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☆ Altimeter's Brad Gerstner, a top tech investor for 15 years, is showing no signs of slowing
▼ + stars: | 2023-12-26 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Brad Gerstner rose to prominence in the tech investment scene for his early lucrative bets in Snowflake and Meta Platforms , and he's showing no signs of slowing down. The tech investor launched his investment firm Altimeter Capital in the depths of the 2008 financial crisis with less than $3 million raised from his family and friends. Altimeter has also been an on-and-off investor in Meta Platforms since the early 2010s. As a top 15 institutional investor, Gerstner wrote a critical open letter in October 2022, saying the company needed to slash headcount and stop spending so much money on metaverse. The widely followed tech investor called the rise of AI a "super-cycle" just like the dot-com boom in the late 1990s.

Persons: Brad Gerstner, Gerstner, Snowflake, Meta, Mark Zuckerberg, he's Organizations: Harvard Business School, Microsoft, Nvidia, Federal Reserve Locations: Snowflake

☆ Asia’s year in review: Who had it good — and who had it bad — in 2023
▼ + stars: | 2023-12-22 | by ( Curtis Chin | Jose B. Collazo | ) www.cnbc.com time to read: +7 min

As 2023 comes to a close, we take a look at the year that was in Asia and the Pacific region. But who had it good and who had it bad in 2023? Bad year: China's property marketWith millions of Chinese citizens still waiting for homes they put down payments on — but might never be built — 2023 was a particularly bad year for China's property market. A newly built property is seen from the air in Hangzhou city, Zhejiang province, China, Dec 15, 2023. Chinese families and individuals who once saw homes as more than somewhere to live but also as investments have reason to fear 2023 won't be the last bad year they face.

Persons: Curtis, Chin, Jose B, —, Vikram, Amit Dave, Narendra Modi, Taylor Swift, Kim Ji, Jennie, Kim Jennie, Roseanne Chae, Lisa, Lalisa, King Charles, Rose, Roseanne Park, Jisoo Kim, Jennie Kim, King Charles III, Yoon Suk Yeol, Kim Keon Hee, Victoria Jones, Blackpink, Michelle Yeoh, Joe Biden, Xi Jinping, San Francisco —, China Evergrande, Moody's, Asia's Organizations: Asian Development Bank, RiverPeak Group, ISRO —, Indian Space Research, Orbiter, ISRO, Buckingham, Sustainable, COP26, Getty, YG Entertainment, APEC, U.S, International Monetary Fund Locations: U.S, Asia, Turkey, Syria, Maui, Hawaii, Lahaina, Pacific, India, Gujarat Science City, Ahmedabad, Korea, British, LONDON, ENGLAND, Glasgow, London, England, South Korea, Malaysian, New Zealand, Thailand, China, San Francisco, United States, Taiwan, South China, Country, Hangzhou city, Zhejiang province

☆ Morning Bid: RBA holds and the dollar pauses, too
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Pedestrians walk past the main entrance to the Reserve Bank of Australia building in central Sydney, Australia, October 3, 2016. The relative U.S. interest rate outlook right now fits the weaker dollar narrative - futures markets are pricing in bigger rate cuts by the Fed next year than by any other major or emerging market central bank. But will the Fed cut rates by 125 basis points next year? Doubts about that prospect have for now put the brakes on dollar selling. Gold , which shot to a record high in Asia's notoriously thin morning hours on Monday, has recoiled sharply.

Persons: David Gray, Tom Westbrook, Edmund Klamann Organizations: Reserve Bank of Australia, REUTERS, Bank, Aussie, Fed, Bank of Japan, Reuters, Thomson Locations: Sydney, Australia, Asia, U.S, Europe, Tokyo

"There cannot be any pressure on India to cut down emissions," India's power and renewable energy minister R.K. Singh said on Nov. 30. ASIAN EMISSIONS RISETo be sure, fast-growing Asia, home to half the world's population, accounts for three-fifths of global emissions from power generation, including from sectors exporting goods and services to the west. Despite challenges, Asia, along with Europe and North America, have cut the share of coal in power use, although at a slower pace. Cuts in nuclear power have slowed Europe and North America's fight to reduce emissions, although nuclear's share of their power mix remains well above Asia's. The share of gas in power generation has risen in the West, with the fuel accounting for a shrinking share in Asia.

