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☆ Ant's share repurchase plan values firm around $79 bln, down sharply before crackdown
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +3 min

It marked a sharp fall in the $300 billion-plus value ascribed to the company in mid-2020, before its IPO planned for later that year was pulled. Ant said it had proposed to all of its shareholders to repurchase up to 7.6% of its equity interest at a price that represents a group valuation of approximately 567.1 billion yuan. The repurchase proposal will also provide a liquidity option for the company’s investors," it said. Ant's major shareholders, Hangzhou Junhan Equity Investment Partnership and Hangzhou Junao Equity Investment Partnership, have voluntarily decided not to participate in the repurchase, the company added. "At the same time, initiating a stock buyback also indirectly informs investors that the possibility of a short-term IPO recovery is unlikely."

Persons: Ant, Hanyang Wang, Jack Ma, Brenda Goh, Zhang Yan, Josh Ye, Shri Navaratnam Organizations: Saturday, Ant, Hangzhou Junhan Equity Investment Partnership, Hangzhou Junao Equity Investment Partnership, Tencent Holdings, HK, People's Bank of China, Thomson Locations: SHANGHAI, Hangzhou, Shanghai, Hong Kong

☆ Tesla offers cash rebate on top models in China
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +3 min

Tesla said it would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan ($483) if they could cite a referral from an existing owner. Tesla also said new buyers would have free access to its Enhanced Autopilot driver-assistance system for 90 days. It is continuing an earlier offer announced in June of 7,000-yuan rebates to buyers of its more expensive Model S and Model X vehicles in China. A number of Tesla owners posted their referral codes online and invited others to use them on Friday, suggesting the cash rebate could be widely available for new buyers. Earlier this week, Tesla cut prices on the Model 3 and Model Y by between 3% and 4% in Japan.

Persons: Tesla, Li Auto, Ralf Brandstatter, Premier Li Qiang, Qiaoyi Li, Zhang Yan, Brenda Goh, Shri Navaratnam, Sonali Paul Organizations: China's EV, China Association of Automobile Manufacturers, Premier, EVs, Thomson Locations: BEIJING, China, China's, Shanghai, Japan

The world's largest memory chip and smartphone maker estimated its operating profit fell to 600 billion won ($459 million) in April-June, from 14.1 trillion won a year earlier in a short preliminary earnings statement. It would be Samsung's lowest profit for any quarter since a 590 billion won profit in the first quarter of 2009, according to company data. Shares in Samsung fell 1.4% in early morning trade, underperforming a 0.6% drop in the wider market (.KS11). In the January-March quarter, the company reported a whopping 4.58 trillion won loss in its chip business as memory chip prices fell further and its inventory values were slashed. Revenue in April to June likely fell 22% from the same period a year earlier to 60 trillion won, Samsung said in the statement.

Persons: Chris Helgren, Refinitiv, Greg Roh, 1,307.6700, Joyce Lee, Heekyong Yang, Shri Navaratnam, Sonali Paul Organizations: Samsung Electronics, REUTERS, Samsung Electronics Co, Samsung, Hyundai Motor Securities, Revenue, Thomson Locations: Manhattan, New York City, U.S, SEOUL, KS

☆ UK set to ease stock market listing rules
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

Hunt will also seek to roll back a European Union-era securities law, Treasury said. UK is set to approve recommendations in Rachel Kent's Independent Research Report, paving the way for a new "Research Platform" to provide a one-stop-shop for firms looking for research experts, the statement added. UK had last year announced the launch of the Investment Research Review - an independent review of financial services investment research and its contribution to UK capital markets competitiveness, headed by Kent. The approval also sets the way for potentially removing unbundling rules – an inherited EU law that requires brokers to charge a separate fee for research. "We will not countenance tax cuts if they make the battle against inflation harder," the newspaper quoted Hunt as saying.

