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☆ Subsidies are crucial to the green transition: podcast
▼ + stars: | 2023-12-05 | by ( Una Galani | ) www.reuters.com time to read: +1 min

Andrew Forrest, Chairman and Founder, Fortescue Metals Group speaks at the Global Energy Transition 2022 conference in New York City, New York, U.S. June 14, 2022. REUTERS/David Dee Delgado Acquire Licensing RightsMUMBAI, Dec 5 (Reuters Breakingviews) - The world is short not of capital, but of projects to fund and sovereigns willing to share risk. In this Exchange podcast, Fortescue’s (FMG.AX) Andrew Forrest discusses why all countries need an IRA and the lessons of leading the world’s fourth-largest iron ore miner through change. Listen to the podcastFollow @ugalani on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Andrew Forrest, David Dee Delgado, Thomas Shum Organizations: Fortescue Metals, Global, REUTERS, Rights, Reuters, Thomson Locations: New York City , New York, U.S

☆ Brookfield’s energy M&A loss is teachable moment
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Dec 4 (Reuters Breakingviews) - Brookfield Asset Management (BAM.TO), has some wounds to lick. On Monday the Canadian investment firm’s joint $13 billion offer with MidOcean Energy for Australian power generator and retailer Origin Energy (ORG.AX)failed after the bidders secured backing from 69% of voted shares, below the required 75% threshold. It could target smaller local energy firms, like Alinta Energy and EnergyAustralia, owned by Hong Kong-based Chow Tai Fook Enterprises and CLP (0002.HK) respectively. Brookfield has made other investments from its $15 billion global transition fund, including to co-buy Westinghouse Electric. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Bruce Flatt, Chow, Brookfield, Antony Currie, Neiman Marcus, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, Brookfield Asset Management, MidOcean Energy, Origin Energy, Alinta, Chow Tai Fook Enterprises, CLP, HK, Westinghouse, X, Saks, Thomson Locations: Brookfield, Hong Kong

☆ Evergrande’s Hong Kong court ruling is big reprieve
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 4 (Reuters Breakingviews) - A Hong Kong court on Monday adjourned to next month a hearing over a petition for the liquidation of China Evergrande (3333.HK). It lobs the ball back to Beijing: the judge told Evergrande to hold direct discussion with “relevant authorities” on the revamped terms. Options are limited following the detention of the company’s Chair Hui Ka Yan in September on suspicion of unspecified crimes. It also defers a high-profile test on whether Hong Kong liquidation rulings over mainland companies would be implemented across the border more efficiently following the introduction of a limited mutual recognition pact in 2021. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Evergrande, Hui Ka Yan, Chan Ka, Neiman Marcus, Una Galani, Thomas Shum Organizations: Reuters, Hong, HK, X, Saks, Barclays, Thomson Locations: HONG KONG, Hong Kong, China, Beijing

☆ 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

☆ Geely’s stalled IPO discounts global expansion
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 1 (Reuters Breakingviews) - Electric-car marque Zeekr, controlled by China’s largest private auto group Zhejiang Geely, has hit a roadblock. It is putting on hold its New York initial public offering because of a mismatch in valuation expectations, Reuters reported on Thursday. It was hoped the listing would break the ice and encourage a resurgence in Chinese volumes in U.S. capital markets. Its prospectus was published in November, when global stocks recorded their best performance since 2020. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Xi Jinping, Joe Biden, Katrina Hamlin, Julius Baer’s, Una Galani, Thomas Shum Organizations: Reuters, Zhejiang, American, Tata Technologies, X, Barclays, Thomson Locations: HONG KONG, York, Mumbai, Europe, United States, China

☆ Asia’s tech giants lean toward desperate deals
▼ + stars: | 2023-11-30 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

TikTok CEO Shou Zi Chew arrives for a dinner, on the eve of the Paris Peace Forum at the Elysee Palace in Paris, France, November 9, 2023. TikTok CEO Shou Zi Chew was feted in Indonesia where it has 125 million monthly active users when he pledged in June to invest billions of dollars in the region. But the global giant failed to anticipate regulatory hurdles in its biggest market for online shopping. TikTok’s viral video app would provide Tokopedia with a powerful new growth avenue for its online shopping and payments business. Yet as tech companies from the People’s Republic to Indonesia pull out all the stops to lift growth amid waning investor support, desperate new alliances are bound to emerge.

