DIRS.INFO The most relevant business & tech news

☆ Opinion: Why a G20 without Putin and Xi could be a fantastic opportunity
▼ + stars: | 2023-09-06 | by ( Opinion David A. Andelman | ) edition.cnn.com time to read: +9 min

CNN —This might have been an opportunity for world leaders to bridge a host of chasms that are opening up, as G20 conferences have in the past. Yet this will be the first G20 that Xi has skipped in the decade he’s served as China’s president. The hope is that, without distractions from the presence of Xi and Putin, the G20 will be able to focus more directly on just such urgent issues. Certainly, it removes an opportunity to pressure Xi into restraining shipment of technology and equipment to Russia that could help its war in Ukraine. So, this G20 — uniquely absent Xi and Putin — is an important opportunity to showcase China’s failings, confirm Russia’s status as a pariah and ratify America’s place as a global leader.

Persons: David A, David Andelman, Vladimir Putin, Sergey Lavrov, Xi, Li Qiang, Putin, Narendra Modi, —, Joe Biden, Antony Blinken, he’s, Blinken, Biden, Lavrov, ”, “, …, there’s, Michele Spatari, Biden’s, Putin — Organizations: CNN, French Legion of, The New York Times, CBS News, David Andelman CNN, International Criminal Court, ICC, America, NBC, Putin, Indian, Sunday, Asia Pacific Economic Cooperation, United, Twitter, Facebook, Biden Locations: New Delhi, India, Bali , Indonesia, China, Washington, Johannesburg, South Africa, Arunachal Pradesh, Beijing, ” China, San Francisco, Russian, AFP, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, United Arab Emirates, Russia, Africa, Ukraine, Vietnam, Asia, American, Southeast Asia, America

Pumpjacks are seen during sunset at the Daqing oil field in Heilongjiang province, China August 22, 2019. REUTERS/Stringer/File Photo Acquire Licensing RightsSept 6 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Oil is back in the spotlight after Russia and Saudi Arabia on Tuesday extended output cuts. Oil prices have essentially been disinflationary all year, meaning the year-on-year price change has always been negative, sometimes dramatically so. With the dollar, bond yields and oil prices all marching higher, it is little wonder investors are drawing in their horns.

Persons: Stringer, Jamie McGeever, Brent, Japan's Hajime Takata, Josie Kao Organizations: REUTERS, Reserve Bank of Australia, U.S ., Asia, Bank, Japan's, Thomson, Reuters Locations: Heilongjiang province, China, Asia, Taiwan, Russia, Saudi Arabia, Japan, Australia

Country Garden also offered on Tuesday to extend repayment of eight onshore bonds worth 10.8 billion yuan ($1.48 billion) by three years, according to people with knowledge of the matter and documents seen by Reuters. Country Garden did not respond to a request for comment. A general view of a construction site of residential buildings by Chinese developer Country Garden in Tianjin, China August 18, 2023. Country Garden has not missed a debt payment obligation, onshore or offshore. "The three-year extension of maturity offered by Country Garden looks better than restructuring plans by most of the other troubled developers," Meng said.

Persons: Gary Ng, Tingshu Wang, Susannah Streeter, Hargreaves Lansdown, DODGE, CreditSights, Ting Meng, Meng, Xie Yu, Shuyan Wang, Jason Xue, Sumeet Chatterjee, Christopher Cushing, Kim Coghill Organizations: HK, Reuters, Country, Natixis Asia Pacific, REUTERS, Services, Global, Hargreaves, Mainland Properties, CSI, ANZ, Thomson Locations: HONG KONG, BEIJING, Tianjin, China, Hong Kong, Beijing, Shanghai, Bengaluru

"There is a significant risk in the short term of financial crisis or other degree of economic crisis that would carry very substantial social and political costs for the Chinese government. By the time the global financial crisis hit in 2008-09, it had already met most of its investment needs for its level of development, economists say. To keep growth high, China in the 2010s doubled down on infrastructure and property investment, at the expense of household consumption. China has since backed away from major financial market liberalisation while plans to rein in state behemoths and introduce universal social welfare never quite materialised. "But at the same time there's a great fear of the short-term political and social risk, especially of provoking an economic crisis."

