riskier. Notably those who bet against its government bonds in a trade so bad it became known as the “widow maker”. Foreign exchange traders beg to differ: the carry trade has been a sure-fire money maker this year. That’s due to the huge gap in short-term interest rates between Japan, where they are -0.1%, and other countries. Reuters GraphicsThe most popular carry trade with yen has been into U.S. dollars .
Persons: , , Una Galani, Thomas Shum Organizations: Reuters, Federal Reserve, Deutsche Bank, LSEG, Bank of America, U.S, Thomson Locations: HONG KONG, Japan, Colombia, Mexico, Brazil, Ukraine
Former presidential adviser Henry Kissinger has died, according to a statement posted on his website, bringing to a close one of the most polarizing and influential diplomatic lives in U.S. history. He died Wednesday at his home in Connecticut, said a statement by his consulting firm. He was 100 years old.
Persons: Henry Kissinger Locations: Connecticut
Reaction to the death of US diplomat Henry Kissinger
  + stars: | 2023-11-30 | by ( ) www.reuters.com   time to read: +4 min
Former U.S. Secretary of State Henry Kissinger addresses the House Committee on International Relations in a hearing about the Middle East peace process on Capitol Hill, Washington, U.S. on February 10, 2005. REUTERS/Jonathan Ernst/File Photo Acquire Licensing RightsNov 30 (Reuters) - Here are reactions to the death of Henry Kissinger, a controversial Nobel Peace Prize winner who left an indelible mark on U.S. foreign policy:WINSTON LORD, FORMER U.S. DIPLOMAT AND WIFE OF LATE SEN JOHN MCCAIN:"Henry Kissinger was ever present in my late husband’s life. FORMER U.S. PRESIDENT GEORGE W. BUSH:"America has lost one of the most dependable and distinctive voices on foreign affairs with the passing of Henry Kissinger. And we will always be thankful for the contributions of Henry Kissinger."
Persons: Henry Kissinger, Jonathan Ernst, WINSTON, Henry, CINDY MCCAIN, SEN JOHN MCCAIN, John, McCain, MARTIN INDYK, HENRY KISSINGER, Kissinger, GEORGE W, Laura, XIE FENG, Kissinger's, centenarian, Edwina Gibbs, Tom Hogue, Clarence Fernandez, Sonali Paul Organizations: U.S, Committee, International Relations, REUTERS, AMBASSADOR, SPECIAL, Nazis, United States Army, UNITED STATES, Reuters bureaux, Thomson Locations: Hill, Washington , U.S, U.S, CHINA, European, Nancy, China
WASHINGTON, Nov 30 (Reuters) - Henry Kissinger, the most powerful U.S. diplomat of the Cold War era, who helped Washington open up to China, forge arms control deals with the Soviet Union and end the Vietnam War, but who was reviled by critics over human rights, has died aged 100. While many hailed Kissinger for his brilliance and statesmanship, others branded him a war criminal for his support for anti-communist dictatorships, especially in Latin America. Kissinger won the 1973 Nobel Peace Prize for ending U.S. involvement in the Vietnam War, but it was one of the most controversial ever. When Nixon's pledge to end the Vietnam War helped him win the 1968 presidential election, he brought in Kissinger as national security adviser. And in the India-Pakistan War of 1971, Nixon and Kissinger drew heavy criticism for tilting toward Pakistan.
