DIRS.INFO The most relevant business & tech news

☆ BOJ's Ueda keeps free hand, says no time frame for achieving price goal
▼ + stars: | 2023-06-02 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

The BOJ's target remained elusive until last year, when supply constraints and a spike in commodity costs caused by the COVID-19 pandemic and the war in Ukraine drove up Japan's core consumer inflation near 4%. "The time it takes for the impact of monetary policy to appear on the economy could move around a lot depending on circumstances. We therefore do not have any time frame in mind," Ueda said on Friday. Given it will take more time to achieve our price target, we will maintain the easy policy," he said, when asked by an opposition lawmaker on the likelihood of selling the BOJ's holdings. "Given uncertainty over the outlook, clarifying a set time frame for achieving our price target could have unexpected impact on financial markets," Ueda said.

Persons: Kazuo Ueda, Haruhiko Kuroda, Ueda, We'll, Leika Kihara, Chang, Ran Kim, Shri Navaratnam, Kim Coghill, Simon Cameron, Moore Organizations: Bank of Japan, Monetary, Thomson Locations: TOKYO, Ukraine

In the next three days, most of southern China is expected to suffer temperatures of more than 35 Celsius (95 Fahrenheit), with temperatures in some areas exceeding 40C, national forecasters said on Friday. Extreme hot weather beset China, like many part of Asia in recent weeks, even before summer arrived. But how they are occurring - it's just been week on week on week of these records being shattered," said Sarah Perkins-Kirkpatrick, a climate scientist with the University of New South Wales. ELECTRICITY DEMANDDemand for electricity in southern manufacturing hubs, including Guangdong, has surged in recent days, with China Southern Power Grid, one of the country's two grid operators, seeing peak power load exceeding 200 million kilowatts - weeks earlier than normal and close to historical highs. Powerful convection weather has also wreaked havoc in central China in recent weeks, with protracted downpours and even hail devastating the country's ongoing wheat harvest.

Persons: David Kirton, we've, Zhao, Yang, haven't, heatstroke, I'm, Sarah Perkins, Kirkpatrick, Mei, Gao Rong, Ryan Woo, Qiaoyi Li, David Stanway, Michael Perry, Simon Cameron, Moore Organizations: heatwave, REUTERS, Reuters, University of New, China Southern Power Grid, National Climate Centre, Thomson Locations: Shenzhen, Guangdong province, China, BEIJING, Shanghai, Asia, University of New South Wales, Guangdong, Hainan, Guangxi, Yunnan, Guizhou, Sichuan, Henan, Beijing, Singapore

KARACHI, Pakistan, June 2 (Reuters) - Pakistan has passed a special order to allow barter trade with Afghanistan, Iran and Russia for certain goods, including petroleum and natural gas, the Ministry of Commerce said on Friday. The government order, called the Business-to-business (B2B) Barter Trade Mechanism 2023 and dated June 1, lists goods that can be bartered. Sajid Amin, deputy director of the Sustainable Development Policy Institute, said Pakistan could gain particularly from oil and energy imports from Russia and Iran without adding to dollar demand. "While it may not solve currency smuggling, particularly at the Afghanistan border, it can discourage smuggling of goods from Iran, such as diesel, and Afghanistan which is hurting the economy," Amin added. In May, the Pakistan Petroleum Dealers Association complained that up to 35% of the diesel sold in Pakistan had been smuggled from Iran.

