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☆ IMF raises 2023 economic outlook for Asia, sees China and India making up half of global growth
▼ + stars: | 2023-05-01 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

This comes as the rest of the world braces for slower growth from tightened monetary policy and Russia's invasion of Ukraine. The two largest emerging market economies of the region are expected to contribute around half of global growth this year. International Monetary FundThe IMF's upgraded outlook would mean the region would contribute around 70% of global growth, it said. "Asia and Pacific will be the most dynamic of the world's major regions in 2023, predominantly driven by the buoyant outlook for China and India," the IMF said in its report. On a country-basis, the organization raised its growth outlook for China, Malaysia, the Philippines, and Laos to 5.2%, 4.5%, 6%, and 4% respectively.

☆ 'Military object' found in Poland probably not fired from abroad, broadcaster reports
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

WARSZAWA, April 27 (Reuters) - A military object found in a Polish forest was probably not fired from abroad and most likely belonged to the Polish army, private broadcaster RMF FM reported on Thursday. The defence and justice ministries did not identify what had been had found near the city of Bydgoszcz, beyond describing it as a "military object". RMF said that its sources had noted that fighter jets were repaired near the site, which was near an airport used by the military. "The Military Department of the District Prosecutor's Office in Gdansk, under the supervision of the National Prosecutor's Office, initiated proceedings regarding the remains of an aerial military object found in a forest several kilometres from Bydgoszcz," Justice Minister Zbigniew Ziobro said on Twitter. The military police, regional police, the mayor of the village of Zamosc, the Gdansk prosecutor's office and a government spokesman all declined to comment further.

The euro rose 0.8% against the crown to 11.401, set for its biggest one-day gain since early March. The dollar, which traded down 0.7% against the crown before the Riksbank's decision, was up 0.4% at 10.347. Elsewhere, the euro rose 0.4% against the dollar to $1.1019 and the pound rose 0.38% $1.2457 both rebounding from slightly larger falls a day earlier. However, "the broader spillover impact looks limited - other regional bank shares have held up better - and the market sees it as an isolated incident. The dollar slid 0.2% against the yen to 133.45.

☆ MBA professors say there is a correct way to schedule your day to get more done. Here are 5 research-backed strategies they recommend.
▼ + stars: | 2023-04-24 | by ( Jessica Love | Kellogg Insight | ) www.businessinsider.com time to read: +9 min

They also say stop jumping around from task to ask and be weary of collaborating with others. Specifically, Maria Ibanez and a colleague have found that inspections that occur later in the day result in fewer violations. Each subsequent hour an inspector conducts inspections during the day results in 3.7% fewer citations per inspection that day, likely due to fatigue. For instance, after an inspection that yielded a particularly high number of violations, inspectors were likelier to spot extra violations at the next joint, too. A study from two Kellogg School professors — Nicola Persico and Rob Bray — tested this idea by altering the way Italian appellate labor court judges schedule court hearings.

☆ Wise’s tougher times raise risk of mission drift
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +2 min

He now has 6.1 million customers, results released on Tuesday showed, up 33% from a year ago. Wise’s volumes per retail customer dipped 7% year-on-year during the three months ending on March 31. Raising prices and tacking on other revenue-generating services could help to offset the hit to Wise’s top line. But pulling harder on those levers would arguably undermine one of the appeals of Wise’s business model for investors and customers: simplicity and ever-lower prices. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ “Angry Birds” may finally have found right nest
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 17 (Reuters Breakingviews) - The winning trick of “Angry Birds” is to fire your slingshot at just the right angle to knock out the squadrons of enemy green pigs attempting to steal the birds’ eggs. Japanese gaming company Sega Sammy (6460.T) may have found that position. On Monday, Sega agreed to pay about 700 million euros in cash for Rovio Entertainment (ROVIO.HE), the maker of the “Angry Birds” franchise. The 9.25 offer price is a 63% premium to the closing price of Jan. 19, when rival suitor Playtika (8II.F)made a previous approach. Half the investors have preliminarily accepted the deal, and Rovio shares are near the offer price.