Persons: Henry Kissinger, Kissinger, Richard Nixon, Nixon's, Gerald Ford, Joe Biden's, John Kirby, Biden, Le Duc Tho, Vladimir Putin, Benjamin Netanyahu, Abdul Momen, Kissinger's, Momen, Ford, Henry, Antony Blinken, Lloyd Austin, Heinz Alfred Kissinger, Egon Bahr, Fabrizio Bensch, Lyndon, Nixon, Premier Zhou Enlai, Mao Zedong, China Winston Lord, Leonid Brezhnev, Salvador Allende, Jimmy Carter, Ronald Reagan, George W, Bush, Xi Jinping, Ann Fleischer, Nancy Maginnes, New York Governor Nelson Rockefeller, Steve Holland, Arshad Mohammed, Dan Whitcomb, Don Durfee, Kanishka Singh, David Brunnstrom, Trevor Hunnicutt, Jarrett Renshaw, Bill Trott, Diane Craft, Rosalba O'Brien, Tomasz Janowski, Frances Kerry, Jonathan Oatis Organizations: Jewish, Kissinger Associates, Arlington National, Republican, Paris Peace, Democratic, U.S, HARVARD, Nazi, Social Democratic, Mary's, REUTERS, Army, Harvard University, State Department, Paris Peace Accords, Communist, Premier, Former U.S, Ford, CIA, Democrat, House, New York Governor, Thomson Locations: U.S, Washington, China, Soviet Union, Vietnam, German, Connecticut, New York, Arlington, Israel, Paris, North Vietnam, America, Cambodia, North Vietnamese, Beijing, Russian, statesmanship, West, East Pakistan, Bangladesh, Fuerth, Germany, United States, St, Berlin, Europe, Jerusalem, Damascus, Syria, Golan, Vladivostok, Egypt, Sinai, India, Pakistan, Saint Paul , Minnesota, Long Beach , California
Until the embittered end, Henry Kissinger was one of the trusted few of a distrusting Richard Nixon. Political Cartoons View All 1273 Images“No doubt my vanity was piqued,” Kissinger later wrote of his expanding influence during Watergate. Two years later, Saigon fell to the communists, leaving a bitter taste among former U.S. allies who blamed Nixon, Kissinger and Congress for abandoning them. “The emigration of Jews from the Soviet Union is not an objective of American foreign policy,” Kissinger tells Nixon. And so they did — the Quaker-born Nixon, the Jewish-born Kissinger, on the floor, Nixon in tears about the unfairness of his fate.
Persons: Henry Kissinger, Richard Nixon, Kissinger, Nixon, Gerald Ford, ” Kissinger, ” Ford, , , Donald Trump’s, Trump, ” —, , — Kissinger, Robert Dallek, Walter Isaacson, David Frost, Isaacson, scrawled, Susan Mary Alsop, Stanley Kutler, “ Henry Kissinger, Jeffrey Kimball, starlets, Kissinger squired, Jill St, John, Shirley MacLaine, Marlo Thomas, Candice Bergen, Liv Ullmann, ” Nixon, H.R, Haldeman, Henry, It’s, Nancy Maginnes, Nelson Rockefeller, Gallup, Le Duc Tho, Tho, Walter, ” Walter, “ Kissinger, Ford, you’ve, ” “, ABC’s George Stephanopoulos, Kissinger demurred, Chile’s, Eisenhower, Augusto Pinochet, Pinochet, ” Peter Kornbluh, ” Heinz Alfred Kissinger, Heinz, Joe DiMaggio ”, Kennedy, Johnson, he’d “, William Rogers, Melvin Laird, Townsend Hoopes, deflating, ” Isaacson, Jimmy Carter, Ronald Reagan’s, diplomat’s Kissinger, George W, Bush, Long, didn’t, Bush “, Anneliese Fleischer, Elizabeth, David, extol Nixon, ” ___, Barry Schweid Organizations: WASHINGTON, Republican, Democratic, “ PBS, , National Security Council, State Department, Vietnam, Nixon, Hollywood, Playboy, Newsweek, America, Columbia University, Senate Armed Services Committee, White, Washington Post, New York Times, Yankee, Army, Harvard, Weapons, Rogers, Defense, Manhattan, New York Giants, Lincoln, diplomat’s Kissinger Associates, GOP Locations: U.S, Vietnam, China, Nazi Germany, Southeast Asia, Latin America, United States, Saigon, Soviet Union, White, Cambodia, South Vietnam, Khmer Rouge, Soviet, America, Chile, London, Pinochet, Bavarian, Fuerth, Manhattan, Germany, Pakistan, Beijing, Iraq, Afghanistan, American
Mr. Kissinger, who died on Wednesday, shared the 1973 Nobel Peace Prize for negotiating the peace accords that ended American involvement in the Vietnam War. The fighting between North Vietnam and U.S.-backed South Vietnam did not end until the North’s victory in 1975. Mr. Kissinger defended his wartime decisions for years afterward. Within Vietnam, Mr. Kissinger’s role in the war was contentious well before the fighting ended. When President Barack Obama visited in Hanoi in 2016, he said the United States would rescind a decades-old ban on sales of lethal military equipment to Vietnam.