Persons: Tingshu Wang, R.K, Singh, Hogeveen Rutter, Rutter, ISA's Rutter, Sudarshan Varadhan, Tony Munroe, Sonali Paul Organizations: Huawei, REUTERS, U.S, European Union, North America, International Solar Alliance, Reuters, WEST, North, Institute for Energy Economics, Thomson Locations: Shaanxi, China, Asia, SINGAPORE, America, Europe, India, North America, Paris, North, North America Asia, West Asia, West, Indonesia

☆ Dwindling fish stocks hit incomes in Cambodia, prey to climate change
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

[1/5] A general view of a floating fishing village near Kampong Phluk at Tonle Sap Lake, in Siem Reap, Cambodia November 15, 2023. REUTERS/Chantha Lach Acquire Licensing RightsKAMPONG PHLUK, Cambodia, Dec 4 (Reuters) - Fisherman Siem Huat has seen fish stocks dwindle in recent years in Cambodia's majestic Tonle Sap Lake, and with them, his family's sole source of income. "Sometimes there is rainfall in the wrong months or it gets so hot I can't go out to fish," said the 45-year-old Siem Huat, as he navigated his boat through mangroves to pull in nets carrying disappointingly few fish. The Mekong River typically swells in the rainy season as it converges with Cambodia's Tonle Sap River, sending an unusual reversed flow into the Tonle Sap Lake that fills up the latter and spawns bountiful fish stocks. Reporting by Chantha Lach, Napat Wesshasartar; Editing by Kanupriya Kapoor and Clarence FrenandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Chantha Lach, Siem, Napat, Kanupriya Kapoor, Clarence Frenandez Organizations: REUTERS, Thomson Locations: Kampong Phluk, Tonle Sap, Siem Reap, Cambodia, PHLUK, Asia's, Sap, Dubai

☆ Singapore to triple AI talent to 15,000 experts, deputy PM says
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSINGAPORE Dec 4 - Singapore plans to triple its pool of artificial intelligence experts, including machine-learning scientists and engineers, to 15,000, as part of its national AI strategy, deputy prime minister Lawrence Wong said on Monday. Singapore also pledged under its AI strategy to increase government incentives for the sector, including by backing accelerator programs for AI startups and encouraging companies to set up AI "centres of excellence." Singapore's Infocomm Media Development Authority (IMDA) announced on Monday a $52.3 million ($70 million SGD) initiative to develop Southeast Asia's first large language model, catering to the region's languages. Reporting by Fanny Potkin in Singapore; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Lawrence Wong, Singapore's, Fanny Potkin, Bill Berkrot Organizations: REUTERS, SINGAPORE, Microsoft, Nvidia, U.S Securities and Exchange Commission, Media Development Authority, Thomson Locations: Singapore, U.S, China, Taiwan

What the group did agree was total production curbs of 2.2 million bpd from eight members, a figure that includes an extension of the existing voluntary Saudi and Russian cuts of 1.3 million bpd. This is up 1.86 million bpd from the figure of 40.10 million bpd for 2022, according to Kpler. China's crude imports were 11.36 million bpd in the first 10 months of the year, up 1.21 million bpd from the level for 2022 as a whole. India saw arrivals of 4.62 million bpd in the first 10 months of the year, according to LSEG data, up 462,000 bpd on the 4.14 million bpd for 2022. Asia's crude imports in the first 10 months of the year were 26.93 million bpd, according to LSEG data, up 1.34 million bpd on the 25.59 million bpd recorded for the whole of 2022.

