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☆ Oil slips on weak China GDP data, resumption of Libya output
▼ + stars: | 2023-07-17 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

2 oil consumer as Libya resumed production over the weekend. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "Apparent oil demand grew at a strong pace year on year, but the market seems focused on the headline (GDP) numbers," Patterson said. "They are stockpiling crude at low prices, and waiting for recession to hit the West, before going full on with stimulus," Grasso said. In Russia, oil exports from western ports are set to fall by some 100,000-200,000 bpd next month from July, a sign Moscow is making good on a pledge for fresh supply cuts in tandem with OPEC leader Saudi Arabia, two sources said on Friday.

Persons: Warren Patterson, ING's, Patterson, Stefano Grasso, Grasso, El, Florence Tan, Sonali Paul, Tom Hogue Organizations: Brent, U.S . West Texas, National Bureau, Statistics, Shell, Thomson Locations: China, SINGAPORE, Libya, U.S, Beijing, 8VantEdge, Singapore, Nigerian, Russia, Moscow, Saudi Arabia

SEOUL, July 17 (Reuters) - A year after South Korea vowed to step up readiness for extreme weather driven by climate change, experts say not enough work has been done even as greater volumes of sudden and torrential rains are expected in coming decades. South Korea is mountainous and urban development has left many regions vulnerable to landslides, while readiness to respond to extreme weather has not been up to speed. [1/3]Rescue workers look for victims during a search and rescue operation near an underpass that has been submerged by a flooded river caused by torrential rain in Cheongju, South Korea, July 16, 2023. REUTERS/Kim Hong-jiA 2020 study by the Korea Meteorological Administration found that property damage costs and casualties from extreme weather have tripled compared to the yearly average of the previous decade. "In advanced countries, they allocate 70% for prevention and 30% for recovery, prioritising recovery over prevention."

Persons: Jeong Chang, Jeong, Yoon Suk, Yoon, Kim Hong, Sejong, Jung, Lee Su, Lee, 1,267.1100, Hyun Young Yi, Hyunsu Yim, Jack Kim, Tom Hogue Organizations: Induk University, REUTERS, Korea Meteorological Administration, Korea Environment Institute, University of Seoul, Thomson Locations: SEOUL, Korea, Cheongju, Seoul, Busan, Gangnam, South Korea, North Gyeongsang, Gyeongsang

☆ China logs 52.2 Celsius as extreme weather rewrites records
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

The target of keeping long-term global warming within 1.5C is moving out of reach, climate experts say. Prolonged bouts of high temperatures in China have challenged power grids and crops, and concerns are mounting of a possible repeat of last year's drought, the most severe in 60 years. China is no stranger to dramatic swings in temperatures across the seasons but the swings are getting wider. Since then, the heaviest rains in a decade have hit central China, ravaging wheat fields in an area known as the country's granary. Reporting by Ryan Woo; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: John Kerry, Xie Zhenhua, Ryan Woo, Tom Hogue Organizations: U.S, Thomson Locations: BEIJING, Sanbao, Xinjiang's Turpan, Xinjiang, Ayding, Asia, China, Mohe, Heilongjiang, United States, Beijing

☆ Nokia issues profit warning, rival Ericsson delivers 'lukewarm' results
▼ + stars: | 2023-07-14 | by ( Martin Coulter | ) www.reuters.com time to read: +3 min

Nokia's shares dropped 7.8% in early trade to their lowest since April 2021, while Ericsson shares were down 7.7%. Nokia reported preliminary second-quarter sales of 5.7 billion euros ($6.4 billion), while analysts polled by Refinitiv had estimated sales of 6 billion euros on average. Nokia said it now expects 2023 sales of 23.2-24.6 billion euros ($26.1-$27.6 billion) against 24.6-26.2 billion euros estimated previously. Meanwhile, Ericsson reported a 62% fall in second-quarter adjusted operating profit, slightly above market expectations. The Swedish telecom equipment maker's operating profits, excluding restructuring charges, fell to 2.8 billion Swedish crowns ($271 million), compared with 7.4 billion crowns the previous year.