Persons: Sajid Amin, Amin, Pakistan's, Musadik Malik, Malik, Ariba Shahid, Asif Shahzad, Simon Cameron, Moore, David Holmes Organizations: Ministry of Commerce, State, Sustainable Development Policy Institute, Reuters, Pakistan Petroleum Dealers Association, Thomson Locations: KARACHI, Pakistan, Afghanistan, Iran, Russia

☆ 'Relentless' heatwaves scorch southern China, test power grids
▼ + stars: | 2023-06-02 | by ( Ryan Woo | ) www.reuters.com time to read: +3 min

[1/3] Workers of grid operator China Southern Power Grid inspect power cables connecting transmission towers in Dongguan, Guangdong province, China May 29, 2018. REUTERS/Stringer/File PhotoBEIJING, June 2 (Reuters) - Having sweltered through May, southern and eastern China face more weeks of unrelenting heatwaves, putting power grids under strain as demand for air-conditioning soars in mega-cities like Shanghai. Like many parts of Asia, China has been besieged by extreme hot weather in recent weeks ahead of summer proper in the northern hemisphere. But how they are occurring - it's just been week on week on week of these records being shattered. Powerful convection weather has also wreaked havoc in central China in recent weeks, with protracted downpours and even hail devastating the country's ongoing wheat harvest.

Persons: Stringer, I'm, Sarah Perkins, Kirkpatrick, Gao Rong, Ryan Woo, Qiaoyi Li, David Stanway, Michael Perry, Simon Cameron, Moore Organizations: China Southern Power Grid, REUTERS, University of New, National Climate Centre, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Shanghai, Asia, Provinces, University of New South Wales, Guangdong, Hainan, Guangxi, Yunnan, Guizhou, Sichuan, Henan, Beijing, Singapore

☆ Macau's May casino revenue soars 366% year on year on visitor influx
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

China lifted strict COVID-19 restrictions in January, allowing visitors to swarm into Macau for the first time in more than three years. A general view shows casinos and hotels in Macau, China February 5, 2020. Sands last week officially opened its "Londoner" casino resort which includes a 6,000 seat arena and attractions like a replica of London's Big Ben clock tower. It was the first big casino opening since the COVID pandemic and was attended by former England football captain David Beckham who drew scores of fans to the property. ($1 = 8.0840 patacas)Reporting by Farah Master; Editing by Tom Hogue & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, David Beckham, Farah Master, Tom Hogue, Simon Cameron, Moore Organizations: Labour, REUTERS, Sands, HK, Wynn, MGM, SJM Holdings, Galaxy Entertainment, Melco, England, Thomson Locations: HONG KONG, Macau, China, Sands China, Wynn Macau, MGM China, Sands

☆ Euro steadies after Lagarde promises rate hike as inflation still too high
▼ + stars: | 2023-06-01 | by ( Joice Alves | ) www.reuters.com time to read: +3 min

LONDON, June 1 (Reuters) - The euro held its ground on Thursday, above a two-month low, after European Central Bank (ECB) President Christine Lagarde said inflation remains too high and further policy tightening was necessary. But the current level is still more than three times the ECB's 2% inflation target. "Today, inflation is too high and it is set to remain so for too long," Lagarde said in a speech. Money markets are pricing in an 85% chance of a 25 bps hike when the ECB meets on June 15. Another 25 bps hike is expected in July, according to Refinitiv.

Persons: Christine Lagarde, Lagarde, Simon Harvey, Luis de Guindos, Carol Kong, Joice Alves, Rae Wee, Simon Cameron, Moore, Sharon Singleton, Andrew Heavens Organizations: European Central Bank, ECB, Reserve, U.S . House, Fed, U.S, Democratic, Commonwealth Bank of Australia, Thomson Locations: Europe, London, Singapore

LONDON/TOKYO, June 1 (Reuters) - Global shares rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling. The Euro STOXX 600 index (.STOXX) rose 0.8% after closing at a two-month low in the previous session. The MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, added 0.2%. Also bolstering the mood were U.S. Federal Reserve officials including governor and vice chair nominee Philip Jefferson pointing to a rate hike "skip" at the Fed's June 13-14 policy meeting. However, shortly after, the Fed's Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision.