Persons: It's, Stephen Coates Organizations: Organization of, Petroleum, Brent, OPEC, International Energy Agency, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, OPEC, Russia, Saudi, United States, Brazil, Guyana, Asia, China, India

☆ Asia factory activity weakens, uncertainty on China clouds outlook
▼ + stars: | 2023-12-01 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

An employee works on a production line manufacturing steel structures at a factory in Huzhou, Zhejiang province, China May 17, 2020. The data shows that factories are producing less and hiring fewer people," Dan Wang, chief economist at Hang Seng Bank China, said of China's PMI readings, which have different samples. Export-reliant Japan, South Korea and Taiwan bore the brunt of sluggish global demand with their manufacturing activity remaining stagnant in November, surveys showed. Japan's final au Jibun Bank manufacturing PMI fell to 48.3 in November from 48.7 in October, shrinking at the fastest pace in nine months. Manufacturing activity also shrank in Taiwan, Vietnam and Malaysia, but expanded in Indonesia and the Philippines, the surveys showed.

Persons: Dan Wang, Toru Nishihama, Leika Kihara, Jamie Freed Organizations: REUTERS, PMI, Korea Soft, P Global, Hang Seng Bank, Dai, Research, Jibun Bank, Research Institute, Thomson Locations: Huzhou, Zhejiang province, China, Japan, S, TOKYO, Europe, United States, Hang Seng Bank China, South Korea, Taiwan, Asia, Vietnam, Malaysia, Indonesia, Philippines

☆ Move aside, China. India will drive Asia's growth in the next few years, S&P Global says
▼ + stars: | 2023-12-01 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

India's GDP growth is expected to reach 6.4% in 2024, and will hit 7% in 2026, according to S&P Global. India's economy is expected to power ahead in the next three years, leading growth in the region. Similarly, other emerging markets such as Indonesia, Malaysia and the Philippines are set to see positive GDP growth this year and the next due to strong domestic demand, the report said. S&P lowered India's growth outlook to 6.5% in fiscal 2025 — down from their previous prediction of 6.9%, but expects GDP growth to jump to 7% in fiscal 2026. In comparison, China's growth is predicted to come in at 5.4% in 2023, 0.6% higher than S&P's previous forecast, while growth in 2024 is expected to be 4.6% — higher than the previous forecast of 4.4%.

Organizations: P Locations: Asia, Pacific, South Asia, Southeast Asia, Indonesia, Malaysia, Philippines

☆ There's every reason for China to want to have a stable U.S. relationship: Eurasia's Anna Ashton
▼ + stars: | 2023-11-30 | 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 EmailThere's every reason for China to want to have a stable U.S. relationship: Eurasia's Anna AshtonAnna Ashton, Eurasia Group director of China corporate affairs, joins 'Squawk Box' to discuss the state of U.S.-China relations, doing business in China, challenges for U.S. companies, and more.

Persons: Eurasia's Anna Ashton Anna Organizations: Eurasia Group Locations: China, Eurasia's Anna Ashton Anna Ashton, U.S

☆ South Korea markets will offer the highest earnings growth next year, Goldman Sachs says
▼ + stars: | 2023-11-29 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

Goldman even argued that South Korea markets offer the highest potential earnings growth in 2024 in the Asia-Pacific region as its semiconductor sector recovers from steep profit declines. The investment firm remains overweight on South Korean stocks. South Korea is Asia's fourth largest economy but its markets are often considered undervalued by analysts, leading to what is sometimes referred to as the "Korea discount." The Kospi as a whole has a price-to-book ratio of 0.92 and its price-to-earnings ratio is at 18.93. A price-to-book ratio measures whether a company's share price is undervalued, with a number below 1 indicating the stock may be below fair value.

