DIRS.INFO The most relevant business & tech news

☆ China seen cutting key lending benchmarks as economy slows
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +3 min

The People's Bank of China (PBOC) lowered short- and medium-term policy rates last week, signalling it is about to embark on another round of loosening in monetary settings in a push to rev up the recovery. In a poll of 32 market watchers, all participants predicted cuts to both the one-year loan prime rate (LPR) and the five-year tenor . "However, the biggest risk is that rate cuts can be ineffective when households and businesses are excessively conservative, busy deleveraging and paying off debt." China's cabinet met on Friday to discuss measures to spur growth in the economy and pledged to roll out more policy support. Despite strong consensus of cuts to the LPR on Tuesday, market participants are divided on the size of the reductions.

Persons: David Chao, Chao, Li Hongwei, Zhou, Tom Westbrook, Sam Holmes Organizations: People's Bank of China, Reuters, Asia Pacific, Citi, Thomson Locations: SHANGHAI, SINGAPORE, China, Invesco

☆ Alibaba and more: Morgan Stanley names 5 global stocks with at least 50% upside
▼ + stars: | 2023-06-19 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Morgan Stanley expects five of its top Asia stock picks to rise by more than 50% over the next 12 months. Alibaba Alibaba Group, the Chinese technology giant that's also listed in the United States, is making significant progress in its restructuring process, according to Morgan Stanley. "The likelihood of generics being immediately released in May 2024 is low," Morgan Stanley analysts Shinichiro Muraoka and Jaeheon Lee said in a note to clients on June 12. Sea Despite the challenges from inflation and post-pandemic economic reopenings, Morgan Stanley still sees long-term potential in Sea Limited . JD.com Morgan Stanley highlighted JD.com , a leading Chinese e-commerce company, for its potential growth as Chinese consumer spending picks up.

Persons: Morgan Stanley, Morgan Stanley's, Morgan, Gary Yu, Astellas, Astellas Pharma Morgan Stanley, Shinichiro Muraoka, Jaeheon Lee, JD.com Morgan Stanley, Eddy Wang, Ping, Jenny Jiang Organizations: Asia, Alibaba, Street, Astellas Pharma, Ping An Insurance Locations: Asia, Asia Pacific, Japan, China, India, United States, U.S, Singapore

I think neither side wants to look as if they’re accepting or acquiescing to the other’s actions,” she said. But hope might not turn into reality, and relations might become worse after the visit,” he added. “We prepare for the worst and hope for the best.”Blinken would not predict whether his visit would pave the way for continued high-level engagements between the US and China. “As to what comes next, let’s see how the visit goes,” the top US diplomat said Friday, referencing comments from his Singaporean counterpart. “This is an important but, in a sense, insufficient step because there’s a lot of work to be done.”

Persons: Antony Blinken, Joe, Biden, Xi, ” Blinken, Vivian Balakrishnan, Blinken, “, Daniel Kritenbrink, “ we’re, ” Patricia Kim, ”, ’ Blinken, Kai Li, Mark Swidan, David Lin, Jake Sullivan, Wang Yi, Shen Dingli, Defense Lloyd Austin, Li Shangfu, Shen, ” Shen Organizations: CNN, senior State Department, Singaporean, State, East Asian, Pacific Affairs, Brookings Institution, Saturday, Defense, Chinese Defense, Asia Pacific Economic Cooperation Locations: Beijing, United States, China, Bali, Taiwan, Ukraine, Vienna, Washington, Shanghai, Singapore

Hong Kong stocks such as Alibaba (9988.HK) and Tencent (0700.HK) are among the 24 stocks which will be priced and traded in both yuan and the Hong Kong dollar under the Dual Counter Model on the Hong Kong stock exchange (HKEX) from Monday. Offshore yuan deposits in Hong Kong alone are estimated at some 833 billion yuan ($117 billion). "Mainland investors, including mutual fund companies like us, have genuine incentives to trade Hong Kong stocks in yuan," said Ding of ChinaAMC. "There's lot of political uncertainty these days so you may want to hold yuan rather than U.S. dollars, or the Hong Kong dollar, which is pegged to the U.S. ($1 = 7.8217 Hong Kong dollars)Reporting by Samuel Shen and Georgina Lee; Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Ding Wenjie, Ding, it's, Dong Chen, YUAN, Sun, Kai Properties, ChinaAMC, David Friedland, Samuel Shen, Georgina Lee, Vidya Ranganathan, Kim Coghill Organizations: HK, Hong Kong, Hong, China, Fund, U.S ., Global Capital Investment, China Asset Management, The U.S, Pictet Wealth Management, AIA, Hang Seng Bank Ltd, Interactive Brokers, Thomson Locations: SHANGHAI, HONG KONG, Hong, Hong Kong, China, Brazil, Russia, Beijing, Moscow, Ukraine, The, Pakistan, Asia, Asia Pacific