Persons: Jeremy Hunt, UK's, Hunt, Rachel, Hogan Lovells, Rishi Sunak's, Nilutpal, Chris Reese, David Gregorio, Shri Organizations: Finance, UK's Treasury, Treasury, Investment Research, Financial Times, Aviva Plc, Phoenix Group Holdings, City of London Corporation, FT, Thomson Locations: Union, Kent, Bengaluru

☆ South Korea says respects IAEA review of Japan's Fukushima wastewater plan
▼ + stars: | 2023-07-07 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

SEOUL, July 7 (Reuters) - South Korea's government said on Friday it respected the U.N. nuclear energy watchdog's review of Japan's plan to discharge treated radioactive water from the tsunami-wrecked Fukushima plant into the ocean and said it met international standards. Seoul announced its own assessment after the International Atomic Energy Agency (IAEA) gave the greenlight this week to Japan's plan, despite concerns over safety in some neighbouring countries and signs of a consumer backlash. "Therefore the plan meets international standards including those of the IAEA," he said. The plan to discharge the treated water from the Fukushima plant is also expected to "not have any meaningful impact on our ocean areas," Bang said. The announcement comes as Rafael Grossi, director general of the IAEA, is due to arrive in South Korea on Friday for a three-day visit to explain the agency's findings after it approved Japan's plan this week.

Persons: Bang, Yoon Suk Yeol, Rafael Grossi, Jin, Hyunsu Yim, Choi, Ed Davies Organizations: Seoul, International Atomic Energy Agency, Coordination, IAEA, Democratic Party, South Korean Foreign, Thomson Locations: SEOUL, Japan, South Korea, Tokyo

☆ Dollar steady before Fed minutes; yen hovers below 145-mark
▼ + stars: | 2023-07-05 | by ( Herbert Lash | ) www.reuters.com time to read: +3 min

[1/2] FILE PHOTO-U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. The Federal Open Market Committee is due to release the minutes from its most recent policy meeting at 1400 EDT (1800 GMT). "Of course, another barometer for what the Fed does will be the jobs report on Friday," he said. The dollar hovered around 144.165 yen, below the 145 threshold that prompted intervention by Japanese authorities last autumn. The Australian dollar fell 0.1% to $0.6683, on course to snap a four-day streak of gains.

Persons: Dado Ruvic, Joe Manimbo, Manimbo, Shusuke Yamada, Herbert Lash, Amanda Cooper, Kevin Buckland, Shri Navaratnam, Helen Popper, Mark Heinrich Our Organizations: REUTERS, U.S, Federal, Fed, Treasury, Independence, Bank of America, Ministry, Finance, People's Bank of China, Thomson Locations: Washington, U.S, Tokyo, Beijing, London

☆ Dollar steady before Fed minutes; yen hovers near 145-mark
▼ + stars: | 2023-07-05 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

The Federal Open Market Committee is due to release the minutes from its most recent policy meeting later on Wednesday. Investors will scour the minutes for any indications of Fed thinking, but Friday's monthly employment report will almost certainly carry more weight, analysts said. The dollar hovered around 144.3 yen, below the 145 level that prompted intervention by Japanese authorities last autumn. "However more broadly, it will provide support ... on expectations of an imminent policy response from Chinese authorities." The yuan headed for its first down day in four sessions in the offshore market, slipping 0.3% to 7.255 per dollar .

Persons: Adam Cole, Shusuke Yamada, RBC's Cole, it's, Tony Sycamore, Kevin Buckland, Shri Navaratnam, Helen Popper, Mark Heinrich Our Organizations: U.S, Federal, Fed, RBC, Treasury, Bank of America, Ministry, Finance, People's Bank of China, IG, Thomson Locations: synch, Tokyo, Beijing, Sydney

☆ Explainer: What's behind the firmer-than-expected yuan fixings?
▼ + stars: | 2023-07-05 | by ( Georgina Lee | ) www.reuters.com time to read: +3 min

The yuan is not a fully-convertible currency and its onshore exchange rate is a managed floating rate. The midpoint is calculated by the China Foreign Exchange Trade System (CFETS), a unit overseen by the People's Bank of China prior to the onshore market opening at 09:30 a.m. (0130 GMT)HOW IS IT CALCULATED? It allows market-makers to discount the closing price, where it's deemed out of step with their expectations. WHY IS THE CCF SEEN AS A MOVE TO DEFEND THE YUAN? The CCF was abandoned in 2020 when the yuan rose sharply and authorities decided to let market forces play more of a role.

