DIRS.INFO The most relevant business & tech news

☆ Asian shares shaky as investors wary before US inflation data
▼ + stars: | 2024-06-26 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Risk sentiment was also capped as hawkish comments from Federal Reserve officials kept near-term U.S. rate cut expectations in check in a boost to the dollar. The comments along with data showing a stable housing market kept expectations in check over when and by how much the Fed will cut rates. Markets are pricing in 47 basis points of easing this year, with a rate cut in September pegged at 66% probability, CME FedWatch tool showed. In the currency market, the dollar index , which measures the U.S. unit against six peers, was steady at 105.64, while the euro was at $1.0715. The yen touched a 34-year low of 160.245 per dollar on April 29, prompting Tokyo to spend roughly 9.8 trillion in late April and early May to support the currency.

Persons: Androniki, Lisa Cook, Cook, Michelle Bowman, Selena Ling, OCBC, OCBC's Ling, Shri Navaratnam Organizations: Nikkei, REUTERS, Federal Reserve, . Federal, Reuters, Bank of Japan's, Brent, U.S, West Texas, Thomson Locations: Tokyo, Japan, SINGAPORE, U.S, Asia, Pacific

☆ Death Toll in China Landslide Rises to 11, Rescuers Still Search for Missing
▼ + stars: | 2024-01-22 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

BEIJING (Reuters) - The death toll from a landslide in China's Yunnan province rose to 11 on Tuesday as rescue workers battled freezing temperatures and snow to locate dozens of missing people. Rescuers worked through the night sifting deep mounds of earth at the site of the landslide in Zhenxiong County, state-owned China Central Television (CCTV) reported on Tuesday. After the landslide hit on Monday, at least 47 people from 18 households were reported missing, CCTV said. Eight of the missing were found dead on Monday afternoon, according to Zhaotong Daily, a local state-owned media outlet. "The mountain just collapsed, dozens were buried," a man surnamed Gu, who witnessed the landslide, told the state-owned TV station for the neighbouring province of Guizhou.

Persons: Rescuers, Gu, Bernard Orr, Shri Navaratnam Organizations: China Central Television, Sichuan Daily Newspaper Press Locations: BEIJING, China's Yunnan, Zhenxiong County, Zhaotong, Guizhou, Shanghai

☆ Ukraine Says It Downs 10 of 17 Russian Drones During Overnight Attacks
▼ + stars: | 2023-12-05 | by ( Dec. | At A.M. | ) www.usnews.com time to read: 1 min

KYIV (Reuters) - Ukraine's military shot down 10 out of 17 attack drones launched overnight by Russia, Ukrainian authorities said on Tuesday. The governor of Ukraine's western Lviv region said three drones had struck an unspecified infrastructure target, but damage had been minimal and no casualties had been reported. Kyiv's air force said the drones were shot down over "various regions" of the country. It said six S-300 missiles had been launched at civilian targets in the eastern Donetsk and southern Kherson regions. (Reporting by Dan Peleschuk; Editing by Shri Navaratnam and Andrew Heavens)

Persons: Dan Peleschuk, Shri Navaratnam, Andrew Heavens Locations: Russia, Ukraine's, Lviv, Donetsk, Kherson

☆ Foxconn raises Q4 outlook on strong year-end holiday sales
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

The logo of Foxconn is seen outside the company's building in Taipei, Taiwan November 10, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Dec 5 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker and a major Apple (AAPL.O) supplier, on Tuesday raised its outlook for the fourth quarter on strong year-end sales for the holiday peak season. The fourth quarter is traditionally the hot season for Taiwan's tech companies as they race to supply smartphones, tablets and other electronics to major vendors such as Apple for the year-end holiday period in Western markets. "Therefore, the outlook for the fourth quarter should be better than the original guidance for 'significant growth'", the company added, without elaborating. For components and other products, revenue in November showed strong year-on-year growth "due to increasing allocations in smart consumer electronics products and rising shipments in auto components", it added.