Persons: Goldman Sachs, Goldman Locations: Asia, Pacific, Korea

☆ As global rates turn, banks in India and Indonesia set to win
▼ + stars: | 2023-11-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Loan growth at Asian banks is estimated to rise from 4.5% this year to 10% next year, LSEG data shows, with banks in India and Indonesia leading with 15% and 11% growth, respectively. Ng likes banks in India and Indonesia, given the better economic growth in those economies and ability of banks to sustain margins. LSEG data shows profits at banks in India and Indonesia will grow 13% and 11% respectively next year, nearly double the 6% average rise across Asia-Pacific banks. That compares to price-to-book ratio for MSCI's index for all-country Asian banks (.dMIAS0CB00PUS) of 0.9. Banks in Australia are estimated to see a drop of 5% in profit in 2024 while profits at Singapore banks will be flat.

Persons: Frederic Neumann, Neumann, Morgan, Yao Ng, abrdn, Ng, Vinay Agarwal, Agarwal, Morgan Stanley, Ankur Banerjee, Gaurav Dogra, Patturaja, Vidya Ranganathan, Simon Cameron, Moore Organizations: U.S . Federal, Fed, HSBC, ICICI, Kotak Mahindra Bank, Axis Bank, FSSA Investment Management, Indonesia's Bank Central Asia, BCA, Reuters, Thomson Locations: SINGAPORE, India, Indonesia, Thailand, Asia, Japan, J.P, Pacific, Singapore, Hong Kong, South Korea, Banks, Australia, China, Bengaluru

☆ Asia's first ETF tracking Saudi equities debuts in Hong Kong
▼ + stars: | 2023-11-29 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

Bull statues in front of screens showing Hong Kong stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 29 (Reuters) - A new exchange-traded fund (ETF) tracking Saudi equities made its trading debut in Hong Kong on Wednesday, becoming the first product of its kind in Asia amid warming bilateral relations between China and Saudi Arabia. The ETF, called CSOP Saudi Arabia ETF (2830.HK), is managed by Hong Kong-based CSOP Asset Management. "Today is a milestone in our financial cooperation with Saudi Arabia," said Hong Kong Financial Secretary Paul Chan at a launch event. Through the ETF, investors in Hong Kong will be able to trade Saudi stocks including the oil giant Saudi Aramco (2222.SE) and the Saudi National Bank (1180.SE) in Hong Kong dollars or Chinese yuan.

Persons: Tyrone Siu, CSOP, Paul Chan, Yazeed, Humied, PIF, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Saudi, Saudi Arabia ETF, HK, Management, Public Investment Fund, Hong, Hong Kong Financial, FTSE, Saudi Aramco, Saudi National Bank, Reuters, Hong Kong Stock Exchange, bourse, ETF, People's Bank of China, Saudi Central Bank, Thomson Locations: Hong Kong, Exchange, China, HONG KONG, Asia, Saudi Arabia, Saudi, FTSE Saudi Arabia, Europe, East, Africa, Beijing, Riyadh

☆ Morning Bid: China's Shein steals market spotlight
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

Whether this potential blockbuster gives a fillip to the lacklustre IPO market remains to be seen, after some high-profile public debuts this year failed to impress. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) is on course for its strongest monthly performance since January with a nearly 7% gain. Japan's Nikkei, Asia's best-performing stock market this year, is set for its strongest monthly result in three years. European stock markets are likely to see a subdued start to Tuesday, futures indicate, with a bare economic calendar leaving investors treading cautiously ahead of major economic data. Key developments that could influence markets on Tuesday:France consumer confidence for November, Euro zone money M3 annual growth for October.

