DIRS.INFO The most relevant business & tech news

☆ Shanghai Exchange urges bankers to closely vet Chinese medical firms IPOs - sources
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

A men wearing a mask walk at the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China, as the country is hit by an outbreak of a new coronavirus, February 3, 2020. REUTERS/Aly Song/File PhotoSHANGHAI, Aug 14 (Reuters) - The Shanghai Stock Exchange has urged bankers to pay close attention to the marketing practices of Chinese drug and medical equipment makers seeking initial public offerings (IPOs) amid an escalating anti-corruption drive in the sector, sources said. The Shanghai exchange declined to comment. Bankers should carefully examine if the company, controlling shareholders or actual controllers conduct bribery in marketing activities, the exchange said in the publication. The bourse also asked bankers to check the authenticity of the marketing expenses and urged companies to fully disclose information in their prospectus.

Persons: Aly, Christian Schmollinger Organizations: Shanghai Stock Exchange, REUTERS, bourse, Reuters, Bankers, Shanghai, Thomson Locations: Pudong, Shanghai, China

☆ Country Garden shares dive after bond trading halted, fans further economic distress
▼ + stars: | 2023-08-14 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Shares of Country Garden dived 16.3% to HK$0.82 by noon, dragging down the Hang Seng Mainland Properties Index (.HSMPI) which dropped 3.9%. According to company registry portal Qichacha, a services unit of Country Garden offloaded its 51% stake in a Wuhan-based network technology company, while chief strategic officer of Country Garden Services also resigned from the firm's chairman. Country Garden Services did not immediately respond to request for comment. In September alone, Country Garden may need to repay more than 9 billion yuan ($1.25 billion) worth of onshore bonds.

Persons: Aly, HONG KONG, Dickie Wong, Wong, Longfor, Clare Jim, Yuhan Lin, Jacqueline Wong Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, Mainland Properties, Reuters, Garden Services, Garden, Country Garden Services, Kingston Securities, State, Longfor, Seazen, Thomson Locations: Shanghai, China, HONG, HK, Wuhan, Hong Kong, Beijing

☆ Country Garden shares slump to record low after onshore bond trading halted
▼ + stars: | 2023-08-14 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File PhotoHONG KONG, Aug 14 (Reuters) - Chinese property giant Country Garden's (2007.HK) shares plunged to fresh record low on Monday, while its offshore bonds were also pressured after its onshore paper was suspended from trading as its debt problems deepened. Shares of Country Garden shed more than 15% to HK$0.83 in morning trading, dragging down the Hang Seng Mainland Properties Index (.HSMPI) which dropped 4.6%. Country Garden's offshore bonds also eased, with a few trading at the lower end of 6 cents on the dollar. Once considered a more financially sound developer, Country Garden's woes added to spillover concerns across a property market already grappling with weak buyer demand.

Persons: Aly, HONG KONG, Clare Jim, Jacqueline Wong Organizations: Shanghai Country Garden, REUTERS, HK, Mainland Properties, Finance, Thomson Locations: Shanghai, China, HONG, Hong Kong

☆ Yen breaks above 145/dlr level in choppy trading, dollar firm
▼ + stars: | 2023-08-14 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The Japanese yen weakened to as low as 145.22 per dollar in early Asian hours, its lowest since Nov. 10 2022 before quickly reversing course. Japan intervened in currency markets last September when the dollar rose past 145 yen, which prompted the Ministry of Finance to buy the yen and push the pair back to around 140 yen. With the yen loitering around that level again, traders expect Japanese officials to start warning of intervention soon. While sentiment towards China is down, this week's high-frequency China data may only need a small beat to cause a strong upside reaction in China proxies, said Pepperstone's Head of Research Chris Weston.

Persons: Yen, Dado Ruvic, warily, Chris Weston, Ankur Banerjee, Shri Navaratnam Organizations: REUTERS, United, Federal Reserve, Bank of Japan, Ministry of Finance, Saxo Markets, Treasury, Federal, ANZ, Fed, Thomson Locations: SINGAPORE, Japan, United States, China, Singapore

☆ Asia suffers China blues; dollar hits 2023 top on yen
▼ + stars: | 2023-08-14 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased another 1.1%, after shedding 2% last week. Japan's Nikkei (.N225) was off 0.5%, even as exporters drew support from the weak yen. The sour mood saw S&P 500 futures and Nasdaq futures shed early gains to each ease 0.1%. That rise juiced the dollar against the low-yielding yen, lifting it as far as 145.22 and a peak not seen since November last year. The rise in the dollar and yields was weighing on gold at $1,911 an ounce , having fallen for three weeks in a row.

