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☆ Apple reports earnings Thursday and all eyes are on iPhone 14 sales
▼ + stars: | 2022-10-24 | by ( Kif Leswing | ) www.cnbc.com time to read: +4 min

Apple will report its fourth-quarter earnings for the quarter ended in September after the bell on Thursday. The most important new information will be any details the tech giant offers on how the iPhone 14 series is selling. Apple could also see a boost from better-than-expected sales of iPads and Macs, which have been slowed by parts shortages in recent quarters. However, "most investors are aligned that services revenue growth should accelerate" during the December quarter again, according to Morgan Stanley's Erik Woodring. However, Apple sales appear to have remained strong, according to an analysis of iPhone wait times and third-party estimates of the premium smartphone market.

☆ China's Xi clinches third term, packs leadership team with loyalists
▼ + stars: | 2022-10-23 | by ( Yew Lun Tian | ) www.reuters.com time to read: +3 min

REUTERS/Tingshu WangBEIJING, Oct 23 (Reuters) - China's Xi Jinping secured a precedent-breaking third leadership term on Sunday and introduced a new Politburo Standing Committee stacked with loyalists, cementing his place as the country's most powerful ruler since Mao Zedong. Shanghai Communist Party chief Li Qiang followed Xi onto the stage at the Great Hall of the People as the new leadership team was introduced, meaning he is likely to succeed Li Keqiang as premier when he retires in March. The other members of the seven-man Standing Committee, China's top governing body, are Zhao Leji and Wang Huning, who return from the previous committee, and newcomers Cai Qi, Ding Xuexiang and Li Xi. Li Qiang is also new to the Standing Committee. Xi Jinping also has total control over the larger Politburo and Central Committee," he said.

☆ These stocks reporting next week typically beat the Street and trade higher
▼ + stars: | 2022-10-21 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +3 min

Of the roughly 20% of companies that have reported quarterly results so far, 72% have beat expectations, according to FactSet data. Technology giant Apple , which is slated to report earnings Oct. 27, is also on the list. JPMorgan recently reiterated its overweight rating on shares of Apple ahead of its earnings report next week. Mastercard is another large company that's included in the list, with a 94% earnings beat rate and average earnings day move of 2%. Teledyne has an earnings beat rate of 100%, according to the Bespoke data.

☆ Temasek-backed Vertex set to raise nearly $500 mln for new China-focused fund
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 18 (Reuters) - Venture capital firm Vertex Ventures, backed by Singapore state investor Temasek, is set to raise nearly $500 million for a new fund that will invest in efforts to step up China's domestic tech development, a senior executive said. The new fund's size will exceed an initial target of $400 million, compare with an earlier, similar fund that raised $275 million, said Tay Choon Chong, managing partner at Vertex Ventures China. Register now for FREE unlimited access to Reuters.com Register"China is pivoting from relying on imported technologies to its own tech know-how," Tay said. The latest Vertex fund comes amid a slowdown this year in U.S. dollar-denominated fundraising by China-focused venture capital and private equity firms. While looking for investment opportunities involving companies developing advanced technologies, Vertex will also look for firms that have potential in reducing Beijing's reliance on foreign suppliers, Tay said.

☆ BNP Paribas gets regulatory nod to set up China asset management joint venture
▼ + stars: | 2022-10-18 | by ( Selena Li | ) www.reuters.com time to read: +2 min

HONG KONG, Oct 18 (Reuters) - BNP Paribas (BNPP.PA) has received Chinese regulatory approval to start building an asset management venture with Agricultural Bank of China (AgBank) (601288.SS), the two companies said, allowing the French firm to tap a $4 trillion market. Reuters reported in September last year that BNP's asset management arm was in talks to form a wealth management venture with a unit of AgBank, taking advantage of China's opening up of its financial markets for foreigners. BNP Paribas Asset Management and ABC Wealth Management, a wealth arm of AgBank, will fund the new platform, according to Monday's filing. Since China deregulated financial markets in 2019, allowing foreign asset managers to set up majority-owned ventures with local banks, a flurry of foreign firms including BlackRock and Amundi have launched majority-controlled units locally. The new platform will add to BNP Paribas' 49%-owned asset management joint venture with brokerage firm Haitong Securities which mainly runs mutual funds.