Persons: it's, Georgina Lee, Shri Navaratnam Organizations: China Foreign Exchange Trade, People's Bank of, Reuters, CCF, HSBC, Thomson Locations: HONG KONG, People's Bank of China

☆ Dollar steady before Fed minutes; Aussie slips on China weakness
▼ + stars: | 2023-07-05 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

The dollar hovered around 144.62 yen, below the 145 level that spurred intervention by Japanese authorities last autumn. Australia's dollar declined 0.24% to $0.6676, putting it on course to snap a four-day winning streak. Prior to the Chinese services data, the Aussie had been slightly stronger following another stronger yuan fixing from the People's Bank of China, fueling bets for imminent policy support from Beijing. "This (services data) provides further confirmation that the Chinese economy is slipping towards a double-dip slowdown," Tony Sycamore, a markets analyst at IG in Sydney, wrote in a client note. The yuan headed for its first down day in four sessions in the offshore market, slipping 0.13% to 7.2425 per dollar .

Persons: Europe's, Shusuke Yamada, Tony Sycamore, it's, Kevin Buckland, Shri Navaratnam Organizations: U.S, Federal, Treasury, Bank of America, Ministry, Finance, People's Bank of China, IG, Thomson Locations: TOKYO, Tokyo, Beijing, Sydney

☆ Factbox: Potential candidates as next chief of Australia's central bank
▼ + stars: | 2023-07-05 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

SYDNEY, July 5 (Reuters) - The Australian government will announce this month whether it would reappoint Reserve Bank of Australia (RBA) Governor Philip Lowe or replace him. * Michele Bullock, 60, became the first female Deputy Governor of the RBA when she was appointed in the role in April 2022. She studied economics at the University of New England and a masters from the London School of Economics. He studied economics at Sydney University, and completed a PhD in health economics at the Australian National University. He has PhD degrees in physiology from Cambridge University and in economics from the Australian National University.

Persons: Philip Lowe, Michele Bullock, Bullock, RBA, Steven Kennedy, Kennedy, Kevin Rudd, Julia Gillard, Jenny Wilkinson, David Gruen, Wilkinson, Gruen, Martin Parkinson, Guy Debelle, Fortescue, Australia's, Debelle, Andrew, Carolyn Wilkins, Shri Navaratnam Organizations: SYDNEY, Australian, Reserve Bank of Australia, University of New, London School of Economics, Treasury, Labor, Sydney University, Australian National University, government's Department of Finance, Parliamentary, ANU, Princeton, Australian Bureau of Statistics, Cambridge University, Macquarie University, Department of Prime, Adelaide University, Fortescue Future Industries, University of Adelaide, MIT, Bank of Canada, Thomson Locations: University of New England

☆ Australia markets in the dark as clock ticks down on govt choice of RBA chief
▼ + stars: | 2023-07-05 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Markets are still in the dark whether Treasurer Jim Chalmers will reappoint Reserve Bank of Australia (RBA) Governor Philip Lowe or bow to public pressure for a new pair of hands at an institution that stumbled over its policy messaging during the pandemic. "Markets would be more concerned if there wasn't that list," noted Shane Oliver, chief economist at AMP Capital. They are among the front runners in part because there is much pressure for Chalmers to appoint the first female head of the RBA. One dark horse also being mentioned is Guy Debelle, a former RBA deputy governor who resigned last year to join the green energy business of mining billionaire Andrew Forrest. It is possible Chalmers could reappoint Lowe for a shorter period to see out the RBA's current tightening cycle and planned changes in its operation and structure.

Persons: missteps, Jim Chalmers, Philip Lowe, Chalmers, Lowe, Shane Oliver, Michele Bullock, Jenny Wilkinson, Guy Debelle, Andrew Forrest, reappoint Lowe, AMP's Oliver, Wayne Cole, Shri Navaratnam Organizations: SYDNEY, Reserve Bank of Australia, Chalmers, Markets, AMP, Thomson

☆ Dollar steady before Fed minutes; yen hovers below intervention zone
▼ + stars: | 2023-07-05 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

The dollar index - which measures the currency against a basket of six major peers, including the euro and yen - was little changed at 103.02, after tracking between 103.75 and 102.75 since early June. Europe's shared currency edged 0.1% higher to $1.0886, recouping some of its 0.34% overnight decline. The dollar hovered about half a yen below the 145 level that spurred intervention by Japanese authorities last autumn, after last week briefly popping as high as 145.07 for the first time since November. Australia's dollar was flat at $0.6690, holding on to the previous day's 0.32% advance. The yuan was little changed at 7.231 per dollar in offshore trading , following a 0.3% rise on Tuesday as it continued its rebound from last week's eight-month low of 7.2857.