Persons: Shou Zi Chew, Gonzalo Fuentes, TikTok, China’s, GoTo, Patrick Walujo, Indonesia’s GoTo, Una Galani, Thomas Shum Organizations: Paris Peace, REUTERS, Rights, Reuters, Companies, Google, Temasek, Bain &, Reuters Graphics Reuters Graphics, Tokopedia, HK, Global Digital, Djarum, Bloomberg, Thomson Locations: Paris, France, Rights SINGAPORE, Southeast Asia, Indonesia, Reuters Graphics Reuters Graphics Jakarta, Tokopedia, Lazada, Singapore, Indonesian, Thailand, People’s Republic, China

☆ US and India’s strengthening bond is weak on trust
▼ + stars: | 2023-11-30 | by ( Una Galani | ) www.reuters.com time to read: +4 min

REUTERS/Kevin Lamarque Acquire Licensing RightsMUMBAI, Nov 30 (Reuters Breakingviews) - Trust between the United States and India is eroding. It says it will investigate security concerns aired by the United States. Trying that on the United States would be more consequential: Apple (AAPL.O) and Tesla (TSLA.O) are looking to build supply chains in the country, and the U.S. is the largest market for India’s people-heavy IT services companies. The United States and India may draw a quick line under the murder-for-hire episode, but it will sow a lasting seed of doubt in the relationship. Prosecutors did not name the Indian official.

Persons: Kevin Lamarque, soberly, ”, Justin Trudeau, Joe Biden, Narendra Modi, Saudi Arabia’s Crown Prince Mohammed bin Salman, Jamal Khashoggi, Nikhil Gupta, “, Arindam Bagchi, Neil Unmack, Oliver Taslic Organizations: White, REUTERS, Rights, Reuters, U.S . Department of Justice, U.S, Companies, Micron, General Electric Aerospace, Ottawa, Global, Saudi Arabia’s Crown, Indian, U.S . Justice, New, New York City, Prosecutors, “ Security Management, Thomson Locations: India, Washington , U.S, Rights MUMBAI, United States, Delhi, American, China, Asia, Canada, U.S, Vietnam, Saudi, Istanbul, Manhattan, New York

☆ Warren Buffett pays for Indian payments punt
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking/File Photo Acquire Licensing RightsMUMBAI, Nov 27 (Reuters Breakingviews) - Berkshire Hathaway’s (BRKa.N) foray into the digital payments industry in India did not go well. Warren Buffett’s investment firm on Friday sold its remaining shares in $7 billion Paytm, some five years after making its initial investment, locking in a more than 20% loss, per Breakingviews calculations. But Berkshire only invested $260 million, barely a blip next to its $700 billion-odd of assets at the time. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Warren Buffett, Rick Wilking, Warren, –, Vijay Shekhar Sharma’s, it’s, Antony Currie, Katrina Hamlin Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Rights, Reuters, Berkshire, X, Thomson Locations: Omaha , Nebraska, Rights MUMBAI, Berkshire, India, Una, China, Rome

☆ Foxconn is still running with difficult status quo
▼ + stars: | 2023-11-27 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 27 (Reuters Breakingviews) - Terry Gou is not running for Taiwan’s presidency after all. Nonetheless, the $45 billion Apple (AAPL.O) supplier’s continuing push to move production outside of China leaves it firmly on frontlines of rising cross-strait tensions. Foxconn grew into the biggest employer in China, with more than 1 million workers at its peak and a top contract manufacturer for global brands. Foxconn is out of the election spotlight but it still has to grapple with an awkward status quo. CONTEXT NEWSTerry Gou, the billionaire founder of electronics maker Foxconn, announced on Nov. 24 that he will be withdrawing from Taiwan’s presidential election next month.