Persons: Ann Wang, Foxconn, Ben Blanchard, Sarah Wu, David Goodman Organizations: REUTERS, Rights, Apple, Hai Precision Industry Co, Revenue, Foxconn's, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, Zhengzhou, Foxconn's Taipei

☆ China's Nov services activity accelerates on boost from new orders - Caixin PMI
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

The findings present a mixed picture of the vast services sector as an official survey last week showed the sector unexpectedly contracted for the first time since December last year, prompting calls for more stimulus measures. "Both services supply and demand expanded, as the market continued to heal," said Wang Zhe, economist at Caixin Insight Group. Analysts say the different survey sizes and composition of surveyed companies might explain the discrepancy between the Caixin and official PMI readings. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, grew to 51.6 from 50.0 in October, marking the strongest reading since August. According to the Caixin services survey, employment fell for the first time since the start of 2023 as some firms maintained a cautious approach to hiring.

Persons: Wang Zhe, Wang, Louise Loo, spender, Loo, Ellen Zhang, Ryan Woo, Shri Navaratnam Organizations: P Global, Caixin Insight, PMI, Oxford, Thomson Locations: BEIJING, October's, China

For its biggest banks, however, there's a hitch: a generation of professional front-line staff have little experience with rising interest rates. The 38 members, which include credit dealers and data scientists, work to improve coordination between retail and wholesale divisions, as higher rates are expected to fuel trading activities. Still, if higher rates are new to most bankers, so they are for their clients, who have for years enjoyed rock bottom rates in Japan. "Almost no front-line bankers have experienced short-term rates above 0.5% as Japan last saw such rates in the 1990s," he said. "I think there are a lot of scepticism among front-line bankers over whether they can really increase their lending rates."

Persons: Masahiro Minami, they've, Izuru Kato, Kato, Satoru Yamamoto, Atsushi Kikuchi, Tokyo Tanshi's Kato, Makiko Yamazaki, Ritsuko Shimizu, David Dolan Organizations: MUFG Bank, TOKYO, Resona Holdings, Reuters, Bank, Mitsubishi, Daiwa Securities, Mizuho Financial, Mizuho, Thomson Locations: Japan, Tokyo

"With this (decision) Yoon is trying to make sure there is policy continuity in place ahead of election," said Park Sang-hyun, an economist at HI Investment & Securities. "Choi has been long-time finance ministry person and he basically spearheaded major economics policies of the Yoon administration from the very beginning so its a safe choice." Choi has a bachelor's degree from the Seoul National University law school, where Yoon also studied around the same time. Choi's career in government service has been mostly at the finance ministry, overseeing economic policy making, financial market policies, and external business relations. Yoon doesn’t need parliamentary approval to appoint a new finance minister, who also serves as deputy prime minister.

Persons: Yoon Suk, Choi Sang, mok, Choi, Choo, Yoon, Yoon's, Yoon doesn’t, Soo, hyang Choi, Ed Davies Organizations: HI Investment, Securities, Gallup, Bank of, Seoul National University, Thomson Locations: SEOUL, Gallup Korea, Daegu

☆ Dollar on shaky ground as Fed rate cut bets strengthen
▼ + stars: | 2023-12-04 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

Powell said on Friday it was clear that U.S. monetary policy was slowing the economy as expected, with the benchmark overnight interest rate "well into restrictive territory." The U.S. dollar index , which tracks the currency against six major counterparts, was last hovering around Friday's close at 103.28. That means dollar pairs could continue to get a boost depending on U.S. economic data, Rodda said. Against the yen, the dollar was fetching $146.58 yen , after falling to 146.24 earlier in the session, its lowest since Sept. 11. The yen has recently pulled away from the near 33-year low of 151.92 per dollar touched in the middle of November.