Persons: Europe's, Shusuke Yamada, Kevin Buckland, Shri Navaratnam Organizations: Federal, Treasury, Bank of America, Ministry, Finance, Aussie, Reserve Bank of Australia, Thomson Locations: TOKYO, Tokyo, Beijing

The greenback was down 0.18% at 1104 GMT to 144.44 yen , after rising 0.27% on Monday. However, the yen remained close to last week's almost eight-month low of 145.07 per dollar, which prompted Japan's Finance Minister Shunichi Suzuki to warn against excessive yen selling. Market activity was relatively subdued with U.S. markets closed for the July 4 public holiday. Across currency markets, investors remained on watch for possible intervention by Japanese authorities to stem yen losses. Tan said the dollar is likely to rise past 150 yen, which would make intervention "more likely than not".

Persons: Shunichi Suzuki, Alvin Tan, Masato Kanda, Janet Yellen, Charu, Tan, Harry Robertson, Ankur Banerjee, Kevin Buckland, Shri Navaratnam, Emma Rumney, Christina Fincher Organizations: LONDON, Japan's Finance, U.S, Federal, U.S ., Asia FX, RBC Capital Markets, Reserve Bank of Australia, Australian, Treasury, Reuters, Saxo Markets, Japan, Bank, Bank of, Thomson Locations: SINGAPORE, Asia, Bank of Japan, London, Singapore

☆ Australia's central bank holds rates, signals more hikes might be required
▼ + stars: | 2023-07-04 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

SYDNEY, July 4 (Reuters) - Australia's central bank on Tuesday held interest rates steady saying it wanted more time to assess the impact of past hikes, but reiterated its warning that further tightening might be needed to bring inflation to heel. Reuters GraphicsIn Tuesday's policy statement, RBA Governor Philip Lowe said that higher interest rates are working to establish a more sustainable balance between supply and demand in the economy. "In light of this and the uncertainty surrounding the economic outlook, the Board decided to hold interest rates steady this month." Global policymakers are still grappling with relatively high inflation despite sweeping rate increases for more than a year. Both the Federal Reserve and the European Central Bank are almost certain to hike by a quarter-point this month, which could pressure an already soft Australian dollar.

Persons: Philip Lowe, Lowe, Stephen Smith, Marcel Thieliant, Reuters Graphics Lowe, Stella Qiu, Wayne Cole, Shri Navaratnam Organizations: SYDNEY, Reserve Bank of Australia, Reuters, Deloitte, Capital Economics, Global, Federal Reserve, European Central Bank, Thomson

☆ Yen steady, markets on intervention alert; Aussie up before RBA decision
▼ + stars: | 2023-07-04 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

"This is sending signals that a coordinated intervention may be coming as yen continues to hover above 144 per dollar," said Charu Chanana, market strategist at Saxo Markets. "A coordinated intervention usually has a longer lasting impact on the yen than a unilateral intervention would have." RBA WATCHThe focus in Asian hours will be on the policy decision from the Reserve Bank of Australia (RBA). "We estimate that a hike would push up Aussie modestly by 0.8% so long as the post‑meeting statement was not dovish. The Australian dollar was at $0.668, up 0.16% against the U.S. dollar, while the New Zealand dollar was also up 0.16% at $0.616.

Persons: Shunichi Suzuki, Masato Kanda, Janet Yellen, Charu, Kristina Clifton, CBA's Clifton, Ankur Banerjee, Shri Navaratnam Organizations: U.S, Treasury, Saxo Markets, Bank, Commonwealth Bank of Australia, U.S . Federal, Reserve Bank of Australia, Reuters, Australian, U.S ., New Zealand, Thomson Locations: SINGAPORE, Japan, U.S, United States, U.S ., Tokyo, Singapore

"The tankan confirmed our view that Japan's economy is on track for a moderate recovery," said Atsushi Takeda, chief economist at Itochu Economic Research Institute. "While input prices have declined, output prices continue to rise in a sign companies are being able to pass on costs. Big manufacturers expect business conditions to improve three months ahead, while non-manufacturers project a deterioration on worries over high costs, the tankan showed. The tankan showed corporate inflation expectations moderate in June from three months ago, but remaining above the BOJ's target five years down the road. Companies expect inflation to hit 2.6% a year from now, down from a 2.8% projection made in March, and 2.2% in three years, also lower than 2.3% in March.