Persons: Refinitiv, Börje Ekholm, Ericsson's, Richard Webb, Webb, we’ll, Martin Coulter, Anna Ringstrom, Krishna Chandra Eluri, Tom Hogue Organizations: Nokia, Ericsson, Markets, Reuters, 5G, CSS Insight, Thomson Locations: North America, India, Swedish

☆ Cathay Pacific expects up to $576 mln first-half profit as demand jumps
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

Cathay Pacific booked record losses in the last three years as it parked much of its fleet during the pandemic amid COVID-related flight cancellations and drastic headcount cuts. As a result, its passenger load factor was 87.2% for the first half, compared with 59.2% last year. "Turning to July and August, on the travel side the outlook is encouraging," Cathay Pacific said. For fiscal 2023, Cathay Pacific is expected to log profit of HK$3.92 billion, according to a Refinitiv estimate, a huge swing from a HK$7.16 billion loss last year. ($1 = 7.8146 Hong Kong dollars)Reporting by Sameer Manekar in Bengaluru, additional reporting by Donny Kwok in Hong Kong; Editing by Sohini Goswami, Nivedita Bhattacharjee, Tom Hogue and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Hong, Sameer Manekar, Donny Kwok, Sohini Goswami, Nivedita Bhattacharjee, Tom Hogue, Jan Harvey Organizations: Cathay Pacific Airways, HK, Cathay Pacific, Cathay, Hong Kong, Association, Airlines, Hong Kong's, Thomson Locations: North America, Australasia, Hong Kong, Air China, Cathay Pacific, Bengaluru

☆ Japan space agency rocket engine explodes during test
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 14 (Reuters) - A rocket engine exploded during a test in Japan on Friday but there were no injuries, an official at Japan's Education, Science and Technology Ministry said. The explosion of the Epsilon S engine at the Japan Aerospace Exploration Agency (JAXA) testing site is the latest in a series of failures that have deflated Japan's space ambitions. The explosion took place about a minute into the test of the second stage engine, the official said. JAXA's new medium-lift H-3 rocket was ordered to self-destruct on its debut flight in March, when its second-stage engine did not ignite as planned. Reporting by Satoshi Sugiyama and Mariko Katsumura; Writing by Elaine Lies; Editing by Shri Navaratnam and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Satoshi Sugiyama, Mariko Katsumura, Elaine Lies, Shri Navaratnam, Tom Hogue Organizations: Japan's Education, Science, Technology Ministry, Epsilon, Japan Aerospace Exploration Agency, JAXA, Thomson Locations: TOKYO, Japan

☆ Uniqlo owner's 3Q profit surges 35%, raises forecast on China recovery
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 13 (Reuters) - The Japanese operator of apparel retailer Uniqlo reported record third-quarter profit on Thursday and raised its full-year forecast as its business in China continued to recover from a pandemic slowdown. Fast Retailing's (9983.T) operating profit in the three months through May surged 35% to 110.3 billion yen ($797 million), exceeding the 102.4 billion yen average of forecasts from seven analysts surveyed by Refinitiv. The company raised its full-year profit forecast to 370 billion yen, also a new record, from 360 billion yen previously. Fast Retailing's Uniqlo sign boards are displayed at a casual clothing store in Tokyo, Japan January 11, 2023. Fast Retailing's shares have soared 32% so far this year, helping founder Tadashi Yanai cement his place as Japan's richest person.

Persons: Uniqlo, Issei Kato, Tadashi Yanai, Rocky Swift, Stephen Coates, Tom Hogue Organizations: REUTERS, Business, Nikkei, Thomson Locations: TOKYO, China, Tokyo, Japan

☆ Thai consumer confidence at 40-mth high in June but politics a worry
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, July 13 (Reuters) - Thai consumer confidence rose for a 13th straight month in June, reaching its highest in nearly 3-1/2 years, bolstered by a recovery in tourism despite concerns over political uncertainty, a survey showed on Thursday. The consumer index of the University of the Thai Chamber of Commerce rose to 56.7 in June from 55.7 in May. Thailand has long been a popular destination for foreign tourists, receiving nearly 40 million visitors in pre-pandemic 2019. "Consumer confidence has improved steadily because of the tourism sector, but consumers are very worried about political impacts," Thanavath Phonvichai, president of the university, told a briefing on the consumer survey that determines the index. "Politics will have an impact on the economy if there is a violent protest and a delay in forming a government," he said.