Persons: Henry A, Kissinger, Mr, Lyndon, Richard M, Le Duc Tho, Duong Quoc, Hun Sen, , , Pen, Sok, Hun Sen’s, Barack Obama, Biden’s, Chau Doan, Sun Narin, Lee Wee Organizations: Communist, Johnson Library, Museum, Thunderbird School of Global Management, Arizona State University, Vietnamese Foreign Ministry, U.S, Cambodian People’s Party, Vietnam’s Communist Party Locations: Cambodia, Vietnam, U.S, China, Southeast Asia, North Vietnam, Saigon, United States, America, Austin , Texas, Vietnamese, Hanoi, , Khmer, Khmer Rouge, ” Vietnam, Washington, United, Russia
Bank of America® Unlimited Cash Rewards Credit Card Apply now lock icon An icon in the shape of lock. Bank of America® Customized Cash Rewards Credit Card Apply now lock icon An icon in the shape of lock. Insider’s Take The Bank of America® Customized Cash Rewards Credit Card is worth considering if you're looking for a no-annual-fee cash-back credit card that lets you choose your highest rewards category. Bank of America® Customized Cash Rewards Credit Card review External link Arrow An arrow icon, indicating this redirects the user." How to earn more credit card rewards by joining Bank of America Preferred RewardsAt this point, you're probably wondering how much more you'll earn in rewards by becoming a Bank of America Preferred Rewards member.
Persons: you’ve, takeout, Wells, We're, Merrill, Susan G Organizations: Business Insider, Alaska Airlines Visa, Virgin Atlantic, Mastercard, Bank of America, of America, ® Wells, Chase, Bank of America's, Vehicle, Cable, Services, Bank of America Travel Center, TSA, Travel Insurance, Komen, Rewards Bank of America, Business, Mobile Banking, Cash, Travel, Merrill, Bank, America, Merrill Guided
FILE PHOTO: A screen showing the Hang Seng stock index is seen outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsDec 1 (Reuters) - A look at the day ahead in Asian markets. They include Australia, South Korea and India, as well as China's 'unofficial' PMI. Foreigners already appear to be voting with their feet - China just recorded its first-ever quarterly deficit in foreign direct investment. Here are key developments that could provide more direction to markets on Friday:- PMIs for Australia, South Korea, India, China- Japan unemployment (October)- Indonesia inflation (October)By Jamie McGeever Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.
Persons: Tyrone Siu, Dow Jones, Jamie McGeever, Josie Kao Organizations: REUTERS, PMI, National Bureau, Statistics, Japan's Nikkei, U.S ., Thomson, Reuters Locations: Exchange, Hong Kong, China, Japan, South Korea, Indonesia, Australia, India, Asia
Henry Kissinger, American diplomat and Nobel winner, dead at 100
  + stars: | 2023-11-30 | by ( ) www.reuters.com   time to read: +10 min
Former U.S. Secretary of State Henry Kissinger speaks at the International Economic Forum of the Americas/Conference of Montreal in 2008. U.S. President Richard Nixon and National Security Adviser Henry Kissinger stand on Air Force One during their voyage to China February 20, 1972. U.S. President Gerald Ford meets with Secretary Kissinger at Camp David, U.S., July 5, 1975. In 1973, in addition to his role as national security adviser, Kissinger was named secretary of state - giving him unchallenged authority in foreign affairs. But Ford did replace him as national security adviser in an effort to hear more voices on foreign policy.