Persons: Goldman Sachs, Brent, Wayne Cole, Shri Navaratnam, Sam Holmes Organizations: Nikkei, SYDNEY, Japan's Nikkei, Zhongrong International Trust Co, HK, Nasdaq, Amazon's, Federal, Goldman, Thomson Locations: China, Beijing, Russian, Black, Asia, Pacific, Japan

☆ Typhoon Lan makes landfall in western Japan, threatens damage
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

Approaching from the Pacific Ocean, Typhoon Lan made landfall at the southern tip of Wakayama prefecture, some 400 km (250 miles) southwest of Tokyo. The typhoon, which followed closely on the heels of Typhoon Khanun during Japan's peak Obon holiday season, lashed wide swathes of central and western Japan with heavy rains and powerful winds. Anticipating the dangerous levels of winds and rains a day earlier, high-speed train operators had also planned suspensions of services affecting the area. Typhoon Lan had sustained winds of 150 kph (93 mph) and was moving northwest across the western part of the main island of Honshu as of 0000 GMT. It was forecast to reach the Sea of Japan by early Wednesday and continue north along the sea, according to Japan's weather agency.

Persons: Typhoon Lan, Khanun, Chang, Kim, Shri Navaratnam Organizations: Toyota Motor Corp, NHK, Toyota Motor, Thomson Locations: Japan, Wakayama prefecture, Tokyo, Mie, Osaka, Tokai, Typhoon, Honshu

☆ Dollar set for fourth week of gains, inflation cements rate outlook
▼ + stars: | 2023-08-11 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The pound was last up 0.3% at $1.2711, but was still heading for a fourth weekly drop. Data on Thursday showed U.S. consumer inflation rose 0.2% last month, matching the gain in June, and by 3.2% in the 12 months through July. The dollar index , which measures the U.S. currency against six others, fell 0.1% to 102.50, but was still set for a fourth weekly gain, thanks in part to a rise in Treasury yields. The dollar fell against the euro , which rose 0.1% to $1.0995 and against the Australian dollar , which rose 0.14% to $0652.

Persons: Florence Lo, Moh Siong Sim, Nick Rees, Mary Daly, Ankur Banerjee, Shri Navaratnam, Simon Cameron, Moore, David Evans Organizations: U.S, REUTERS, Federal, Bank of Japan, Singapore, Ministry of Finance, Reuters, CPI, FX, Monex, San Francisco Fed, Thomson Locations: Japan, Monex Europe, U.S, Singapore

☆ Asia stocks drop to month low as US CPI fails to enthuse
▼ + stars: | 2023-08-11 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

The yen touched a six-week low of 144.89 per dollar in early trade, though volumes were thinned owing to a public holiday in Japan. Its stock markets were closed and Treasuries went untraded in the Asia session. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.7% with stocks in Hong Kong and China the biggest drag. Headline U.S. CPI was 0.2% last month, the same as a month earlier, and the details were encouraging - with core goods inflation slowing down and only rents proving stubbornly sticky. DOLLAR GAINSIn foreign exchange markets, choppy trade in the wake of the inflation data left the dollar on course for a weekly gain.

Persons: Issei Kato, Treasuries, Mary Daly, Andrew Lilley, Philip Lowe, Nozomu Ogawa, Sally Auld, JB, There's, HSI, Tom Westbrook, Muralikumar Anantharaman Organizations: REUTERS, SYDNEY, Headline U.S, CPI, San Francisco Fed, Yahoo Finance, Daiwa, Markets, HK, Chevron, Brent, Thomson Locations: Tokyo, Japan, U.S, Asia, Pacific, Hong Kong, China, Sydney, New York, Australia

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File PhotoSummary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterBEIJING, Aug 11 (Reuters) - Oil prices fell marginally on Friday as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. Brent crude fell 15 cents to $86.25 a barrel at 0515 GMT, while U.S. West Texas Intermediate crude futures were down 13 cents at $82.69 a barrel. Market sentiment was also lifted by Thursday's U.S. consumer prices data for July, which fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle. Data this week also showed China's consumer prices fell into deflation and factory gate prices extended declines in July, raising concerns about fuel demand in the world's second-largest economy.