Persons: Xi Jinping's, William Hurst, Chong Hua, there's, Max Zenglein, We're, Logan Wright, Alicia Garcia Herrero, Hurst, Liangping Gao, Kevin Yao, Kripa Jayaram, Marius Zaharia, Sam Holmes Organizations: Development, University of Cambridge, International Monetary Fund, Asia Pacific, China's, Reuters Graphics, Thomson Locations: BEIJING, China, Japan, Beijing, Natixis

☆ Morning Bid: Try to top that one, Asia
▼ + stars: | 2023-09-03 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

Staff lower Chinese national flag in front of screens showing the index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsSept 4 (Reuters) - A look at the day ahead in Asian markets from Stephen Culp, financial markets journalist. Asian markets have a tough act to follow on Monday - their own. "Clearly, we've seen a significant slowdown in the Chinese economy the last couple of months," said Ryan Detrick, chief market strategist at Carson Group in Omaha. On Thursday, Japan is due to release revised second-quarter GDP data and CPI and PPI reports from China are on deck for Friday.

Persons: Tyrone Siu, Stephen Culp, Ryan Detrick, Saola, Li Qiang, Diane Craft Organizations: REUTERS, Carson Group, Association of Southeast Asian Nations, ASEAN, PMI, CPI, PPI, South Korea CPI, Australia Judo Bank, Thomson, Reuters Locations: Exchange, Hong Kong, China, Shanghai, Shenzhen, Asia, Beijing, Omaha, Guangdong, Macau, Taiwan, India, Japan

☆ China slowdown, oil output cuts in focus at key energy industry events
▼ + stars: | 2023-08-31 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. China's sluggish post-COVID growth, which has curbed fuel and petrochemical demand, will loom large over both events, while concerns about LNG supplies ahead of the northern hemisphere winter are set to dominate talks at Gastech. Russian oil exports have continued despite prices rising above price caps as the West is keen to maintain global supplies and keep prices down. Meanwhile, U.S. sanctions on Venezuela look poised to ease, improving global supply while abundant and cheap Iranian oil heads for China. While the balance in global LNG markets remains delicate, the longer term demand outlook is uncertain as big importers including Japan and Europe aim to reduce the use of fossil fuels.

Persons: Dado Ruvic, Alexander Novak, Moscow, Amrita Sen, Sen, Saul Kavonic, Florence Tan, Miral Organizations: REUTERS, Rights, Asia Pacific Petroleum Conference, OPEC, U.S, United, United Arab Emirates dirham, Thomson Locations: Saudi Arabia, Singapore, Asia, Gastech, India, China, Ukraine, United Arab, Venezuela, Japan, Thailand, Bangladesh, Europe

Country Garden is China's largest private developer. Country Garden has been in talks with onshore creditors to extend payments on the private bond and has proposed to repay in instalments over three years instead of meeting its obligations by the deadline on Saturday. "Country Garden may be able to extend its debts, but it does not mean the company and property sector are out of the woods unless home sales rebound." On Wednesday, creditors holding 10.5% of the outstanding principal, added a new proposal where they can vote to immediately call the company in default. The company's extension plan for the onshore private bond calls for payments in seven instalments ending in September 2026.

Persons: Matthew Pestronk, Goldman Sachs, Moody's, Kaven Tsang, Gary Ng, Ng, Xie Yu, Clare Jim, Li Gu, Matt Tracy, Sumeet Chatterjee, Anne Marie Roantree, Jacqueline Wong, Kim Coghill, Susan Fenton Organizations: HK, Post, People's Bank of China, Thursday, Asia Pacific, Thomson Locations: China, HONG KONG, SHANGHAI, Beijing, Hong Kong, Philadelphia, Guangzhou, Shenzhen, Caa1, Asia, Shanghai

☆ Exclusive: Chinese exporters using currency swaps to retain dollars as yuan sags
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +5 min

The swaps allow exporters to place their dollars with banks and get yuan instead, but through a contract that will eventually reverse the flows and give them back their dollars. However, while they remove a much-needed source of dollar supplies into spot yuan markets, analysts reckon Chinese monetary authorities can't really force exporters to convert dollars. When exporters swap higher-yielding dollars for the cheaper yuan for even 3 months, they get local currency for business needs and also earn a pick-up of an annualised 3.5% on the swap deal. "By trading FX swaps, exporters can postpone their settlements while meeting their yuan demand," said Becky Liu, head of China macro strategy at Standard Chartered Bank. Exporters' swaps, meanwhile, give state banks a pile of dollars to use in their yuan operations, in which they can undertake swaps to acquire the dollars from the onshore forwards market and sell them in the spot market to stem fast yuan declines.

