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☆ Philippine c.bank to hold rates at 6.25% in May after nine straight increases - Reuters poll
▼ + stars: | 2023-05-16 | by ( Devayani Sathyan | ) www.reuters.com time to read: +2 min

Sixteen out 22 economists polled by Reuters between May 9-15 expected the BSP to leave its overnight borrowing rate (PHCBIR=ECI) at 6.25% at the meeting on Thursday. "Policymakers should be comforted by the pullback in inflation prints since February, with downward revisions to inflation forecasts potentially on the cards. Among economists who had a long-term view, 11 of 19 expected the BSP to maintain rates at 6.25% until end-June. Of the remaining eight economists, seven predicted rates to be at 6.50% or higher by then, while one forecast a 25 basis points cut to 6.00%. Median forecasts showed rates would remain at 6.25% at least until the end of the year.

☆ Domestic demand in China is losing momentum, JPMorgan says
▼ + stars: | 2023-05-16 | 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 EmailDomestic demand in China is losing momentum, JPMorgan saysGrace Ng of the investment bank says the private sector is an area of concern, as investments there have been "underperforming significantly."

May 16 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. If the April snapshots of retail sales, urban investment and industrial production come in weaker than expected - and consensus forecasts are for solid rebounds from the month before - the China bears and doomsters will be in the ascendancy. Broader market sentiment may be reasonably well supported after Wall Street eked out modest gains on Monday despite alarming slump in a key index of U.S. factory activity and another day of deadlock in the U.S. debt ceiling negotiations. Here are three key developments that could provide more direction to markets on Tuesday:- Australia consumer sentiment (May)- China investment, retail sales, industrial output (April)- Euro zone GDP (Q1, flash estimate)By Jamie McGeever; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Philippines' finance minister says no reason for rate hike
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +2 min

MANILA, May 15 (Reuters) - The Philippine central bank has no reason to raise interest rates further as domestic inflation is easing, the country's finance minister said ahead of a May 18 monetary policy meeting. Finance Secretary Benjamin Diokno reiterated his stance against a rate hike when he spoke to reporters. "I'm for a pause, that's my opinion. "So over all, there's no reason why we should increase the rates." Some economists believe the inflation downtrend and cooling economic growth have built the case for the BSP to pause in its tightening cycle.

☆ Two Memoirs of Chinese American Hunger, Three Decades Apart
▼ + stars: | 2023-05-14 | by ( Qian Julie Wang | ) www.nytimes.com time to read: +2 min

A stream of stir-fries, soups and sweets appeared at my door just a few miles away; on my phone, a text: “Have you eaten?”In many Asian American households, love is intermingled with food. Rather than telling us that they love us, our parents feed us, guarding against physical hunger while an emotional one rages. Two memoirs, Fae Myenne Ng’s “Orphan Bachelors” and Jane Wong’s “Meet Me Tonight in Atlantic City,” explore the many forms of hunger that come with being Asian in America. Honoring the full depth of both memoirs in a single review is as impossible as celebrating the full richness of Asian American and Pacific Islander heritage in a single month. Ng and Wong are both second-generation Americans with ancestral roots in Toishan, in the southern Chinese province of Guangdong.

☆ Microsoft’s LinkedIn Closes China App as It Cuts More Than 700 Jobs Worldwide
▼ + stars: | 2023-05-09 | by ( Newley Purnell | Rachel Liang | ) www.wsj.com time to read: 1 min

LinkedIn exited social media in China in 2021. Photo: Ng Han Guan/Associated PressHONG KONG— Microsoft ’s LinkedIn said it is closing down its China-focused jobs app and cutting 716 positions globally, citing slower revenue growth and changing customer behavior as it becomes the latest U.S. tech company to trim its workforce amid economic pressures. LinkedIn Chief Executive Ryan Roslansky said in a letter to employees Monday that teams globally will be reorganized, and that with customer demand changing, the company would use more vendors.

Jefferies says specialty plumbing and appliances distributor Ferguson is a high-quality business "poised to take [market] share." Its new price target of $181 implies shares rallying 28% from Monday's close. "FERG is uniquely positioned to service compared to smaller competitors due to its scale & breadth of products," analyst Philip Ng wrote in a Tuesday note. "FERG should be resilient in a downturn, driven by its pricing power, high variable cost structure and capital light model. FERG's pricing power & limited exposure to commodity products drive stable gross margins through the cycle."

