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☆ Nomura's crypto arm wins Dubai licence
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 1 (Reuters) - The crypto arm of Japanese investment bank and brokerage Nomura (8604.T) said on Tuesday it had won an operating licence in Dubai, the latest in a number of mainstream financial institutions this year to enter the crypto sector. Laser Digital, which is headquartered in Switzerland with officers in Dubai and London, said in a statement it had received the licence from Dubai's Virtual Asset Regulatory Authority, allowing it to offer crypto-related broker-dealer, management and investment services. Laser said it would launch its trading and asset management business in the coming months, allowing institutional investors access to over-the-counter crypto trading and other investment products. French bank Societe Generale (SOGN.PA) became last month the first company in France to obtain a licence for crypto services, underscoring resilient hunger among mainstream banks to embrace crypto as markets have rallied through 2023. Reporting by Tom Wilson, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Nomura, Tom Wilson, Louise Heavens Organizations: Laser, Regulatory, Societe Generale, Thomson Locations: Dubai, Switzerland, London, France

☆ Japan's Nomura Q1 profit soars on strong domestic stock market
▼ + stars: | 2023-08-01 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

"We had a market tailwind," Chief Financial Officer Takumi Kitamura told a media briefing. Nomura's April-June profit came in at 23.33 billion yen ($163.42 million) versus 1.696 billion yen a year earlier, when fears of slowing global economic growth hit financial markets and forced investment portfolio writedowns at the Japanese firm. In contrast to the strong gains at the retail business, Nomura's wholesale division, which houses its investment banking and trading businesses, posted a pretax profit of just 2.1 billion yen, down sharply from 25.3 billion yen a year earlier. The Bank of Japan's relaxation of its cap on bond yields last week could also be "a major tailwind" to its business, as it is likely to increase market volatility, he said. ($1 = 142.7600 yen)Reporting by Makiko Yamazaki; Editing by Himani Sarkar and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Takumi Kitamura, Nomura's, Kentaro Okuda, Kitamura, Makiko Yamazaki, Himani Sarkar, Mark Potter Organizations: Nomura Holdings Inc, of, Energy, NTT Group, Thomson Locations: TOKYO

☆ China just unleashed broad stimulus measures to fire up the economy — but analysts think these have failed to live up to expectations
▼ + stars: | 2023-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

On Monday, China released a series of plans to boost household consumption. However, the stimulus measures have failed to live up to expectations, said Citi analyst Wenyu Yao, Australian Financial Review reported Monday. The state planner's strategy followed a meeting of the country's top leaders last week during which they pledged to boost stimulus measures as the economy faces a "tortuous" recovery, according to Insider's translation of the official readout. The Shanghai Composite closed 0.5% higher at 3,291.04 while Hong Kong's Hang Seng Index closed 0.7% higher at 20,045.15. The Hang Seng China Enterprises Index, which tracks tech stocks listed in Hong Kong, closed 1.1% higher at 6,886.09.

Persons: Wenyu Yao, Bruce Pang, Jones Lang LaSalle, Xi Jinping, Shenzhen —, Nomura, hasn't, Hong Organizations: Service, Citi, Australian Financial, Jones, Bloomberg, Analysts, Shanghai, PMI, Seng China Enterprises Index Locations: China, Wall, Silicon, Greater China, Beijing, Shenzhen, Shanghai, Hong Kong

☆ China's electric car game amps up. One stock has doubled this year
▼ + stars: | 2023-07-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Just when Chinese electric car companies may be needing the cash, foreign automakers need the market — not only in China but globally. Volkswagen isn't faring much better in China's electric car market, with an average of just over 10,000 vehicles delivered each month in the first half of the year. China's homegrown electric car brands from BYD to Zeekr have piled into the local market, where Tesla still commands a hefty share. Li Auto was the only one of the three U.S.-listed Chinese electric car companies to have the healthiest reading above 1, according to a Wind Information screen for the first quarter. China's electric car market is set to grow by 27% this year to 8.7 million units — and remain the largest in the world in coming years, according to Bank of America Securities.