Persons: Terry Gou, Critics, Foxconn, Una Galani, Thomas Shum Organizations: Reuters, Apple, Democratic Progressive Party, DPP, KMT, Hai Precision Industry, World Trade Organization, Reuters Graphics, China -, Foxconn, Taipei Times, Thomson Locations: HONG KONG, China, Washington, Beijing, Taiwan, Kuomintang, Taipei

☆ Iron ore gains on China’s property debt-rejig pain
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, January 30, 2020. The benchmark December iron ore futures contract on the Singapore Exchange is up 10% this month at $133.45 a ton on hopes Beijing will kickstart the property sector. Anticipating spiking demand from the world’s second largest economy, Citi analysts on Tuesday upgraded their forecast iron ore price to $140 per ton. The optimism on iron ore could further grow if Beijing rolls out more structural reforms, such as the provision of social housing. China’s demand for steel in electric vehicles and green infrastructure has already kept average prices high despite the property slump.

Persons: Wolfgang Rattay, Chan Ka, Una Galani, Thomas Shum Organizations: REUTERS, Reuters, Singapore Exchange, Citi, Hong Kong, HK, X, Thomson Locations: ThyssenKrupp, Duisburg, Germany, HONG KONG, China, Beijing, HK, Rome

☆ Every country needs an Inflation Reduction Act
▼ + stars: | 2023-11-23 | by ( Antony Currie | ) www.reuters.com time to read: +9 min

REUTERS/David Gray/File Photo Acquire Licensing RightsMELBOURNE, Nov 23 (Reuters Breakingviews) - Lawmakers in South Korea blasted the U.S. Inflation Reduction Act as a betrayal. Yet concerns about market distortion from the policy intended to stimulate investment in the energy transition and signed into law by President Joe Biden in August 2022 are easing. The Biden administration’s willingness to negotiate on its package of $370 billion of tax breaks and other measures has helped. Reuters GraphicsTrouble is, governments also need to show that they will be fiscally responsible stewards of the energy transition in the short term – especially with inflation still a threat and budgets under pressure. In a speech on Nov. 2 about enabling Australia’s energy transition, Treasurer Jim Chalmers said that “incentives like the type we’ve seen in the Inflation Reduction Act in the United States can be part of an answer but they’re not the whole answer”.

Persons: David Brockwell, David Gray, Australia’s Fortescue, FMG.AX, Joe Biden, Biden, –, Goldman Sachs reckons, ’, Uncle Sam, Fumio, Jim Chalmers, they’re, Chalmers, Una Galani, Thomas Shum Organizations: REUTERS, Rights MELBOURNE, Reuters, Australia, Washington, European, of America, Labor Energy Partnership, U.S, Canberra, Climate Energy Finance, Climate Capital Forum, Deloitte, National Australia Bank, quicken, Thomson Locations: Lake George, Canberra, South Korea, United States, Seoul, European Union, U.S, Japan, Washington, EU, Australia

U.S. President Joe Biden and China’s Xi Jinping, who met in San Francisco on Wednesday, may disagree on the terminology. Barely half the manufactured goods imported into the United States from low-cost Asian countries now come from China. Chinese firms have raised just $529 million from initial and secondary stock offerings in the United States in the year to mid-October. But the conscious decoupling between the U.S. and China looks set to continue. Follow @ugalani and @a_fitri_alias on XCONTEXT NEWSU.S. President Joe Biden and Chinese President Xi Jinping met on Nov. 15 in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation forum.

