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Hong Kong CNN —Taiwan’s Foxconn, one of Apple’s largest suppliers, is being investigated by authorities in China, according to state media. Foxconn, also known as Hon Hai Precision Industry, has iPhone factories in Guangdong and Henan, including the world’s largest in the city of Zhengzhou. The company’s listed unit in Shanghai, Foxconn Industrial Internet, plummeted by its daily limit of 10% on Monday. Terry Gou, Foxconn founder, announces bid for Taiwan presidency during a press event in Taipei on August 28. The crackdown came despite repeated calls from Chinese leaders to welcome more foreign investment to boost the country’s slowing economy.
Persons: Taiwan’s, Terry Gou, won’t, Foxconn, , , Brock Silvers, Gou, Hai, ” Gou, Ann Wang, Lai Ching, — Hou Yu, Ko Wen, Zhang Wensheng, ” Zhang, Silvers Organizations: Hong Kong CNN, Global Times, CNN, Hai Precision Industry, Foxconn Technology, WPP, drugmaker Astellas Pharma, Kaiyuan, , Apple, Communist, Taiwan, Democratic People’s Party, ih, Kuomintang, Taiwan People’s Party, Beijing, China’s Xiamen University, Financial Times, Shanghai, Economic Observer Locations: China, Hong Kong, Beijing, Guangdong, Jiangsu, Henan, Hubei, Zhengzhou, Shanghai, Taipei, Taiwan
Hong Kong CNN —Advertising giant WPP says it has fired an executive detained in China on suspicion of bribery. Last week, news emerged that the Chinese police had raided the Shanghai office of advertising agency GroupM, owned by WPP. WPP said Tuesday it had fired an executive detained in China on suspicion of bribery. The police didn’t name the company, but the Financial Times and Chinese state media linked it to GroupM. The announcement came a month after police questioned employees at the Shanghai office of top consultancy Bain.
Persons: , Terry Gou, wouldn’t, Mintz Organizations: Hong Kong CNN —, WPP, CNN, Reuters, Shanghai, Financial Times, drugmaker Astellas Pharma, China, Mintz Group, Bain Locations: China, Hong Kong, Shanghai, Beijing
Chinese beer maker Tsingtao Brewery said Monday that it had contacted authorities about a viral video showing a staff member urinating into one of its tanks, and that an investigation was underway. Tsingtao, China's second largest brewer, said in a statement that the incident had been reported at the "first opportunity." "The company places high importance on the media reports and has reported the matter to the public security authorities at the first opportunity. The public security authorities are presently involved in the investigation," the statement said. Shares of Tsingtao Brewery fell sharply when the Shanghai Stock Exchange opened Monday, but recovered by afternoon trade.
Persons: netizens Organizations: Tsingtao, Weibo, Shanghai Stock Exchange, Hong Kong Stock Exchange Locations: Tsingtao, Shanghai, China's, East Asia, Weibo
TOKYO (AP) — Ben Shelton won his maiden tour title, beating Aslan Karatsev 7-5, 6-1 at the Japan Open on Sunday. “That meant a lot to me and my team,” Shelton said. “We have been working really hard since the beginning to build my game and win titles on the ATP tour. "They win titles, they don’t just get to finals. The 30-year-old Karatsev was seeking his fourth title and first since he beat Andy Murray in Sydney in 2022, but with 20 unforced errors the Russian struggled to get any momentum in the match and challenge Shelton.
Persons: — Ben Shelton, Aslan Karatsev, ” Shelton, , Michael Chang, Karatsev, Andy Murray, Shelton, ___ Organizations: TOKYO, Japan, U.S, ATP, Flushing, Shanghai Masters Locations: Tokyo, American, Flushing Meadows, Sydney
Foreign companies are increasingly wary of doing business in Chinese cities such as Shanghai, where GroupM’s offices were raided. Photo: Ying Tang/Zuma PressChinese police have raided the Shanghai offices of GroupM, a media-investment group and unit of London-based WPP , and detained an advertising executive, said a person familiar with the matter. Police questioned other local executives during the raid, including GroupM’s Chief Executive in China Patrick Xu, the person said.