☆ Bill Gates meets privately with Xi Jinping as US-China tensions rise
▼ + stars: | 2023-06-16 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Bill Gates and Xi Jinping met Friday, marking the Chinese leader’s first known one-on-one meeting with a Western business figure in years. During their meeting, Xi called on Gates to help promote US-China relations, greeting the tech tycoon warmly. Microsoft co-founder Bill Gates meeting with Chinese leader Xi Jinping in Beijing on Friday. Pang Xinglei/Xinhua/AlamyThe billionaire’s latest visit comes at a precarious time for US-China relations. Tense timesBut US-China relations have soured recently.

Persons: Bill Gates, Xi Jinping, Gates, Xi, “, ” Xi, I’ve, ” “, Pang Xinglei, ’, Howard Schultz, Gates ’, ”, —, Steven Jiang, Simone McCarthy Organizations: Hong Kong CNN, Microsoft, Starbucks, Gates Foundation, Covid, Asia Pacific, FBI, National Security Agency, LinkedIn, Twitter, Tesla, JPMorgan, Apple, Samsung, Aramco, Volkswagen Locations: Hong Kong, Beijing, China, Taiwan, United States, Asia, US, Guam, Britain, Canada, Australia, New Zealand

☆ Why Hong Kong can’t cut loose from the US dollar just yet
▼ + stars: | 2023-06-13 | by ( Laura He | ) edition.cnn.com time to read: +11 min

Hong Kong CNN —Hong Kong’s currency is facing its biggest test since the global financial crisis of 2008. The steep fall is a sign that investors are ditching the Hong Kong dollar. The Hong Kong Monetary Authority (HKMA) is committed to keeping the Hong Kong dollar between 7.75 and 7.85 per greenback. People walk past the Hong Kong Monetary Authority (HKMA) on May 4, 2023, in Hong Kong, China. “Pegging the Hong Kong dollar to the US dollar encourages such transactions to be carried out in Hong Kong and under Hong Kong law, even if neither party is based in Hong Kong.”This helps to create jobs and prosperity in Hong Kong, while also benefiting mainland China.

Persons: Hong, hasn’t, Andy Xie, ” Logan Wright, Bill Ackman’s, Ackman, Wright, Peter Parks, Kong, Deng Xiaoping, Margaret Thatcher, outflows, Chi Lo, Chen Yongnuo, Hong Kong’s, ”, Richard Cookson ,, Boaz Weinstein, Daniel Fung, Rhodium’s Wright, Xie, Eddie Yue, Banks, John Greenwood, “, Greenwood, ” Greenwood Organizations: Hong Kong CNN, British, Hong, Traders, Hong Kong, Bill Ackman’s Pershing, Capital Management, Getty, Lehman Brothers, Hong Kong Monetary Authority, US Federal Reserve, Asia Pacific, BNP, Asset Management, Fed, China News Service, Rubicon Fund Management, Bloomberg, Saba Capital Management, National Security Law, CNN Locations: Hong Kong, United States, China, Hong, Beijing, AFP, Britain, “, ”, Riding

☆ Factbox: Credit Suisse arrivals and departures after UBS seals takeover
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

Here are the highlights:OUTLeaving the company:* Credit Suisse General Counsel Markus Diethelm. The Swiss-Italian national returned to Credit Suisse in January 2022 as head of its wealth management division after a stint leading Australian wealth management company AMP. NEWCOMERSA logo is pictured on the Credit Suisse bank in Geneva, Switzerland, March 15, 2023. REUTERS/Denis Balibouse/File PhotoAppointments to the executive board of Credit Suisse AG:* Michael Ebert - becomes Head of Credit Suisse for the investment bank, and head of Americas for the investment bank at UBS. * Andre Helfenstein - continues as CEO Swiss bank, the jewel in the Credit Suisse business whose future UBS is currently considering.

