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☆ Hong Kong spreads its wings, and its bets
▼ + stars: | 2023-02-23 | by ( Una Galani | ) www.reuters.com time to read: +7 min

HONG KONG, Feb 23 (Reuters Breakingviews) - For a sign that Hong Kong’s recovery is more than wishful thinking, look no further than the city’s Disneyland. The house of Mickey Mouse is implicitly betting Hong Kong will soon be back, and bigger than before. At its core, Hong Kong’s unique selling point is that it’s China-by-proxy for investors; enterprises in the People’s Republic account for 78% of the market capitalisation of Hong Kong’s main boards. Against such a backdrop, it’s logical that Hong Kong is trying to spread its bets. Hong Kong exchange boss Nicolas Aguzin’s pitch is strengthened by a Chinese plan to let overseas companies listed in Hong Kong be included in the Connect programme.

A year from Russia's invasion of Ukraine, fracturing geopolitics seems to be rolling back world trade links and financial interdependence at speed. But global financial conditions - and the strength of the U.S. dollar as a proxy for that - may be playing a bigger part than the more dramatic political narrative lets on. "A stronger dollar tends to go hand in hand with tighter global financial conditions and more subdued supply chain activity." Compensating somewhat for dollar exchange rate strength over the decade were historically low real dollar borrowing rates. There's little doubt that the pandemic and the geopolitics surrounding Ukraine and Taiwan have been major potential disruptions to world trade by themselves.

☆ We're now producing more rare earth minerals than we ever have: MP Materials CEO
▼ + stars: | 2023-02-17 | 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 EmailWe're now producing more rare earth minerals than we ever have: MP Materials CEOJim Litinsky, CEO and chairman of MP Materials, joins Morgan Brennan and the ‘CNBC Special: Taking Stock’ to discuss on-shoring across the U.S. and the issue of securing rare earth minerals for electronic devices.

☆ North Korean food shortage seems to be worsening, South Korea says
▼ + stars: | 2023-02-15 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +3 min

SEOUL, Feb 15 (Reuters) - A North Korean food crisis appears to have deteriorated, South Korea said on Wednesday, as a newspaper reported that North Korea has cut rations to its soldiers for the first time in more than two decades. North Korea has effectively acknowledged serious food shortages, South Korea's unification ministry said, referring to a North Korean state media report this month about plans for an "urgent" ruling party meeting on agriculture. "Its food situation seems to have deteriorated," the South's unification ministry, which handles relations with North Korea, said in a statement. South Korea's DongA Ilbo newspaper said on Wednesday that North Korea has reduced daily food rations to its soldiers for the first time since 2000, citing an unidentified senior South Korean official. The WFP, which has helped North Korea over the years, did not immediately respond to an email seeking comment.

☆ Morgan Stanley sees this industrial robotics stock as an 'automation pure play'
▼ + stars: | 2023-02-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Despite being in a weird moment as a business, Morgan Stanley said Rockwell Automation is still a good way to play the automation trend. Analyst Joshua Pokrzywinski has an overweight rating on the industrial robotics and automation stock. Rockwell focuses on industrial automation — increasingly attractive as businesses look to find a substitute for labor, and to trim labor costs. Pokrzywinski called Rockwell an "automation pure play," noting it's in the middle of an "unusual" business cycle. Those investments could result in a 4% to 5% annual growth in capital spending on U.S. manufacturing, according to Morgan Stanley estimates.

☆ A corner of tech is up 50% from its 2022 lows — and strategists recommend these stocks to play it
▼ + stars: | 2023-02-13 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

The semiconductor sector has seen quite a turnaround of late. Chip stocks were among the worst performers last year, with the iShares Semiconductor ETF (SOXX) shedding more than 35% of its value. Despite this, chip stocks have flown somewhat under the radar since the beginning of the year as the buzz around artificial intelligence and a recovery in Big Tech dominated investor attention. While the semiconductor sector is notorious for its cyclicality and boom-bust cycles, several Wall Street pros are urging investors to take a longer-term view. Europe stock ideas In Europe, a raft of chip stocks made Bank of America 's list of "2023 European Best Stock Ideas."