Persons: Joe Biden, Ray Attrill, Philip Jefferson, Sandrine Perret, Jefferson, Patrick Harker, It's, it's, Tony Sycamore, Tom Wilson, Kevin Buckland, Simon Cameron, Moore, Lincoln, Emelia Organizations: U.S . House, Republicans, National Australia Bank, Federal, Fed, Philadelphia Fed, IG Markets, Treasury, Thomson Locations: TOKYO, U.S, Unigestion, Asia, London, Tokyo

☆ Asia stocks gain as Fed hike bets recede, debt vote eases nerves
▼ + stars: | 2023-06-01 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

TOKYO, June 1 (Reuters) - Most Asia-Pacific stock markets rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage of the U.S. debt ceiling bill through the House. Treasury yields rose slightly from nearly two-week lows. ""What this does is it turns the attention to the incoming data and the Fed meeting this month," Attrill added. However, shortly after, the Fed's Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision. Philadelphia Fed President Patrick Harker also said on Wednesday that for now he is inclined to support a "skip" in rate hikes.

Persons: Philip Jefferson, Hong, HSI, Ray Attrill, Attrill, Jefferson, Patrick Harker, Kevin Buckland, Simon Cameron, Moore Organizations: Federal, Treasury, Japan's Nikkei, Republicans, National Australia Bank, Philadelphia Fed, Brent, U.S, West Texas, Thomson Locations: TOKYO, Asia, Pacific, U.S, Tokyo

☆ China's factory activity swings to surprise growth in May - Caixin PMI
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +3 min

The Caixin/S&P Global manufacturing purchasing managers' index (PMI) rose to 50.9 in May from 49.5 in April, above the 50-point index mark that separates growth from contraction. The reading surpassed expectations of 49.5 in a Reuters poll, a stark contrast to a deeper contraction activity seen in the official PMI released on Wednesday. The manufacturing subindexes showed factory output rose at the fastest clip in 11 months while new orders including new exports expanded in May. However, business confidence for the coming 12 months fell to a seven-month low amid concerns over global economic prospects. "Current economic growth lacks internal drive and market entities lack sufficient confidence, highlighting the importance of expanding and restoring demand, " said Wang Zhe, Senior Economist at Caixin Insight Group.

Persons: Zhou Hao, Hang, Wang Zhe, 25bps, Liangping Gao, Joe Cash, Ryan Woo, Sam Holmes, Simon Cameron, Moore Organizations: P Global, PMI, Guotai, CSI, Caixin Insight, ANZ, Thomson Locations: BEIJING, China

Refinitiv data shows foreigners sold $1.71 billion worth of mainland shares this month via Stock Connect, a key cross-border link between the mainland and Hong Kong exchanges, after selling $659 million in April. Despite outflows in February, April and May, foreigners' net purchases of mainland shares still stood at $25.05 billion for the first five months of this year, compared with net buying of about $6.36 billion worth over the whole of 2022. "Foreigners seem to have been selling because of the underwhelming near-term economic data points and, perhaps, because of the opportunities available to investors with a broader (pan-Asia or global) mandate," Pershad said. "We presume other investors have re-allocated some capital from China to those markets (and others) this year." Reporting By Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by Vidya Ranganathan & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Pruksa Iamthongthong, Refinitiv, Alexander Davey, Vikas Pershad, Pershad, Patturaja Murugaboopathy, Gaurav Dogra, Vidya Ranganathan, Simon Cameron, Moore Organizations: Stock Connect, Reuters, National Bureau of Statistics, P Global, PMI, Morningstar, Allianz All China Equity WT, HK, HSBC Asset Management, U.S . Federal Reserve, G Investments, Thomson Locations: Hong Kong, China, Morningstar ,, Taiwan, Shanghai, Asia, Bengaluru

☆ DeSantis bashes Trump as 2024 campaign swing begins
▼ + stars: | 2023-05-31 | by ( James Oliphant | ) www.reuters.com time to read: +5 min

Trump, the front-runner in the Republican race, recently assailed DeSantis' handling of the COVID pandemic, when DeSantis resisted federal mask and vaccine mandates. "Ron DeSantis is not a serious person who can take on Joe Biden and bring about the Great American Comeback," Trump campaign spokesman Steven Cheung said in response to DeSantis' remarks. It was little surprise, then, that DeSantis held his initial Iowa event in the auditorium of an evangelical church. DeSantis was introduced by Iowa's Republican governor, Kim Reynolds, and was joined by his wife, Casey DeSantis. The nascent DeSantis campaign has been buttressed by a well-funded Super PAC, Never Back Down, which has taken on many of the day-to-day responsibilities of a presidential effort.