Persons: Shein, Asia's, Ankur Banerjee, Edmund Klamann Organizations: Ankur Banerjee, Traders, Japan's Nikkei, Adobe Digital, Insider Intelligence, Thomson Locations: Ankur, China, Singapore, Asia, Pacific, Japan, U.S, France

☆ The 'Korea discount': Value stock or value trap?
▼ + stars: | 2023-11-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +6 min

A cameraman takes video footage of a stock index board showing South Korea's benchmark stock index (L) after a ceremony celebrating the New Year's opening of the South Korea stock market at the Korea Exchange in Seoul on January 2, 2023. Chaebol challengeIn South Korea, most market heavyweights are corporations called "chaebols," large family-owned global conglomerates that are usually controlled by the founder's family. However, IHS Markit highlighted in June last year that in South Korea, the ex-dividend date comes before the companies' dividend announcement dates. With such challenges, should investors be putting their money into South Korea stocks — or should they stay away? "If authorities continue to improve the investment environment further, the chances for the South Korean stock index to be included in the [MSCI World Index] will grow," he said.

Persons: Jung Yeon, JUNG YEON, Vikas Pershad, Jiang Zhang, Jeremy Tan, Zhang, Hebe Chen, Chen, Ryota Abe Organizations: South, Korea Exchange, Getty, Management, North, CNBC, Samsung Electronics, LG, SK, Hyundai, Samsung, Tiger Fund Management, IHS, South Korea's Financial Services Commission, IG International, Sumitomo Mitsui Banking Locations: South Korea, Korea, Seoul, North Korea, Korea's, Southeast Asia

☆ Thailand to allow clubs, bars to stay open longer to boost tourism
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Entertainment venues, clubs and karaoke bars in Bangkok, Phuket, Pattya, Chiang Mai and Samui, popular tourist destinations, will be allowed stay open two extra hours until 4 AM, Traisulee Traisaranakul said. The decision to allow entertainment venues to stay open longer is the latest step taken by the government to boost foreign arrivals after the government in September waived visa requirements for Chinese visitors, a key source of tourists for Southeast Asia's second-biggest economy. Thailand has so far welcomed 24.5 million foreign tourists this year and is forecasting 28 million arrivals for the full year. Before the pandemic, Thailand booked a record 39.9 million arrivals, with 11 million from China. This year, the government expects just 3.5 million arrivals from China.

Persons: Chalinee, Chiang Mai, Traisulee Traisaranakul, Srettha Thavisin, Paarat Thepgumpanat, Kanupriya Kapoor Organizations: REUTERS, Rights, Entertainment, Thailand's, Southeast Asia's, Thomson Locations: Thai, Bangkok, Thailand, Rights BANGKOK, Phuket, Pattya, Southeast, China

☆ Thailand to lower 2023 growth forecast after weak Q3
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: 1 min

BANGKOK, Nov 27 (Reuters) - Thailand's previous 2023 economic growth forecast of 2.7% will be lowered after a weaker-than-expected third quarter, Deputy Finance Minister Krisada Chinavicharana said on Monday. Southeast Asia's second-largest economy expanded much slower than expected, at 1.5%, in the July-September quarter from a year earlier, the slowest this year, due to declining exports and government spending. For next year, while the ministry is aiming for economic growth of slightly higher than 3%, it will try to push for even more with upcoming government stimulus measures, he told reporters. The finance ministry's current forecasts are for 2.7% economic growth in 2023 and 3.2% growth in 2024. Reporting by Kitiphong Thaichreon; Writing by Orathai Sriring; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Krisada Chinavicharana, Kitiphong Thaichreon, Orathai Sriring, Kanupriya Kapoor Organizations: Thomson Locations: BANGKOK

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. REUTERS/Issei Kato/File Photo Acquire Licensing RightsNov 28 (Reuters) - A look at the day ahead in Asian markets. Volatility across major asset classes is low - implied volatility on Wall Street is at its lowest in almost four years, global currency implied vol is the lowest since early last year, and U.S. bond vol is at a two-month low. China's markets, especially, have lagged, although Japanese stocks have outperformed thanks to the weak yen and a historic loosening of wider financial conditions. The Aussie on Monday rose above $0.66 for the first time since Aug. 10 and was one of the biggest winners among major currencies along with the Japanese yen and New Zealand dollar.