Persons: Ying Tang, China Patrick Xu Organizations: Zuma Press, WPP, Police, GroupM’s Locations: Shanghai, London, China
American figure skater Ilia Malinin began his Grand Prix season in a familiar place. I was not expecting that,” said Malinin, who won both of his Grand Prix assignments in his senior debut last season. The competition resumes Saturday with the men's and pairs free skates, the rhythm dance and the women's short program. Then came the quad lutz, the second-hardest jump behind the quad axel, and Malinin combined it with a triple toe loop to drive up his score. His triple axel looked easy given he is perfectly capable of doing a quad.
Persons: Ilia Malinin, Malinin, Kevin Aymoz, Shun Sato, , Annika Hocke, Robert Kunkel, Lia Pereira, Trennt Michaud, Ernesto Lecuona, axel, , ” Malinin, Pereira, Michaud, Chelsea Liu, Balasz Nagy, Isabelle Martins, Ryan Bedard, Hocke, , we’re Organizations: Skate America, Credit Union of Texas, Trennt Michaud of Canada, lutz, Shanghai Trophy, Paris Locations: Fairfax , Virginia, Allen , Texas, France, Japan, Germany, Cuban, paris
"In the context of intensified Sino-U.S. strategic competition and the Taiwan Strait conflict, we should be wary of the U.S. replicating this financial sanction model against China," wrote Chen Hongxiang, a researcher at a branch of the People's Bank of China (PBOC) in eastern Jiangsu province. Wang and several PBOC researchers wrote in articles that if the U.S. implemented Russia-style sanctions on China, Beijing should freeze U.S. investment and pension funds and seize the assets of U.S. companies. ENERGY AND ALLIANCESBesides financial sanctions, Russia's response to Western pressure on its oil, gas, metals, and chips industry has given food for thought to Chinese researchers. Chinese researchers also suggested Beijing exploit cracks within the European Union and between the U.S. and its allies. "The mutual penetration of the Chinese and American economies will inevitably weaken the willingness to impose financial sanctions," he wrote.
Persons: Thomas Peter, Chen Hongxiang, Xi Jinping, Yu Yongding, Yu, PBOC, Wang Yongli, Wang, Sun, Mou Lingzhi, Xia Fan, Ye Yan, Martin Chorzempa, Chorzempa, Chen, Eduardo Baptista, David Crawshaw Organizations: REUTERS, Rights, U.S, Moscow, China, People's Bank of China, Reuters, Senior U.S, People's Liberation Army, China National Knowledge Infrastructure, China International Futures, U.S ., China Center for International Economic, Shanghai Academy of Social Sciences, China Minmetals Corporation, London Metals Exchange, Oil and Gas Exploration, Development Company, European Union, Peterson Institute for International Economics, EU, Thomson Locations: Fuzhou, Taiwan, Matsu, China, Rights BEIJING, Russia, Ukraine, Jiangsu, Beijing, Russian, U.S, Hainan, Washington, United States
But when excluding both fresh food and fuel prices, inflation was 4.2%, still close to the 40-year peak of 4.3% recorded earlier this year. As the reference point for much of the financial world, the 10-year yield helps set prices for all kinds of investments and loans. The yield on the 10-year Treasury touched 4.99%, up from 4.91% late Wednesday, before paring its gain to 4.98%. Early Friday, the 10-year Treasury yield was 4.94%. A higher 10-year yield makes mortgages more expensive, knocks down prices for investments and makes it costlier for companies to borrow and grow.
Persons: Biden, ” Fatih Birol, Hong, Australia’s, India’s Sensex, Tesla, Jerome Powell, That’s, It’s, Brent Organizations: Treasury, ., Department of Energy, Strategic Petroleum Reserve, , Associated Press, Nikkei, China, Dow Jones, Nasdaq, Big Tech, Netflix, New York Mercantile Exchange, U.S Locations: HONG KONG, Paris, Shanghai, Seoul
Tokyo CNN —China has formally arrested a Japanese man who was detained in March, according to officials from Japan’s Ministry of Foreign Affairs (MOFA) and the Japanese Embassy in Beijing. The arrest of the Japanese national, who was reportedly an employee of a Tokyo-based pharmaceutical firm, could further rattle foreign businesses in China, which have reported feeling more unsettled this year amid a crackdown on international consulting firms on national security grounds. According to Japanese public broadcaster NHK, the man was an employee of drugmaker Astellas Pharma and was detained in March by Chinese security authorities in Beijing on suspicion of violating the country’s criminal law and anti-espionage law. In May, state security authorities said they had raided several offices of Capvision, an advisory network. The issue has been cited as headache for foreign businesses, some of which were already having trouble convincing workers to relocate to China.