Persons: Tesla, Nio, Li Auto, Volkswagen's Organizations: Volkswagen, Everbright Securities, CNBC, Bank of America Securities, International Energy Agency Locations: China, Western Europe, Shanghai, BYD, Abu Dhabi, U.S

NEW YORK, July 27 (Reuters) - Bill Hwang, the founder of Archegos Capital Management, on Thursday asked a judge to let him subpoena documents from 10 banks, in an effort to shift blame as he defends against criminal fraud charges that the firm's collapse was his fault. The office of U.S. Attorney Damian Williams, which is prosecuting Hwang, did not immediately respond to a request for comment. Other banks also lost money when Archegos collapsed, but less than Credit Suisse. That caused it to miss margin calls, and banks to dump stocks that had backed the swaps and which they had bought as hedges. The case is U.S. v. Hwang et al, U.S. District Court, Southern District of New York, No.

Persons: Bill Hwang, Hwang, Damian Williams, Archegos, Goldman Sachs, Jefferies, Mitsubishi UFJ, Morgan Stanley, Nomura, Alvin Hellerstein, Hwang et, Jonathan Stempel, Daniel Wallis Organizations: YORK, Archegos Capital Management, UBS, Credit Suisse, Prosecutors, Bank of Montreal, Deutsche Bank, Mitsubishi, Court, Southern District of, Thomson Locations: Manhattan, Macquarie, Mizuho, U.S, Southern District, Southern District of New York, New York

☆ Nomura sees a 'very good chance' of a yield curve control tweak by the Bank of Japan in July
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNomura sees a 'very good chance' of a yield curve control tweak by the Bank of Japan in JulyAndrew Ticehurst of Nomura explains the firm's non-consensus view on the Bank of Japan's July meeting.

Persons: Nomura, Andrew Ticehurst Organizations: Bank of Japan, Bank of Japan's

It will be based in Los Angeles and led by Banc of California CEO Jared Wolff. Shares of PacWest surged 34% after the market close, while Banc of California jumped 9%. PacWest stockholders will receive 0.6569 Banc of California shares for each PacWest share they currently own. Meanwhile, the two private equity firms will be issued new Banc of California stock worth $400 million at a price of $12.30 per share. PacWest had total assets of $44 billion at the end of March, while Banc of California had assets of $10 billion, according to separate company filings.

Persons: Warburg Pincus, Centerbridge, Jared Wolff, PacWest, Timothy Coffey, Janney Montgomery Scott, Janet Yellen, Ares Management, Wolff, We've, David Smith, Nomura, Niket, Nupur Anand, David French, Pete Schroeder, Tatiana Bautzer, Megan Davies, Lananh Nguyen, Arun Koyyur, Jonathan Oatis, Sonali Paul Organizations: PacWest Bancorp, Warburg, Centerbridge Partners, midsize, RARE, Bank, Pacific Western Bank, Federal Deposit Insurance Corporation, Autonomous Research, U.S, Thomson Locations: Banc, California, Los Angeles, U.S, Bengaluru, New York

Deutsche Bank's emerging market carry strategy index had its best year on record in the 12 months to May. Reuters GraphicsOVERCROWDING FEARSInvestors, however, are becoming concerned the carry trade might be becoming too popular for its own good. "You have to be worried about some of these more crowded positions," said Stephen Gallo, European head of FX strategy at BMO Capital Markets. "I think that is big enough to offset any carry trade income," said Yujiro Goto, head of FX strategy for Japan at Nomura. A hypothetical $50,000 invested in a short Norwegian crown, long dollar carry trade in the first three weeks of July would have lost $3,000, according to Refinitiv.