☆ LinkedIn layoffs: Company to cut 716 jobs, exit China app InCareer amid 'challenging' economic climate
▼ + stars: | 2023-05-09 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —LinkedIn, the world’s largest social media platform for professionals, is cutting 716 positions and shutting down its jobs app in mainland China, the California-based company announced. Ng Han Guan/APAs part of the move, LinkedIn will phase out InCareer, its app for mainland China, by August 9. LinkedIn is the last major Western social media app still operating in mainland China. Maimai was launched in 2013 and dubbed the Chinese version of LinkedIn. “We’re also facing a significantly more challenging operating environment and greater compliance requirements in China.”

☆ Apple results show iPhone's 'consumer staple nature' in a tough environment, Wall Street says
▼ + stars: | 2023-05-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Most Wall Street analysts like what they're seeing from Apple , viewing the iPhone maker's better-than-expected results as a sign of resilience and its continued ability to deliver even in a tough environment. Apple rose 2% in the premarket after posting earnings that beat expectations, driven by stronger-than-expected iPhone sales. Chatterjee has an overweight rating on Apple and a price target that implies upside of 14.6%. Softening demand 'casts a cloud' Despite the company's better-than-feared results, some analysts do expect volatility ahead. UBS analyst David Vogt reiterated his buy rating on the stock but said softening demand "likely casts a cloud on the stock near term."

☆ Career advice for the class of 2023: How to find a job you love
▼ + stars: | 2023-05-03 | by ( Cindy Perman | ) www.cnbc.com time to read: +9 min

What's important, Ng and other career experts say, is that you don't just look for a job, whether it's your first or fifth. Gorick Ng author of "The Unspoken Rules"LinkedIn career expert Blair Heitmann recommends making a career bucket list. Are you on the right career ladder? Ng offers this visual: Jobs are rungs on a career ladder. Don't assume that you will get something because you 'deserve it'OK, so let's say you are lucky enough to land at a job is on the right career ladder for you.

☆ Beijing’s Bain Raid, Espionage Law Are Self-Sabotage
▼ + stars: | 2023-04-28 | by ( Nathaniel Taplin | ) www.wsj.com time to read: 1 min

It’s Party time. Photo: Ng Han Guan/Associated PressChina’s economy is bouncing back quicker than expected. So, unfortunately, are the sort of heavy-handed policies that spooked investors during China’s last big expansion in 2021. On Wednesday China updated its counterespionage statute to cover all “documents, data, materials or items related to national security,” a considerably wider remit than the previous “state secrets and intelligence.” Recent weeks have also brought a raid of Bain & Co.’s Shanghai offices, the detention of Beijing staff at New York-based due diligence firm Mintz Group, and the arrest of a Japanese pharmaceuticals employee for alleged spying.

[1/3] People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence LoSummarySummary Companies Top five lenders post shrinking net marginsNon-performing loans hold steady at all fiveQ1 net profit growth mostly flatSHANGHAI/BEIJING, April 28 (Reuters) - Five of China's largest lenders posted shrinking margins in the first quarter on Friday, as loan re-pricing bites. Following suit were Agricultural Bank of China Ltd (AgBank) (601288.SS), Bank of China (BoC) (601988.SS), China's Bank of Communications Co Ltd (BoCom) (601328.SS), and China Construction Bank Corp (CCB)(601939.SS), all posting dips in their NIM. All lenders posted flat to around 5% net profit growth with BoCom logging the highest first-quarter net profit at over 5%. AgBank came in second with 1.75% as the others posted flat net profit growth over the same period.

☆ Chinese Warships and Planes Test Taiwan Defenses
▼ + stars: | 2023-04-28 | by ( Karen Hao | ) www.wsj.com time to read: 1 min

In recent years, the Chinese military has engaged in increasingly bold maneuvers around Taiwan. Photo: Ng Han Guan/Associated PressHONG KONG—Dozens of Chinese military aircraft and navy vessels were detected around Taiwan early Friday, including one that flew around the island, the Ministry of National Defense said. The 38 warplanes and six ships represented the biggest deployment since China sent 91 aircraft and a dozen vessels to greet Taiwan President Tsai Ing -wen the day after her return from a visit to the U.S. this month. China’s Communist Party claims Taiwan, a self-ruling island, as part of its territory and had strongly protested Ms. Tsai’s visit.