Persons: Hirokazu Matsuno, Japan’s MOFA, Mao Ning, , , Weeks, Bain, — CNN’s Michelle Toh, Sophie Jeong, Mengchen Zhang Organizations: Tokyo CNN, Japan’s Ministry of Foreign Affairs, Embassy, NHK, drugmaker, Pharma, CNN, Foreign Ministry, Ministry of State Security, Mintz Group, American Chamber of Commerce, China’s Commerce Ministry, State Administration of Foreign Exchange Locations: China, Tokyo, Beijing, MOFA, Shanghai, Hong Kong
BANGKOK (AP) — Shares tumbled in Asia on Thursday following a retreat on Wall Street after big U.S. companies delivered mixed profit reports and Treasury yields added pressure on stocks. Exports rose 4.3% while imports sank 16.3% in September and the trade balance swung to a surplus of 62.4 trillion yen ($410 billion). A big threat for the global economy is what oil prices will do to inflation. It rose 2.6% after reporting stronger profit than expected for the latest quarter as its revenue rose after it hiked prices. In other trading early Thursday, the dollar fell to 149.80 Japanese yen from 149.93 yen.
Persons: Australia's, Sensex, ” Yeap Jun Rong, IG, Brent, Morgan Stanley, Gold Organizations: Hamas, Nikkei, Bank of, New York Mercantile Exchange, Dow Jones Industrial, Nasdaq, Netflix, United Airlines, American Airlines, Delta Air Lines, Procter, Gamble, Treasury Department, Federal Reserve Locations: BANGKOK, Asia, Hong Kong, Tokyo, Seoul, Japan, Israel, Bank of Korea, Shanghai, Gaza, Tel Aviv, U.S
The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. The company last week warned of its inability to meet offshore debt obligations. Country Garden did not immediately respond to a request for comment from Reuters on Wednesday. With nearly $11 billion of offshore bonds and $6 billion of onshore loans, a default by Country Garden would set the stage for one of China's biggest corporate debt restructurings. Country Garden has also missed other offshore payments in the past few weeks, though those payments still have not seen their 30-day grace periods lapse.
Persons: Aly, Scott Murdoch, Sonali Paul Organizations: Shanghai Country Garden, REUTERS, Rights, Garden Holdings, HK, Reuters, Thomson Locations: Shanghai, China, New York, China's, Sydney
Stock Market Today: Morgan Stanley, P&G Earnings in Spotlight
  + stars: | 2023-10-18 | by ( ) www.wsj.com   time to read: +1 min
Stock futures edged lower and oil prices rose as investors eyed more earnings from major companies and tracked the intensifying conflict in Gaza. Morgan Stanley 's stock fell premarket after it posted a drop in quarterly net income. Procter & Gamble reported a rise in quarterly profit , boosted by price increases. An explosion at a hospital in Gaza ratcheted up tensions, further spurring concerns of a wider regional conflict. Chinese stocks edged lower.
Persons: Morgan Stanley, Gamble, Biden Organizations: Procter, Netflix, Treasury, Nasdaq, Dow, Brent Locations: Gaza, China, Israel, Shanghai
BANGKOK (AP) — Markets fell in Europe and Asia after China reported Wednesday that its economy grew at a 4.9% annual pace in July-September, down from 6.3% in the previous quarter. The future for the S&P 500 lost 0.2% and that for the Dow Jones Industrial Average was 0.1% lower. Weak global demand and the property industry remain the biggest shadows overhanging the economy in the near term, economists said. “The wider data on the property sector remained weak, although green shoots are appearing,” Capital Economics said in a report. Bank of New York Mellon rose 3.8% after it also reported stronger profit than expected for the latest quarter.