Persons: Refinitiv, Kamakshya Trivedi, Goldman Sachs, Stephen Gallo, Gallo, James Athey, Yujiro Goto, Oliver Brennan, Brennan, Robin Winkler, Goldman's Trivedi, Geoff Yu, BNY Mellon, Harry Robertson, Alun John, Ankur, Rae Wee, Bernadette Baum Organizations: LONDON, Bank of America, FX, Deutsche, Federal Reserve, European Central Bank and Bank of Japan, BMO Capital Markets, Nomura, BNP Paribas, Bank of England, Bank of Japan, Reuters Graphics, Federal, Deutsche Bank, Swiss, Reuters, Korean, BNY, Thomson Locations: SINGAPORE, Japan, European, U.S, America, Asia, London, Singapore

☆ China's property firms rally after Beijing pledges economic support
▼ + stars: | 2023-07-25 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

Its Shanghai-traded bond surged 25% to 38 yuan, while a Shenzhen-traded bond rose 44% to 33.6 yuan. "Most important, (Beijing) sent a signal of further easing property restrictions by dropping the phrase...and mentioning streaming property policies," Nomura chief China economist Ting Lu said. Sino-Ocean Group's onshore bond rose 8.6% to 23.5 yuan in Shanghai. The state-backed firm is currently negotiating with creditors to extend the repayment for the yuan bond due Aug. 2. Nomura's Lu maintained the view that there is no quick fix for the property sector, and that the central government would only marginally ease some existing restrictive measures in large cities.

Persons: Nomura, Ting Lu, Nomura's Lu, Morgan Stanley, Clare Jim, Jason Xue, Sherry Jacob, Phillips, Sam Holmes Organizations: Mainland Properties, CSI, HK, Garden Services, Communist Party, Longfor, Seazen, KWG, Ocean Group, Greenland Holdings, Country Garden, Dalian Wanda Group, Thomson Locations: HONG KONG, Hang, Hong Kong, Shanghai, Shenzhen, Beijing, China

☆ China's property shares rally after Beijing pledges economic support
▼ + stars: | 2023-07-25 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG, July 25 (Reuters) - Shares of China's property developers surged on Tuesday following a sharp selloff in the previous session, after policymakers said they would step up support for the embattled sector. Hong Kong's Hang Seng Mainland Properties Index (.HSMPI) jumped 12%, while Chinese CSI 300 Real Estate (.CSI000952) gained 7%. "Most important, (Beijing) sent a signal of further easing property restrictions by dropping the phrase...and mentioning streaming property policies," Nomura chief China economist Ting Lu said. Lu, however, maintained the view that there is no quick fix for the property sector, and the central government would only marginally ease some existing restrictive measures in large cities. In recent weeks, investors were wary of a deepening debt crisis in the property sector as new signs of trouble emerged among state-backed property developers Sino-Ocean Group (3377.HK) and Greenland Holdings (600606.SS), as well as property giants Country Garden (2007.HK) and Dalian Wanda Group.

Persons: Nomura, Ting Lu, Lu, Morgan Stanley, Clare Jim, Sherry Jacob, Phillips, Sam Holmes Organizations: Mainland Properties, CSI, HK, Longfor, Seazen, KWG, Communist Party, Ocean Group, Greenland Holdings, Country, Dalian Wanda Group, Thomson Locations: HONG KONG, Hang, Hong Kong, China, HK, Beijing

ReutersBEIJING – International investment firms have changed their China GDP forecasts nearly every month so far this year, with JPMorgan making six adjustments since January. Here are some winners to watch The U.S. investment bank most recently cut its China GDP forecast in July to 5%, down from 5.5% previously. In June, the World Bank raised its forecast for China's growth this year to 5.6%, up from 4.3% previously. The International Monetary Fund in April raised its forecast for China's GDP to 5.2%, up from 4.4% previously. Among the six investment firms CNBC looked at, the highest China GDP forecast so far this year was JPMorgan's 6.4% figure — when the bank adjusted for the second time in April alone.