Persons: Phonvichai, Limjaroenrat, Pita, Orathai Sriring, Tom Hogue Organizations: University of, Thai Chamber of Commerce, Thomson Locations: BANGKOK, Thailand, Bangkok

SEOUL/TOKYO, July 12 (Reuters) - North Korea fired an intercontinental ballistic missile (ICBM) off its east coast on Wednesday, prompting U.S. condemnation, as well as from the leaders of South Korea and Japan who met on the sidelines of a NATO summit. The White House condemned the launch and said it would take all necessary measures to ensure its security and that of South Korea and Japan. South Korean President Yoon Suk Yeol, in Lithuania for the NATO summit, convened an emergency national security council meeting and vowed to use the summit to call for strong international solidarity to confront such threats. [1/3]Passengers wait for their train in front of a TV broadcasting a news report on North Korea firing a ballistic missile off its east coast, at a railway station in Seoul, South Korea, July 12, 2023. REUTERS/Kim Hong-JiThe top military generals of the United States, Japan and South Korea gathered for a rare trilateral meeting in Hawaii just before the missile launch.

Persons: Hirokazu Matsuno, Adam Hodge, Yoon Suk Yeol, Yoon, Fumio Kishida, Kishida, Kim Hong, Ji, Kim Dong, Yang, Leif, Eric Easley, Josh Smith, Soo, hyang Choi, Hyunsu Yim, Hyonhee, Rami Ayyub, David Brunnstrom, Elaine Lies, Tom Hogue, Lincoln, Raju Gopalakrishnan Organizations: NATO, House, National Security, REUTERS, University of North Korean Studies, Analysts, Reuters Graphics Reuters, Asan Institute, Policy Studies, Ewha Womans University, Thomson Locations: SEOUL, TOKYO, North Korea, South Korea, Japan, Korean, American, Pyongyang, Lithuania, Japanese, United States, Australia, New Zealand, Seoul, Hawaii, Japan's, U.S, Washington, Tokyo

[1/3] Passengers wait for their train in front of a TV broadcasting a news report on North Korea firing a ballistic missile off its east coast, at a railway station in Seoul, South Korea, July 12, 2023. REUTERS/Kim Hong-JiSEOUL/TOKYO, July 12 (Reuters) - North Korea fired a long-range missile off its east coast on Wednesday, as leaders of South Korea and Japan were set to meet on the sidelines of the NATO summit in Lithuania to discuss rising threats including the nuclear-armed North. Japan's Coast Guard said what was believed to be a ballistic missile appeared to have landed as of mid-morning. United Nations Security Council resolutions ban North Korea's use of ballistic missile technology, including for satellite launches. The Security Council, as well as a number of nations, have imposed sanction on North Korea for its missile and nuclear weapons programmes.

Persons: Kim Hong, Fumio Kishida, Kishida, Yoon Suk, Hirokazu Matsuno, Matsuno, Yoon, Kim Yo Jong, Kim Jong, Kim, Leif, Eric Easley, Elaine Lies, Tom Hogue Organizations: REUTERS, Ji, NATO, Japan's Coast Guard, Asahi, Japanese, South Korean, United Nations, Security, Ewha Womans University, Thomson Locations: North Korea, Seoul, South Korea, Ji SEOUL, TOKYO, Japan, Lithuania, American, Japan's, Korean, Australia, New Zealand, Beijing, Korea, United States, Pyongyang, Tokyo, Lincoln

☆ China lashes back at NATO criticism, warns it will protect its rights
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +3 min