Persons: Xi, Joe Biden, Kevin Lamarque, friendshoring, China’s Xi Jinping, Breakingviews, Donald Trump, China’s ByteDance, Reuters Graphics Reuters Graphics Goldman Sachs, Xi Jinping, Una, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: U.S, Economic Cooperation, REUTERS, Rights, Reuters, People’s Republic . U.S, People’s, World Trade Organization, Reuters Graphics Reuters, FRAYING FINANCE, U.S . Federal Reserve, Federal, Investment Board, HK, Republican, Reuters Graphics Apple, United, Reuters Graphics Reuters Graphics, Thomson Locations: Filoli, Asia, Woodside , California, U.S, Rights MUMBAI, United States, China, Washington, People’s Republic ., San Francisco, People’s Republic, Southeast Asia, Hong Kong, That’s, New York, Greater China, India, TAIWAN, Taiwan, Una Galani, Mumbai, London

☆ More US-China take-privates could get feisty
▼ + stars: | 2023-11-14 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

It is unusual to see a ruckus over a U.S.-listed Chinese firm. Would-be acquirors of Hollysys include the company’s own management, a buyout firm and a consortium including Chinese state-owned investors. The segment constitutes 65% of Hollysys’ top line, which has risen by over 50% from three years ago. The Hollysys affair suggests shareholders can expect a little bit more as Chinese companies bid farewell to the United States. The $26 per share cash offer represents a 26% premium to the closing price on Nov. 3.

Persons: Janet Yellen, Mark Schiefelbein, Hong, Recco, Kong’s, David Blennerhassett, Hollysys, Una Galani, Thomas Shum Organizations: Treasury, Lifeng, Rights, Reuters, U.S, Nasdaq, Oasis Management, Capital Partners, Quiddity Advisors, ABB, Emerson Electric, VNET, Ascendent Capital Partners, Automation Technologies, Recco Control Technology, Hong, Investment, Thomson Locations: Beijing, China, Rights SINGAPORE, United States, People's Republic, Washington, Hong Kong, U.S, Singapore

☆ Hong Kong finance summit tiptoes around China
▼ + stars: | 2023-11-09 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +7 min

HONG KONG, Nov 9 (Reuters Breakingviews) - Hong Kong in November enjoys a pleasant climate that some local managers dub “chairman weather”. Hong Kong is hardly a hot destination for financiers right now. Companies raised just $2.7 billion from initial public offerings in Hong Kong in the quarter, a fraction of previous years. Hong Kong officials including John Lee, the territory’s chief executive, have been sanctioned by the U.S.. Follow @peter_tl on XCONTEXT NEWSThe Global Financial Leaders’ Summit was held in Hong Kong from Nov. 6 to Nov. 8.

Persons: Marc Rowan, Colm Kelleher, Morgan Stanley, Goldman Sachs, David Solomon, Jane Fraser, Ken Griffin, Hong, John Lee, Eddie Yue, Kung, Zhang Qingsong, Bob Prince, Mark Wiedman, Apollo’s Rowan, UBS’s Kelleher, Joseph Yam, Una Galani, Thomas Shum Organizations: Reuters, Apollo Global Management, UBS, Monetary Fund, Companies, Citigroup, Citadel, Hong Kong Monetary Authority, Hong Kong’s HK, Exchange, People’s Bank of China, Bridgewater Associates, BlackRock, Goldman, Bank for International, Global, ’, Thomson Locations: HONG KONG, Hong Kong, Europe, U.S, China . Hong Kong, China, People’s Republic, Hong, British, Singapore, BLK.N, ”

☆ India’s gamified equities are a wake-up call
▼ + stars: | 2023-11-08 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

The result is an acceleration of Indian savings away from gold and real estate into financial products. However, it is also leading to what Ashish Gupta, chief investment officer at Axis Bank’s mutual fund, dubs “the gamification of Indian equities”. A frenzy for index options has driven up volume in the derivatives market to the tune of $4.3 trillion a day. Retail traders made up a higher share of equity derivatives turnover than their institutional counterparts on the National Stock Exchange between 2017 and 2021. Whatever the fix, it’s a reminder that India’s digital leapfrog which other developing countries are urgently trying to replicate has a dark side too.