Persons: Henry Kissinger, Shaun Best, Kissinger, Richard Nixon, Xi Jinping, Nixon's, Gerald Ford, Duc Tho, Gerald R, Ford, Henry, Heinz Alfred Kissinger, Anglicizing, Lyndon Johnson's, Nixon, Nelson A . Rockefeller, Henry A, Roosevelt, Premier Zhou Enlai, Mao Zedong, China Winston Lord, Leonid Brezhnev, Brezhnev, Gromyko, Dobrynin, Salvador Allende, Jimmy Carter, Ronald Reagan, George W, Bush, Ann Fleischer, Nancy Maginnes, New York Governor Nelson Rockefeller, Abinaya, Sandra Maler Organizations: U.S, International Economic, Americas, Conference of, REUTERS, Kissinger Associates, New York City . U.S, National Security, Air Force, Richard Nixon Presidential, REUTERS Acquire, House, Republican, Paris Peace, Camp David, Ford Library, HARVARD, Nazi, Army, Harvard University, State Department, Office, White, Communist, Premier, Former U.S, Reuters, Ford, Soviet, CIA, Democrat, New York Governor, Thomson Locations: Conference of Montreal, Connecticut, New York City ., China, North Korea, Beijing, U.S, Israel, Paris, North Vietnam, America, North, Cambodia . U.S, Camp, Washington and New York, Voluble, Furth, Germany, United States, Europe, Vietnam, South Vietnam, Washington DC, Cambodia, Jerusalem, Damascus, Syria, Golan, Vladivostok, Soviet Union, Russian, Russia, Egypt, Sinai, India, Pakistan, Washington, New York, Bengaluru
How the U.S. courted the Philippines to thwart China
  + stars: | 2023-11-29 | by ( ) www.reuters.com   time to read: +14 min
What followed was two trips to the United States in less than a year for Marcos, and visits to the Philippines by high-ranking Biden administration officials. Marcos’ predecessor, the populist firebrand Rodrigo Duterte, was openly hostile to the United States and attempted to bring his country closer to communist China during his six-year term. For the United States, cementing alliances in the Asia-Pacific region is likewise crucial to keeping China in check. China’s Foreign Ministry, in a statement to Reuters, characterized China and the Philippines as “close neighbors across the sea” with a common interest in friendship. At the time, he said the cancellation of his visa was the latest in a list of “gripes and disrespect” by the United States.
Persons: Ferdinand “ Bongbong ” Marcos Jr, Joe Biden, Marcos, Gregorio Maria Araneta III, , ” Araneta, Biden, Kamala Harris, Antony Blinken, Defense Lloyd Austin, Julio Amador III, Marcos ’, Rodrigo Duterte, China’s, Xi Jinping, ” Marcos ’, Ferdinand Marcos Sr, , Marcos family’s, Washington, Duterte, China “, Becca Wasser, Wasser, Barack Obama, Xi, “ I’ve, ” Duterte, Ronald “ Bato, dela Rosa, Dela Rosa, gripes, Toribio Adaci, hadn’t, Blake Herzinger, Herzinger Organizations: Reuters, U.S, Defense, ., Party, China, U.S . State Department, ” Reuters, Philippine, United, Foreign Ministry, ” ‘, People’s Liberation Army, Center, New, New American Security, CNAS, U.S . Department of Defense, U.S ., Initiative, Philippines National Economic Development Authority, United States, Philippine National Police, Washington, Forces, VFA, Mutual, China’s, U.S . Pacific Fleet, Cooperation Locations: Philippines, Philippine, Manila, United States, U.S, China, America, Asia, Taipei, Taiwan, Beijing, South, East Asia, Pacific, Washington, Hawaii, South China, It’s, American, Japan, South Korea, Australia, New American, Taiwan . U.S, Duterte, China’s, Guangdong
Airbnb wants to use a growing glut of abandoned homes in Japan to boost its business. Japan has around 8.5 million akiya, or empty homes, as its population shrinks and ages. If the owners of idle assets refurbish them and convert them into lodgings, that would be a solution," Airbnb's head of Japan, Yasuyuki Tanabe, told Nikkei. Airbnb hopes to partner with businesses and local governments to encourage homeowners to invest in renovations, Tanabe told Nikkei. AdvertisementJapan has close to 8.5 million abandoned homesJapan has some 8.49 million akiya, or unoccupied homes, according to the government's Housing and Land Survey in 2018.