Persons: Ron Desantis, Scott Morgan CLIVE, Ron DeSantis, Donald Trump, DeSantis, bashed Trump, he's, Trump, denigrated DeSantis, Joe Biden, Steven Cheung, politicking, Ted Cruz, Kim Reynolds, Casey DeSantis, Reynolds, Todd Jacklin, James Oliphant, Leslie Adler, Simon Cameron, Moore Organizations: Florida, Republican U.S, REUTERS, Republican, Twitter, Trump, PAC, Liberty, DeSantis, Thomson Locations: West Des Moines , Iowa, U.S, Scott Morgan CLIVE , Iowa, Florida, Iowa, Des Moines, New Hampshire, South Carolina, The Iowa, Johnston , Iowa

☆ India's economy likely gained pace in March quarter
▼ + stars: | 2023-05-31 | by ( Manoj Kumar | ) www.reuters.com time to read: +2 min

NEW DELHI, May 31 (Reuters) - India is set to release data on Wednesday that is expected to show the economy grew by 5% in the January-March quarter from a year earlier, accelerating from 4.4% in the previous quarter due to steady urban demand and government spending. Some private economists reckoned growth in the year to March 31 could turn out around 6.8%. During the March quarter, high frequency indicators showed that a rise in urban incomes had boosted sales of expensive cars, Apple mobile phones, and air travel. The performance looks less impressive considering that the economy was still working through the tail-end of the pandemic during the previous year. Modi must call for a national election by early 2024, and there a several more state polls due before then.

Persons: Narendra Modi, Modi, Manoj Kumar, Simon Cameron, Moore Organizations: Reserve Bank of India, Reuters, Apple, Bharatiya Janata Party, Monitoring, Thomson Locations: DELHI, India, Karnataka, Mumbai

But the dollar and European stocks slipped, dented by uncertainty about whether Congress will approve the deal after a handful of hard-right Republican lawmakers said on Monday they would oppose the bill, though it is expected to pass. The pan European STOXX 600 index (.STOXX) fell 0.2% after recording on Friday its biggest weekly decline in two months. U.S. 10-year bond yields dropped 9.7 basis points to 3.72%, while 30-year yields fell 8 bps to 3.89%. The dollar index , which measures the greenback against six peers, fell 0.26% at 104.03 after rising to a two-month high in earlier trading. Elsewhere, euro zone bond yields fell after Spanish inflation data came in lower than expected, raising hopes that the European Central Bank may raise interest rates less than previously feared.

☆ Asian stocks dip as investors question consequences of US debt deal
▼ + stars: | 2023-05-30 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

The package still has to be approved by the Republican-controlled House of Representatives and Democratic-controlled Senate before the debt limit is reached, likely by next Monday. The bond market is implying there is an extreme 70% probability on a U.S. recession in the next year. Australian shares (.AXJO) were down 0.11% while the Nikkei stock index (.N225) rose 0.36%, after the Japanese benchmark hit a 33-year high on optimism over the U.S debt deal and a weaker yen, which helps the country's exporters. Benchmark 10-year yields dropped 6 basis points during Asian trade to 3.7616% while thirty-year yields fell 6.3 bps to 3.9134%. With the debt deal heading to Congress for approval, JB Were analysts said there could be up to $600 billion worth of bill issuance in the next six to eight weeks.