"The PRC's malicious hybrid and cyber operations and its confrontational rhetoric and disinformation target Allies and harm Alliance security." NATO Secretary General Jens Stoltenberg told reporters at the summit that while China was not a NATO "adversary", it was increasingly challenging the rules-based international order with its "coercive behaviour." "Any act that jeopardises China's legitimate rights and interests will be met with a resolute response," it said. In the communique, NATO also said China sought to control key technological and industrial sectors, critical infrastructure, and strategic materials and supply chains, and that Beijing also used its economic leverage to create strategic dependencies and enhance its influence. Reporting by Liz Lee and Ryan Woo; Editing by Tom Hogue and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Jens Stoltenberg, Fumio Kishida, Yoon Suk Yeol, Kishida, Liz Lee, Ryan Woo, Tom Hogue, Michael Perry Organizations: NATO, Alliance, South, Thomson Locations: BEIJING, Beijing, China, Asia, Pacific, Lithuanian, Vilnius, People's Republic of China, NATO, Ukraine, Taiwan, East Asia, Japan, Tokyo

Summary Supply cuts by Saudi Arabia, Russia lift benchmark pricesDollar falls to 2-month low, adding support to marketTightening cycle coming to an end, U.S. Fed officials sayJuly 11 (Reuters) - Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the world's biggest oil exporters Saudi Arabia and Russia and a weaker dollar. Supply cuts by the world's biggest oil exporters Saudi Arabia and Russia set for August helped to lift the benchmark prices, which were also supported as the U.S. dollar fell to a two-month low. A weaker dollar makes crude cheaper for holders of other currencies and often boosts oil demand. Any weak economic forecasts by U.S. banks kicking off their earnings season, however, could weigh on prices, he said. Saudi Arabia last week said it would extend its 1 million barrels-per-day (bpd) cut at least to August, and Russia said it would cut its oil exports next month by 500,000 bpd.

Persons: recouping, Edward Moya, Moya, Arathy Somasekhar, Tom Hogue Organizations: Fed, Brent, U.S . West Texas, U.S ., U.S . Federal Reserve, Energy, Traders, American Petroleum Institute, Analysts, Consumer, Thomson Locations: Saudi Arabia, Russia, U.S, China

☆ Hong Kong plans widespread ban of Japanese sea products
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, July 11 (Reuters) - Hong Kong leader John Lee on Tuesday said the city will ban seafood products from a large number of Japanese prefectures if Tokyo goes ahead with a plan to discharge treated radioactive water from the crippled Fukushima plant into the ocean. Hong Kong is Japan's second-largest market for agricultural and fisheries exports. Hong Kong's current ban on shipments from one prefecture would "definitely" be expanded, said Lee, chief executive of the Hong Kong Special Administrative Region, at a media briefing. In 2022, Japan exported 75.5 billion yen ($536 million) in fishery products to Hong Kong, according to Japanese government statistics. ($1 = 140.8500 yen)Reporting by Farah Master, Jessie Pang and Twinnie Siu in Hong Kong, and Kantaro Komiya in Tokyo; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: John Lee, Lee, we'll, Hong, Farah Master, Jessie Pang, Twinnie Siu, Kantaro, Tom Hogue Organizations: International Atomic Energy Agency, IAEA, Hong, Administrative, Thomson Locations: HONG KONG, Kong, Tokyo, Hong Kong, Mainland China, China, Japan, South Korea, Fukushima

☆ Saudi Arabia sends Pakistan $2 bln in financial support
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: 1 min

ISLAMABAD, July 11 (Reuters) - Saudi Arabia has sent $2 billion to Pakistan's central bank, the South Asian nation's finance minister said on Tuesday, another boost for its ailing economy after an IMF bailout. "I thank Saudi Arabia on behalf of the prime minister and army chief," Finance Minister Ishaq Dar said in a recorded video statement. Saudi Arabia pledged the money and then waited for the aid package from the International Monetary Fund to go ahead before depositing it with the State Bank of Pakistan. The financial support will help to shore up the central bank's depleted foreign exchange reserves, which had dipped to cover barely a month of controlled imports. Islamabad secured a last-gasp $3 billion IMF bailout on the last day of June.