Persons: Morgan Stanley, Nomura, Goldman Sachs, Logan Wright, Shehzad Qazi, Qazi Organizations: Reuters, Reuters BEIJING – International, JPMorgan, CNBC, Citi, Beijing, Citi's, UBS, National Bureau, Statistics, U.S, Chinese Communist Party . Investment, Bank, International Monetary Fund, Monetary Fund Locations: Lianyungang, Jiangsu province, China, Reuters BEIJING, U.S, Beijing, New York

☆ Terra Firma Capital Partners founder Guy Hands steps down from company's helm
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 21 (Reuters) - British financier Guy Hands has stepped down as CEO and chairman of private equity firm Terra Firma Capital Partners, according to a company statement sent to Reuters. Richard Hands and Paul Hatter will lead the company as managing director and chief operating officer, respectively. "Guy wants to change the focus of his life giving him more time to work on his and his wife Julia's philanthropic interests whilst continuing to be involved in the portfolio businesses that are Hands Family Investments, as well as in the legacy Terra Firma fund investment Annington, sitting on the boards that work with those investments," the statement read. Guy Hands founded Terra Firma in 2002 through the spin-out of Japanese bank Nomura's Principal Finance Group (PFG), which he used to lead. Reporting by Pablo Mayo Cerqueiro, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Guy Hands, Richard Hands, Paul Hatter, Guy, Pablo Mayo Cerqueiro, Louise Heavens Organizations: Terra Firma Capital Partners, Reuters, Investments, Terra Firma, Nomura's, Finance Group, Thomson Locations: British

☆ Terra Firma founder Guy Hands steps down from company's helm
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

"When I founded Terra Firma over 20 years ago, I vowed that I would retire from the firm 'when I'm 64', as per the eponymous Beatles song. Terra Firma will be led by Guy's son and managing director Richard Hands and its chief operating officer Paul Hatter, the company said in a statement. Guy Hands founded Terra Firma in 2002 through the spin-out of Japanese bank Nomura's Principal Finance Group (PFG), which he used to lead. Terra Firma is now invested in 39 companies with an aggregate enterprise value of 51 billion euros ($56.7 billion), according to the company's website. Other business backed by Terra Firma include Australian cattle company CPC.

Persons: Guy Hands, Guy's, Richard Hands, Paul Hatter, Terra, Hands, Julia, Pablo Mayo Cerqueiro, Iain Withers, Louise Heavens, David Holmes Organizations: Terra Firma Capital Partners, EMI, Terra Firma, Reuters, Sky News, Nomura's, Finance Group, Citigroup, CPC, Thomson

"For China, it is 'bad news is good news' at the moment," said Jun Bei Liu, portfolio manager at Tribeca Investment Partners in Sydney. Even before the latest disappointing growth data, a slew of soft economic indicators had shown China's recovery was falling short, slamming the brakes on nascent stock market rallies. Foreign money has been leaving, with worries over China's cyber-security crackdowns and Sino-U.S. flaps over chips and rare metals adding to growth concerns. REVIEWING CHINAGoldman Sachs analysts led by Kinger Lau also believe a 'tactical market recovery' thesis is compelling, and project a 15% 12-month return for the CSI300. "We are conservative about the extent of the policy support down the road," said Alicia Garcia Herrero, chief economist, Asia Pacific at Natixis.

Persons: Jun Bei Liu, Liu, Marcella Chow, CHINA Goldman Sachs, Kinger Lau, it's, Mike Kelly, Alicia Garcia Herrero, Eugenia Victorino, SEB, Victorino, Ting Lu, Jason Xue, Tom Westbrook, Kim Coghill Organizations: Tribeca Investment Partners, CSI, Morgan Asset Management, CHINA, JPMorgan, PineBridge Investments, Nomura, Thomson Locations: China, Sydney, U.S, Asia, Natixis, Shanghai

☆ Reactions: UK inflation cools in June, pound drops
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +6 min

Sterling dropped broadly, falling against the dollar, the euro and the yen, as interest-rate futures showed investors no longer expect UK rates to peak above 6%. COMMENTS:KEVIN BRIGHT, GLOBAL LEADER, CONSUMER PRICING PRACTICE, MCKINSEY & COMPANY, LONDON:"Inflation dipped more than expected; but the gulf between the UK and the Eurozone inflation levels remains. Despite most categories seeing a decline, food & non-alcoholic beverage inflation at 17.3% remains only 1.8% below its peak in March 2023. "Continued rising prices, higher interest rates and below inflation wage growth – are a triple blow to household budgets. NEIL BIRRELL, CHIEF INVESTMENT OFFICER, PREMIER MITON INVESTORS, LONDON:"Some good news on UK inflation at last, coming in below expectations for June and most importantly the core inflation rate fell more than thought.