Persons: Atsushi Takeda, Kazuo Ueda, Leika Kihara, Shri Navaratnam Organizations: Big, Bank of Japan's, Itochu Economic Research Institute, Nikkei, Companies, Thomson Locations: TOKYO

☆ South Korea factory activity suffers longest downturn in at least 19 years
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

It has remained below the 50-mark that separates expansion from contraction since July 2022, the longest such streak in the survey that began in April 2004. Output and new orders dropped by the most in eight months and six months, respectively, dragging the headline index lower. Asia's fourth largest economy posted slim growth in the first quarter and has struggled to motor on due to weak external demand. Output prices fell for a second month, as cost pressures eased, though there was also evidence that they were reduced in an effort to stimulate sales. Manufacturers' optimism for future output fell in June to the lowest level since December 2022, a sharp U-turn from hitting a 10-month high in May.

Persons: Usamah Bhatti, Bhatti, Jihoon Lee, Shri Navaratnam Organizations: South, Asia's, PMI, P Global Market Intelligence, Manufacturers, Thomson Locations: SEOUL, Asia, Europe

LAUNCESTON, Australia, July 3 (Reuters) - Australia's exports of new energy metals are expected to rise in value above those of thermal coal, the polluting fuel that has been the mainstay of electricity generation across much of Asia. In contrast, exports of thermal coal are expected to slide to A$38 billion in 2023-24 fiscal year, down from A$64 billion in the prior year, according to the report, released on Monday. Australia is the world's second-biggest exporter of thermal coal behind Indonesia, and is the top exporter of coking coal, which is mainly used to make steel. While exports of battery metals are expected to overtake those of thermal coal this fiscal year, the driver isn't increased volumes of shipments of the metals, or decreased export of coal. The government expects the volume of thermal coal exports to actually increase in 2023-24 to 201 million metric tons, up from 178 million in 2022-23.

Persons: Shri Navaratnam Organizations: Australian government's Department of Industry, Science, Resources, Newcastle, Reuters, Thomson Locations: LAUNCESTON, Australia, Asia, Indonesia, United States, Qatar, Ukraine

☆ Japan factory activity slips back into contraction in June on soft orders
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

TOKYO, July 3 (Reuters) - Japan's factory activity contracted in June after expanding for the first time in 7 months in May, a private survey showed on Monday, dragged down by weak orders for cyclical goods amid a global economic slowdown. Output and new orders, the subindexes that constitute the majority of the headline index, fell back to contraction, ending a brief rebound buoyed by improved business confidence. New orders from overseas customers decreased at the fastest rate in four months, notably reflecting feeble demand from China, Japan's biggest trade partner. The soft PMI reading came after Friday's government data showed Japanese manufacturing output falling more than expected in May, dented by automakers' parts shortage and production cuts. The rise in input and output prices were the slowest in 28 months and 21 months, respectively.

Persons: Usamah Bhatti, Kantaro, Shri Navaratnam Organizations: Jibun Bank, P Global Market Intelligence, Thomson Locations: TOKYO, Jibun Bank Japan, China, dented, Japan

However, there is uncertainty about how long households can weather price hikes and generate inflation driven more by demand, which holds the key to whether BOJ's 2% target can be achieved in a sustainable manner, analysts say. The Tokyo core consumer price index (CPI), which excludes volatile fresh food but includes fuel costs, rose 3.2% in June from a year earlier, accelerating from a 3.1% gain in May. While companies offered wage hikes unseen in three decades this year, inflation-adjusted real pay continues to fall in a sign of pain consumers are feeling from the wave of price hikes. BOJ Governor Kazuo Ueda has repeatedly said the BOJ will maintain ultra-loose policy until stronger wage growth keeps inflation sustainably around its 2% target. "The BOJ may revise up its inflation forecast but probably keep policy steady in July," said Takeshi Minami, chief economist at Norinchukin Research Institute.

Persons: Yoshiki Shinke, Teikoku Databank, Kazuo Ueda, Ryozo Himino, Takeshi Minami, Takahiko Wada, Leika, Satoshi Sugiyama, Kantaro, Sam Holmes Organizations: Bank of Japan, Dai, Research, Reuters, BOJ, Norinchukin Research, Thomson Locations: Tokyo, TOKYO

☆ South Korea May factory output gets boost from cars and chips
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

SEOUL, June 30 (Reuters) - South Korea's factory production unexpectedly jumped in May, led by cars and chips, official data showed on Friday, while retail sales also rose last month in an encouraging sign for a slowly recovering economy. The industrial output index rose 3.2% in May on a seasonally-adjusted monthly basis, the Statistics Korea data showed, compared with losses of 0.6% in April and 0.8% tipped in a Reuters survey. By product, output of automobiles jumped 8.7% and semiconductors rose 4.4% over the month, whereas communication devices slumped 16.9%. Factory output will rebound in the second quarter after four straight quarters of losses, as exports bottom out, the ministry said. Retail sales rose 0.4% in May, after dropping 2.6% in April, which was the worst in five months.