Persons: Ishaq Dar, Asif Shahzad, Sakshi Dayal, Tom Hogue Organizations: International Monetary Fund, State Bank of Pakistan, Thomson Locations: ISLAMABAD, Saudi Arabia, Islamabad

☆ Explainer: What's behind China's failed 'truce' in EV price war?
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

[1/2] A Tesla Model 3 electric vehicle (EV) is displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. Toyota (7203.T) offered a discount on its bZ4X EV, and Nissan (7201.T) offered an incentive on its Ariya EV. Volkswagen's (VOWG_p.DE) joint ventures with SAIC and FAW also announced price cuts in China on their ID-series EVs on Friday. AlixPartners said while China's EV market will continue to grow rapidly, intensifying competition and excess capacity will also drive a shakeout. In one example, Chinese automakers have invested $1.4 billion in Thailand since 2020, now dominating the Thai EV market after taking share from the Japanese brands that have long operated there.

Persons: Florence Lo, Tesla, CAAM, Li Auto, Liu Xu, furloughs, AlixPartners, Zhang Yan, Kevin Krolicki, Tom Hogue Organizations: Tesla, Fair for Trade, Services, REUTERS, China Association of Auto Manufacturers, stoke, HK, Volvo, Chery Automobile, Global, Ford, Toyota, Nissan, EV, General Motors, Honda, Consultancy, Consumers, SAIC, GAC, Dongfeng, FAW Group, China's Ministry of Industry, Information Technology, FAW, National Strategy Institute of Tsinghua University, International, Hyundai, Thai EV, Thomson Locations: Beijing, China, Shanghai, Europe, Southeast Asia, Thailand, Singapore

☆ Salvadoran President Bukele's party names him as 2024 candidate
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

SAN SALVADOR, July 9 (Reuters) - Salvadoran political party Nuevas Ideas chose President Nayib Bukele on Sunday as its candidate for the presidential elections of early 2024, even though the country's constitution does not allow consecutive terms for the presidency. The president - favored in the 2024 election by nearly 70% of Salvadorans - and his Vice President Felix Ulloa still need to register as candidates with the Supreme Electoral Tribunal (TSE) to formalize their candidacy. His "war" against gangs in El Salvador has led to more than 66,000 people being imprisoned and earned Bukele unprecedented popularity. Bukele has denied the allegations but undercover negotiations with gangs have not been unusual in El Salvador. Salvadorans will vote on Feb. 4 next year to elect a president and vice president for the 2024-2029 term and legislators until 2027.

Persons: Nayib Bukele, Bukele, Felix Ulloa, Mauricio Funes, Salvadorans, Nelson Renteria, Anna, Catherine Brigida, Tom Hogue Organizations: SALVADOR, FMLN, Thomson Locations: Salvadoran, United States, El, El Salvador

SINGAPORE, July 10 (Reuters) - Oil prices dipped in Asian trade on Monday as investors tread cautiously ahead of fresh economic data from top consumers the United States and China this week, though expected crude supply cuts from Saudi Arabia and Russia limited losses. "Oil traders may be cautious ahead of the U.S. CPI and China's slew of economic data later this week," CMC Markets analyst Tina Teng said. However, crude prices could rebound after OPEC+ announced plans to further reduce supply, she said. "The presence of economic slowdowns in China adds to the prevailing uncertainty in the oil market," said Mukesh Sahdev, head of downstream and oil trading at Rystad Energy. U.S. oil rigs fell by five to 540 last week, lowest since April 2022, according to a Baker Hughes report on Friday.

Persons: Tina Teng, China's, Mukesh Sahdev, Morgan, Tony Sycamore, Baker Hughes, Florence Tan, Emily Chow, Tom Hogue, Stephen Coates Organizations: Brent, U.S . West Texas, U.S . CPI, CMC, Rystad Energy, OPEC, Federal Reserve, U.S . Commodity Futures Trading Commission, Thomson Locations: SINGAPORE, United States, China, Saudi Arabia, Russia, U.S, Saudi, Ain Sukhna, OPEC

☆ Iran says it had court order to seize Chevron tanker
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

DUBAI, July 6 (Reuters) - Iran said on Thursday it had a court order to seize a tanker in Gulf waters a day earlier after it collided with an Iranian vessel, one of two tankers the U.S. Navy said it prevented Iran from commandeering. The Richmond Voyager, a Bahamas-flagged oil tanker, had collided with an Iranian vessel and the Iranian navy had a court order to seize it, the Maritime Search and Rescue Center of Iran's Hormozgan Province told the official IRINN news agency. It said Iranian authorities had asked the tanker to stop and had fired shots but the Iranian navy vessel departed when McFaul arrived. U.S. oil company Chevron (CVX.N), which manages the Richmond Voyager, said its crew were safe and the vessel was operating normally. The U.S. Navy had earlier responded to an incident involving the Marshall Islands-flagged oil tanker TRF Moss in the same region.