NEW YORK, May 29 (Reuters) - Prosecutors urged a Manhattan federal court judge on Monday to deny a request by FTX founder Sam Bankman-Fried to dismiss criminal charges accusing him of stealing billions of dollars from customers to plug losses at his hedge fund. Bankman-Fried, the 31-year-old former cryptocurrency billionaire, has pleaded not guilty to 13 counts of fraud, conspiracy, making illegal campaign contributions and foreign bribery. In a filing late Monday, prosecutors described motions to dismiss the charges as "meritless", rebutting Bankman-Fried's argument that the indictment's allegations were insufficient and legally defective. He has also argued that some of the fraud charges he faces were based on a theory that the U.S. Supreme Court invalidated on May 11. Legal experts have said Bankman-Fried faces long odds of getting the charges tossed, because prosecutors can point to tangible money that his customers lost.

☆ Hong Kong media tycoon Jimmy Lai loses bid to terminate national security trial
▼ + stars: | 2023-05-29 | by ( Jessie Pang | Thomson Reuters | Jessie Pang Joined Reuters In After An Internship. She Covers Hong Kong With A Focus On Politics | ) www.reuters.com time to read: +3 min

HONG KONG, May 29 (Reuters) - A Hong Kong Court on Monday rejected an application to terminate a landmark national security trial against media tycoon Jimmy Lai, a case that could see him spend the rest of his life in prison if convicted. Jimmy Lai, 75, is the founder of now shut pro-democracy newspaper Apple Daily and one of the most prominent Hong Kong critics of China's Communist Party leadership, including President Xi Jinping. Lai and his three companies, Apple Daily Limited, Apple Daily Printing Limited, AD Internet Limited faced a total of three charges under the national security law, including collusion with foreign forces. Beijing imposed the national security law on Hong Kong in 2020 after months of anti-government protests. The security law gives the power of the Chief Executive to select a panel of judges who can hear national security cases.

☆ From highs to lows, Everest record breaker sees 'no future' in Nepal
▼ + stars: | 2023-05-29 | by ( Gopal Sharma | ) www.reuters.com time to read: +4 min

[1/5] Kami Rita Sherpa, 53, a Nepali Mountaineer who climbed Mount Everest for a record 28 times, poses for a picture at his rented apartment in Kathmandu, Nepal May 28, 2023. REUTERS/Navesh ChitrakarKATHMANDU, May 29 (Reuters) - Kami Rita Sherpa had stood at the top of world just days earlier, exultant at having summited Mount Everest for a record 28th time. The country earned $5.8 million in permit fees - $5 million from Mount Everest alone – during this year's March-May climbing season. Expeditions hiring sherpas must take out life insurance for them, but the pay out is just 1.5 million Nepali rupees (about $11,300). "This should be increased to 5 million rupees (about $38,000)," said Kami Rita, gently rubbing a bruise on his cheek.

HIROSHIMA, Japan, May 21 (Reuters) - U.S. President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss the debt ceiling on Monday, after a "productive" phone call as the president headed back to Washington, the two sides said on Sunday. Staff members from both sides will reconvene for talks at 6 p.m. (1800 GMT) on Sunday. A failure to lift the debt ceiling by that date would trigger a default that would cause chaos in financial markets and spike interest rates. SPENDING CUTSMcCarthy said Republicans backed an increase in the defense budget while cutting overall spending, and that debt ceiling talks have not included discussions about tax cuts passed under former President Donald Trump. McCarthy has said he will give House lawmakers 72 hours to review an agreement before bringing it up for a vote.

HIROSHIMA, Japan, May 21 (Reuters) - U.S. President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss the debt limit on Monday after a "productive" phone call as the president headed back to Washington, the top House Republican leader said on Sunday. McCarthy, speaking to reporters following the call, said there were positive discussions on solving the crisis and that staff-level talks were set to resume later on Sunday. "Much of what they've already proposed is simply, quite frankly, unacceptable," Biden said before heading back to Washington. Kenny Holston/Pool via REUTERSA source familiar with the negotiations said Republicans had proposed an increase in defense spending, while cutting overall spending. The source said the Biden administration had proposed keeping non-defense discretionary spending flat for the next year.