Persons: Francis Mascarenhas, Ashish Gupta, Gupta, weren’t, Ananth Narayan, SEBI, Nithin Kamath, Zerodha, Lalit Keshre, Una Galani, Thomas Shum Organizations: Bombay Stock Exchange, REUTERS, Rights, Reuters, National Stock Exchange, Tiger, Securities, Exchange Board of India, Thomson Locations: Mumbai, India, U.S

☆ For global banks, India could soon be worth it
▼ + stars: | 2023-11-07 | by ( Pranav Kiran | ) www.reuters.com time to read: +5 min

The hot new business class ticket within Asia is in fact, Hong Kong to Mumbai. Before the pandemic, more than half of the Asian top line of U.S. bulge bracket banks typically came from Greater China which includes the mainland, Hong Kong, Macau and Taiwan. Overall, IPO fees in India have risen from 1% of proceeds in 2017 closer to 2% in recent years, LSEG data shows. Hong Kong bankers are not going to relocate to India any time soon but while they wait out a slow and uncertain recovery in China activity, the trip to India looks increasingly worthwhile. Proceeds from initial public offerings in India amounted to $3.8 billion across 172 deals as of Oct. 24, according to LSEG data.

Persons: Goldman Sachs, Morgan Stanley, Banks, Mukesh Ambani, Bhavish, Ola, What’s, Gaurav Trehan, Blackstone, Amit Dixit, David Solomon, James Gorman, Citigroup's Jane Fraser, Noel Quinn, Bill Winters, Una Galani, Thomas Shum Organizations: Reuters, UBS, Insurance, JPMorgan, Citigroup, Reliance Industries, KKR, Bank of America, Global Financial, Investment, Hong Kong Monetary Authority, Offshore, Thomson Locations: BENGALURU, Hong Kong, China, Asia, Mumbai, Greater China, Macau, Taiwan, Beijing, Washington, India, United States, Offshore China

☆ Macquarie sends shareholders a sell signal
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Chief Executive of the Macquarie Group Shemara Wikramanayake, is seen in this handout picture taken in Sydney, Australia in 2022 released on May 5, 2023. Macquarie Group and Alice Boshell/Handout via REUTERS. Acquire Licensing RightsMELBOURNE, Nov 3 (Reuters Breakingviews) - Macquarie (MQG.AX) boss Shemara Wikramanayake knows how to time the market. The two moves seem designed to calm any shareholders nervous about the bank’s dip in fortunes. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Alice Boshell, Shemara Wikramanayake, Macquarie, Antony Currie, Aston Martin, Una Galani, Thomas Shum Organizations: Macquarie Group, REUTERS, Acquire, Rights MELBOURNE, Reuters, X, Pfizer, Thomson Locations: Sydney, Australia, Handout, Macquarie

☆ Piyush Gupta: Asia’s most disrupted digital banker
▼ + stars: | 2023-11-02 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

Piyush Gupta, CEO of DBS Group (DBSM.SI) is often lauded as Asia’s top financier and has been tipped as a candidate to lead global rivals. Yet following repeated serious failures in its digital banking services, the Monetary Authority of Singapore has banned DBS from non-essential activities including M&A. It puts dividends at risk and will attract the eye of watchdogs overseas where the lender is busy expanding. On the back of record profits, Gupta earned $11.4 million last year, making him one of Asia’s highest remunerated bank CEOs. MAS will retain a multiplier of 1.8 times to DBS’ risk weighted assets for operational risk, an increase from a multiplier of 1.5 times MAS applied in February 2022.