Persons: Jerome Powell, Bitcoin, Powell, Kyle Rodda, Rodda, Sterling, Christine Lagarde, Carol Kong, bitcoin, Brigid Riley, Shri Navaratnam Organizations: Federal, U.S, U.S ., European Central Bank, ECB, Commonwealth Bank of Australia, Thomson Locations: TOKYO, U.S, cryptocurrencies

☆ Exclusive: China govt advisers call for steady growth target in 2024, more stimulus
▼ + stars: | 2023-11-22 | by ( Kevin Yao | ) www.reuters.com time to read: +4 min

Five of the seven advisers who spoke with Reuters said they favoured a target of around 5%, matching this year's goal. The proposals will be made next month at the ruling Communist Party's annual Central Economic Work Conference that discusses policy plans and the outlook for the world's second-largest economy. "We need to adopt expansionary fiscal and monetary policy to stimulate aggregate demand," Yu Yongding, a government economist who advocates for a growth target of roughly 5%, told Reuters. "We are stepping up fiscal policy support," said another adviser, to make the "difficult" 2024 target "achievable." The stuttering post-COVID recovery has prompted many analysts to call for structural reforms that tilt the drivers of economic growth away from property and infrastructure investment and towards household consumption and market-allocation of resources.

Persons: Yu Yongding, Yu, Guan Tao, Xi Jinping, Kevin Yao, Marius Zaharia Organizations: Reuters, Communist, Economic Work Conference, BOC International, State Administration of Foreign Exchange, Thomson Locations: China, BEIJING, Beijing, outflows, Japan

☆ Australia have their 'legacy' after winning World Cup: Cummins
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Cricket - ICC Cricket World Cup 2023 - Final - India v Australia - Narendra Modi Stadium, Ahmedabad, India - November 19, 2023 Australia's Pat Cummins celebrates with the trophy after winning the ICC Cricket World Cup REUTERS/Amit Dave Acquire Licensing RightsSYDNEY, Nov 22 (Reuters) - Australia captain Pat Cummins said his team had created their own legacy by winning the nation's record-extending sixth one-day World Cup as players returned home from India on Wednesday. The Australia skipper touched down in Sydney with team mates and was still glowing about their achievement. "Every half an hour or so, you kind of remember that we just won the World Cup and get excited all over again," Cummins told reporters at the airport. "I think they have created their own legacy," Cummins added. "I mean, a World Cup, you only get one chance every four years and especially playing someone like India, it’s hard.

Persons: Narendra Modi, Pat Cummins, Amit Dave, Cummins's, Cummins, we’ve, hadn’t, James Redmayne, Ian Ransom, Shri Navaratnam Organizations: Cricket, ICC Cricket, Narendra, ICC Cricket World, Rights, India, Thomson Locations: India, Australia, Ahmedabad, Sydney, South Africa

☆ Former world number one Scott desperate to end win drought in Queensland
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Scott won the first of his two Australian PGA Championship trophies 10 years ago in his prime and the second in 2019. Less than two months after winning the 2019 event, he broke a four-year victory drought on the U.S. PGA Tour by claiming the Genesis Invitational. "If I were to win this week or next week (at the Australian Open) it could be a springboard." The rival circuits, along with the European DP World Tour, announced plans in June to merge and end the sport's bitter divide. "There’s four or five other interested parties in investing in the PGA Tour like PIF," he added, referring to Saudi Arabia's Public Investment Fund.