Persons: Markus Diethelm, Romeo Cerutti, Dixit Joshi, Edwin Low, David Miller, Ken Pang, Pang, Francesco De Ferrari, Iqbal Khan, Joanne Hannaford, Mike Dargan, David Wildermuth, Christian Bluhm, Denis Balibouse, Michael Ebert, Simon Grimwood, Isabelle Hennebelle, Claude Honegger, Mike Rongetti, Jake Scrivens, Yves, Alain Sommerhalder, Damian Vogel, Christine Graeff, Andre Helfenstein, Francesca McDonagh, Nita Patel, Goldman Sachs, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Credit, Deutsche Bank, Asia, Global, UBS Global Wealth Management, Italian, AMP, Wealth Management, . Technology, UBS Group, Operations, Technology, Americas, REUTERS, Credit Suisse AG, Credit Suisse Operations, Credit Suisse Chief Technology, Suisse Asset Management, EMEA, European Central Bank, Human, Swiss, Thomson Locations: ZURICH, China, Americas, Asia, Hong Kong, Swiss, Geneva, Switzerland

☆ New Zealand highlights importance of partners in tense region
▼ + stars: | 2023-06-08 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, June 8 (Reuters) - New Zealand, long known for its staunch independence in foreign policy, sees like-minded partners as key to helping it navigate a more strategically challenging environment in the Asia Pacific region, its foreign minister said on Thursday. The comments came as tensions mount between the United States and China and the two powers step up efforts to influence countries in the Pacific region where New Zealand sits. Mahuta said New Zealand must have a clear-eyed assessment of the nation's interests and values and determine which tools are right for different circumstances. "An independent foreign policy does not mean isolation, neutrality, or a fixed predetermined view of how we will act on a particular issue," she said. "As the world evolves, so must our foreign policy," Mahuta said, adding the country would invest in a range of partnerships - bilateral, regional and multilateral.

Persons: Nanaia Mahuta, Mahuta, Lucy Craymer, Sonali Paul Organizations: New Zealand Institute of International Affairs, Thomson Locations: New Zealand, Asia, United States, China, Pacific, Auckland . New Zealand, Australia, Britain, Canada

☆ China's biggest state banks cut deposit rates
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 8 (Reuters) - China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pressure on profit margins and reduce lending costs, providing some relief for the financial sector and wider economy. Industrial and Commercial Bank of China Ltd (601398.SS), Agricultural Bank of China Ltd (601288.SS), Bank of China Ltd (601988.SS) and China Construction Bank Corp (601939.SS) all cut their rates from Thursday, websites from each bank showed. The state-backed banks cut rates on demand deposits by 5 basis points and three-year and five-year time deposits by 15 basis points. China cut the RRR in March but has kept its benchmark lending rate unchanged this year, as widening yield differentials with the United States limited the scope for substantial monetary easing. Major state banks' net interest margins have shrunk following pressure to lower borrowing cost for individuals and businesses to stimulate the economy, and as credit demand remains subdued.

Persons: Gary Ng, Ng, Christopher Cushing, Sam Holmes Organizations: Industrial, Commercial Bank of China Ltd, Agricultural Bank of China Ltd, Bank of China Ltd, China Construction Bank Corp, Asia Pacific, United, People's Bank of China, CSI Banks, Beijing, Thomson Locations: BEIJING, China, Asia, United States

☆ US stocks are in the firing line if China’s economy stalls further
▼ + stars: | 2023-06-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Recent data shows that China is also contending with worse-than-expected consumer spending, slowing manufacturing and weak home sales. What it means for markets: US-based companies doing business in China stand to lose if the economy continues on a downward trajectory. Qualcomm (QCOM), with a 67% exposure rate to China, issued disappointing forward guidance during earnings last month, citing China’s slow recovery. JD.com (JD), one of the largest Chinese companies trading in the United States, has fallen by nearly 36% this year. The air purifier market is poised to grow as climate change increases air pollution and exacerbates breathing difficulties.