Persons: Airbnb, , Yasuyuki Tanabe, Tanabe Organizations: Nikkei, Service, Survey, Nomura Research Institute, Japan National Tourism Organization Locations: Japan, Tourism
[1/5] The Campidoglio, Rome's city hall, is lit up in red to honour women who have been killed by men to mark International Day for the Elimination of Violence Against Women, in Rome, Italy, November 25, 2021. The new law expands protections for women at risk to prevent more serious violence and stem a wave of femicides which have sparked outrage across the country. The government also pledged to campaign in schools to promote respect for women and raise awareness on the issue of violence among pupils. As of Nov. 19, 106 women have been killed this year in Italy, including 55 by their partner or former partner, interior ministry figures show. This compares with 109 women killed in the year-ago period, including 53 by a partner or ex-partner.
Persons: Remo Casilli, Giorgia Meloni, Eugenia Roccella, Giulia Cecchettin, Filippo Turetta, Antonio Tajani, Giuseppe Valditara, Angelo Amante, Richard Chang Organizations: REUTERS, Rights, Thomson Locations: Rome's, Rome, Italy, Venice, Germany
REUTERS/Yves Herman Acquire Licensing RightsAMSTERDAM, Nov 22 (Reuters) - With the Dutch election over, attention will now turn toward forming a new government. Coalition building in the fractured Dutch political landscape always takes months, and this time will likely be no exception. Wilder has also in the past said he wanted to quit the European Union and close Dutch borders. BROAD MAJORITY COALITIONYesilgoz has other options if talks to form a hard-right coalition fail. A broad coalition would be more willing to invest in the energy transition than a right-wing government would be.
Persons: Geert Wilders, Yves Herman Acquire, Mark Rutte's, Dilan Yesilgoz, Pieter Omtzigt, Wilders, Wilder, Frans Timmermans, Yesilgoz, Omtzigt, Rutte's, Bart Meijer Organizations: REUTERS, Rights, Coalition, Party, European Union, Labour, Israel, NSC, Thomson Locations: The Hague, Netherlands, Ukraine
Warren Buffett Is Going Big, Not Home, in Japan
  + stars: | 2023-11-21 | by ( Jacky Wong | ) www.wsj.com   time to read: 1 min
Warren Buffett’s Berkshire Hathaway has been tapping the Japanese market quite frequently. Photo: Scott Morgan/ReutersJapanese stocks are hovering around 33-year highs. Foreign inflows lured by better earnings and corporate governance reform have been a key driver. Breadcrumbs dropped by the oracle of Omaha are another. Warren Buffett , whose Berkshire Hathaway moved aggressively into Japanese shares in recent years, may be about to push further into the market.
Persons: Warren, Berkshire Hathaway, Scott Morgan, Breadcrumbs, Warren Buffett Organizations: Reuters Locations: Omaha, Berkshire
Peter Tarnoff, a seasoned diplomat whose work behind the scenes for presidents Jimmy Carter and Bill Clinton included establishing a secret channel to Fidel Castro and helping arrange the escape of six U.S. Embassy officials from Iran, an escapade later depicted in the 2012 movie “Argo,” died on Nov. 1 at his home in San Francisco. His wife, Mathea Falco, said the cause of death was complications of Parkinson’s disease. Mr. Tarnoff was part of a cohort of Foreign Service officers who, inspired by the words of President John F. Kennedy, joined the American diplomatic corps in the early 1960s. Many of them cut their teeth on assignment in South Vietnam, and several — among them Mr. Tarnoff, Anthony Lake, Frank Wisner II and Richard Holbrooke — went on to play leading roles in the U.S. foreign policy establishment. But while outsize personalities like Mr. Holbrooke, a frequent contender for secretary of state, and Mr. Lake, a national security adviser under Bill Clinton, became famous, Mr. Tarnoff preferred to wield his influence out of the public eye.