Persons: Dado, Brent, Tina Teng, Teng, Baden Moore, Moore, Stephanie Kelly, Andrew Hayley, Shri Navaratnam, Simon Cameron Organizations: REUTERS, China, U.S, West Texas, CMC Markets, The, of Petroleum Exporting, Thursday's U.S, Federal Reserve, National Australia Bank, bbl, Thomson Locations: China, BEIJING, OPEC, Auckland, June's, Saudi Arabia, Russia, Ukraine, Baden, 2H23, New York, Beijing

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File PhotoSummary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterBEIJING, Aug 11 (Reuters) - Oil prices were largely unchanged in Asian morning trade as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. In 2024, "solid" economic growth amid continued improvements in China is expected to boost oil consumption, it added. Market sentiment was also lifted by Thursday's U.S. consumer prices data for July, which fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle. However, Teng also noted that "China’s sluggish economic data and the retreat on Wall Street weighs on risk sentiment, and a strengthened USD also pressured commodity prices".

Persons: Dado, Brent, Tina Teng, Teng, Baden Moore, Moore, Stephanie Kelly, Andrew Hayley, Shri Navaratnam, Simon Cameron Organizations: REUTERS, China, U.S, West Texas, CMC Markets, The, of, Petroleum, Thursday's U.S, Federal Reserve, National Australia Bank, bbl, Thomson Locations: China, BEIJING, OPEC, Auckland, June's, Saudi Arabia, Russia, Ukraine, Baden, 2H23, New York, Beijing

☆ Dollar steady after CPI data bolsters Fed pause bets; yen nears 145
▼ + stars: | 2023-08-11 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The Japanese yen eased 0.10% to 144.89 per dollar in early Asian hours, its lowest since June 30, when it also briefly breached 145 per dollar level, stoking investor fears of another round of interventions from the Japanese authorities. Japan intervened in September last year when the dollar rose past 145 yen, pushing the pair to around 140 yen as the Ministry of Finance bought the yen to weaken the dollar. "Market pricing currently favours a pause, but the market has underpriced the Fed’s actions before," Brandham cautioned. The Australian dollar rose 0.20% to $0.6534.

Persons: Florence Lo, Ryan Brandham, Brandham, Philip Lowe, Sterling, Ankur Banerjee, Shri Navaratnam Organizations: U.S, REUTERS, Federal, Ministry of Finance, Saxo Markets, Reuters, North America, Validus Risk, Reserve Bank of Australia, Thomson Locations: SINGAPORE, Japan, U.S, Singapore

Summary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterAug 11 (Reuters) - Oil prices edged higher on Friday on optimism from the OPEC producer group that oil demand will be robust in 2024 as it also nudged up its expectations for global economic growth. Brent crude rose 7 cents to settle at $86.47 a barrel at 0017 GMT, while U.S. West Texas Intermediate crude futures gained 12 cents at $82.94 a barrel. The Organization of the Petroleum Exporting Countries said on Thursday it expects world oil demand to rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023. In 2024, "solid" economic growth amid continued improvements in China is expected to boost oil consumption, it added. Also lifting market sentiment, Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.

Persons: Brent, Stephanie Kelly, Shri Navaratnam Organizations: U.S, West Texas, of, Petroleum, Federal Reserve, Thomson Locations: China, OPEC, Saudi Arabia, Russia, Ukraine, U.S

☆ Domino effect: India rice export ban puts market on edge for copycat curbs
▼ + stars: | 2023-08-11 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +6 min

New Delhi had already restricted lower quality broken rice supplies in 2022. In 2008, rice prices reached a record high above $1,000 per ton after India, Vietnam, Bangladesh, Egypt, Brazil and other small producers restricted exports. CHAIN REACTIONGlobal prices have risen by around 20% since India's ban. This week, rice prices in Thailand and Vietnam soared to 15-year highs as buyers rushed to cover shipments to compensate for the decline in India's exports. Rao said only Indian supplies can restore equilibrium in the global rice market.