Persons: That’s, China —, Capvision, China Nicholas Burns, ”, Goldman Sachs, Dow, JD.com, Morgan Stanley, Goldman, Ayaz Ebrahim, CARR, Johnson, Ivan Menezes, Diageo, Menezes ’, Menezes, King Charles III, Debra Crew, Johnnie Walker, Ivan, Javier Ferrán, “ Ivan Organizations: CNN Business, Bell, New York CNN, International Monetary Fund, Factories, Bain, Group, Micron Technology, Nasdaq, Apple, Intel, Starbucks, Nike, Bank of America, Las, Qualcomm, Nvidia, Wynn Resorts, WYNN, MGM Resorts, MGM, China . Companies, Dragon, Goldman Sachs Group, Nomura, Barclays, JPMorgan, Asia Pacific, Bloomberg, Google, Carrier Global, Johnson Controls, Economic Co, Diageo, India, Business, ”, Whisky Association, Northwestern University’s Kellogg School of Management Locations: New York, China, Washington, Beijing, United States, Hong Kong, Dragon China, Canada, Pune, India

☆ Exclusive: Bank of America promotes Bettamio to co-head of investment banking; Ahmad to co-head capital markets
▼ + stars: | 2023-06-08 | by ( Lananh Nguyen | Thomson Reuters | Lananh Nguyen Is The U.S. Finance Editor At Reuters In New York | ) www.reuters.com time to read: +1 min

NEW YORK, June 8 (Reuters) - Bank of America Corp (BAC.N) promoted the head of its Latin America business, Alex Bettamio, to co-head of global investment banking alongside Thomas Sheehan, according to a memo seen by Reuters on Thursday. It also elevated Faiz Ahmad to jointly lead global capital markets with Sarang Gadkari. Bank of America's investment-banking revenue rose 19% to $6.2 billion in the first quarter, its second-best quarter for revenue, even as investment banking fees sank 20%. Jin Su will become the bank's sole president for the Asia Pacific region when Seguchi retires. Peter Guenthardt will lead global corporate investment banking in the region.

Persons: Alex Bettamio, Thomas Sheehan, Faiz Ahmad, Sarang Gadkari, Ahmad, Bilgi Zapparoli, Bernie Mensah, BofA's, Mark Monaco, Augusto Urmeneta, Jiro Seguchi, Jin Su, Seguchi, Peter Guenthardt, Lananh Nguyen, Lisa Shumaker Organizations: YORK, Bank of America Corp, Reuters, Sarang, Global Transaction Services, Bank of, GTS, Asia, Thomson Locations: America, U.S, Asia Pacific

☆ New York overtakes Hong Kong as the most expensive city in the world for expats, new survey shows
▼ + stars: | 2023-06-08 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +4 min

Hong Kong has ended its four-year reign as the most expensive city globally for expatriates, according to a survey — as New York surpasses it to first place. Hong Kong has ended its four-year reign as the most expensive city globally for expatriates — surpassed by New York which took first place, according to a new survey. Hong Kong fell in our rankings as the increase in prices of day-to-day goods and services was tempered by falls in accommodation costs in the city. Lee Quane ECA InternationalStill, Hong Kong retained its position as the most expensive location in Asia. Reports suggest residents of Hong Kong left the city in droves last year — due to Covid-19 restrictions and what they see as an erosion of democratic norms.

Persons: —, Lee Quane Organizations: New, ECA, assignees, Lee, Asia, U.S . Federal, Urban Land Institute, ULI, Asia Pacific Centre for Housing, U.S ., San Locations: Hong Kong, New York, Asia, Singapore, Asia Pacific, Asia Hong Kong Singapore Seoul Tokyo Shanghai Guangzhou Shenzhen Beijing Taipei Yokohama, Shanghai, Guangzhou, Tokyo, Japan, York, U.S, San Francisco

☆ Subway plans to open nearly 4,000 stores in China in one of its biggest deals ever
▼ + stars: | 2023-06-07 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Subway is planning to add thousands of new sandwich shops in China, increasing its footprint in the country by more than seven times. The world’s biggest sandwich chain announced Tuesday that it would open almost 4,000 new stores across mainland China over the next 20 years. The deal “is the largest master franchise agreement in Subway history and one of the largest across the entire [fast-food restaurant] industry,” Subway said in a statement. The large-scale expansion will be made possible by a deal Subway has inked with a Chinese company, Shanghai Fu-Rui-Shi Corporate Development (FRS). A 5-meter-long Subway sandwich seen in Shanghai on May 30.