Persons: Dado Ruvic, Ding, Gary Ng, Becky Liu, Jindong Zhang, Winni Zhou, Tom Westbrook, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, U.S, Federal Reserve, Asia Pacific, Traders, Administration of Foreign Exchange, Standard Chartered Bank, China Merchants Bank, Thomson Locations: Rights SHANGHAI, SINGAPORE, U.S, Shanghai, China, Natixis, Singapore

☆ One part of China’s consumer market is holding up against a broad decline
▼ + stars: | 2023-08-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Customers enjoy food at a new Costco store in Shanghai on the first day of its trial operation on March 10. China News Service | China News Service | Getty ImagesBEIJING — If retail sales slowed this summer, it hasn't felt that way in parts of China. In the weeks around early July, New York residents David and Susan Schwartz visited three Costco stores, known as warehouses, on the outskirts of Shanghai and the neighboring city of Suzhou. China's retail sales slowed to a 2.5% year-on-year increase in July, adding to growing uncertainty about the country's future growth. Chris Reitermann CEO, Ogilvy Asia Pacific and Greater ChinaThe massive property market, where the majority of household wealth is stored, accelerated its decline in July.

Persons: hasn't, Susan Schwartz, David Schwartz, David, Susan, Malin, Goetz, Kate Spade, they're, Chris Reitermann, Ogilvy's Reitermann, Daniel Zipser Organizations: Costco, China News Service, Getty, BEIJING, U.S, Ogilvy Asia Pacific, CNBC, McKinsey Global Institute, Media, McKinsey Locations: Shanghai, China, New York, Suzhou, U.S, Hangzhou, Ningbo, York, Greater China

☆ Salesforce shrugs off growth concerns as reenergized CEO Benioff lifts guidance
▼ + stars: | 2023-08-30 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

Non-GAAP earnings-per-share (EPS) of $2.12 grew 78% from last year and beat the $1.90-per-share EPS predicted by analysts, Refinitiv data showed. While the solid margin beat and upside to earnings are similar to what Salesforce reported back in May, one key difference this time was the increased revenue outlook. It now expects to hit $34.7 billion to $34.8 billion, up from $34.5 billion to $34.7 billion. Salesforce raised its GAAP EPS range to $3.50 to $3.52, up from $2.67 to $2.69, and non-GAAP EPS range to $8.04 to $8.06, up from $7.41 to $7.43. Salesforce also expects its cPRO to grow slightly above 11% from last year and that's slightly better than estimates of 10.8% growth.

Persons: Refinitiv ., Salesforce, Marc Benioff, Brian Millham, Jim Cramer's, Jim Cramer, Jim, Fabrice Coffrini Organizations: Revenue, CNBC, Economic, Afp, Getty Locations: Salesforce, Americas, Europe, Africa, Asia, Davos, Switzerland

☆ Gold gains as U.S. dollar, yields lose steam ahead of data
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: +2 min

Gold prices gained on Tuesday as a recent rally in the U.S. dollar and Treasury yields showed signs of fatigue ahead of crucial inflation and jobs data this week that could define the outlook for interest rates. Gold prices are seeing short-covering by speculators as a minor key resistance at $1,907 that coincided with the 200-day moving average has been surpassed, said Kelvin Wong, a senior market analyst, Asia Pacific, OANDA. Helping gold further, the dollar dipped against a basket of major currencies, while benchmark U.S. 10-year Treasury yields moved further away from their highest levels since 2007 hit last week. A weaker dollar tends to make gold, which yields no interest, less expensive for other currency holders. With elevated rates, consumer spending is likely to slow and a recession becomes almost inevitable, which would result in falling bond yields and a weaker dollar, and gold prices could rebound, Heraeus analysts wrote in a note.