Persons: Sterling, BoE, KEVIN, JOE TUCKEY, JORDAN, NOMURA, CHRIS BEAUCHAMP, Andrew Bailey, JEREMY BATSTONE, CARR, RAYMOND JAMES, ” KENNETH BROUX, It's, JOSEPH CALNAN, NEIL BIRRELL, Amanda Cooper, Andrew Heavens, Catherine Evans Organizations: Bank of England's, Reuters, Reuters Graphics Reuters, MCKINSEY, COMPANY, LONDON, Bank of England, JORDAN ROCHESTER, CPI, IG GROUP, Bank of, SOCIETE GENERALE, U.S, EMEA, Thomson Locations: homebuilders, Bank of England, EUROPEAN

☆ Morgan Stanley and MUFG’s next act is well-timed
▼ + stars: | 2023-07-19 | by ( Una Galani | ) www.reuters.com time to read: +3 min

Morgan Stanley (MS.N) and the $94 billion Mitsubishi UFJ Financial (8306.T) are tapping deeper into a good thing at the right time. As well as collaborating on foreign exchange trading, Morgan Stanley and MUFG will now integrate the institutional Japan equities business by consolidating research and institutional sales into Morgan Stanley’s joint venture entity. It’s a bright backdrop for Morgan Stanley and MUFG’s partnership. Follow @ugalani on TwitterCONTEXT NEWSMorgan Stanley and Mitsubishi UFJ Financial on July 18 announced plans to deepen their 15-year alliance, including in foreign exchange trading and in Japanese research and equities businesses for institutional clients. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Morgan Stanley, MUFG, James Gorman, Ohta, Morgan, isn’t, Morgan Stanley’s, Antony Currie, Thomas Shum Organizations: Reuters, Wall, Mitsubishi UFJ, MUFG, Sumitomo Mitsui Financial, Jefferies, Tokyo Stock Exchange, Mitsubishi UFJ Financial, Thomson Locations: MUMBAI, U.S, Japan

[1/5] A worker sweeps a street in the Central Business District on a rainy day in Beijing, China, July 12, 2023. REUTERS/Thomas PeterBEIJING, July 18 (Reuters) - China is entering an era of much slower economic growth, raising a daunting prospect: it may never get rich. He expects growth to slow to 3%, which "will feel like an economic recession" when youth unemployment is already above 20%. The April-June data puts 2023 growth on track for roughly 5%, with slower rates thereafter. But China's annual growth averaged around 7% last decade, and more than 10% in the 2000s.

Persons: Thomas Peter BEIJING, Desmond Lachman, year's, Wang Jun, Zheng Shanjie, Zheng, Richard Koo, Juan Orts, Xi Jinping's, Zhao, Cai Fang, Zhu Ning, Koo, Liangping Gao, Ellen Zhang, Ziyi Tang, Kevin Yao, Joe Cash, Marius Zaharia, David Crawshaw Organizations: Central Business District, REUTERS, American Enterprise Institute, Reuters, Communist, Huatai Asset Management, Reform Commission, Overseas, Nomura Research Institute, Fathom Consulting, Shanghai Advanced Institute of Finance, Thomson Locations: Beijing, China, Japan, United States, Young, Africa, Latin, U.S, Central

☆ China's quarterly report card is in, and it's bad — but Beijing is unlikely to step in and prop up the economy just yet
▼ + stars: | 2023-07-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China posted GDP growth of 6.3% in the second quarter of 2023, badly missing expectations. Even so, China is unlikely to unleash major stimulus measures to boost the economy because it's already in so much debt. And while the GDP did grow year-on-year, it bears noting that the comparison is with a low base from last year when China's economy was battered by on-off COVID-19 restrictions. "There are growing hopes for 'big bang' stimulus to fire up China's growth," Vishnu Varathan, the head of economics and strategy at Mizuho Bank, wrote in a Monday note before China's second-quarter GDP release. The inherent risk with such high debt levels is that a default threatens a domino impact on the Chinese economy — and even the world.