Persons: Issei Kato, Goldman Sachs, Michele Bullock, Bullock, Philip Lowe, Bullock's, Fed's Waller, Bowman, Goolsbee, Barr, Jamie McGeever Organizations: U.S ., Nikkei, REUTERS, Reserve Bank of Australia, Hong Kong Monetary Authority, Bank for International, New Zealand, Bank of, RBA, Thomson, Reuters Locations: Tokyo, Japan, U.S, Asia, Hong Kong, Bank of Japan, Australia

☆ Southeast Asia's first luxury hotel made from retired buses opens in Singapore — take a look inside
▼ + stars: | 2023-11-27 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +3 min

The resort hotel has 20 rooms which will be open for stays from Dec. 1, 2023. Source: The Bus CollectiveIt only costs a dollar to ride a Singapore bus — but 398 Singapore dollars to sleep in one. The Bus Collective is Southeast Asia's first resort hotel to repurpose decommissioned public buses into luxury hotel rooms. The resort hotel officially opens on Dec. 1 and bookings are now available on its website. A look into the resortThe Bus Collective is located in Changi Village, Singapore — occupying 8,600 square meters of land.

Persons: Queen Victoria Organizations: SBS Transit, Changi Village Hawker Centre, Changi East Boardwalk, Changi Chapel & Museum, CNBC, Changi Sailing Club, WTS Travel, LHN Group, Sky Win Locations: Singapore, Changi Village, Changi, Hamilton, Pulau Ubin

A screen showing the Hang Seng stock index is seen outside Exchange Square, in Hong Kong, China, August 18, 2023. The VIX index of S&P 500 implied volatility - the so-called Wall Street 'fear index' - closed at 12.46 on Friday, its lowest close since January 2020. Three central banks in the Asia & Pacific region hold policy meetings this week. Like Bank Indonesia last week, the central banks of New Zealand, South Korea and Thailand are all expected to leave key rates unchanged. But, broadly speaking, no further tightening from the Fed gives central banks in Asia a bit more breathing room.

Persons: Tyrone Siu, Jamie McGeever, Diane Craft Organizations: REUTERS, People's Bank of, MSCI's, Emerging, Bank Indonesia, U.S . Federal, Fed, PPI, U.S, Treasury, Thomson, Reuters Locations: Exchange, Hong Kong, China, Israel, New Zealand, South Korea, Thailand, Australia, India, Japan, People's Bank of China, MSCI's Asia, Asia

☆ Thailand offers 10-year visas for investors in industrial east
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

Bangkok's skyline is photographed during sunset in Bangkok, Thailand, July 3, 2023. REUTERS/Athit Perawongmetha/File Photo Acquire Licensing RightsBANGKOK, Nov 24 (Reuters) - Thailand will offer 10-year visas for investors in targeted businesses in its industrial eastern region to attract foreign investment, a deputy prime minister said on Friday. The visa plan, which starts next year, will facilitate investors as the government seeks to ease restrictions, Phumtham Wechayachai told reporters. The government is also targeting higher overall actual investment of 500 billion baht ($14.23 billion) in the Eastern Economic Corridor (EEC) during 2023-2027, or 100 billion baht a year, he said. Actual investment in the EEC is now about 75 billion baht a year, Phumtham said.

Persons: Athit, Phumtham Wechayachai, Phumtham, Kitiphong Thaichareon, Orathai Sriring, Robert Birsel Organizations: REUTERS, Rights, Companies, Thomson Locations: Bangkok, Thailand, Rights BANGKOK, Southeast

☆ Japan's Kishida sends letter to China's Xi - NHK
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] Japan's Prime Minister Fumio Kishida speaks during a summit discussion on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, at the Stanford, California, U.S., November 17, 2023. REUTERS/Brittany Hosea-Small/File Photo Acquire Licensing RightsTOKYO, Nov 23 (Reuters) - A Beijing delegation of Komeito, the junior coalition partner of Japan's ruling party, handed a letter from Prime Minister Fumio Kishida for Chinese President Xi Jinping in a meeting with China's top leadership team on Wednesday, NHK reported. The broadcaster did not say what was in the letter. Komeito representatives and Kishida's office were not available to comment on Thursday, a public holiday in Japan. Yamaguchi and Cai also agreed to work toward a resumption of dialogue between the CPC and the coalition of the ruling Liberal Democratic Party (LDP) and Komeito, NHK reported.