Persons: Jihoon Lee, Shri Navaratnam, Jacqueline Wong Organizations: Statistics, Thomson Locations: SEOUL, Statistics Korea

☆ Taiwan says 11 Chinese aircraft crossed the Taiwan Strait median line
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, June 30 (Reuters) - Eleven Chinese aircraft crossed the median line of the Taiwan Strait on Friday morning, an unofficial barrier between the two sides, Taiwan's defence ministry said, as China ramps up military pressure on the democratic island. Taiwan, which China claims as its own territory despite the island's objections, has complained in recent years of almost daily missions by the Chinese air force, often in the southwestern part of its air defence identification zone. A total of 24 Chinese war planes including fighter jets and bombers were spotted near Taiwan on Friday morning from around 8 a.m. (00:00 GMT), the defence ministry said, adding five Chinese battleships also joined a "joint war readiness patrol." Taiwan sent aircraft and ships to warn away the Chinese activities, while missile systems monitored them, the ministry said, using standard wording for its response. Taiwan's government strongly objects to China's sovereignty claims and vows to defend itself if China attacks the island.

Persons: Mike Rogers, Tsai Ing, Taiwan's, Yimou Lee, Ben Blanchard, Shri Navaratnam Organizations: Reuters, U.S, Armed, U.S . House, Representatives, The U.S . State Department, Thomson Locations: TAIPEI, Taiwan Strait, China, Taiwan, Taipei, The, Lincoln

The hectic pace of activity comes after private credit funds targeting Asia jumped 76% last year to a record $11.2 billion, driven by both regional and India-dedicated strategies, according to Global Private Capital Association. As large global sponsors continue to invest into multi-billion dollar Asia-focused credit funds such as Apollo, Blackstone and KKR, the Asian private credit industry is set for further boom, Robert Wright, partner in law firm Baker McKenzie, said. The string of new private credit funds come against the backdrop of startups facing the threat of having down rounds. Nevertheless, alternative financing such as private credit does not come cheap, industry experts warned. Private credit firms usually arrange loans, with assets secured, on a floating rate basis.

Persons: GPCA, Singapore's SeaTown, Europe's 21yield, Nicholas Mairone, Robert Wright, Baker McKenzie, SeaTown, Rakshat Kapoor, Camille Krejci, Parthiv Rishi, Sidley Austin, Siew Kam Boon, Yantoultra Ngui, Sumeet Chatterjee Organizations: Asia, SINGAPORE, Global Private Capital Association . Industry, Silicon Valley Bank, Blackstone, KKR, Reuters Graphics, Bain Capital, India's, Mahindra Bank, Hong Kong's ADM, SoftBank Investment Advisers, Reuters, Prosus NV, Thomson Locations: Asia, India, Singapore, United States, North America, Silicon, Pacific, Japan, Hong Kong

☆ China's industrial profits tumble, deepening economic gloom
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

BEIJING, June 28 (Reuters) - Annual profits at China's industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery. "The still slow recovery in industrial profits pointed to sustained difficulties facing business operations," said Wu Chaoming, deputy director of the Chasing International Economic Institute. Wu said the corporate struggles strengthen the case for more policy measures to help companies. "As the external environment becomes increasingly complicated and severe, domestic demand still appears to be insufficient, weighing on further recovery in industrial profits," said NBS statistician Sun Xiao in an accompanying statement, noting that the foundation for a revival in industrial profits is still not solid. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.77 million) from their main operations.

Persons: Wu Chaoming, Wu, Sun Xiao, Goldman Sachs, Li Qiang, Li, Qiaoyi Li, Ryan Woo, Shri Navaratnam Organizations: National Bureau of Statistics, Economic Institute, P Global, Summer, Thomson Locations: BEIJING, China, Tianjin

☆ China's tumbling industrial profits deepens economic gloom
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

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