Persons: Vishnu Varathan, China's, Liu Guoqiang, Zhu Min, Robert Carnell, ING's, Carnell, Nomura Organizations: Service, Reuters, Mizuho Bank, Bloomberg, International Monetary Fund, Asia Pacific Locations: China, Wall, Silicon, Beijing, Tianjin

☆ China's June trade data is way down from a year ago, marking yet another big red flag for China's ailing economy
▼ + stars: | 2023-07-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China's exports tanked 12.4% in June from a year, Reuters reported, citing Chinese customs data. China's imports fell 6.8% in the same period. Both measures fell way short of economist expectations. After an initial spurt, China's economy has struggled to recover from three years of on-off COVID-19 lockdowns, pointing to a disappointing showing for the world's second-largest economy this year. China's economy grew 3% in 2022 and Beijing has set a 5% GDP growth target this year.

Persons: That's, Lu Daliang, Nomura, Robert Carnell, ING's Organizations: Reuters, Service, Administration of Customs, Administration, Customs, Asia Pacific Locations: Wall, Silicon, China, Beijing

☆ US dollar stumbles, drops to more than one-year low as inflation eases in June
▼ + stars: | 2023-07-12 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

[1/2] U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. The greenback also hit its lowest against the Swiss franc since early 2015 after the inflation report. Data showed core U.S. consumer prices rose just 0.2% in June, compared with forecasts for a gain of 0.3%. The monthly rise in core prices was the smallest since August 2021. Against the yen, the dollar dropped to a six-week low of 138.17 yen .

Persons: Lee Jae, Simon Harvey, Jordan Rochester, Sterling, Gertrude Chavez, Dreyfuss, Ann Saphir, Chris Reese, Andrea Ricci Organizations: REUTERS, Swiss, Swiss National Bank, Nomura, Bank of England, Thomson Locations: Seoul, Swiss, U.S, London, Norwegian, Swedish, United States

☆ Thailand's Parliament is about to pick a new prime minister — and a generation's hopes are at stake
▼ + stars: | 2023-07-12 | by ( Clement Tan | ) www.cnbc.com time to read: +9 min

Move Forward Party leader and prime ministerial candidate Pita Limjaroenrat addresses supporters ahead of the July 13 parliamentary vote to elect Thailand's next prime minister, in front of Central World in Bangkok on July 9, 2023. The installation of Wan Noor as a compromise candidate after second-placed party Pheu Thai had objected to Move Forward's choice, was just the beginning. "It puts the Pheu Thai Party in an advantageous position if Mr Pita fails to get sufficient votes from the senators to back him as prime minister." Limjaroenrat needs 376 votes to become prime minister. Pictured in this May 18 photograph are (from left) Sudarat Keyuraphan, leader of the Thai Sang Thai Party; Pita Limjaroenrat, prime minister candidate and leader of the Move Forward Party; and Cholnan Srikaew, leader of Pheu Thai Party.