Biden said he would speak to top congressional Republican Kevin McCarthy on his flight home and hoped the speaker of the House of Representatives had been waiting to negotiate with Biden directly. McCarthy, in an interview on Fox News, said he expected to speak with Biden later on Sunday morning. A source familiar with the negotiations said Republicans had proposed an increase in defense spending, while cutting overall spending. The source said the Biden administration had proposed keeping non-defense discretionary spending flat for the next year. Biden stressed that he was open to making spending cuts and said he was not concerned they would lead to a recession, but he could not agree to Republican demands.

Biden said he would speak to top congressional Republican Kevin McCarthy on his flight home and hoped the speaker of the House of Representatives had been waiting to negotiate with Biden directly. "Much of what they've already proposed is simply, quite frankly, unacceptable," Biden said. The source also said House Republicans wanted to extend tax cuts passed under then-President Donald Trump, which would add $3.5 trillion to the federal debt. SPENDING CUTSBiden heads back to Washington on Sunday after truncating his Asia trip to focus on the debt ceiling talks. Biden stressed that he was open to making spending cuts and said he was not concerned they would lead to a recession, but he could not agree to Republican demands.

☆ Blackstone acquires International Gemological Institute
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, May 21 (Reuters) - Private equity giant Blackstone Inc(BX.N) said it has fully acquired the jewellery certification firm International Gemological Institute (IGI) from China's Fosun(0656.HK) and the company's founding family. Blackstone acquired IGI- whose majority revenue and profits come from India- for about $530 million, said a person with direct knowledge of the matter. The statement said it had purchased an 80% stake from Fosun and 20% from the Lorie family. Founded nearly 50 years ago by the late Marcel Lorie, IGI has 29 laboratories and 18 schools of gemology in 10 countries. India's jewellery market was worth is $78.5 billion in the 2021 financial year and its one of the world's biggest, though a significant portion goes for export.

When asked what message he would share with McCarthy, he declined to comment before talking with McCarthy first. The source also said House Republicans wanted to extend tax cuts passed under then-President Donald Trump, which would add $3.5 trillion to the federal debt. White House officials said they were expecting the call between Biden and McCarthy to take place as Biden flew home on Air Force One from the summit in Hiroshima. Biden heads back to Washington on Sunday after truncating his Asia trip to focus on the debt limit talks. Congressional Republicans voted to raise the debt ceiling three times, with no budget cut pre-conditions, when Republican Trump was in the White House.

☆ Biden, House Speaker McCarthy could speak Sunday on debt limit
▼ + stars: | 2023-05-21 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +3 min

HIROSHIMA, Japan, May 21 (Reuters) - U.S. President Joe Biden and top congressional Republican Kevin McCarthy could speak as soon as Sunday in talks over raising the federal $31.4 trillion debt ceiling. Biden will be headed back to Washington on Sunday after cutting his trip to Asia short to focus on the debt limit talks. The Republican-led House last month passed legislation would cut a wide swath of government spending by 8% next year. The source also said House Republicans want to extend tax cuts passed under former President Donald Trump, which would add $3.5 trillion to the federal debt. Congressional Republicans voted to raise the debt ceiling three times, with no budget cut pre-conditions, when Republican President Donald Trump was in the White House.

☆ Australian PM backs G7 on 'de-risking' trade with China
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 21 (Reuters) - Australian Prime Minister Anthony Albanese said on Sunday that he backed a Group of Seven (G7) joint statement out of Japan stressing the need to ease reliance on trade with China. Albanese said Australia had "for some time" expressed concern about China's activity, pointing to the "chafing" of an Australian aircraft. In May 2022, a Chinese fighter aircraft dangerously intercepted an Australian military plane in the South China Sea region, according to Australia's defence department. China, firmly opposing the G7 statement, has complained to summit organiser Japan, the Chinese foreign ministry has said. "That clarity should be there before the Prime Minister entertains a formal state visit to Beijing," Shadow Foreign Minister Simon Birmingham told ABC television.

Search resuls for: "Simon Cameron"

25 mentions found