Persons: Peter Tarnoff, Jimmy Carter, Bill Clinton, Fidel Castro, , Mathea Falco, Tarnoff, John F, Kennedy, Anthony Lake, Frank Wisner, Richard Holbrooke —, Mr, Holbrooke Organizations: Embassy, Foreign Service Locations: Iran, San Francisco, South Vietnam, U.S
[1/3] NATO Secretary General Jens Stoltenberg shakes hands with Bosnian Prime Minister Borjana Kristo during his visit to Sarajevo, Bosnia and Herzegovina, November 20, 2023. Bosnia emerged from a 1992-1995 war with a federal structure uniting a Serb-dominated republic with a federation of Croats and Bosniak Muslims. "We are concerned by secessionist and divisive rhetoric as well as .. foreign interference including Russia," Stoltenberg told reporters in Sarajevo, his first stop during a tour of the Western Balkans region. NATO has warned about risks for Bosnia from foreign interference, particularly from Russia, and agreed to help to shore up its ability to defend itself. Every country has the right to choose its security arrangements without foreign interference," Stoltenberg said after meeting the chairwoman of Bosnia's Council of Ministers, Borjana Kristo.
Persons: Jens Stoltenberg, Borjana Kristo, Amel, Milorad Dodik, Stoltenberg, Christian Schmidt, " Stoltenberg, Borjana, Daria Sito, Toby Chopra, Peter Graff Organizations: NATO, Bosnian, REUTERS, Rights, Representative, UN Security Council, Bosnia's, Ministers, Thomson Locations: Sarajevo, Bosnia, Herzegovina, Rights SARAJEVO, Serbia, Russia, Western Balkans, Yugoslavia, masse, EU, Ukraine, Balkans, Bosnian, Russian Bosnian Serbs
REUTERS/Ritsuko Shimizu/File Photo Acquire Licensing RightsJAKARTA, Nov 18 (Reuters) - Vale Base Metals said its Vale Canada unit and Japan's Sumitomo Metal Mining signed an initial agreement on Friday to sell a 14% stake in their Indonesian nickel mining unit to Indonesia's state miner. Share divestment is a condition required by Indonesia to extend Vale Indonesia's mining permit, which will otherwise end in 2025. Upon completion, MIND ID will become the largest shareholder of Vale Indonesia with its stake rising to 34% from 20%. Vale Canada will hold 33.9%, down from 43.79%, and Sumitomo 11.5%, down from 15.03%, according to the statement. "The divestment will make MIND ID as the biggest shareholder of Vale (Indonesia), so MIND ID and Vale Canada can exercise a joint control over Vale (Indonesia)," he said in a statement on Friday.
Persons: Ritsuko Shimizu, Wirjoatmodjo, Deshnee Naidoo, Joko Widodo, Widodo, Fransiska Nangoy, Stefanno Sulaiman, Kirsten Donovan, William Mallard Organizations: Sumitomo Metal Mining, REUTERS, Rights, Base Metals, Vale Canada, Vale, Sumitomo, Mineral Industri, Vale Base Metals, Reuters, Thomson Locations: Tokyo, Japan, Rights JAKARTA, Vale Canada, Mineral Industri Indonesia, Indonesia, Vale Indonesia, Indonesian, Vale
REUTERS/Ritsuko Shimizu/File Photo Acquire Licensing RightsJAKARTA, Nov 17 (Reuters) - Mining company Vale Base Metals said its unit Vale Canada Ltd and Japan's Sumitomo Metal Mining Co. Ltd signed an initial agreement on Friday to sell a 14% stake in their Indonesian nickel mining unit to Indonesia's state miner. Share divestment is a condition required by Indonesia to extend Vale Indonesia's mining permit, which is currently due to end in 2025. Upon completion, MIND ID will become the largest shareholder of Vale Indonesia with 34% of shares, up from 20%. Around 20% of Vale Indonesia's shares are publicly traded. Vale Base Metals is committing around $10 billion of investment in Indonesia over the next decade.