Unlike the chubby, fluffy image of her younger self, 22-year-old Ya Ya has appeared skinny in recent photos, with her black and white coat missing clumps of fur. But Le Le died suddenly of heart disease in early February, further fueling suspicions of mistreatment. Throughout the past weeks, Ya Ya regularly appeared as a top trending topic on Weibo, each time attracting hundreds of millions of views. Allegations of mistreatmentWhen Ya Ya and Le Le arrived at Memphis in 2003, it was a huge deal for the city. A petition by Panda Voices to bring Ya Ya and Le Le back to China on change.org has garnered 193,000 signatures.

Order intake at the company that makes a range of military and civilian hardware doubled to 17.02 billion crowns ($1.66 billion) from 8.1 billion, while its order backlog increased to 132.66 billion crowns from 128 billion crowns. Chief executive Micael Johansson said countries are increasing stocks to improve their own resilience, as well as to support Ukraine, which had translated into a strong order intake. Demand has been particularly strong in the surveillance and dynamics businesses, which include sensors, deterrents, support weapons and missiles, he said. Analysts at Citi said it was a strong start to the year for Saab, with sales, operating profit and orders beating consensus. Shares in Saab were up around 4.5% as the market opened, but reversed course later and at 0806 GMT were down 1.5%Operating profit for the maker of the Gripen fighter jet was 928 million Swedish crowns ($90.16 million) in the quarter, compared with 654 million crowns a year earlier.

☆ Philippine c.bank chief: 'Dangerous' to cut rates faster than Fed
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

MANILA, April 26 (Reuters) - The Philippines' central bank considers it "dangerous" to cut interest rates faster than a policy easing by the U.S. Federal Reserve, its governor said on Wednesday. "If inflation in the U.S. is sticky and cuts are slow, it is very dangerous for the Philippine central bank to cut faster than the U.S.," Medalla said. Philippine inflation slowed for a second straight month in March to 7.6%. Gross domestic product could have expanded "in the neighbourhood of 6%" in the first quarter, Medalla said. A Philippine government inter-agency panel this week maintained its economic growth target of 6.0% to 7.0% this year on robust domestic economic activity amid global headwinds.

[1/2] A Vietnamese officer tries a weapon at the stalls of Czech security firms, including Colt, at the Vietnam International Defence Expo 2022 in Hanoi, Vietnam, December 8, 2022. REUTERS/Khanh VuHANOI, April 24 (Reuters) - Vietnam is in talks with the Czech Republic for military supplies, including aircraft, radars, upgrades of armoured vehicles and firearms, a Czech government source told Reuters, as Hanoi aims at diversifying its mostly Russian arsenal. Hanoi ordered a dozen L-39NG light-combat aircraft in 2021 from Czech manufacturer Aero Vodochody, with delivery to begin this year. Of the 15 companies that composed the Czech business delegation, four were security firms. The Vietnam foreign ministry and the Czech embassy in Hanoi had no immediate comment.

☆ How to watch the Chevron Championship live: Start time, channel and other things to know
▼ + stars: | 2023-04-20 | by ( Jack Bantock | ) edition.cnn.com time to read: +6 min

CNN —Once again, the first women’s golf major of the season tees off with The Chevron Championship. How to watchUS viewers can watch the first and second rounds on the Golf Channel, with coverage running from 10 a.m. CST until 7 p.m. CST. “I think I was in a bit of a panic last year,” Kupcho told reporters Tuesday. But I don’t think that’s going to be my driving force going to any of these events this year.”Ko tees off at the HSBC Women's World Championship in March. “I don’t think I have a weakness in my game at all, and I think that’s partially why I’ve been very consistent,” Hall told reporters.

☆ Forget Macron, Europe and the U.S. See Eye-to-Eye on China’s Threat
▼ + stars: | 2023-04-19 | by ( Greg Ip | ) www.wsj.com time to read: 1 min

Photo: Ng Han Guan/Pool/ShutterstockIn its geopolitical competition with the West, China has long sought to divide the U.S. from Europe. Last week it appeared to score a coup when French President Emmanuel Macron declared Europe wouldn’t follow the U.S.’s approach toward Beijing. In fact, the European Union has decisively changed its approach to China in the past year. Europeans use milder language than Americans, saying they wish to “de-risk” their economic relationship with China, not “decouple.” But in substance, European de-risking and American decoupling look much the same. Indeed, Europe is erecting economic defenses against China that in some cases go further than the U.S.