☆ India's HDFC is in fine shape for its big deal
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

HDFC Bank’s (HDBK.NS) net interest income rose 20% year-on-year in the three months to March. The $116 billion financier’s mix of deposits points to some niggles. As interest rates rise, savers tend to move idle funds from low-yielding checking accounts to fixed deposits, where money is locked up for a specific period against juicier interest rates. For now, the hotly watched net interest margin, unchanged at 4.3% for the last nine months, is holding up. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Chegg pitches itself as an AI middleman
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, April 17 (Reuters Breakingviews) - Educational software company Chegg (CHGG.N) is trying to stay one step ahead of artificial intelligence. With its stock down 40% since ChatGPT’s November release, Chegg has a new plan to act as an intermediary between students and AI. To that end, Chegg on Monday announced a partnership with ChatGPT developer OpenAI to build a virtual tutor, CheggMate. With awareness of AI proliferating, schools will face pressure to adapt; Chegg could fashion itself as a safer way to do so. Other companies with domain-specific databases may follow suit, rebranding themselves as middlemen to avoid being made obsolete by AI.

"Financial support is very necessary, as well as military support," he said, acknowledging growing acceptance that the military conflict could drag on. "We should be ready that this war will last longer than we expected,” he said, noting that G7 partners were no longer pushing Ukraine to accept an end to war - as they had last year - but were now signaling their support for a longer conflict. Marchenko said there was also growing openness among donor countries to explore using Russia's frozen assets to pay for Ukraine's reconstruction than even six months ago. "Our partners are thinking about the possibility of using Russian assets as a necessary tool to support Ukraine. Marchenko said U.S. Treasury officials had told him the United States had a low amount of Russian assets, but the issue was of greater concern in Japan, Switzerland and EU countries.

☆ Canadian ETF slipup could have spillover effect
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

TORONTO, April 14 (Reuters Breakingviews) - Canadian regulators have halted trading in 11 exchange-traded funds after their sponsor, Emerge Canada, failed to file audited financial statements by a deadline of March 31, the Financial Times reported. Toronto-based Emerge Canada, which distributes Cathie Wood’s Ark Invest ETFs among other products, failed to find a replacement auditor after announcing in December that it ended its relationship with the previous auditor, BDO Canada. Emerge Canada has been looking for a new auditor ever since. Some investors flocked to invest in Canadian ETFs during the U.S. regional bank turmoil. If Canada wants to build on its new-found safe haven status, it will have to make sure the problems at Emerge Canada are short-lived.

☆ UnitedHealth flexes market and political power
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, April 14 (Reuters Breakingviews) - UnitedHealth (UNH.N) powered on in the first quarter. Revenue grew 15% compared with the same period last year as the firm added about 2 million customers to its insurance arm. The company’s Optum division, which provides medical care among other things, expanded even faster as it keeps adding services. Health insurance is a highly concentrated business, giving UnitedHealth power over markets in which it operates. Further cuts may be a risk, but history suggests UnitedHealth will keep chugging along.

April 13 (Reuters) - The banking stress in the United States and Europe has had a limited impact on Canada's financial system so far, Bank of Canada Governor Tiff Macklem said on Thursday, adding though that there was a need to actively monitor risks to the system. "You're seeing a little bit of spillover to Canada, but honestly, it's really been quite muted," Macklem said when asked about how the country's financial system had been affected. Macklem spoke at the International Monetary Fund in Washington where he is attending an annual meeting. The failures of U.S. lenders Silicon Valley Bank and Signature Bank, followed by Credit Suisse's rescue, are prompting central bankers to closely monitor the potential for banking stress to trigger a credit crunch. On Wednesday the Bank of Canada (BoC) held its key overnight rate steady at 4.50%.