Persons: Ritsuko Shimizu, Deshnee Naidoo, Fransiska Nangoy, Kirsten Donovan Organizations: Sumitomo Metal Mining, REUTERS, Rights, Base Metals, Vale Canada, Japan's Sumitomo Metal Mining Co . Ltd, Vale, Sumitomo, Mineral Industri, Vale Base Metals, Thomson Locations: Tokyo, Japan, Rights JAKARTA, Vale Canada, Mineral Industri Indonesia, Indonesia, Vale Indonesia, Indonesian
SAN FRANCISCO (AP) — Sometimes it can be easy to forget that President Joe Biden's original foreign policy priority was reasserting American influence in Asia. "The United States remains vital to the future of the region, and the region is more vital than ever to the United States of America," he told a gathering of business executives during one of the summit's many receptions. “From here in San Francisco, America reaches out all across the Pacific, building bridges mightier than the Golden Gate,” he said. Protesters calling for a cease-fire in Gaza shut down all vehicular traffic heading into San Francisco over the Bay Bridge. “We will be glad to see a confident, open, ever-growing and prosperous United States,” he said.
Persons: Joe Biden's, Biden, “ That’s, He's, Donald Trump, , Yoon Suk Yeol, Kishida Fumio, Xi Jinping, Xi, , ” Biden, Yun Sun, Aisha Nizar, San Francisco ”, ___, Colleen Long Organizations: FRANCISCO, Ukraine, Republican, Economic Cooperation, South Korean, Chinese Communist Party, U.S, Xinhua, China Program, Stimson, Palestinian Youth Movement, Biden wasn't, China, Associated Press Locations: American, Asia, Russian, Israel, San Francisco, United States, United States of America, Europe, America, China, Beijing, Bali , Indonesia, Iran, San Francisco ., Washington, Ukraine, Gaza, Bahrain, Fiji, Japan, Mexico, Peru
The German auto giant isn't alone in its struggles, according to CNBC's analysis of 10 global car brands. While Volkswagen remains by far a giant in China's car market with around 3 million vehicles sold a year, the German brand hasn't gained much traction in the electric car space. In July, the company opted to invest about $700 million into Chinese electric car start-up Xpeng to jointly develop two cars for China. Toyota , which has struggled in the market transition to electric cars, is set for its worst year of overall China sales since 2020 with about 1.8 million vehicle sales, CNBC found. Tough competitionAlthough China's new energy market is growing quickly, competition is fierce, even for domestic brands.
Persons: Evelyn Cheng, Alvin Liu, Liu, Bernstein, BYD, Tesla, Nio Organizations: CNBC, Volkswagen, Nissan, Hyundai, China Passenger Car Association, Toyota, Canalys, Honda, BYD, Tesla's, Plaid — Locations: Europe, China, North America, Evelyn Cheng BEIJING, Shenzhen, Shanghai, Beijing, German
New York CNN —The United Automobile Workers’ won big wage and benefit gains in tentative contract agreements with Ford, General Motors and Stellantis. Now, non-union companies are rushing to give their non-unionized workers raises, too. Toyota said it’s raising wages by more than 9%, and Honda announced 11% wage hikes beginning next year. While the auto companies didn’t directly attribute their raises to the UAW, the UAW has said it will be targeting non-union factories in the wake of its big wins. UAW President Shawn Fain already encouraged non-union autoworkers to join the UAW, and Fain has called the non-union wage increases the “UAW bump.” The UAW hopes its new contracts with Detroit automakers will inspire other workers to unionize.