Persons: Kelvin Wong, Jerome Powell's, Wong Organizations: Heraeus, Solar, U.S ., Treasury, Federal, Trust, Palladium Locations: Budapest, Hungary, ., Asia Pacific

☆ Foot Locker's financial troubles are much worse than feared, leading us to reevaluate the stock
▼ + stars: | 2023-08-23 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Shares of Foot Locker plunged more than 30% in Wednesday's trading. FL .SPX YTD mountain Foot Locker vs. S & P 500 year to date Bottom line As noted during Monday's Homestretch , we thought this would be a horrible quarter from Foot Locker. As a result, inventory remains way too high at Foot Locker, and in a worst-case scenario --management may need to tap into its credit lines. Overall same-store sales, while in line, were dragged down by Champs Sports in North America, which saw a 25.3% decline. A sign hangs above the entrance of a Foot Locker store on August 02, 2021 in Chicago, Illinois.

Persons: Locker, Monday's Homestretch, Mary Dillon, Dillon, Foot, Jim Cramer, we've, Locker's, Jim Cramer's, Jim, Scott Olson Organizations: Management, Champs Sports, Nike, Administrative, EMEA, CNBC, Getty, & $ Locations: North America, Middle East, Africa, Asia, Chicago , Illinois

☆ U.S. Open 2023: dates, schedule, seeds and how to watch on TV
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

* The three main showcourts at the U.S. Open are Arthur Ashe Stadium, Louis Armstrong Stadium and the Grandstand. * Arthur Ashe Stadium (capacity: 23,771) is named after the only Black man to claim singles titles at Wimbledon, the U.S. Open and the Australian Open. * Louis Armstrong Stadium (capacity: 14,053) was named after jazz great Armstrong who lived a few blocks from the venue until he died in 1971. * Poland's Iga Swiatek, the French Open champion, is the women's world number one and will defend her New York crown. * Latin America & Caribbean: ESPN Brazil, ESPN Caribbean, ESPN Latin America (North and South), TV Globo.

Persons: Spain's Carlos Alcaraz, Norway's Casper Ruud, Violeta Santos Moura, Arthur Ashe, Louis Armstrong, Armstrong, Holder Carlos Alcaraz, Swiatek, Carlos Alcaraz, Novak Djokovic, Daniil Medvedev, Holger Rune, Casper Ruud, Andrey Rublev, Taylor Fritz, Frances Tiafoe, Sabalenka, Jessica Pegula, Elena Rybakina, Coco Gauff, Caroline Garcia, Maria Sakkari, Vondrousova, Karolina Muchova, Stan Sport, Shrivathsa Sridhar, Pritha Sarkar Organizations: U.S, United States Tennis Association, National, OPEN, U.S ., Louis, Wimbledon, Australian, Open, WHO, TOP, MEN, Sports, SuperSport, Eurosport, Sky Sports, Telefonica, Oceania, Digicel, MIGU, TVNZ, Sony Sports Network, Caribbean, ESPN Brazil, ESPN Caribbean, ESPN, America, TV Globo, beIN, TSN, Thomson Locations: Murcia, Spain, New York, Serbia, Russia, Denmark, Norway, Italy, Greece, United States, Poland, Belarus, Kazakhstan, Jabeur, Tunisia, France, Czech Republic, Africa, Europe, SuperTennis, India, Bengaluru

☆ US trip pays off for Taiwan VP with China drills more 'thunder than rain'
▼ + stars: | 2023-08-21 | by ( Ben Blanchard | ) www.reuters.com time to read: +5 min

China has a particular dislike of Lai, the frontrunner in polls ahead of January's presidential election, due to his previous comments about being a "worker for Taiwan independence". In his public events he talked about peace and dialogue, though he also said that Taiwan would not back down in the face of threats. "These drills were a lot of thunder, but less rain." 'NO SURPRISES'Lo Chih-cheng, a senior lawmaker for the ruling Democratic Progressive Party, said Lai's trip was also about the broader process of showing him to the United States as a steady and trustworthy leader. China could take other, trade-related, steps to punish Taiwan, having previously stopped Taiwanese fruit and fish imports.