Persons: McFaul, IRINN, TRF Moss, Lisa Barrington, Tom Hogue, Jason Neely Organizations: U.S . Navy, Richmond, Iranian, Rescue Center, Iran's, Richmond Voyager, Chevron, Marshall, Dubai Newsroom, Thomson Locations: DUBAI, Iran, Iranian, commandeering, Bahamas, Iran's Hormozgan Province, Oman, Richmond, U.S, United States, Hormuz

☆ Japan's biggest port plans to resume operations on Thursday after cyberattack
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

TOKYO, July 6 (Reuters) - Japan's biggest port, the Port of Nagoya, plans to resume cargo operations on Thursday afternoon after a cyberattack caused a system glitch and stalled operations, the port operator said. The port in central Japan was hit by a ransomware attack on Tuesday and remains unable to load and unload containers from trailers. The computer system had fully been recovered by Thursday morning, but that was later than expected and the resumption of terminal operations has been pushed back by half a day, the Nagoya Harbor Transportation Authority said. Reporting by Mariko Katsumura; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Mariko Katsumura, Tom Hogue Organizations: Nagoya Harbor Transportation Authority, Thomson Locations: TOKYO, Port, Nagoya, Japan, Nagoya Harbor

☆ TSMC does not expect direct production impact from China's metal export curbs
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, July 6 (Reuters) - Taiwan's TSMC (2330.TW), the world's largest contract chipmaker, said on Thursday it does not expect any direct impact on its production from China's decision to restrict exports of two metals widely used in semiconductors and electric vehicles. That followed the U.S. decision to impose export restrictions to curb China's access to key technologies used for artificial intelligence. "After evaluation, we do not expect the export restrictions on raw materials gallium and germanium will have any direct impact on TSMC's production," Taiwan Semiconductor Manufacturing Co said in an emailed statement. China's restrictions will have a very limited impact on the company's short-term procurement and wafer production and delivery, WIN added. Visual Photonics Epitaxy said it had noticed little effect so far from China's export restrictions.

Persons: TSMC, chipmaker, Janet Yellen's, Yellen, Liao Chien, Ben Blanchard, Roger Tung, Tom Hogue, Jamie Freed Organizations: Apple, Nvidia, Taiwan Semiconductor Manufacturing, Treasury, Capital Securities Corp, WIN Semiconductors, Reuters, WIN, Visual Photonics, Photonics, Thomson Locations: TAIPEI, Beijing, U.S, Taiwan, Taipei, China, Germany, Japan

☆ Foxconn chairman holds talks with Sharp employees in Japan after profit slump
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

TAIPEI, July 6 (Reuters) - Foxconn Chairman Liu Young-way held talks with senior and mid-level employees at Japan's Sharp (6753.T) this week and discussed topics including the relationship between the two companies, the Japanese electronics maker said Thursday. Foxconn (2317.TW), the world's largest contract electronics maker, reported a 56% plunge in first-quarter net profit, due to a T$17.3 billion ($553 million) writedown related to its 34% stake in Japanese electronics maker Sharp. During the meetings, which were attended by more than 100 employees, Liu talked about issues including the companies' relationship, Sharp's global positioning and the future of the Japanese company, Sharp said in a statement. Sharp reported in May a full-year loss of $1.9 billion after writing down the value of its panel display business and a swathe of other assets. Following the Japanese company's first net loss in six years, Liu said he would work harder on the management of Sharp but did not offer details.