Persons: Shanghai Fu, John Chidsey, Chase Organizations: Hong Kong CNN —, ”, Corporate, Subway, Publishing, ” Subway Global, JPMorgan Locations: Hong Kong, China, Shanghai, United States, Asia Pacific

☆ BlackRock's China head Tang leaving the company
▼ + stars: | 2023-06-06 | by ( Selena Li | ) www.reuters.com time to read: +1 min

HONG KONG, June 6 (Reuters) - BlackRock Inc's (BLK.N) head of China business, Tony Tang, is leaving the asset manager, the company said on Tuesday, after having played a key role in expanding operations in the world's second-largest economy. Susan Chan, BlackRock's deputy head of Asia Pacific and head of Greater China, is now directly overseeing its China onshore business, the company said. "China represents a significant opportunity for BlackRock to contribute to the financial futures of a new generation of investors," the company said. Tang, a former Chinese securities regulatory official, started as BlackRock's China business head in 2019, and has been one of the top aides to CEO Larry Fink. During Tang's tenure as China head, BlackRock established a wholly-owned China fund management unit and a joint venture with China Construction Bank and Temasek offering wealth management services to Chinese investors.

Persons: Tony Tang, Tang, Susan Chan, BlackRock's, Chan, Larry Fink, Selena Li, Kim Coghill, Edmund Klamann Organizations: BlackRock, Asia Pacific, China Construction Bank, Temasek, Thomson Locations: HONG KONG, China, Greater China, New York

☆ U.S. and China trade barbs at top security summit as Taiwan Strait tensions simmer
▼ + stars: | 2023-06-05 | by ( Clement Tan | ) www.cnbc.com time to read: +6 min

On Saturday, when Austin took to the stage at the summit where global defense leaders gathered, he called out China for refusing to engage in military dialogue. China believes that a major country should behave like one," Li said Sunday in a translation provided by summit organizers. China claims self-governed Taiwan as part of its territory and regards any foreign presence near the island as a form of interference in its domestic affairs. China's Minister for National Defense, General Li Shangfu, delivers his plenary session Sunday at the 20th Asia Security Summit in Singapore, known as the Shangri-La Dialogue. Calls for dialogueYet, even as the U.S. and China defense chiefs talked past each other, so-called middle powers such as Australia urged the two feuding powers to reestablish dialogue.

Persons: Li Shangfu, Lloyd Austin, Austin, China's Li, Li, Defense Lloyd Austin, Roslan Rahman, Philippines —, General Li Shangfu, Anthony Albanese Organizations: American, Defense, China's Defense, Afp, Getty, Pacific Command, Delegates, China's, National Defense, 20th Asia Security Summit, Australian Locations: SINGAPORE, Singapore, Beijing, China, U.S, Taiwan, People's Republic of China, South China, Asia, Pacific, Indonesia, Malaysia, Philippines, Estonia, Sweden, Germany, Australia, Japan, South Korea, India, France

SHANGHAI/SINGAPORE, June 2 (Reuters) - China's yuan has skidded to six-month lows against the dollar and analysts say it could weaken further as investors fret over a bumpy pandemic recovery in the world's second-largest economy. "The yuan suffers as China's reopening story is less appealing than before, and there is no sign of further stimulus," said Gary Ng, senior economist for Asia Pacific at Natixis. "A weaker currency at the current juncture can help export performance, especially as global trade is shrinking this year." "A weaker yuan helps exporters when they convert the dollar receivables to yuan," said Barclays' FX strategist Lemon Zhang. A weaker yuan might also temper deflationary pressures being seen in parts of the economy due to weak domestic demand.

Persons: Gary Ng, Alvin Tan, Tan, Tommy Wu, Lemon Zhang, Serena Zhou, Winni Zhou, Brenda Goh, Tom Westbrook, Kim Coghill Organizations: Asia Pacific, Reuters, People's Bank of China, Asia FX, RBC Capital Markets, Barclays, FX, Mizuho Securities, Thomson Locations: SHANGHAI, SINGAPORE, United States, Natixis, Asia, China, Shanghai, Singapore

☆ Boeing rival Airbus nears record order for 500 planes from India's largest airline, report says
▼ + stars: | 2023-06-04 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Airbus is near a deal to sell 500 A320 narrow-body planes to IndiGo, Reuters reported. That would make it the largest order ever by volume, topping Air India's 470-plane deal in February. Boeing rival Airbus is near a deal to sell 500 planes from the A320 narrow-body family of jets to India's largest airline, IndiGo, Reuters reported on Sunday. Meanwhile, Airbus and Boeing are also in talks to sell 25 wide-body jets to IndiGo, the report added. That's in contrast with Air India's massive order, which was split between 220 Boeing planes and 250 Airbus planes.