Persons: Pita Limjaroenrat, Thailand's, Tananchai, Wan, —, Party —, Limjaroenrat —, Prayut Chan, Wan Noor, Thai, Mr Wan, Syetarn Hansakul, Mr Pita, it's, Sudarat Keyuraphan, Cholnan Srikaew, Forward's, King Maha Vajiralongkorn, Prapanth Koonmee, Nomura, EIU's, Limjaroenrat, Napon Jatusripitak, ISEAS, Thitinan Pongsudhirak, Thaksin Shinawatra, — he's, Pheu, Thaksin, He's, he's, Pavin Chachavalpongpun Organizations: Forward Party, Afp, Getty, Thailand's, Representatives, Party, Harvard, Thai Party, Economist Intelligence Unit, National Assembly, Thai Sang, Pheu Thai Party, Limjaroenrat's, ISEAS Yusof, Institute, Chulalongkorn University, CNBC, Prachachat Party, Kyoto University's Center, Southeast Asian Studies, Thai Lawyers for Human Locations: Bangkok, Thai, Thai Sang Thai, Thailand, Singapore, Thai Rak Thai

☆ Analysis: China's slow AI roll-out points to its tech sector's new regulatory reality
▼ + stars: | 2023-07-12 | by ( Josh Ye | ) www.reuters.com time to read: +6 min

[1/3] An AI (Artificial Intelligence) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. New rules Chinese firms have to comply with range from algorithm vetting to accepting security reviews of data they want to export. They definitely stifle the innovation and slow down the ability of Chinese firms to catch up." A key motivation behind China's reluctance to release AI chatbots is that Beijing fears uncensored chatbots may start influencing societal views in potentially subversive directions, said Mark Natkin, managing director of research firm Marbridge Consulting. "While the U.S. is racing ahead with AI, China is hitting the brakes with more rules."

Persons: Aly, HONG KONG, OpenAI's ChatGPT, Henry Gao, Ernie Bot, Robin Li, Shi, Mark Natkin, Heatherm Huang, Bard, Microsoft's Bing, Xi Jinping, Baidu, Josh Ye, Brenda Goh, Jamie Freed Organizations: Artificial Intelligence, REUTERS, China, Baidu, HK, Ant Group, Western, Singapore Management University, Microsoft, SenseChat, Nomura, Marbridge Consulting, Huawei Technologies, Thomson Locations: Shanghai, China, HONG, Beijing, Alibaba, Tencent, Hong Kong, U.S

☆ China's slow AI roll-out points to its tech sector's new regulatory reality
▼ + stars: | 2023-07-12 | by ( Josh Ye | ) www.reuters.com time to read: +6 min

☆ China property shares rise on financial support policy
▼ + stars: | 2023-07-11 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG, July 11 (Reuters) - Shares of Chinese property developers rose on Tuesday after regulators extended some policies in a rescue package introduced in November to shore up liquidity in the embattled sector. Analysts said while the extended policy could ease the short-term financial pressure on property developers and ensure their home project completions, new measures would be needed to tackle the cash crunch in the sector. The sector has been hit by many company defaults amid a debt crisis since mid-2021, triggered by non-repayments of China Evergrande Group (3333.HK), the world's most indebted property developer. Sunac China (1918.HK), Logan Group (3380.HK) and KWG Group (1813.HK) listed in Hong Kong were among the top gainers, rising 4%-5%. Nomura said the "band-aid-style" policy support on Monday is unlikely to revive property sales, which have been weak for months, as it does little to restore home buyers' confidence.

Persons: Nomura, Clare Jim, Himani Sarkar, Sonali Paul Organizations: Analysts, China Evergrande, HK, Mainland Properties, CSI, Logan Group, KWG, People's Bank of China, CIMB Securities, Thomson Locations: HONG KONG, China, Hang, Hong Kong

☆ CNBC Daily Open: Monetary policy divergence
▼ + stars: | 2023-07-11 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Vcg | Visual China Group | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The United States and China, the world's largest economies, are on divergent monetary policy paths that are spelling some headaches. Beijing has so far cut rates in June and pledged "targeted and coordinated policy, which would be implemented in a timely manner." Complicating the macro watch for everybody, Nomura said other central banks in Asia could start cutting rates even earlier than the Fed.

Persons: Kokou Agbo, Nomura Organizations: Pudong Lujiazui Financial, Visual China, Getty, CNBC, PPI, Societe Generale Locations: Shanghai, China, United States, Beijing, U.S, Asia

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