Persons: Fumio Kishida, Brittany Hosea, Xi Jinping, Natsuo Yamaguchi, Cai Qi, Yamaguchi, Cai, Makiko Yamazaki, Stephen Coates Organizations: Japan's, Economic Cooperation, Stanford, REUTERS, Rights, Komeito, Wednesday, NHK, Communist Party of China, CPC, Central Committee, Liberal Democratic Party, Thomson Locations: Asia, California, U.S, Beijing, Japan, Taiwan

☆ Alibaba's stock dropped so much that Jack Ma reversed a plan to sell shares for his other investments
▼ + stars: | 2023-11-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Alibaba cofounder Jack Ma walked back on plans to sell the company's stock. The Chinese tech giant's stock crashed last week after it nixed a plan to spin off its $11 billion cloud business. AdvertisementAlibaba cofounder Jack Ma reversed plans to sell the company's stock following a slump in its stock price last week. The company's stock sank in response, wiping out $26 billion in value over two days. But Ma isn't selling the stock since its current value is lower than its actual value, she said in the memo.

Persons: Jack Ma, —, Alibaba, Ma, Jane Jiang Fang, Jiang, Ma's Organizations: Service, Reuters, Bloomberg, South China Morning, Big Tech, Baidu, Business Locations: Beijing, China, —

☆ Thai economy in 'crisis' and needs major stimulus - PM
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

Speaking at a forum, Srettha said the economy was not in good shape with fewer foreign arrivals than targeted, and he would be prioritising attracting foreign investment and addressing household debt. "There needs to be big economic stimulus," said Srettha, who is also finance minister, adding a plan to tackle debt would be announced on Dec. 12. Thailand recorded 23.85 million foreign tourists arriving from Jan 1 to Nov. 19, spending 1 trillion baht. It is targeting 28 million arrivals versus a pre-pandemic record of nearly 40 million foreign tourist arrivals in 2019 who spent 1.91 trillion baht. In recent weeks, government officials have described the economy to be in a crisis, necessitating its signature plan.

Persons: Srettha Thavisin, Srettha, Sethaput Suthiwartnarueput, Orathai Sriring, Kitiphong, Satawasin, Chayut Setboonsarng, Martin Petty Organizations: Thai, Thais, Bank of Thailand, Thomson Locations: BANGKOK, Thailand, Southeast Asia's

☆ The founder of Evergrande just lost 2 Hong Kong mansions collectively valued at $200 million to a creditor
▼ + stars: | 2023-11-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Two luxury mansions belonging to Hui Ka Yan, the founder and chairman of Evergrande, have been seized. The properties in Hong Kong's prestigious The Peak neighborhood are worth $192 million, per HK01. AdvertisementHui Ka Yan, the founder and chairman of Chinese property developer Evergrande, is having a really bad end to the year. They are located in The Peak, Hong Kong's prestigious neighborhood, Bloomberg reported on Wednesday, citing documents lodged with Hong Kong's Land Ministry. The houses — which are valued at 1.5 billion Hong Kong dollars, or $192 million — will be formally seized in days, local media outlet HK01 reported on Wednesday.

Persons: Hui Ka Yan, China's, Evergrande, —, Hui, Yan, Tan Haijun Organizations: Service, Hong, Bloomberg, Ministry, Orix Asia Capital, HK, China Construction Bank, Orix, Business Locations: Hong, Hong Kong, China, Orix Asia

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