☆ Factbox: Chinese tech firms working on ChatGPT-style technology
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +3 min

[1/2] A response in Chinese by ChatGPT, an AI chatbot developed by OpenAI, is seen on its website in this illustration picture taken February 9, 2023. Like Microsoft and Google，Chinese tech giants such as Baidu and Alibaba (9988.HK) as well as smaller start-ups have been working on AI projects for years. The e-commerce giant said large language models and generative AI have been areas of focus since it formed its research institute Damo Academy in 2017. NETEASEGaming firm NetEase (9999.HK) plans to deploy large language models technology to serve its education business, a source familiar with the company told Reuters on Feb. 8. 360 SECURITY TECHNOLOGY INC360 Security Technology Inc (601360.SS) said on Feb. 8 it possessed language model technology but that it could not give a clear indication on when it would launch any related products.

☆ State of the Union brings brief unanimity on Social Security, Medicare. Why experts say there's still reason to worry
▼ + stars: | 2023-02-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

That would include Social Security and Medicare. The Republican Study Budget Committee, which included a host of House GOP leaders, has also suggested other changes — raising the retirement ages for both Social Security and Medicare, as well as changing the measurement for annual Social Security cost-of-living adjustments. More recently, former Vice President Mike Pence called for reforming Social Security with the creation of private savings accounts. Rep. John Larson, D-Conn., has led a House bill that would apply reapply payroll taxes on $400,000 in earnings while also making benefits more generous. Biden similarly proposed expanding benefits and increasing payroll taxes on high earners during his presidential campaign.

[1/2] Ukraine's President Volodymyr Zelenskiy greets U.S. Vice President Kamala Harris during a joint meeting of U.S. Congress in the House Chamber of the U.S. Capitol in Washington, U.S., December 21, 2022. REUTERS/Jonathan ErnstWASHINGTON, Feb 6 (Reuters) - U.S. Vice President Kamala Harris is expected to discuss Washington's future support for Ukraine when she travels to a major European security conference in Germany next week, as Russia's invasion nears the one-year mark. Harris will travel to Munich, Germany, from Feb. 16 to 18 to attend the Munich Security Conference as Ukraine, still waiting on promised longer-range Western missiles and battle tanks, readies itself for a new Russian offensive that could begin next week. Support for Ukraine has included $29.3 billion worth of pledged security assistance and an unprecedented use of economic sanctions, including an oil price cap, which have severely impacted Moscow. Harris met with and briefed Ukrainian President Volodymyr Zelenskiy at last year's conference, which was held just days before Russia's Feb. 24, 2022, invasion of Ukraine.

REUTERS/Antony NjugunaJUBA, Feb 4 (Reuters) - Pope Francis will lead prayers at the mausoleum of South Sudanese liberation hero John Garang on Saturday, an acknowledgement of the importance for the world's youngest nation of perhaps the one leader who could ensure unity. The mostly Christian and animist south voted in a referendum six years later to secede from the mostly Muslim north. When South Sudan became independent on July 9, 2011, tens of thousands flocked to Garang's mausoleum in the new capital of Juba to celebrate. Garang rallied South Sudan's disparate ethnic groups behind a common cause. Garang's widow, Rebecca, is one of South Sudan's five vice presidents, along with Machar, in a unity government formed after the 2018 peace deal.

☆ India, U.S. discuss Narendra Modi White House visit
▼ + stars: | 2023-02-03 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +3 min

WASHINGTON, Feb 3 (Reuters) - The Biden administration is in talks with Indian officials over a possible White House visit by Prime Minister Narendra Modi later this year, according to a U.S. official aware of the discussions and another person briefed on the matter. The White House and the Indian Embassy in Washington declined to comment. Discussions about a possible White House visit intensified this week as Indian National Security Adviser Ajit Doval met with his U.S. counterpart, Jake Sullivan, and Secretary of State Antony Blinken in Washington. During the visit, the United States and India launched a partnership to deepen ties on military equipment, semiconductors and artificial intelligence. He was first invited to the White House after he became prime minister in 2014 by Barack Obama.

"We believe there's a better alternative than go big or go out," Vilsack said, speaking to members of the National Sustainable Agriculture Coalition, an advocacy group. The agency will also introduce a new grant program later this year to expand processing capacity for non-livestock commodities, he said. Farmers should be educating lawmakers about the importance of these programs as discussion of the next farm bill begins in earnest on Capitol Hill, Vilsack said. The current farm bill, which is passed every five years and funds major nutrition, subsidy, and conservation programs, expires on Sept. 30. Reporting by Leah Douglas in Washington Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023: Global trade rethink: 'race of the big pockets'?
▼ + stars: | 2023-01-19 | by ( Mark John | ) www.reuters.com time to read: +5 min

SummarySummary Companies US climate bill concerns dominate Davos trade talkSome fear "rich-country game" of rising state subsidiesRevamped globalisation must benefit all, Davos toldDAVOS, Switzerland, Jan 19 (Reuters) - The United States pitched its vision of "worker-centric" trade. "I am very concerned," World Trade Organization (WTO) chief Ngozi Okonjo-Iweala told Reuters on the sidelines of the meeting in Davos, Switzerland. Three decades of free global trade have, the International Monetary Fund estimates, lifted more than a billion people out of extreme poverty. The United States notably built into its trade pact with Mexico a mechanism for identifying and dealing with the denial of worker rights. U.S. Trade Representative Tai told a panel on Wednesday the United States wanted to "lead a conversation" on a new version of globalisation.