Persons: William Lai, Carlos Garcia Rawlins, Lai, Ma Chen, Shen Dingli, Lai Ching, Lo Chih, cheng, Lo, Ko Wen, Xi Jinping, Ben Blanchard, Raju Gopalakrishnan Organizations: International Airport, REUTERS, Rights, Taiwan, U.S, Liberation Army, National Defence University, United States, Relations, Democratic Progressive Party, Taiwanese Public, National Taiwan Normal University's Graduate, of Political, Thomson Locations: United States, New York, Paraguay, Taoyuan, Taiwan, Rights TAIPEI, China, U.S, United, Shanghai, Taipei, Beijing, Washington, Asia

☆ Continental considers sell-off of ContiTech car business - manager magazin
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The name of German tire maker Continental is pictured on a wheel at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsCompanies Continental AG FollowContiTech AG FollowBERLIN, Aug 21 (Reuters) - German auto parts supplier Continental (CONG.DE) is considering the sale of the car division currently bundled within ContiTech, manager magazin reported on Monday, citing company sources. According to manager magazin, that unit - specialised in belts and sealing systems with a turnover of more than 2 billion euros - is due to be separated from the business within two years. The highly profitable tyres business and non-automotive part of ContiTech will be retained as the future core, it said, quoting an unnamed top manager who warned of the threat of a workforce rift if the tyres business continued financing the cars business. The company said in May that ContiTech would be realigned with the aim of enhancing its impact and efficiency, without providing further details.

Persons: Fabian Bimmer, Wolfgang Reitzle, Nikolai Setzer, ContiTech, Victoria Waldersee, Miranda Murray, Rachel More, Kirsten Donovan Organizations: IAA, REUTERS, Continental, BERLIN, Thomson Locations: Hanover, Europe, Americas, Asia Pacific

☆ Gold loiters near 5-month low as traders hunt for more Fed cues
▼ + stars: | 2023-08-21 | by ( ) www.cnbc.com time to read: +2 min

A staff member selects a gold bracelet for a customer at a gold shop in Renhuai, Southwest China's Guizhou province, May 11, 2023. Gold held around five-month lows on Monday, pressured by higher bond yields as markets geared up for the Federal Reserve's Jackson Hole symposium for clues on where interest rates might settle. Spot gold was largely flat at $1,887.70 per ounce, while U.S. gold futures added 0.1% to $1,917.70. Gold grazed its lowest since mid-March at $1,883.70 last week, as buoyant economic data raised bets for higher-for-longer U.S. interest rates, reducing demand for the non-yielding commodity. Investors now look to Fed Chair Jerome Powell's speech on Friday, as central bankers from around the world assemble in Jackson Hole for their annual conference.

Persons: Gold, Jackson, Ole Hansen, Saxo, Jerome Powell's, Kelvin Wong Organizations: Federal, Treasury, U.S . Federal Reserve, Trust Locations: Renhuai, Southwest China's Guizhou province, U.S, Jackson, Asia Pacific

Aug 18 (Reuters) - Estee Lauder (EL.N) forecast annual sales and profit below estimates on Friday, indicating a slower-than-expected rebound in its travel retail business, mainly in Asia, and waning demand in the United States, sending its shares down about 3%. Analysts note that the drop in consumer demand in China and a slow recovery in Asia travel retail - sales made at airports or travel destinations like Korea and China's Hainan - could impact luxury companies like Estee, which makes about 30% of its annual revenue from the Asia Pacific region. "De-stocking and inventory levels in Asian Travel Retail… likely to remain the biggest headwind to growth over the next few quarters," said Bernstein analyst Callum Elliott. Estee expects full-year sales to rise between 5% and 7%, compared with an estimated 8.8% increase, according to Refinitiv data. It sees annual adjusted profit to be between $3.50 and $3.75 per share, compared with an expectation of $4.83.