Persons: Germany's DAX, Wyndham, Brent, Writers Zen Soo, Stan Choe Organizations: , CAC, FTSE, Dow Jones, Bureau of Statistics, Nikkei, Nasdaq, U.S, Treasury, Nvidia, Bank of America, Wall, Bank of New, Bank of New York Mellon, Wyndham Hotels, Resorts, , New York Mercantile Exchange, AP, Writers Zen Locations: BANGKOK, Europe, Asia, China, Paris, Shanghai, Tokyo, Bank of New York, Iran
Explainer: Country Garden: What happens next?
  + stars: | 2023-10-17 | by ( Clare Jim | ) www.reuters.com   time to read: +5 min
The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. A non-payment is expected after Country Garden last week warned about its inability to meet offshore debt obligations. Country Garden has appointed Houlihan Lokey, China International Capital Corporation (CICC) and law firm Sidley Austin as advisers to carry out an offshore debt restructuring. Until this year, Country Garden was the largest Chinese developer by sales. Country Garden has said repeatedly that "home delivery" is its top priority.
Persons: Aly, Houlihan Lokey, Sidley Austin, Evergrande, Clare Jim, Anne Marie Roantree, Sonali Paul Organizations: Shanghai Country Garden, REUTERS, HK, China International Capital Corporation, WHO, China Evergrande, Evergrande, Regulators, Beijing, Thomson Locations: Shanghai, China, HONG KONG, Beijing
Country Garden: What happens next?
  + stars: | 2023-10-17 | by ( Clare Jim | ) www.reuters.com   time to read: +5 min
The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. A non-payment is expected after Country Garden last week warned about its inability to meet offshore debt obligations. Country Garden has appointed Houlihan Lokey, China International Capital Corporation (CICC) and law firm Sidley Austin as advisers to carry out an offshore debt restructuring. Until this year, Country Garden was the largest Chinese developer by sales. Country Garden has said repeatedly that "home delivery" is its top priority.
Persons: Aly, Houlihan Lokey, Sidley Austin, Evergrande, Clare Jim, Anne Marie Roantree, Sonali Paul Organizations: Shanghai Country Garden, REUTERS, HK, China International Capital Corporation, WHO, China Evergrande, Evergrande, Regulators, Beijing, Thomson Locations: Shanghai, China, HONG KONG, Beijing
Political Cartoons View All 1211 ImagesThe futures for the S&P 500 and Dow industrials were up less than 0.1%. On Monday on Wall Street, the S&P 500 climbed 1.1% for its best day since the Oct. 7 surprise attack on Israel by Hamas. Financial markets have a history of weakening initially after a geopolitical shock, such as a war, only to revert to longer-term fundamentals. FactSet estimates that earnings per share at S&P 500 companies likely rose 0.4% in the last quarter from a year earlier. Shares of Lululemon jumped 10.3% in their first trading session after S&P Dow Jones Indices said the apparel company will join its widely tracked S&P 500 index.
Persons: Germany's DAX, Dow industrials, Antony, Blinken, ” Robert Carnell, Nicholas Mapa, Brent, , Mark Hackett, Johnson, Tesla, Charles Schwab, Dow Organizations: CAC, Nikkei, Hamas, Dow, Nasdaq, ING Economics, New York Mercantile Exchange, Treasury, Financial, Nationwide, Bank of America, Federal Reserve, Dow Jones, Activision Blizzard, Microsoft, U.S Locations: BANGKOK, East, Paris, Asia, Hong Kong, Shanghai, Australia, Thailand, Israel, Gaza, Lebanon, Iran
NEW YORK (AP) — Shares fell in Asia as investors braced Monday for an expected invasion by Israel in the Gaza Strip. On Friday, the price of a barrel of benchmark U.S. crude oil jumped $4.78 to settle at $87.69. Early Monday, U.S. crude oil was unchanged while Brent was up 3 cents at $90.92 a barrel. Worries about the war pulled Treasury yields lower, which often happens when investors head for safer investments during times of stress. The yield on the 10-year Treasury fell to 4.63% from 4.70% late Thursday.