Persons: Adam Scott, Paul Childs, Scott, ”, Cameron Smith, I’ve, Smith, LIV Golf, Ian Ransom, Shri Navaratnam Organizations: BMW, Wentworth, Rights MELBOURNE, Australian, Butterfield, Royal, British, U.S, PGA, Justice Department, Saudi Arabia's Public Investment Fund, Thomson Locations: Wentworth , Virginia Water, Britain, California, Bermuda, Royal Queensland, Saudi, U.S, Melbourne

☆ Tesla raises price of Model Y long-range in China from Nov 21
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

Model Y cars are pictured during the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowBEIJING, Nov 21 (Reuters) - Tesla Inc (TSLA.O) has increased the price of its Model Y long-range vehicle in China by 2,000 yuan to 304,400 yuan ($42,212.70) from Tuesday, the company said in a notice. ($1 = 7.2111 Chinese yuan renminbi)Reporting by Liz Lee and Shanghai newsroom Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Patrick Pleul, Liz Lee, Shri Navaratnam Organizations: Inc, BEIJING, Tesla Inc, Thomson Locations: Gruenheide, Germany, China, Shanghai

☆ Warren Buffett, 93, donates more Berkshire stock, assures 'I feel good'
▼ + stars: | 2023-11-21 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. In a regulatory filing, Berkshire said Buffett donated 1.5 million Class B shares of Berkshire to the Susan Thompson Buffett Foundation. The donations supplement the $759 million of Berkshire stock that Buffett donated to the charities at this time last year, also just before the U.S. Thanksgiving Day holiday. Greg Abel, 61, a Berkshire vice chairman, is slated to succeed Buffett as Berkshire's CEO, while Howard Buffett would become non-executive chairman. The Howard G. Buffett Foundation focuses on alleviating hunger, mitigating conflicts, combating human trafficking and improving public safety.

Persons: Warren Buffett, Scott Morgan, Berkshire Hathaway, Buffett, Susan Thompson Buffett, Howard, Susan, Peter, Howard G, Greg Abel, Howard Buffett, Melinda Gates, Bhanvi, Jonathan Stempel, Arun Koyyur, Lisa Shumaker, David Gregorio, Shri Organizations: Berkshire Hathaway, REUTERS, Berkshire, Susan Thompson Buffett Foundation, Buffett Foundation, Sherwood Foundation, NoVo Foundation, Forbes, Melinda Gates Foundation, Gates Foundation, Apple, Thomson Locations: Omaha , Nebraska, U.S, Berkshire, Nebraska, Bengaluru, New York

☆ Foxconn's electric car unit falls in market debut amid tough industry outlook
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

A view of a Foxtron logo on a electric vehicle on display during the company's annual Tech Day in Taipei, Taiwan, October 18, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Nov 20 (Reuters) - Shares in Foxtron Vehicle Technologies (2258.TW), a unit of Taiwanese contract manufacturer Foxconn (2317.TW), fell in their market debut on Monday, hurt by concerns over headwinds in the highly competitive electric vehicle market. Foxtron shares did recover some ground from earlier losses of as much as 9%, ending down 2.7% which gave it a market capitalisation of around $2.7 billion. Foxtron is a joint venture between Foxconn - the world's largest contract manufacturer for iPhones and other consumer electronics - and local car maker Yulon (2201.TW). Young Liu, chairman of both Foxtron and Foxconn, said, however, the company has a clear strategy for growth.

Persons: Ann Wang, Foxtron, Yulon . Young Liu, Liu, Foxconn, Terry Gou, Ben Blanchard, Faith Hung, Anne Marie Roantree, Navaratnam, Edwina Gibbs Organizations: Tech Day, REUTERS, Rights, Vehicle Technologies, Mega International Securities, Yulon, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, Foxconn, North America, Southeast Asia, China

[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Beijing needs to pull "multiple levers" at the same time to address the "vulnerabilities" in the financial system, local government financing, as well as consumer sentiment, said Edward Al-Hussainy, head of emerging market fixed income research at Columbia Threadneedle, which owns Country Garden bonds. China property sector slumpShoring up confidence is the biggest challenge facing Beijing and is key to getting homebuyers spending again, which analysts says isn't likely to happen soon given an uncertain economic outlook. Reuters reported last week that Chinese authorities have asked domestic financial behemoth Ping An Insurance Group to take a controlling stake in Country Garden. "You need to fix the macro environment first; if you don't earn enough how do you buy a property?," said Xu, whose firm holds China property dollar bonds.