Persons: Piyush Gupta, Ping, aren’t, OCBC’s, Peter Seah, Gupta, Breakingviews, he’s, Una Galani, Thomas Shum Organizations: Reuters, DBS Group, HK, HSBC, Monetary Authority of, DBS, MAS, Lakshmi, Bank, Monetary Authority of Singapore, Thomson Locations: SINGAPORE, Monetary Authority of Singapore, India, Taiwan, Singapore

☆ China’s graphite curbs send green warning shot
▼ + stars: | 2023-10-20 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

Global demand for graphite, seen at 770,000 tonnes this year, is expected to treble by 2033, according to estimates by Fastmarkets graphite analyst Georgi Georgiev. China currently accounts for 64% of the global production of natural graphite and more than half of the artificial equivalent. More importantly, the People’s Republic refines more than 90% of the graphite into high-purity material used in EV batteries. This echoes the approach China used earlier this year to restrict exports of gallium and germanium, two metals used in chips and fibre optic cables, triggering a fall in international shipments. Mining graphite in Europe, which wants to lead in EV adoption, is simply more expensive, says Aiden Lavelle, CEO of miner European Green Metals.

Persons: Georgi Georgiev, Aiden Lavelle, Carmakers, Una Galani, Streisand Neto Organizations: Reuters, People’s, EV, Shanghai Putailai, Energy Technology, Metals, Volkswagen, Thomson Locations: HONG KONG, China, Republic, Shanghai, Finland, Sweden, Beijing, Western, Europe, U.S

☆ India and Japan will be Asia's next power couple
▼ + stars: | 2023-10-19 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

Indian Prime Minister Narendra Modi welcomes Japan Prime Minister Fumio Kishida upon his arrival at Bharat Mandapam convention center for the G20 Summit, in New Delhi, India, Saturday, Sept. 9, 2023. Evan Vucci/Pool via REUTERS Acquire Licensing RightsBENGALURU, Oct 19 (Reuters Breakingviews) - India and Japan are edging closer. Prime Minister Narendra Modi and Prime Minister Fumio Kishida's governments form part of the so-called Quad security grouping with the United States and Australia to counter Chinese expansionism in Asia. Now the two countries are setting up an investment fund together. That’s delivering on a pledge by Kishida to invest 5 trillion yen, or some $42 billion, into India over the next five years.

Persons: Narendra Modi, Fumio Kishida, Evan Vucci, Fumio, Kishida, Wood Mackenzie, Sajjan Jindal, India’s, Lakshmi Mittal, JBIC, Una Galani, Thomas Shum Organizations: Indian, Japan, Bharat, REUTERS Acquire, Rights, Reuters, National Investment, Infrastructure Fund, Japan Bank, International Cooperation, Japan External Trade Organization, Nippon Telegraph, Telephone, Reuters Graphics, Teck Resources, Nippon Steel, ArcelorMittal, Japan Fund, Thomson Locations: New Delhi, India, Japan, United States, Australia, Asia, Reuters Graphics India, China, Russia, South, Teck, Indian

☆ China’s GDP allows room for stimulus waiting game
▼ + stars: | 2023-10-18 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

HONG KONG, Oct 18 (Reuters Breakingviews) - For any major economy, 5% growth ought to be respectable. Yet anxiety over the attainability of that official target this year is one reason China's policymakers have faced growing calls from global stakeholders for more stimulus. The country’s GDP has grown 5.2% in the first nine months of this year. The world’s second-biggest economy grew 5.2% in the first nine months of 2023. The Chinese government has set a 5% growth target for this year.

Persons: Una Galani, Thomas Shum Organizations: Reuters, Services, National Bureau, Statistics, Thomson Locations: HONG KONG, Beijing, China

☆ Putin and Xi’s strengthening bond has a weakness
▼ + stars: | 2023-10-17 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

The $190 billion two-way trade relationship is up 29% since 2021, and has roughly doubled since Russia’s annexation of Crimea in 2014. A warm meeting between Putin and Xi will reaffirm China’s intention to carry on this robust business. Yet Russia’s lack of viable trade avenues makes its leader look more like a vassal than a peer to the Chinese president. Follow @LJucca on XCONTEXT NEWSRussian President Vladimir Putin is attending the Belt and Road Forum in Beijing on Oct. 17-18 where he is expected to meet Chinese President Xi Jinping. China and Russia declared a "no limits" partnership in February 2022 during a previous Putin visit to Beijing, just days before Moscow troops launched an invasion of Ukraine.