☆ OPEC cites risks to summer oil outlook, holds demand forecast
▼ + stars: | 2023-04-13 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

LONDON, April 13 (Reuters) - OPEC on Thursday flagged downside risks to summer oil demand as part of the backdrop to shock output cuts announced by OPEC+ producers on April 2, although the producer group maintained its forecast for global oil demand growth in 2023. Some members of OPEC+, which includes OPEC, Russia and others, announced new voluntary production cuts on April 2. But in a discussion on the summer market outlook in its monthly oil report on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said oil inventories looked more ample and global growth faced a number of challenges. Still, OPEC maintained its forecast that oil demand will rise by 2.32 million barrels per day (bpd), or 2.3%, in 2023 and nudged up its forecast for China. OPEC left its 2023 economic growth forecast at 2.6% and cited potential downside risks.

☆ Economist who called 2008 crisis says more bank collapses are coming
▼ + stars: | 2023-04-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

More bank failures are coming, according to top economist Raghuram Rajan. Rajan, who called the 2008 crisis, warned of more volatility stemming from the Fed's rate hikes. The bank's failure sparked a steep sell-off in regional bank stocks, leading some commentators to warn of a 1980s-style banking crisis. "This sense that the spillover effects of monetary policy are huge and aren't dealt with by ordinary supervision has just escaped our consciousness over the last so many years," Rajan said of central bank policy. But Fed Chair Powell has denied the possibility of a rate cut this year, warning markets that rates would continue remain restrictive through 2023.

☆ Markets and the economy survived a tough first quarter, but it's not going to get any easier
▼ + stars: | 2023-04-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +8 min

Despite peaks and valleys, stocks closed the first quarter on an up note, with the S & P 500 rallying more than 7% and the tech-fueled Nasdaq soaring about 16%. .SPX .DJI YTD line S & P 500 gains so far in 2023 Indeed, the market has lived through a lifetime of scary headlines in the first three months of 2023. Despite repeated protestations from Fed officials that they are taking the higher-for-longer approach on interest rates, markets still expect cuts. AAPL .SPX YTD mountain Apple compared to the S & P 500 Only five of the 11 S & P 500 sectors are positive for the year, despite the substantial rally for the index. The net profit margin for the S & P 500 also is expected to edge lower to 11.2%.

☆ It’s the End of the Weekend as We Know It
▼ + stars: | 2023-03-31 | by ( Anne Marie Chaker | ) www.wsj.com time to read: 1 min

Once relished as the reward after five days of hard work, weekends are dwindling as employees move fluidly between work and personal time all of the time. When the pandemic began, many professionals stuck at home opened their laptops on Saturday mornings. They just never stopped: Saturdays and Sundays are starting to resemble Monday through Friday, with hours of emailing and stretches of catch-up time. Some find the spillover of work into the weekend to be invasive, with kids’ soccer games to date nights to religious services to attend. But employees acknowledge that work-filled weekends are the trade-off for hybrid office time and flexible schedules that allow for midmorning gym workouts, afternoon school pickups, dog walks and grocery-store runs.

☆ World Bank raises growth forecast for East Asia, says banking sector is sound despite global stress
▼ + stars: | 2023-03-31 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

The World Bank said "the most immediate challenge" for the region is the growing division between the U.S. and China. The East Asia and Pacific region grew by 3.5% in 2022, it said. As for China's economy, the World Bank raised its full-year growth forecasts for 2023 from 4.5% to 5.1%. "Publicly available indicators show adequate overall capital levels and low non-performing loans for most countries in the region," the World Bank said. "Financial sector health is so far sound in East Asia Pacific."

☆ Watch CNBC’s full interview with KPMG’s Diane Swonk on state of U.S. economy
▼ + stars: | 2023-03-31 | 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 EmailWatch CNBC’s full interview with KPMG’s Diane Swonk on state of U.S. economyDiane Swonk, chief economist at KPMG, joins 'Squawk on the Street' to discuss the spillover effects of the banking crisis in the economy, what the Fed needs to do going forward, and more.