☆ Davos 2023-Be careful on 'friend-shoring', WTO's Ngozi warns
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

DAVOS, Switzerland, Jan 19 (Reuters) - Trade blocs seeking to skirt geopolitical risk by "friend-shoring" activities to like-minded countries should be careful which commerce partners they favour, World Trade Organization chief Ngozi Okonjo-Iweala said on Thursday. U.S. Treasury Secretary Janet Yellen and others have used the term to encourage countries to diversify supply chains away from China to market-oriented democracies such as India. Speaking on the sidelines of the World Economic Forum in Davos, Okonjo-Iweala urged caution, citing the need to explore trade opportunities more widely with those countries and regions that until now have been left on the margins of world trade. "If you do it outside, you are in for a free-for-all and I don't think that would be for the benefit for anyone." Reporting by Mark John in Davos Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Major central bankers dispute role in tackling climate change as they battle inflation
▼ + stars: | 2023-01-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Federal Reserve Board Chairman Jerome Powell holds a news conference following the announcement that the Federal Reserve raised interest rates by half a percentage point, at the Federal Reserve Building in Washington, U.S., December 14, 2022. Evelyn Hockstein | ReutersLONDON — Divisions are forming among the world's most influential central banks over their role in tackling climate change, as policymakers focus on reining in inflation. U.S. Federal Reserve Chairman Jerome Powell told a conference hosted by Sweden's central bank on Tuesday that the Fed would not become a "climate policymaker" or get involved in matters beyond its congressionally established mandate. The surge in inflation and rising interest rates have derailed the plan to redirect ECB corporate bond holdings towards greener assets in support of the energy transition. The central bank has been forced to stop its bond purchases, as it looks to shrink its balance sheet.

☆ Pickleball popularity explodes, with more than 36 million playing
▼ + stars: | 2023-01-05 | by ( Jessica Golden | ) www.cnbc.com time to read: +6 min

The latest numbers unveiled in the 2023 APP Pickleball Participation report, via a study conducted by YouGov, shows that 14% of Americans played pickleball at least once in that 12-month period. The real dillAcross the country, tennis courts and being replaced, and pickleball courts are moving in as other investors are shoring up big money. Since 2022, Life Time has constructed indoor and outdoor pickleball courts at a rate of five new permanent courts each week. "Pickleball participation [at Life Time] in a given month has risen from about 16,000 people to like 160,000. Major League Pickleball and the Professional Pickleball Association took notice and they have partnered with Life Time to host multiple tournaments across the country this year.

☆ 2 more alarms just went off, signaling a dire year ahead for crypto
▼ + stars: | 2023-01-05 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The ongoing weakness in crypto spread to Coinbase on Monday, which fell 13% as trading volumes remain light. Customers withdrew $8.1 billion in deposits in a run on the bank after the implosion of FTX rocked the crypto market. The shakiness of crypto confidence is impacting Coinbase as well, which fell on Thursday to levels just above its all-time low. The decline in Coinbase stock came after Cowen downgraded the company to "market perform" on concerns that retail trading volumes have not yet stabilized. That's a problem for Coinbase because retail trading makes up the bulk of its profits.

Reuters Graphics3/ RE-EMERGING MARKETSWhisper it, but the emerging markets (EM) bulls are back after 2022 delivered some of the biggest losses on record. Credit Suisse particularly likes hard currency debt and DoubleLine's Jeffrey Gundlach, AKA the "bond king", has EM stocks as his top pick. Economists polled by Reuters expect headline U.S. inflation to decelerate to 3.1% by the end of 2023. Valentine Ainouz, fixed income strategist at the Amundi Institute, predicts the 10-year U.S. Treasury yield will end 2023 at 3.5% from around 3.88% currently. Reuters Graphics5/ EQUITIES: SELL NOW, BUY LATEREquity investors hope a V-shaped year for the global economy will see stocks end it comfortably higher.