Persons: ” Hyundai, , A.J, Jacobs, Shawn Fain, autoworkers, Fain, ” Fain, Tesla, Thomas Kochan Organizations: New, New York CNN, United Automobile Workers ’, Ford, General Motors, Toyota, Honda, Hyundai, UAW, Labor, East Carolina University, Foreign, Detroit, Subaru, Volvo, BMW, Mercedes, MIT Sloan School of Management Locations: New York, Alabama, Georgia, United States,
U.S. asset manager Fidelity International is highlighting China's looser monetary policy and the government's recent 1 trillion yuan ($137.10 billion) borrowing-and-spending sovereign bond plan as a tailwind for the country's stock markets. London-based £3 billion fund manager Somerset Capital Management likewise finds China exciting. The stock market has yet to recover, but has stabilised. Morgan Stanley estimates long-only foreign investors now have their deepest underweight positions in China and Hong Kong equities in years. Chinese stocks could see a short-term sentiment pick-up given foreign funds have such light positions in the market, said Redmond Wong, Greater China market strategist at Saxo Markets.
Persons: Dado Ruvic, , Marty Dropkin, Mark Williams, Morgan Stanley, Patrick Ghali, Sean Ho, Vivek Tanneeru, Redmond Wong, Summer Zhen, Xie Yu, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Fidelity, Asia Pacific, Fidelity International . London, Somerset Capital Management, Nasdaq, Japan’s Nikkei, Sussex Partners, Hong, China, Hang Seng Tech, Monetary Fund, Cambridge Associates, Capital, , Triata, Matthews Asia, Saxo Markets, Thomson Locations: HONG KONG, China, U.S, Asia, Hong Kong, London, Boston, San Francisco, Greater China
That included the timing and location of the summit, which is occurring amid a larger gathering of Pacific leaders in San Francisco. “China – normally, if they come to United States, they want everything. San Francisco and the Bay Area are home to one of the largest populations of Chinese or Chinese-Americans in the United States. One-fifth of the population of San Francisco has Chinese roots, according to US census data. “Chinese officials will want to project to their domestic audience that Xi is received by Biden with dignity and respect.
Persons: Xi Jinping, Joe Biden, Xi, Biden, , Victor Cha, San, Xi ”, Barack Obama, Donald Trump, Obama, Trump, , Xi’s, Ryan Hass, John L, ” Hass, Wednesday’s, Organizations: San Francisco CNN, Beijing, CNN, White House, Center for Strategic, International Studies, APEC, Area, Biden, Communist Party, Trump, Mar, Thornton China Center, Brookings Institution, House Locations: San, United States, San Francisco, China, Asia, China American, California, Palm Springs, Beijing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow the U.S. lost thousands of high-skilled workers to CanadaIn July, Canada opened applications for a pilot program that would allow up to 10,000 H-1B visa holders in the U.S. to apply for a three-year open-work permit in Canada. Since then, more than 6,000 high-skilled U.S. foreign workers have arrived in Canada. CNBC spoke with several foreign tech workers and immigration consultants to uncover the story of how the U.S.'s bureaucratic visa process pushed thousands of high-skilled workers north.
Organizations: CNBC Locations: U.S, Canada
As of last month, the Canadian government says more than 6,000 U.S. H-1B visa holders had arrived in Canada so far this year. That's after massive layoffs left high-skilled foreign H-1B holders in limbo. The H-1B program targets highly educated and specialized foreign workers in fields such as tech and health care. The study also shows that Canada now has 1.1 million tech workers, and Toronto and Vancouver ranked among the top 10 tech cities in the U.S. and Canada. To learn more about how Canada is targeting H-1B visa holders, watch the video.
Persons: Annie Beaudoin, Harnoor Singh, Frederick Anokye, Kubeir Kamal, I'm, Marc Miller wasn't Organizations: Google, Microsoft, Meta, Apple, U.S . Citizenship, Immigration Services, Micron, College of Immigration, Citizenship, Canada's Tech, Vancouver, Canadian Locations: Canada, Canadian, U.S, India, Ghana, Toronto
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