Persons: Nitin Gupta, Trade Nguyen Hong Dien, Rice, B.V, Krishna Rao, Rao, Peter Clubb, Rajendra Jadhav, Naveen Thukral, Khanh Vu, Panarat, Shri Navaratnam Organizations: REUTERS, Olam Agri, Reuters Graphics, Reuters, of Industry, Trade, Rice, Association of Pakistan, Association of India, International Grains Council, Thomson Locations: Kolkata, India, MUMBAI, New Delhi, Thailand, Vietnam, Delhi, Asia, Africa, Olam Agri India, Bangladesh, Egypt, Brazil, Pakistan, Philippines, China, Senegal, Nigeria, South Africa, Malaysia, Cote d'Ivoire, El, London, Singapore, Hanoi, Bangkok

☆ Dollar in holding pattern as US inflation test looms; PBOC supports yuan
▼ + stars: | 2023-08-10 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. The Australian and New Zealand dollars hovered close to two-month lows amid a worsening economic outlook for key trade partner China. The dollar was little changed at 143.79 yen , after earlier drifting to the highest since July 7 at 143.90. Elsewhere, the Chinese yuan tacked on about 0.1% to 7.2235 per dollar in offshore trading after the PBOC set a stronger official mid-point than the market consensus for a second day. New Zealand's kiwi was flat at $0.6053, just above Tuesday's low of $0.6035, which was the weakest since June 8.

Persons: Florence Lo, Tony Sycamore, Sycamore, Kristina Clifton, Joe Biden, Kevin Buckland, Shri Navaratnam Organizations: REUTERS, Federal Reserve, Bank of Japan, New, People's Bank of China, Street, Fed, Commonwealth Bank of Australia, U.S, Thomson Locations: New Zealand, China, U.S, Japan

China's increased appetite for thermal coal from Australia and Russia has led to a shift in imports by India, the world's second biggest coal buyer. From December to February India's imports of Australian thermal coal had been above 1 million metric tons per month, peaking in January at 1.79 million. In contrast India is turning back to thermal coal from Indonesia, with July arrivals of 6.87 million metric tons, up from 6.04 million in June. For July, Indonesia's share of India's thermal coal imports was 63%, which was the highest since the 65% in April. China and India both generally import Australian thermal coal of a lower energy value than the traditional buyers of Japan, South Korea and Taiwan.

Persons: David Gray, it's, Indonesia's, Shri Navaratnam Organizations: REUTERS, Labor Party, Liberal, National, China, Argus, Reuters, Thomson Locations: Ulan, New South Wales, Mudgee, Australia, LAUNCESTON, Beijing, Asia, China, Mongolia, Indonesia, Russia, India, Japan, South Korea, Taiwan, Australia's Newcastle, Ukraine

Customers shop for handguns at the Des Moines Fairgrounds Gun Show at the Iowa State Fairgrounds in Des Moines, Iowa, U.S. March 11, 2023. REUTERS/Jonathan Ernst/File PhotoAug 9 (Reuters) - A federal appeals court on Wednesday ruled that a decades-old law prohibiting users of illegal drugs from owning firearms was unconstitutional as applied to the case of a marijuana user, the latest fallout from a U.S. Supreme Court ruling last year that expanded gun rights. Circuit Court of Appeals concluded that the federal law violated a Mississippi man's right to "keep and bear arms" under the U.S. Constitution's Second Amendment. The U.S. Drug Enforcement Administration did not administer a drug test, though Daniels admitted he sometimes smoked marijuana, which federal law prohibits. While his case was pending, the conservative-majority Supreme Court in June 2022 declared for the first time that the Second Amendment protects an individual's right to carry a handgun in public for self-defense.

Persons: Jonathan Ernst, Patrick Daniels, Daniels, Jerry Smith, Ronald Reagan, Stephen Higginson, Barack Obama, Nate Raymond, Shri Navaratnam Organizations: Des Moines, Iowa State Fairgrounds, REUTERS, U.S, Supreme, Circuit, Appeals, U.S . Drug, Administration, New York, Thomson Locations: Des Moines , Iowa, U.S, New Orleans, Mississippi, Boston

Moody's cut the ratings of 10 U.S. banks by one notch and placed some banking giants on review for potential downgrades. The downgraded banks include M&T Bank (MTB.N), Pinnacle Financial Partners (PNFP.O), Prosperity Bank and BOK Financial Corp (BOKF.O). The banks placed on review for downgrade include BNY Mellon (BK.N), US Bancorp (USB.N), State Street (STT.N) and Truist Financial (TFC.N). Moody's changed its outlook to negative from stable for Capital One (COF.N), Citizens Financial (CFG.N) and Fifth Third Bancorp (FITB.O), among others. The ratings agency also affirmed the ratings of PNC Financial Services Group (PNC.N), Citizens, and Huntington Bancshares (HBAN.O) alongside other banks.