Persons: Aly, Edward Al, isn't, Morgan Stanley, Ping, Ping An, Elliot Hentov, Steven Xu, Xu, Raymond Cheng, Goldman Sachs, Clare Jim, Davide Barbuscia, Karin Strohecker, Summer Zhen, Rae Wee, Sumeet Chatterjee Organizations: Shanghai Country Garden, REUTERS, HONG KONG, Columbia, Reuters, HK, Economic Work Conference, Reuters Graphics, HIT, Insurance Group, State Street Global Advisors, Country, Harmonia, Bloomberg, China, CIBM Securities, Thomson Locations: Shanghai, China, HONG, Beijing, outflows, Hong Kong, New York, London, Singapore

☆ BOJ will debate easy-policy exit when inflation nears target -Gov Ueda
▼ + stars: | 2023-11-17 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

Bank of Japan (BOJ) Governor Kazuo Ueda attends a news conference after their policy meeting at BOJ headquarters in Tokyo, Japan April 28, 2023. The fate of the central bank's purchases and holdings of exchange-traded funds (ETF) will also be discussed as and when the BOJ considers an exit from ultra-loose policy, he added. "We will consider ending yield curve control and negative interest rates if we can expect inflation to stably and sustainably meet our 2% target," Ueda told a semi-annual testimony to parliament on Friday. "Trend inflation is likely to gradually accelerate toward our 2% inflation target through fiscal 2025. "If achievement of our price target approaches, we will discuss a strategy and guidelines for exiting ultra-loose policy," including the fate of its ETF holdings, Ueda said.

Persons: Kazuo Ueda, Issei Kato, Ueda, Leika, Shri Navaratnam, Sam Holmes Organizations: of Japan, REUTERS, Bank of Japan, Thomson Locations: Tokyo, Japan, TOKYO

☆ Philippines' Marcos, China's Xi to discuss tensions, way forward in South China Sea
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

Ferdinand Marcos Jr. President of the Philippines attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S., November 15, 2023. Manila refers to the part of the South China Sea that it claims as the West Philippine Sea. Marcos said he also discussed South China Sea issues with U.S. Vice President Kamala Harris. China claims sovereignty over nearly the entire South China Sea, pointing to a line on its maps that cuts into the exclusive economic zones of Vietnam, the Philippines, Malaysia, Brunei and Indonesia. The Philippines' foreign ministry on Thursday committed to continue resupply missions and an "upkeep" of a grounded navy ship in a disputed South China Sea atoll, saying it does not have to give prior notice to China.

Persons: Ferdinand Marcos Jr, Carlos Barria, Xi Jinping, Marcos, Xi, Kamala Harris, Neil Jerome Morales, Shri Navaratnam, Michael Perry Organizations: Economic Cooperation, REUTERS, Rights, APEC, South China, West, U.S, The, of Foreign Affairs, Thomson Locations: Philippines, Asia, San Francisco , California, U.S, Rights MANILA, San Francisco, South China, West Philippine, Manila, South, China, China's, Vietnam, Malaysia, Brunei, Indonesia, Taiwan, Beijing

☆ Dollar holds ground as macro data hints at later Fed rate cut
▼ + stars: | 2023-11-16 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The risk-sensitive Australian and New Zealand dollars sank amid a decline in regional equities. The dollar index - which measures the greenback against the euro, yen and four other rivals - added 0.11% to 104.43. Elsewhere, the Aussie slid 0.29% to $0.64905, and the New Zealand dollar declined 0.5% to $0.5993. Australia's currency failed to draw support from a strong rebound in employment, as traders keyed on the fact that gains were mostly in part-time labour, while the jobless rate actually ticked higher.