Oct 10 (Reuters) - U.S. online holiday sales are expected to rise this year at their slowest pace since at least 2015, according to a report, as shoppers feel the brunt of decades-high inflation and soaring interest rates. Adobe Analytics forecast online sales in November and December to rise 2.5% to $209.7 billion, compared with an 8.6% increase a year ago, as more people also return to in-store shopping and bring forward purchases to as early as October. This is another sign of a gloomy holiday season, with FedEx Corp's (FDX.N) Ground division expecting to lower volume forecasts to reflect customers' plans to ship fewer holiday packages. Last month, Mastercard's (MA.N) SpendingPulse report also forecast a slowdown in shopping for the holidays. Black Friday online sales are expected to grow just by 1% and Thanksgiving sales are anticipated to fall 1%, the Adobe report said.

☆ Credit Suisse names Wang as China securities venture CEO - memo
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Sept 29 (Reuters) - Credit Suisse Group AG (CSGN.S) has named veteran banker Jing Wang as chief executive officer of its Chinese securities joint venture effective immediately, according to an internal memo reviewed by Reuters on Thursday. Wang recently worked as the bank's head of China onshore wealth management. A Credit Suisse spokesperson confirmed the contents of the memo. Register now for FREE unlimited access to Reuters.com RegisterReporting by Selena Li; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ China's smaller banks cut deposit rates to ease margin pressure
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +4 min

Several Chinese city commercial banks and rural commercial lenders have cut their rates on a range of deposits this week, according to statements released on the banks' websites. The smaller lenders followed in the footsteps of some of China's biggest state-owned banks, which implemented rate cuts earlier this month. Peiqian Liu, China economist at Natwest Markets, noted the commercial banks' deposit rate cuts are part of the monetary policy transmission mechanism after the central bank cut key policy rates in August. "This rate cut by commercial banks will help improve the profit margin slightly and is technically opening up more space for further (benchmark lending) rate cuts." Four of the five of China’s largest banks, except for Bank of China, reported falling net interest margins (NIMs) in the second quarter.

read moreAbout 10 officials from the China Securities Regulatory Commission (CSRC) and the Ministry of Finance (MOF) have arrived in Hong Kong and joined the audit inspection, which started on Monday, three of the people said. State-owned China Southern Airlines and data centre company GDS Holdings are among the U.S.-listed Chinese companies for audit inspection in the Asian financial hub, two separate sources said. Reuters reported last month that U.S. regulators had picked a number of U.S.-listed Chinese companies including e-commerce majors Alibaba Group Holding Ltd (9988.HK) and JD.com Inc (9618.HK) for audit inspection. It was not clear whether the Chinese officials would be present for every step of the inspection process with PCAOB representatives. The onsite inspections by the PCAOB are being conducted in the Hong Kong offices of the selected Chinese companies' audit firms, said two of the sources.

read moreAbout 10 officials from the China Securities Regulatory Commission (CSRC) and the Ministry of Finance (MOF) have arrived in Hong Kong and joined the audit inspection, which started on Monday, three of the people said. However, in a speech on Thursday, PCAOB chair Erica Williams said agency officials had arrived in Hong Kong to begin the inspections. As with all inspections, they will look at factors, including the audits of the selected companies and the overall quality control systems of the audit companies. State-owned China Southern Airlines and data centre company GDS Holdings are among the U.S.-listed Chinese companies for audit inspection in the Asian financial hub, two separate sources said. The onsite inspections by the PCAOB are being conducted in the Hong Kong offices of the selected Chinese companies' audit firms, said two of the sources.