Persons: Moody's, BNY Mellon, Huntington, Juby Babu, Muralikumar Anantharaman Organizations: Moody's Corporation, T Bank, Pinnacle Financial Partners, Prosperity Bank, BOK Financial Corp, BNY, US Bancorp, Truist, Silicon Valley Bank, Signature Bank, Citizens, Fifth Third Bancorp, PNC Financial Services, Thomson Locations: Manhattan , New York, U.S, Silicon, Bengaluru

Containers are seen at the Yangshan Deep-Water Port in Shanghai, China October 19, 2020. REUTERS/Aly Song/File PhotoBEIJING, Aug 7 (Reuters) - China's exports likely contracted further in July, as manufacturers in the world's second-largest economy struggled for buyers in markets grappling with high inflation and rising interest rates, a Reuters poll showed on Monday. Imports are expected to have shrunk by 5.0%, after a fall of 6.8% in June, reflecting slightly improved domestic demand. The median estimate in the poll indicated only marginal change in China's trade surplus, with analysts predicting it will come in at $70.60 billion, compared with 70.62 billion in June. China's trade data will be released on Tuesday.

Persons: Aly, Joe Cash, Anant Chandak, Susobhan Sarkar, Shri Navaratnam Organizations: REUTERS, Thomson Locations: Shanghai, China, BEIJING, Beijing, outflows, Bengaluru

☆ Australia ANZ-Indeed jobs ads edge 0.4% higher in July
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. Data from Australia and New Zealand Banking Group (ANZ.AX) and employment website Indeed showed job ads rose 0.4% in July from June, when they fell 2.7%. "There are other signs labour market momentum is starting to slow as the RBA’s 400bp of hikes flow through to economic activity... this suggests we'll see a gradual cooling of the labour market from its very strong starting position." Markets suspect the cash rate is nearing its peak, with futures pricing in an even chance of a further rate hike to 4.35% in December. A majority of economists polled by Reuters expect the RBA could deliver the last hike in the fourth quarter.

Persons: Steven Saphore, Stella Qiu, Shri Navaratnam Organizations: New Zealand Banking Group, ANZ, REUTERS, New Zealand Banking, Reserve Bank of Australia, Reuters, Thomson Locations: Australia, Sydney

☆ Japan's 'Mr.Yen' Sakakibara expects no yen intervention
▼ + stars: | 2023-08-07 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

Japan's former currency czar Eisuke Sakakibara speaks at an interview with Reuters in Tokyo, Japan February 6, 2017. Sakakibara gained a reputation as a market mover in the 1990s after devising several currency interventions during his time as vice finance minister, earning him the nickname "Mr Yen". Sakakibara takes Bank of Japan head Kazuo Ueda at his word that easy policy will be retained for the time being. Japan's Ministry of Finance intervened in October when the yen slipped to 149.70 against the dollar, and speculation grew that the currency could tumble further. While the chance that the yen weakens further against the dollar can't be completely dismissed, Sakakibara believes the "tide has changed" for dollar-yen.

Persons: Eisuke Sakakibara, Kim Kyung, Sakakibara, Mr Yen, Kazuo Ueda, Brigid Riley, Hiroko Hamada, Shri Navaratnam Organizations: Reuters, REUTERS, U.S, U.S . Federal Reserve, of Finance, Bank of Japan, Fed, Bank, Japan, Japan's Ministry of Finance, Thomson Locations: Tokyo, Japan, U.S, Japan's

☆ Asia shares on guard for US, China inflation risks
▼ + stars: | 2023-08-07 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was a fraction firmer in thin trade, after losing 2.3% last week. Chinese blue chips (.CSI300) eased 0.7% with investors still disappointed at the lack of major and concrete stimulus steps from Beijing. Going the other way, S&P 500 futures added 0.4% and Nasdaq futures 0.5%. In China, the market is looking for further signs of deflation with annual consumer prices seen down around 0.5%, and producer prices falling 4%. Futures imply only a 12% chance of a Federal Reserve rate hike in September, and 24% for a rise by year-end.

Persons: Kim Kyung, Walt Disney, Goldman Sachs, Michael Gapen, Brent, Wayne Cole, Shri Navaratnam, Jacqueline Wong Organizations: Yen, REUTERS, Nikkei, SYDNEY, Japan's Nikkei, Bank of Japan, Nasdaq, News Corp, Goldman, Federal, Fed, U.S ., Thomson Locations: Tokyo, Japan, China, U.S, Asia, Pacific, Beijing, Ukraine