Persons: , Israel, Brent, Korea's Kospi, Australia's, Wells, JPMorgan Chase, Jamie Dimon, Todd Vasos Organizations: Economics, Markets, Nikkei, Nasdaq, Dow, Treasury, United Nations, Federal Reserve, JPMorgan Chase, JPMorgan, UnitedHealth, Wall, Dollar, U.S . Locations: Asia, Israel, Gaza, U.S, Hong Kong, Shanghai, Wells Fargo
Hurkacz wins thriller with Rublev to take Shanghai title
  + stars: | 2023-10-15 | by ( ) www.reuters.com   time to read: +2 min
I had a match point and Andrey hit an amazing serve and then he had a match point and then I had some match points." Rublev broke Hurkacz's serve early in the second set but it was in the final set where the match really came to life. Rublev steadied himself to save match point and hold serve, and in the tiebreak he snatched early control to take a 3-0 lead. Two aces from the Polish player kept him in touch and at 5-6 down he served another ace to save match point. Both players broke serve again in quick succession to level the tiebreak at 8-8, but it was Hurkacz who had the last word and broke Rublev's serve again to win the title.
Persons: Poland's Hubert Hurkacz, China's Zhang Zhizhen, Aly, Hubert Hurkacz, Andrey Rublev, Hurkacz, Rublev, Andrey, Hurkacz's, Rublev steadied, Rublev's, Trevor Stynes, Christian Radnedge Organizations: Shanghai, Sports City Arena, Rights, Shanghai Masters, ATP, Miami, Thomson Locations: Shanghai, China, Russian
Stock Market Today: JPMorgan, Wells Fargo Benefit From Higher Rates
  + stars: | 2023-10-13 | by ( ) www.wsj.com   time to read: +1 min
U.S. stock futures and bond yields edged lower amid a string of results from major banks. JPMorgan Chase and Wells Fargo beat analysts' expectations for both earnings and revenue . Stock futures mostly edged down. Blackrock's stock fell in thin premarket trading, even though its earnings beat analysts' expectations. Treasury yields declined slightly.
Persons: Wells, Brent, Dow industrials, Hang Seng Organizations: JPMorgan Chase, Wells Fargo, Nasdaq, Shanghai, Japan’s Nikkei Locations: Europe
The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Oct 13 (Reuters) - The founding family of Country Garden (2007.HK) recently loaned the embattled Chinese property developer $300 million interest free, and the family was also trying to sell its private jet, a Chinese online news outlet, The Paper, reported on Friday. Another online news outlet, Cailianshe, reported earlier that founder Yeung Kwok Keung had already sold a new jet and was trying to sell another. Country Garden declined to comment. Country Garden's 30-day grace periods to make the missed coupon payments will start expiring next week.
Persons: Aly, Yeung Kwok Keung, Yeung, Mo Bin, Yang Huiyan, Clare Jim, Simon Cameron, Moore Organizations: Shanghai Country Garden, REUTERS, HK, Thomson Locations: Shanghai, China, HONG KONG, Shunde, Guangdong province
HONG KONG (AP) — Asian markets slipped on Friday following a decline on Wall Street driven by mounting pressure from rising bond market yields. The Hang Seng in Hong Kong slipped 2.2% to 17,846.49 and the Shanghai Composite index fell 0.6% to 3,088.10. Japan’s Nikkei 225 index fell 0.6% to 32,315.99. On Thursday, the S&P 500 fell 0.6% to 4,349.61. The stock market has largely been taking its cues from the bond market recently.
Persons: Australia’s, Taiwan’s Taiex, Wells, Brent Organizations: National Bureau of Statistics, Japan’s Nikkei, Dow Jones, Nasdaq, Delta Air Lines, Ford Motor Co, United Auto Workers, Detroit, Treasury, Federal Reserve, Citigroup, JPMorgan Chase, UnitedHealth Group, New York Mercantile Exchange, U.S . Locations: HONG KONG, China, Hong Kong, Shanghai, South Korea, Bangkok, Louisville , Kentucky, Wells Fargo, Gaza
Traders work on the floor of the London Metal Exchange in London, Britain, September 27, 2018. Rebuilding the London nickel contract is clearly very much work in progress. FIXING NICKELOthers, meanwhile, are looking to muscle into the LME's nickel price discovery domain. The Shanghai market also took a big collateral hit from the London turmoil, volumes on its nickel contract collapsing by 53% last year relative to 2021. The blow-out of the nickel contract and the resulting near-death experience of both brokers and exchange have sapped confidence in the historical market of last resort.