☆ Inflation is like a marathon and we haven't hit the hardest mile yet, says Diane Swonk
▼ + stars: | 2023-03-31 | 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 EmailInflation is like a marathon and we haven't hit the hardest mile yet, says Diane SwonkDiane Swonk, chief economist at KPMG, joins 'Squawk on the Street' to discuss the spillover effects of the banking crisis in the economy, what the Fed needs to do going forward, and more.

☆ EU agrees on retaliation to counter economic coercion
▼ + stars: | 2023-03-28 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

Representatives of the European Parliament and the Council, the grouping of EU countries, reached a provisional deal on the anti-coercion instrument (ACI) early on Tuesday. EU members have accused the administration of former U.S. President Donald Trump and China of using trade as a political tool. Under the ACI, EU governments would vote on whether a third country's economic measure amounted to coercion. If dialogue failed, the bloc could impose restrictions, such as higher import tariffs or limited access to EU public tenders. Some EU countries had been sceptical about the measure over concerns it could be protectionist and spark trade wars.

☆ Foundation of China's economic recovery not solid enough, party official says
▼ + stars: | 2023-03-25 | by ( ) www.cnbc.com time to read: +2 min

The foundation of China's economic recovery is not solid enough, a senior Communist Party official said on Saturday, warning of possible spillover effects from global economic problems. "The foundation of China's economic recovery is not yet solid enough," Han said. Recent economic data has shown that China's economy picked up from COVID-19 slumps after the government abandoned its zero-COVID strategy late last year. China is confident of reaching its annual economic growth target of around 5%, Han said. Han also said China would continue to expand market access and welcome foreign investment into the world's second largest economy.

☆ Yellen's comments on bank support are worrying for potential spillover into economy, strategist says
▼ + stars: | 2023-03-24 | 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 EmailYellen's comments on bank support are worrying for potential spillover into economy, strategist saysMonica Defend, chief strategist at Amundi Institute, discusses market nerves and the situation in European and U.S. banks.

☆ Hong Kong on watch for any 'spillover' from US regional banks
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, March 24 (Reuters) - Hong Kong needs to watch carefully for any further "spillover" from U.S. regional banks, although the city has very little exposure to the situation in European and U.S. financial institutions, the Hong Kong Monetary Authority said on Friday. "The recent events in the U.S. and Europe have very little impact on Hong Kong," Yue said. "The situation is largely stabilised, but we still need to watch whether there will be further spillover, especially to the other U.S. regional banks." Hong Kong and global banks needed to be prepared for any further volatility in the market, he added. Reporting by Donny Kwok and Anne Marie Roantree; Editing by Jacqueline Wong and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ The banking crisis risks severe spillover across the financial sector and beyond, Moody's says
▼ + stars: | 2023-03-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Moody's expects the bank crisis to be contained by the actions from policymakers. But there's still a risk it produces spillover effects that go beyond the bank sector, it added. But now, the longer that financial conditions remain tight, the odds grow that stresses expand beyond the bank sector, causing greater financial and economic damage than what Moody's anticipated. The note listed three main channels through which spillover could occur: exposure to troubled banks, increased risk aversion by market participants, and policy risk. "In our baseline forecasts, we expect policy responses to be rapid as risks emerge, thus preventing entity-level risks from becoming systemic," according to Moody's.

Economists who obsess about tightly calibrating the quantity of money in the system balk at QE as a tool. Two weeks of turmoil in mid-sized U.S. banks follow just nine months in which the Fed had been winding down its outsize balance sheet that peaked near $9 trillion during the pandemic. "Illiquidity episodes may force central banks to slow the process of reserve withdrawal. Reuters GraphicsILLIQUIDTY EPISODESThis could become a trap that prevents normalisation of the balance sheet longer term, they said. Better-measured and more forward-looking liquidity regulations, incentives for longer-duration deposits during QE bouts and rethinking stress tests were all options, they wrote.

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