Persons: Estee Lauder, It's, Tracey Travis, Lauder, Shannon Stapleton, Bernstein, Callum Elliott, Estee, Granth Vanaik, Ananya Mariam Rajesh, Pooja Desai Organizations: Reuters, Nordstrom, REUTERS, L'Oreal, U.S ., Asia Pacific, Thomson Locations: Asia, United States, China, Korea, Hainan, Asia Pacific, New York, U.S, Americas, Mainland China, Bengaluru

☆ Estee Lauder forecasts weak annual profit on slow recovery in Asia travel retail
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

Analysts have said the drop in consumer demand in China and a slow recovery in Asia travel retail - sales made at airports or travel destinations like Korea and China's Hainan - could impact luxury companies like Estee, which makes about 30% of its annual revenue from the Asia Pacific region. "Asia travel retail pressured results, particularly in Skin Care, and we continued to experience softness in North America," CEO Fabrizio Freda said in a statement. Estee Lauder's Americas region reported flat net sales compared to a year ago, while Asia-Pacific reported a 29% increase in sales. The company expects annual adjusted profit per share to be between $3.50 and $3.75, compared with analysts' expectation of $4.83. However, on an adjusted basis, Estee earned a profit of 7 cents per share, compared to an estimated loss of 4 cents per share.

Persons: Lauder, Shannon Stapleton, Estee Lauder, Fabrizio Freda, Estee, Granth Vanaik, Ananya Mariam Rajesh, Pooja Desai Organizations: Nordstrom, REUTERS, Thomson Locations: New York, U.S, Asia, United States, China, Korea, Hainan, Asia Pacific, North America, Pacific, Bengaluru

☆ Asian stocks hit 9-month lows on worries over China economy, US rates
▼ + stars: | 2023-08-17 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Losses were broad-based across Asia Pacific on Thursday, with Japan's Nikkei (.N225) and Australia's S&P/ASX 200 index (.AXJO) down 1%. "Some participants" cited the risks to the economy of pushing rates too far even as "most" policymakers continued to prioritise the battle against inflation. The U.S. central bank hiked rates by 25 basis points at the July meeting after standing pat in June. The rising yields lifted the dollar, with the dollar index , which measures the U.S. currency against six rivals, touching a two-month peak of 103.58 as investors sought safety. Worries over China and the trajectory of the U.S. interest rates also rattled the commodities market, with oil prices dropping for the fourth straight session.

Persons: Issei Kato, HSI, Taylor Nugent, Jerome Powell, Shunichi Suzuki, Brent, Ankur Banerjee, Muralikumar Organizations: REUTERS, Rights, Federal Reserve, Asia Pacific, Japan's Nikkei, NAB, ING, Finance, Thomson Locations: Tokyo, Japan, Asia, Pacific, China, U.S

☆ After stellar debut, Vietnamese EV maker VinFast drops for second straight session
▼ + stars: | 2023-08-17 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The logo of VinFast is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. VinFast had hit an eye-popping valuation of $85 billion on its first day of trading on Tuesday. Shares of other EV firms including Lucid (LCID.O) and Fisker (FSR.N) that listed through blank-check deals have also fallen since their debut. Meanwhile, its lofty valuation could be at risk as it looks to raise more capital over the next 18 months. Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephane Mahe, Ford, Pham Nhat Vuong, Rick Meckler, VinFast, Meckler, Medha Singh, Arun Koyyur Organizations: REUTERS, General Motors, Nasdaq, Cherry Lane Investments, Spade, Asia Pacific's, VinFast's, Thomson Locations: Paris, France, New Jersey, Asia, Bengaluru

☆ Asia promotes crypto clarity amid regulatory uncertainty in the U.S.
▼ + stars: | 2023-08-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Earlier this month, Hong Kong officially opened crypto trading to retail investors and upgraded licenses of two exchanges. "This will further boost investor confidence, making Hong Kong more attractive as a potential global virtual asset hub," said Lai. He concluded some crypto firms could leave the U.S. for more progressive jurisdictions as a result. Asia's regulatory clarityAcross the Pacific, Singapore and Hong Kong offer far more operational clarity for many industry players "Singapore has the first mover advantage in the Asia Pacific region, including being ahead of Hong Kong. watch nowSingapore's Payment Services Act — a framework for regulating payment services and the provision of crypto services to the public — came into effect in January 2020.