☆ US stocks could surge 20% in the first 6 months of 2023 as the Fed wraps up its inflation fight, Wharton professor Jeremy Siegel says
▼ + stars: | 2022-12-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

US stocks could soar up to 20% in the first half of next year, Jeremy Siegel said. The Fed may cut interest rates to as low as 2% by the end of 2023, the Wharton professor said. Improved worker productivity might shore up company profits and buoy stocks, Siegel said. The Wharton finance professor and author of "Stocks for the Long Run" predicted the Fed will cut its benchmark interest rate to between 2% and 3% by the end of 2023. Improved productivity could support larger profit margins, and low real interest rates today by historical standards should underpin higher stock valuations, he continued.

☆ Trials, pardons, prison time: How Trump's legal woes could play out and what it means for 2024
▼ + stars: | 2022-12-26 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +15 min

The warrant also indicated that the Justice Department was investigating whether Trump violated three federal laws, including the Espionage Act, related to the handling of national security information. Here are some possibilities:The investigations conclude with no charges filedIn the US's 250-year history, no ex-commander in chief has ever faced criminal charges. In all, the former president, if convicted, would be facing up to 33 years of incarceration, according to legal experts. That begs the question: If Trump is charged, convicted, and winds up in prison, can he still run for president in 2024? He made headlines during his presidency for wondering why he couldn't have "my guys" at the "Trump Justice Department" do his bidding.

☆ Analysis: India's post-COVID spending boom drives two-speed economy
▼ + stars: | 2022-12-21 | by ( Ira Dugal | ) www.reuters.com time to read: +5 min

The world's fifth-largest economy is expected grow 6% in the fiscal year ending March 31, 2024, according to a survey by the Indian central bank this month. Importantly, conditions are better than not just the crippling slump during India's devastating COVID surge last year but also the anemic growth of the debt-saddled last decade. "If India does everything right, we could see significant foreign inflows in the next one to two years," said Sridhar Sivaram, investment director at Enam Holdings, a privately managed investment group. India's weight in the MSCI emerging market index has already risen from 8% in 2019 to 16% as of October 2022, said Sivaram. There is also hope that global corporations will diversify supply chains away from China, which would benefit India.

[1/2] People line up at a makeshift fever clinic set up inside a stadium, amid the coronavirus disease (COVID-19) outbreak in Beijing, China December 19, 2022. "We stand ready to help any country in the world with vaccines, treatments, anything else that we can be helpful with," he said. "We want China to get COVID right," Blinken said earlier this month. “China faces a very challenging system in reopening,” Powell said, adding that its manufacturing, exporting and supply chain remain critical. Officials set up health centers and apps that told people with symptoms how to avoid infecting others, he said.

☆ Morning Bid: Yen for change
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +4 min

But even though the BoJ is unlikely to change that stance at this week's policy meeting, some change appears to be afoot next year as central bank chief Haruhiko Kuroda ends his second five-year term in April. In numbers due for release on Thursday, Japan's core consumer price inflation rate is expected to have ticked up to 3.7% last month. That said, futures markets still aren't buying Fed policymaker indications that official rates will go above 5% and stay there all next year. After closing at their worst levels in over a month on Friday, U.S. stocks are set for a steadier open today. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ The world's biggest chipmaker is making a multi-billion dollar investment in the US even though it'll cost way more to make chips there. Here's why it decided to do it anyway.
▼ + stars: | 2022-12-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Taiwan-based TSMC, the world's biggest chipmaker, announced a $40 billion investment in Arizona last week. That's despite TSMC's founder previously calling US chip production an "expensive exercise in futility." In the event China — which claims the island as its own — invades the island and chip production screeches to a halt, there could be trillions of dollars in economic losses. First, the cost of chip production in the US might not ultimately be "50% more expensive." The factories will be partially subsidized by the US government through the CHIPS and Science Act, a package passed in August that provided $52 billion to boost US semiconductor chip production.

☆ Polish PM and ruling party boss send mixed signals on court reform
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +3 min

However, on Saturday ruling party leader Jaroslaw Kaczynski, widely seen as Poland's de facto ruler, was quoted as saying the bill containing the amendments could be "extremely destructive". "The dispute with the European Commission must be ended, because the real conflict is taking place east of Poland today," Morawiecki wrote in a Facebook post. The comments by PiS leader Kaczynski added to uncertainty over the bill's passage. Judges would also not face disciplinary action for questioning the independence of colleagues appointed by organs that critics say are politicised. ($1 = 0.9450 euros)Reporting by Alan Charlish; Editing by Helen Popper and David HolmesOur Standards: The Thomson Reuters Trust Principles.

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