We're buying 150 shares of Coterra Energy (CTRA), at roughly $25.43 each. Following Wednesday's trade, Jim Cramer's Charitable Trust will own 1,150 shares of CTRA, increasing its weighting in the portfolio to 1.1% from 0.95%. We're adding Coterra Energy and upgrading the stock back to a 1 rating . Coterra Energy has outperformed most of its peers year to date, which can be traced, in part, back to that change in its capital return framework. @NG.1 YTD mountain Natural gas YTD performance We think the upside move outweighs the downside potential as we have seen an unwillingness from the commodity to break below $2 and stay there.

☆ Malaysia to review $3.9 bln settlement deal with Goldman Sachs - PM Anwar
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, April 17 (Reuters) - The Malaysian government is re-evaluating a $3.9 billion settlement deal reached between the previous administration and U.S. investment bank Goldman Sachs (GS.N) over the 1MDB financial scandal, state news agency Bernama reported on Monday. Prime Minister Anwar Ibrahim said on Monday a government taskforce looking into 1MDB issues was scrutinising the 2020 deal with Goldman, adding that it was a matter of recovering public funds, Bernama reported. "I agree (with a review) because from the start, I felt the settlement agreement was done hastily which led to many questions being raised," Anwar was quoted as saying by Bernama. Goldman had helped 1MDB raise $6.5 billion in two bond offerings, earning itself $600 million in fees, according to the U.S. Justice Department. Since taking office last November, Anwar has sought to review previous governments' decisions on 1MDB in a bid to recoup money embezzled from the fund.

☆ Humans have to get in the way of AI to make it more responsible
▼ + stars: | 2023-04-17 | by ( Emilia David | ) www.businessinsider.com time to read: +4 min

Humans are key to responsible AI. Calls to pause AI development centered around the need to make sure we were building responsible AI. But some Big Tech companies laid off responsible AI employees as part of the great cost-cutting sweeping the industry, possibly undermining the greatest tool against unfettered, unchecked AI. Those moves come right as society has come to understand what can happen if AI escapes its guardrails, making AI ethics more important than ever. Here's why humans will help bring responsible AI to fruition.

The Brooklyn writer and brand consultant, 33, has lately been trying to cut down on her screen time, so she bought an analog watch—specifically a 1979 Rolex Lady-Datejust. “That I have one less reason to pull [my phone] out of my pocket is a relief,” she said. Ms. Baxter is among the many women who, as a form of self-care, are shunning techy time-tellers and opting for analog watches (old-school tickers that actually tick). It’s a move Deepika Chopra, a Los Angeles holistic psychologist, recommends to clients experiencing smartphone or social-media overload. Janet Ozzard, 58, felt a sense of freedom after ditching her digital tracker for Shinola’s mechanical Birdy watch earlier this year.

☆ Meet the 31-year old VC and self-made millionaire who faced Hong Kong loan sharks and his own fear of death
▼ + stars: | 2023-04-14 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +9 min

31-year old Maurice Ng came to the US with nothing after his family fled loan sharks in Hong Kong. It was a simple spreadsheet that inspired Maurice Ng at 29 to quit his job to become a venture capitalist. He deducted a little over 2,000 days for commuting time, and allowed himself 255 "regular sick days" and 10 "serious sick days." Assuming 3 meals a day, 365 days a year, 1 hour per meal, he deducted 5,817 days for eating. Despite the current turmoil in the tech industry and venture capital, Maurice seems to be inoculated against self doubt.

☆ China's 'Belt and Road' grew out of a lending spree. Now those loans may be its problem
▼ + stars: | 2023-04-14 | by ( Sumathi Bala | ) www.cnbc.com time to read: +8 min

Bloomberg | Getty ImagesAt its peak, China's Belt and Road Initiative was seen as the centerpiece of Beijing's engagement with the world. According to the report, China issued 128 emergency rescue loans worth $240 billion to 22 countries — including Pakistan, Sri Lanka and Turkey, among others. 'Trying to salvage Belt and Road'Chinese efforts to revamp Belt and Road have been underway since 2020, according to one observer. "A nod to the concern that many Belt and Road projects were not economically viable to begin with. "The increased indebtedness in many Belt and Road countries is a direct consequence of Beijing's overshooting in the pre-2020 phase," said Zhong.

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