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☆ China signals readiness to mend ties with U.S. ahead of Trump inauguration
▼ + stars: | 2024-12-13 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +4 min

U.S. President Donald Trump, right, and Xi Jinping, China's president, walk past members of the People's Liberation Army (PLA) during a welcome ceremony outside the Great Hall of the People in Beijing, China, on Thursday, Nov. 9, 2017. During his election campaign, Trump had threatened to impose tariffs in excess of 60% on China. Earlier this month, the Joe Biden administration announced broader restrictions on U.S. exports of advanced memory chips and chipmaking machineries to Chinese companies. President Xi reiterated on Tuesday that he had "full confidence" to achieve this year's growth target, calling the country "the biggest engine of world's economic growth." Overtures but not capitulationEarlier this week, CBS reported that Trump had invited the Chinese leader to attend his inauguration next month.

Persons: Donald Trump, Xi, Qilai Shen, Xi Jinping, Kenneth Jarrett, Jarrett, Shen Meng, Trump, Joe Biden, machineries, Daniel Balazs, Sam Radwan, Derek Scissors, Gabriel Wildau, Teneo Organizations: People's Liberation Army, PLA, of, People, Bloomberg, Getty, U.S, U.S ., China Business Council, Albright, Trump, America, Chanson, Rajaratnam, of International Studies, Nvidia, CNBC, CBS, American Enterprise Institute Locations: Beijing, China, U.S, Washington

☆ Singapore's economic losses due to heat stress could nearly double to over $1.5 billion in 2035
▼ + stars: | 2024-04-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Singapore's economic losses due to heat stress could nearly double to $1.64 billion in 2035 from pre-pandemic 2018 due to a decline in labor productivity, a recent study by the National University of Singapore showed. Back in 2018, heat strain caused an 11.3% fall in average productivity across Singapore's four big economic sectors — services, construction, manufacturing and agriculture. Fall in productivity is expected to rise to 14% in 2035, leading to an economic loss of S$2.22 billion ($1.64 billion), after adjusting for inflation, the NUS Project HeatSafe report said. The loss will be significantly higher for workers exposed to adverse environmental conditions — those working working under the sun, or being exposed to other sources of heat such as machineries. Last July, United Nations' Secretary-General Antonio Guterres cautioned that the world has moved away from global warming to "an era of global boiling."

Persons: Natalia Borzino, Antonio Guterres Organizations: National University of Singapore, NUS, ETH, United Nations Locations: Singapore

☆ S.Korea Aug factory output posts biggest gain in over 3 years as chips jump
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

A factory is seen in Incheon, South Korea, May 30, 2016. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Oct 4 (Reuters) - South Korea's factory output unexpectedly jumped in August by the fastest rate in more than three years, led by chip production, official data showed on Wednesday. The industrial output index (KRIO=ECI) rose 5.5% in August from the previous month on a seasonally adjusted basis, after a 2.0% fall in July, according to Statistics Korea. That contrasts with a median 0.2% fall forecast in a Reuters survey and marks the fastest monthly gain since June 2020. On an annual basis, output was 0.5% lower, much milder than the previous month's 8.1% drop and a forecast for a 6.2% loss.

Persons: Kim Hong, Jihoon Lee, Tom Hogue, Sonali Paul 私 Organizations: REUTERS, Rights, Statistics Korea Locations: Incheon, South Korea, Rights SEOUL

☆ Japan's Nikkei closes at 33-year high; firm Wall Street lifts appetite
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

The Nikkei index (.N225) jumped 2.2% to end at 32,217.43, its highest close since July 1990 and posted its biggest daily gain since Jan. 18. "The market was supported by the gains in the U.S. market on Friday. That helped keep the money flowing into risk assets in Japan," said Shigetoshi Kamada, general manager at the research department at Tachibana Securities. Hence, when U.S. shares rise, there is no reason for not buying Japanese stocks, Kamada added. All but one of the Tokyo Stock Exchange's 33-sector sub-indexes rose, with machineries (.IMCHN.T) rising 3.12% to lead the gains.

Persons: Shigetoshi Kamada, Kamada, Fanuc, Junko Fujita, Janane Venkatraman, Sohini Organizations: Nikkei, Bank of Japan, Tachibana Securities, The Bank of, Reserve, Tokyo, Screen Holdings, Tokyo Stock, Utilities, Tokyo Electric Power Holdings, Thomson Locations: TOKYO, U.S, Japan, The Bank of Japan, Washington, Philadelphia

☆ South Korea Oct factory output drops at fastest pace since May 2020
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 30 (Reuters) - South Korea's factory output dropped in October by more than expected and at the fastest pace in nearly 2-1/2 years, government data showed on Wednesday, amid weakening demand due to a global economic slowdown, and aggressive rate hikes. The country's industrial output fell by a seasonally adjusted 3.5% in October from a month earlier, accelerating from a revised 1.9% decline in September, according to Statistics Korea. It missed economists' expectations of a 1.0% fall tipped in a Reuters survey and marked the fastest decline since May 2020. Output for the services sector fell 0.8%, faster than 0.2% a month before and the fastest since Dec. 2020, while retail sales lost 0.2%. The country's factory output fell 1.1% on a yearly basis, also below 0.0% expected in the survey, snapping a 12-month streak of annual gains.

[1/3] Manuela Teixeira, who runs six businesses in Old Chelsea village, stands at the counter of her cafe Biscotti & Cie, which she says faces a dire labor shortage, in Old Chelsea, Quebec, Canada, October 3, 2022. Canada has the worst labor shortages in the Western world, according to the latest OECD data from late 2021. Quebec's immigration ministry didn't respond to a query on the arrival caps and labor challenges for this article. The new census data showed 28.7% of recent immigrants to the province spoke French as their first language, up from 25.7% in 2016. When company workers had to isolate after arriving from Tunisia during COVID-19, people in the town rallied to help with supplies, she said.

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