Persons: Liu Young, Sharp, Foxconn, Liu, Hai's, Yimou Lee, Kiyoshi Takenaka, Anne Marie Roantree, Himani Sarkar, Tom Hogue, Kim Coghill Organizations: Hai Precision Industry, Thomson Locations: TAIPEI, Taiwan, Taipei, Tokyo

☆ India aims to make domestic microchips by end of 2024 -FT
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: 1 min

July 5 (Reuters) - India will break ground next month on its first semiconductor assembly plant and begin producing its first domestically manufactured microchips by the end of 2024, the Financial Times reported on Wednesday. India's information technology minister, Ashwini Vaishnaw, said Micron Technology (MU.O) would start construction in August on a $2.75 billion chip assembly and test facility in Gujarat, the newspaper reported. Reporting by Chandni Shah in Bengaluru; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Ashwini Vaishnaw, Chandni Shah, Tom Hogue Organizations: Financial Times, Micron Technology, Thomson Locations: India, Gujarat, Bengaluru

☆ What are Gallium and Germanium and which countries are producers?
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +5 min

Germanium ores are rare and most germanium is a by-product of zinc production and from coal fly ash. Gallium is found in trace amounts in zinc ores and in bauxite, and gallium metal is produced when processing bauxite to make aluminium. U.S. imports of gallium metal and gallium arsenide (GaAs) wafers in 2022 were worth about $3 million and $200 million, respectively, according to USGS. U.S.-based Indium Corporation also produces germanium, while Belgium's Umicore (UMI.BR) makes both germanium and gallium. "Zinc selenide and germanium glass substitute for germanium metal in infrared applications systems, but often at the expense of performance."

Persons: Belgium's, Eikon, Dominique Patton, Mai Nguyen, Melanie Burton, Pratima Desai, Tom Hogue, Himani Sarkar, Catherine Evans, David Evans Organizations: Alliance, . Geological Survey, WHO, Teck Resources, Shanghai Metal Exchange, Thomson Locations: China, Canada, Finland, Russia, United States, Europe, Japan, U.S, South Korea, Germany, Kazakhstan, Teck, North America, British Columbia, Beijing

☆ Which countries produce strategic materials Gallium and Germanium?
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +4 min

Germanium ores are rare and most germanium is produced as a by-product of zinc production and from coal fly ash. China produces around 60% of the world's germanium, according to the European association Critical Raw Materials Alliance (CRMA), with the rest coming from Canada, Finland, Russia and the United States. Gallium is found in trace amounts in zinc ores and in bauxite, and gallium metal is produced when processing bauxite to make aluminium. U.S. imports of gallium metal and gallium arsenide (GaAs) wafers in 2022 were worth about $3 million and $200 million, respectively, according to USGS. U.S.-based Indium Corporation also produces germanium, while Belgium's Umicore (UMI.BR) makes both germanium and gallium.

Persons: Belgium's, Eikon, Dominique Patton, Mai Nguyen, Melanie Burton, Tom Hogue, Himani Organizations: Alliance, WHO, United States Geological Survey, Teck Resources, Shanghai Metal Exchange, Thomson Locations: China, Canada, Finland, Russia, United States, Europe, Japan, U.S, South Korea, Germany, Kazakhstan, Teck, North America, British Columbia, Beijing

In 2022, top importers of China's gallium products were Japan, Germany and the Netherlands, news website Caixin said, citing customs data. Top importers of germanium products were Japan, France, Germany and the United States, it said. The buyers were anticipating it could take as long as two months to obtain export permits. Jefferies analysts said they saw the export controls as China's second and bigger countermeasure after the Micron ban. "If this action doesn't change the U.S.-China dynamics, more rare earth export controls should be expected."

Persons: Peter Arkell, Jeffries, Janet Yellen, Arkell, Caixin, Morris Young, Roy Lee, Amy Lv, Brenda Goh, Siyi Liu, Kentaro Sugiyama, Joyce Lee, Ben Blanchard, Melanie Burton, Tom Hogue Organizations: China, Companies, Global Mining Association of China, U.S, AXT Inc, Micron, Jefferies, ., Thomson Locations: China, Beijing BEIJING, SHANGHAI, United States, Washington, Beijing, Japan, Germany, Netherlands, France, Europe, Taiwan, South Korea, Yunnan, Shanghai, Tokyo, Seoul, Taipei, Melbourne

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