☆ JPMorgan says this company could become a leader within autonomous vehicle technology
▼ + stars: | 2022-09-20 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Despite having a smaller order book than its peers, JPMorgan expects Luminar will exit the decade as a revenue leader. He said Luminar is expected to be the "supplier of choice" in the long-run due to its engagement and design. The Orlando-based company has also invested in its software stack with Zenseact, which Chatterjee sees as a differentiator that will help Luminar outgrow peers solely focused on hardware. Chatterjee forecasts Luminar will earn $7.25 per share on $6 billion in revenue by 2030. Having ended 2021, with a cash balance of about $750 million, the company is not in immediate need of additional capital, he said.

☆ 'Love Is Blind' stars Deepti and Kyle no longer together days after relationship confirmed
▼ + stars: | 2022-09-20 | by ( Lisa Respers France | ) edition.cnn.com time to read: +1 min

Though “Love Is Blind” Season 2 cast members Deepti Vempati and Kyle Abrams just recently revealed in the post-finale show reunion that they were a couple, they are now broken up. “I understand many of you are curious as to where Deepti and I stand today,” Abrams wrote in a posting on his verified Istagram account. The obvious attraction between Abrams and Vempati sparked speculation from viewers that they were dating and they decided to give their relationship a try. In his note, Abrams thanked everyone “who has followed our journey through arduous vulnerability and has supported us along the way.”He also gave a current relationship status. “I have since embarked on a new relationship which I intend to keep private for a bit,” he wrote.

☆ EXCLUSIVE Kaisa offshore creditors offer $2 bln to take over stalled projects - sources
▼ + stars: | 2022-09-19 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

A sign of the Kaisa Holdings Group is seen at the Shanghai Kaisa Financial Centre, in Shanghai, China, December 7, 2021. It also comes as authorities are scrambling to contain a mortgage boycott by homebuyers against stalled projects. The offshore bondholder group, which is being represented by financial advisory group Lazard Ltd, made the offer to acquire Kaisa's stalled projects to the developer's advisor CITIC Securities, said the people. As most of Kaisa's projects are in top-tier Chinese cities, where housing prices are relatively resilient, bondholders expect to reap the profits after the completion of the stalled projects, said the two people. It is unclear how many stalled projects would be covered by the bondholder group's offer, and how many of them meet the purchase criteria laid out by the group.

☆ Exclusive: Kaisa offshore creditors offer $2 billion to take over stalled projects
▼ + stars: | 2022-09-19 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

☆ Analysis: China's mortgage boycott quietly regroups as construction idles
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +6 min

Surveillance cameras are seen near residential buildings under construction in Shanghai, China July 20, 2022. "What will we do if construction still doesn't resume after six months? The threat of more mortgage boycott comes as China prepares to hold the Communist Party Congress next month, with efforts to revive an economy plagued by the property crisis in focus. 'APPEASE HOMEOWNERS'The mortgage boycott has added to worries about a prolonged slump in China's property market, which has lurched from crisis to crisis since mid-2020 after regulators stepped in to reduce leverage. Out of Evergrande's 706 projects, 38 have not resumed construction, while 62 were only now restarting.

☆ Here's what major analysts expect out of Apple earnings later this week
▼ + stars: | 2022-07-25 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Apple is set to report earnings Thursday, and some analysts covering the company expect the tech giant to show further proof of why it remains a "good hiding place" in this volatile market. But while the Mac producer grappled with a slowing economy and major supplier shutdowns in the previous quarter , analysts believe that Apple remains a safe-haven behemoth well-positioned to perform better than its peers. While trouble may lie ahead for Apple, Chatterjee expects the downside — and risks to estimates —to "be fairly limited." That said, the company remains a high-quality name to buy on any pullback in its stock, according to Huberty. And, despite a bullish longer-term outlook on Apple compared to its competitors, many analysts expect a cautious outlook from the technology company — if provided — ahead.

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