Persons: Dado Ruvic, James Kniveton, Kevin Buckland, Shri Navaratnam Organizations: REUTERS, Rights, Reserve, New Zealand, Traders, Thomson Locations: Convera

☆ NZ confident about future after semi-final exit
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +3 min

Skipper Williamson had no complaints about how the Blacks Caps were manhandled out of the semi-finals by India on Wednesday, possibly bringing to an end his hopes of ever raising the oldest limited-overs World Cup trophy. The batting great, who has played in four World Cup semi-finals and two finals, will be 37 when southern Africa hosts the quadrennial 50-overs showpiece in 2027, while strike bowlers Tim Southee and Trent Boult will be 38. "You can only hope that, as we experienced from some of our leaders as young guys, that we can continue to bring players through. "I love being part of this group and we've got a number of world class players who love being in that changeroom and love playing for New Zealand. Reporting by Nick Mulvenney in Sydney, editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Kane Williamson, Skipper Williamson, Tim Southee, Trent Boult, Williamson, It's, Matt Henry, Jimmy Neesham, Mark Chapman, Rachin Ravindra, Daryl Mitchell, Mitchell, we've, Nick Mulvenney, Shri Navaratnam Organizations: Blacks Caps, India, Black Caps, Caps, New Zealand, Thomson Locations: MUMBAI, New Zealand, Africa, India, While, New, Sydney

☆ IMF reaches deal with Kenya to raise current financing by $938 million
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

A view shows the Nairobi Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, in Nairobi, Kenya May 8, 2022. REUTERS/Thomas Mukoya/File Photo Acquire Licensing RightsNAIROBI, Nov 16 (Reuters) - The International Monetary Fund has reached a staff-level agreement with Kenya for immediate access of $682.3 million and an increase in its current program's funding by $938 million, the fund said on Thursday. That will include a new augmentation to Kenya's access under the financing program by an equivalent amount of $938 million. The facility was bumped up in May by an extra $1 billion, including $544 million under the Resilience and Sustainability Facility (RSF), and a new arrangement under the same RSF. Writing by George Obulutsa; Additional reporting by Bangalore Newsroom; Editing by Duncan Miriri and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Mukoya, George Obulutsa, Duncan Miriri Organizations: China, Bridge Corporation, REUTERS, Rights, Monetary Fund, East, Fund, Resilience, Sustainability, Bangalore, Thomson Locations: Nairobi, Kenya, Rights NAIROBI

☆ Dollar shakes off weakness after investors rethink Fed outlook
▼ + stars: | 2023-11-15 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

The pound eased back from Tuesday's two-month highs after data showed British inflation ran at its slowest pace in two years in October, at 4.6%. On Tuesday, the pound rose by 1.8% against the dollar, marking its biggest one-day gain in a year. The offshore Chinese yuan, meanwhile, received some support The offshore yuan , meanwhile, briefly ticked up to a three-month high of $7.2385 against the dollar after domestic industrial output and retail sales growth beat expectations. Evidence of ongoing weakness in China's property sector, where data showed sales fell faster in October and investment in real estate slumped, took some of the shine off the rally. The offshore yuan was last at 7.2577 per dollar, down 0.1% on the day.

Persons: Dado Ruvic, Michael Hewson, Sterling, Moh Siong Sim, Brigid Riley, Shri Navaratnam, Lincoln, Angus MacSwan Organizations: REUTERS, Federal Reserve, Investors, Bank of England, Markets, Bank of Singapore, Thomson Locations: Britain, Tuesday's, York

[1/2] FILE PHOTO: Robotic arms assemble cars in the production line for Leapmotor's electric vehicles at a factory in Jinhua, Zhejiang province, China, April 26, 2023. Retail sales, a gauge of consumption, rose 7.6% in October, quickening from a 5.5% gain in September and hitting the fastest growth since May. Analysts had expected retail sales to grow 7.0% due to the low base effect in 2022 when COVID curbs disrupted consumers and businesses. The PBOC has cut banks' reserve requirement ratio (RRR) twice this year to free up liquidity to aid the economic recovery. Fixed asset investment expanded 2.9% in the first 10 months from the same period a year earlier, versus expectations for a 3.1% rise.