Persons: Simon Dawson, Elliott, Nicolas Aguzin, Matthew Chamberlain, hasn't, it's, Ireland's, Kirsten Donovan Organizations: London Metal Exchange, REUTERS, U.S, Elliott Associates, Jane, Trading, Hong Kong Exchanges, HK, Bloomberg, London, Global Commodities Holdings, Abaxx Commodities Exchange, Canadian, Technologies Inc, Shanghai Futures Exchange, EV, CME, Reuters, Thomson Locations: London, Britain, London's, China, Shanghai, U.S
Oct 13 (Reuters) - Wang Yawei, a star fund manager in China, has been detained by authorities since August and is under investigation, according to three sources with knowledge of the matter. The 52-year-old founder of Qianhe Capital Management in Shenzhen and Top Ace Asset Management in Hong Kong is the latest high-profile Chinese business executive to be investigated or detained. His case relates to an investigation into Zhu Congjiu, a former senior official at China's top securities regulator, the sources said. Before setting up his own shop, Wang spent 14 years at China Asset Management Co (AMC), one of the country's largest mutual fund houses, as its vice-president and chief investment officer. Zhu is one of several former China Securities Regulatory Commission (CSRC) officials to come under scrutiny in recent years.
Persons: Wang Yawei, Zhu Congjiu, Wang, Zhu, Xi, Sumeet Chatterjee, Edwina Gibbs Organizations: Qianhe Capital Management, Asset Management, Communist, Central Commission, Ministry of Public Security, Qianhe, China Asset Management Co, AMC, China Securities Regulatory Commission, Shanghai bourse, Reuters, Thomson Locations: China, Shenzhen, Hong Kong, Zhejiang province
The stock market got a boost from that drop in longer-term yields, but it also felt a drag from rising shorter-term yields. Yields were mixed after a report showed inflation at the wholesale level was stronger last month than economists expected. Still, with the U.S. government racking up big deficits that require more borrowing, and buyers in shorter supply, the pressure has been mostly upward on Treasury yields. In energy trading, a further pullback in crude oil prices is helping to take some heat off inflation and support Wall Street. Oil prices have given back much of their strong gains from earlier this week, triggered by fighting in Gaza.
Persons: Sydney's, Hang Seng, ” Anderson Alves, ActivTrades, Rubeela Farooqi, , Gregory Daco, Brent Organizations: TOKYO, Palestinian, Hamas, Nikkei, U.S, Dow Jones, Nasdaq, Federal Reserve, Treasury, “ Fed, EY, Benchmark, New York Mercantile Exchange, Energy, Exxon Mobil, Natural Resources Locations: Israel, Hong, Shanghai, U.S . Federal, Lebanon, Iran, U.S, Gaza
BANGKOK (AP) — Shares advanced Wednesday in Asia, tracking Wall Street gains following an easing of pressure from the bond market. Some of the strongest action was in the bond market, where Treasury yields eased after trading resumed following a holiday on Monday. The two-year Treasury yield, which moves more closely with expectations for the Fed’s actions, sank to 4.97% from 5.09%. Treasury yields had jumped last week to their highest levels in more than a decade, following the lead of the Fed’s main interest rate, which is at heights unseen since 2001. Traders are now betting on a nearly 73% chance that the year will end without any more Fed rate hikes, according to data from CME Group.
Persons: Australia's, They’ve Organizations: , Bloomberg, Samsung Electronics, SK Hynix's, Investors, Federal Reserve, Dow Jones, Nasdaq, PepsiCo, Treasury, Traders, CME Group, New York Mercantile Exchange, Brent, U.S Locations: BANGKOK, Asia, Hong Kong, Shanghai, South Korea, India, Bangkok, Israel
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