Persons: Vladimir Putin’s, Xi Jinping, Brent, Putin, Xi, Vladimir Putin, Una Galani, Thomas Shum Organizations: Reuters, People’s, Reuters Graphics, Bank of France, Centre for Research, Energy, Clean, HK, Forum, Soviet Union, Thomson Locations: HONG KONG, Beijing, Ukraine, People’s Republic, Crimea, Reuters Graphics Moscow, Russia, Europe, U.S, Republic, China, Hague, Moscow

☆ Infosys campus pullback signals hard jobs reboot
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bangalore September 4, 2012. REUTERS/Vivek Prakash/File Photo Acquire Licensing RightsBENGALURU, Oct 13 (Reuters Breakingviews) - Clients are cutting back on IT spending as the global economy slows. India’s second biggest technology services firm by market capitalisation Infosys (INFY.NS) has twice cut its revenue growth forecast this year. IT firms provide well-paying jobs in urban India where less than half of workers have regular wages or salaries. As a result, Infosys revenue grew 16% annually between financial year 2021 and 2023, twice the rate during the prior three years.

Persons: Vivek Prakash, That’s, Pranav Kiran, Una Galani, Thomas Shum Organizations: Indian, Infosys, REUTERS, Rights, Reuters, U.S, Tata Consultancy Services, X, Ericsson, Qantas, Thomson Locations: Electronic, Bangalore, India

☆ China’s timid bank buying sends rescue signals
▼ + stars: | 2023-10-12 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

The call was partly answered on Wednesday evening by Central Huijin Investment, though not quite in the way it was hoped. The state fund boosted its controlling stakes in the Big Four lenders by just a few basis points. It spent a 477 million yuan ($65 million) on Industrial and Commercial Bank of China (601398.SS), (1398.HK), China Construction Bank (601939.SS), (0939.HK) and Bank of China (601988.SS), (3988.HK), and Agricultural Bank of China (601288.SS), (1288.HK). It’s a tiny amount but Central Huijin said it plans to keep adding over to the next six months to its holdings already worth 2.5 trillion yuan. The state fund is the biggest shareholder in Bank of China, Agricultural Bank of China, China Construction Bank and Industrial & Commercial Bank of China.

Persons: Huijin, Central Huijin, Xi Jinping’s, Una Galani, Thomas Shum Organizations: Reuters, Central Huijin Investment, Big, Industrial, Commercial Bank of China, HK, China Construction Bank, Bank of China, Agricultural Bank of China, outflows, of International Finance, Huijin Investment, Agricultural Bank of, Thomson Locations: HONG KONG, China, Beijing, Central, Hong Kong, China’s, Bank, Agricultural Bank of China

☆ Qantas overhaul gets stuck on tarmac
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

Qantas Airways QF100 flight, which marks the airline's 100th birthday, departs from Sydney Airport to fly over Sydney Harbour in Australia, November 16, 2020. Gregg Porteous/Destination NSW/Handout via REUTERS Acquire Licensing RightsMELBOURNE, Oct 11 (Reuters Breakingviews) - Qantas Airways (QAN.AX) customers are already used to interminable waits due to postponed or cancelled flights and lost luggage. Now the $5.4 billion airline has shunted its much-needed governance overhaul into an unnecessary holding pattern. On Wednesday Qantas said Richard Goyder is stepping down after five years as chair along with two other directors who have been on the board for a decade. And Goyder intends to remain in the cockpit until just before the company’s annual meeting in over a year’s time.

Persons: Gregg Porteous, –, Richard Goyder, Alan Joyce, Jaqueline Hey, Maxine Brenner, Goyder, Antony Currie, Una Galani, Thomas Shum Organizations: Qantas Airways QF100, Sydney Airport, Sydney Harbour, Handout, REUTERS Acquire, Rights, Reuters, Qantas Airways, Wednesday Qantas, Qantas, X, Alstom, Thomson Locations: Australia, Brussels

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