Persons: Xing Zhaopeng, Albee Zhang, Liangping Gao, Shri Navaratnam Organizations: REUTERS, Rights, National Bureau of Statistics, Analysts, ANZ, People's Bank of China, Bloomberg, Thomson Locations: Jinhua, Zhejiang province, China, Rights BEIJING, quickening

☆ Dollar down as markets bet Fed done with hikes
▼ + stars: | 2023-11-15 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

The offshore yuan briefly ticked up to a three-month high of $7.2385 against the dollar before easing back somewhat to $7.2477. The New Zealand dollar , which can act as a proxy for China, ticked up to a one-month high of $0.6029 against the dollar. Traders reacted quickly to the shift in market pricing by sending the dollar tumbling 1.5% overnight against major currencies. The dollar index , which measures the currency against a basket of peers, last stood at 104.14, not far from Tuesday's two-month low of 103.98. With the dollar on the back foot, the euro settled around $1.08725 after touching its highest since August the previous day.

Persons: Dado Ruvic, Rob Carnell, Carnell, Moh Siong Sim, Brigid Riley, Shri Navaratnam Organizations: REUTERS, Rights, Federal Reserve, of Research, ING, New Zealand, Traders, Treasury, Bank of Singapore, Thomson Locations: Asia, China, U.S, Lincoln

☆ China c.bank boosts liquidity injection through policy loan, rate unchanged
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +4 min

A gardener works outside the headquarters of the central bank of the People's Republic of China in Beijing October 8, 2008. REUTERS/Jason Lee (CHINA) Acquire Licensing RightsSHANGHAI/SINGAPORE, Nov 15 (Reuters) - China's central bank ramped up liquidity injection but kept the interest rate unchanged when rolling over maturing medium-term policy loans on Wednesday, matching market expectations. The central bank said the loan operation was meant to maintain banking system liquidity reasonably ample to counteract short-term factors including tax payments and government bond issuance. All 31 market watchers polled by Reuters this week had expected the central bank to inject fresh funds to exceed the maturity. The most likely outcome is for PBOC to inject more support through open market operations, while leaving the MLF rate unchanged."

Persons: Jason Lee, Carlos Casanova, corporates, Xing Zhaopeng, Winni Zhou, Tom Westbrook, Christian Schmollinger, Stephen Coates Organizations: REUTERS, Rights, People's Bank of China, Reuters, AAA, ANZ, Thomson Locations: People's Republic of China, Beijing, China, CHINA, Rights SHANGHAI, SINGAPORE, Asia, UBP, United States

☆ Exclusive: China orders local governments to cut exposure to public-private projects as debt risks rise, sources say
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +5 min

The guidelines were mentioned in a cabinet document that was circulated among local governments, policy banks and state lenders last month, said the two sources with knowledge of the matter. The move comes after numerous local governments' PPP expenditure hit the upper limit of the threshold in recent years. But the PPP boom has alarmed authorities who say some local governments have used public-private partnerships, government investment funds and government procurement services as "disguised channels" for raising debt. The State Council and the NAO did not immediately respond to Reuters requests for comments. A portion of the $12.6 trillion local government debt is linked to the PPP projects, as municipalities used these infrastructure-building initiatives as a conduit to raise capital.

Persons: Thomas Peter, NAO, Kevin Yao, Ziyi Tang, Sumeet Chatterjee Organizations: Central Business District, National People's Congress, REUTERS, Rights, International Monetary Fund, National Audit, State, State Council, Bank of, Reuters, National Development, Reform Commission, Thomson Locations: Beijing, China, Rights BEIJING, Bank of China

Search resuls for: "Shri Navaratnam"

25 mentions found