☆ Japan's SoftBank Corp posts 2.1% increase in Q1 profit
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: 1 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File PhotoTOKYO, Aug 4 (Reuters) - Japan's SoftBank Corp (9434.T), the domestic telecoms arm of SoftBank Group (9984.T), posted a 2.1% increase in first quarter operating profit on Friday. Operating profit was 246.3 billion yen ($1.73 billion) in the April to June period, marginally higher than the 241.2 billion yen in the same period a year earlier. SoftBank maintained its annual profit forecast of 780 billion yen in the year through March 2024, compared to an 838.8 billion yen average estimate from 18 analysts surveyed by Refinitiv. ($1 = 142.3900 yen)Reporting by Anton Bridge Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, SoftBank, Anton, Shri Navaratnam Organizations: SoftBank, REUTERS, SoftBank Corp, Refinitiv, Thomson Locations: Tokyo, Japan

The quarterly results from OCBC, also Southeast Asia's second largest lender by assets, rounded up a strong earnings season by Singapore banks as DBS Group (DBSM.SI) and United Overseas Bank (UOBH.SI) also delivered double-digit profit growth. Besides higher interest rates, Singapore lenders have also benefited from strong inflows from wealthy customers amid global uncertainty, including U.S.-China geopolitical tensions, because of the city-state's status as a financial safe-haven. Higher interest rates and slower economic growth could raise asset-quality risks for businesses and individual customers, he said, adding weak loan demand could negatively impact net interest income growth momentum once margin expansion peaks. OCBC said April-June net profit climbed to S$1.71 billion ($1.28 billion) from S$1.28 billion a year earlier mainly driven by better income growth and partly offset by higher allowances for non-impaired assets. The figure compared with a mean estimate of a S$1.76 billion profit from four analysts polled by Refinitiv.

Persons: ROE, Thilan Wickramasinghe, OCBC, NIM, Yantoultra Ngui, Tom Hogue, Shri Navaratnam, Jamie Freed Organizations: Chinese Banking Corp, DBS, United Overseas Bank, Maybank Securities, Refinitiv, Thomson Locations: Singapore, SINGAPORE, Asia's, U.S, China, Malaysia

☆ Australian competition regulator rejects $3.2 bln ANZ-Suncorp Bank deal
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucy CraymerAug 4 (Reuters) - Australia's competition regulator said on Friday it had denied authorisation for ANZ Group Holdings (ANZ.AX) to proceed with its proposed A$4.9 billion ($3.21 billion) acquisition of Suncorp Group's banking arm. The Australian Competition and Consumer Commission (ACCC) said it was not satisfied that the acquisition would not lessen competition in the supply of home loans to Australian customers. "Evidence we obtained strongly indicates that the major banks consider the second-tier banks to be a competitive threat," ACCC Deputy Chair Mick Keogh said in a statement. Keogh said the proposed acquisition would further "entrench an oligopoly" structure, with the country's four major banks dominating. "We believe the acquisition will improve competition, which will benefit Australian consumers, particularly in Queensland," ANZ said in a statement, noting that the ACCC's decision can be reviewed by the independent Australian Competition Tribunal.

Persons: Lucy Craymer, Mick Keogh, Keogh, Himanshi, Shri Navaratnam, Subhranshu Organizations: ANZ Bank, REUTERS, ANZ Group Holdings, Suncorp, Australian Competition, Consumer Commission, ANZ, Australian Competition Tribunal, Thomson Locations: Lambton Quay, Wellington , New Zealand, Melbourne, Queensland, Bengaluru

Analysts see the same lack of confidence in today's Chinese households and companies that Japan grappled with in the 1990s. But in China's case there is a key difference; there is no deflationary threat yet, nor have banks switched off lending. Fan Gang, a prominent economist and former adviser to the central bank, told a forum in June that China faces a liquidity trap but not a Japan-style deflationary morass. China's policymakers have cut rates and encouraged banks to lend more in efforts to revive economic growth after the pandemic. China's 220 million retail stock investors, equivalent to Brazil's population and the biggest drivers of daily moves, have kept to the sidelines this year.

Persons: Florence Lo, Asia Pacific Alicia Garcia Herrero, Byron Gill, Gill, Betty Wang, Wu, John, Winni Zhou, Rae Wee, Vidya Ranganathan, Shri Navaratnam Organizations: REUTERS, Companies, Asia Pacific, Pacific Opportunities Fund, U.S, Bank, ANZ, Eastroc Beverage, China Merchants Bank, Bank of Ningbo's, Thomson Locations: SHANGHAI, SINGAPORE, Japan, China, Bank, Shanghai, Singapore

Search resuls for: "Shri Navaratnam"

25 mentions found