Persons: Ben Charoenwong, Lennix Lai, Lai, Ong Chengyi, Chainalysis, Hong, Blockchain.com, Ripple, Hong Kong, Janice Goh, Coinbase, Binance, Brad Garlinghouse, Goh Organizations: Getty, Nurphoto, National University of Singapore Business School, Monetary Authority of, Cavenagh, U.S . Securities, Exchange Commission, SEC, CNBC, MAS Locations: Victoria Harbour, Hong Kong, China, Asia, U.S, Hong Kong . Hong Kong, Singapore, Monetary Authority of Singapore, Thailand, Indonesia, Hong, Pacific

☆ Yield gap between China and US widens to highest since 2007 after surprise rate cut
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

And markets widely expect the PBOC to loosen monetary policy further. But the divergent monetary policy paths between the world's two largest economies widened the yield gap to 164 basis points between China's benchmark 10-year government bonds and U.S Treasuries s - the highest since February 2007. "More broadly, recent economic data releases in China have been disappointing, while those in the U.S. have surprised to the upside." The widening yield gap reduced foreign appetite in China's onshore yuan bonds, with latest official data showing overseas investors' holding declined in July. But the expectations for further monetary easing and capital outflow risks has pressure on the Chinese yuan to depreciate further.

Persons: Janet Yellen, Mark Schiefelbein, David Chao, Eugenia Victorino, SEB, Winni Zhou, Tom Westbrook, Simon Cameron, Moore Organizations: Rights, People's Bank of China, Asia, Thomson Locations: United States, Diaoyutai, Beijing, China, Rights SHANGHAI, SINGAPORE, Invesco, U.S, Asia

☆ Asia stocks fall as weak China data weigh
▼ + stars: | 2023-08-16 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

China reported weaker than expected July activity data Tuesday, accompanied by news that Beijing would no longer publish youth unemployment data. Wong said he was most concerned about month-to-month decline of China's retail sales and weak infrastructure investments, which suggested lack of funding from local governments. China's industrial output and retail sales growth both slowed from a month earlier to a year-on-year pace of 3.7% and 2.5% respectively, missing expectations. If the decline begins to accelerate, it will feed back on weaker consumer confidence and weigh on already feeble retail sales growth. All three major U.S. equity indexes ended Tuesday lower, after a stronger-than-expected report on U.S. retail sales data.

Persons: Issei Kato, HONG KONG, Australia's, Redmond Wong, Wong, Hang, John Milroy, Ord Minnett, Tina Teng, Ord Minnett's Milroy, Brent, Kane Wu, Lincoln Organizations: REUTERS, Japan's Nikkei, Saxo Markets, Dow Jones, Nasdaq, Fed, New Zealand, CMC, Canada, BHP, Thomson Locations: Tokyo, Japan, HONG, Asia, Asia Pacific, China, Beijing, Greater China, Wedneday

☆ Southeast Asia turns to alternative meats as fight against climate change ramps up
▼ + stars: | 2023-08-16 | by ( Nyshka Chandran | ) www.cnbc.com time to read: +2 min

Packages of "Impossible Burger" and Beyond Meat sit on a shelf for sale on November 15, 2019 in New York City. Vegetarian alternatives to burgers and sausages are enjoying a certain enthusiasm that meat giants also want to enjoy. Reducing meat and dairy consumption could be the key to Southeast Asia's climate crisis, experts say. By 2060, alternative proteins around Southeast Asia and other Asia-Pacific nations will need to account for more than half of protein production, the report added. That adds to the overall environmental footprint of animal production.

Organizations: Asia Research, Lancet, Food Institute Asia Pacific, CNBC Locations: New York City, Singapore, Southeast Asia, Asia, Pacific, Malaysia, Vietnam, Brazil, Argentina, Paraguay

☆ Oil edges up as China cuts policy rates to support economy
▼ + stars: | 2023-08-15 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. Prices turned higher after the People's Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%. Despite the weak macroeconomic data, China's oil appetite showed resilience. The declining U.S. output could exacerbate global oil supply tightness as the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, cut production. Reporting by Muyu Xu and Katya Golubkova; Editing by Sonali Paul and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Stringer, Robert Carnell, refiners, Muyu Xu, Katya Golubkova, Sonali Paul, Tom Hogue Organizations: REUTERS, Garden Holdings, SINGAPORE, Brent, . West Texas, People's Bank of China, ING Bank, Energy, of, Petroleum, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Beijing, Asia Pacific, OPEC

Search resuls for: "Asia Pacific"

25 mentions found