Persons: isn't, IndiGo didn't, Dave Schulte Organizations: Airbus, Reuters, Air, archrival Boeing, Morning, Boeing, IndiGo, Insider, Reuters . Budget, Max, Asia Pacific Locations: IndiGo, Istanbul, India

☆ Stocks gain, dollar stumbles as US averts default and Fed skip bets rise
▼ + stars: | 2023-06-02 | by ( Alun John | ) www.reuters.com time to read: +5 min

Markets are now focused on U.S. jobs data due at 0830 EST (1230 GMT), the most significant macroeconomic release of the week, for more cues on the Federal Reserve's rate hike path. European mining stocks (.SXPP) increased 4.4%, boosted by a Bloomberg report China is working on new measures to support its property market. Copper prices were heading for their first weekly gain since April with other metals trading higher too. Spot gold was up marginally at $1,979 an ounce, but set for its biggest weekly gain in nearly two months, as a softer dollar and lower yields bolstered the bullion's appeal. Reporting by Ankur Banerjee; Editing by Lincoln Feast, Kim Coghill, Sriraj Kalluvila and Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid LONDON, Jefferson, Jeff Schulze, payrolls, Philip Jefferson, Joe Biden, Phil Shucksmith, We've, Brent, Ankur Banerjee, Lincoln, Kim Coghill, Sriraj Kalluvila, Andrew Heavens Organizations: New York Stock Exchange, REUTERS, U.S, Labor, U.S . Senate, Bloomberg, Asia Pacific, Japan's Nikkei, Nasdaq, Senate, Newton Investment, Investors, U.S . Treasury, European Central Bank, ECB, Thomson Locations: New York City, U.S, China, Japan

☆ Chinese EV startup Li Auto says car deliveries more than doubled in May
▼ + stars: | 2023-06-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A Li Auto store inside a shopping mall in Yantai, Shandong province on May 6, 2023. BEIJING — Chinese electric car startup Li Auto said it delivered more than twice as many cars in May versus a year ago. Li Auto differs from the two startups in that its electric cars come with a fuel tank for charging the battery and extending driving range. That divergence comes as China's fast-growing electric car market grows more competitive. She expects China's electric car market to grow by 27% this year to 8.7 million units, with penetration of overall auto sales set to grow to 32% this year, versus 26% last year.

Persons: Li Auto, Li, Matty Zhao Organizations: Li, Bank of America Securities, Asia Locations: Yantai, Shandong province, BEIJING, Asia Pacific

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

☆ Singapore overtakes Hong Kong as the most expensive Asia-Pacific city for private homes
▼ + stars: | 2023-06-01 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

Tobiasjo | E+ | Getty ImagesSingapore's private homes are now the most expensive in Asia-Pacific, having overtaken Hong Kong, according to a new report. Private rental homes in Singapore also had the highest monthly rent in the region at $2,600 — "far exceeding" other cities such as Sydney, Melbourne and Hong Kong, according to the report. Hong Kong vs. SingaporeHome prices in Hong Kong "dropped substantially" in 2022, ULI said, citing the significant increase in mortgage interest rates as Hong Kong keeps pace with the U.S. Federal Reserve. Rental pricesSingapore's private rental homes have the highest monthly rent in the region, having increased by nearly 30% in 2022. Home attainabilityDespite Singapore's private homes being the most expensive in the region, the city state also has the highest homeownership rate at 89.3%.

Persons: ULI, Hong, Kong's, David Faulkner, homeownership, Ho Organizations: Yacht, Urban Land Institute, ULI, Asia Pacific Centre for Housing, Singapore, U.S . Federal, Hong Kong, Sydney, Melbourne, Urban Land Institute Asia Pacific Centre, Housing, Hong, Housing Private, CNBC, Housing Development Board, Board Locations: Singapore, Keppel, Asia, Pacific, Hong Kong, Sydney, Melbourne, U.S, Shenzhen, Beijing, Brisbane, Covid, Australia, China, Ho Chi Minh, Vietnam, Da Nang

☆ Singapore PM Lee tests positive for Covid again in rebound case, says he feels fine
▼ + stars: | 2023-06-01 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Singapore Prime Minister Lee Hsien Loong has tested positive again for Covid-19 Thursday, a week and a half after his initial diagnosis, in what his doctors say is a case of rebound infection. SINGAPORE — Singapore Prime Minister Lee Hsien Loong has tested positive again for Covid-19 a week and a half after his initial diagnosis, in what his doctors said is a case of rebound infection. "I feel fine but I am afraid I have turned COVID-19 positive again," Lee said Thursday on social media. Lee, who is 71-years-old, was prescribed the antiviral medication Paxlovid when he first tested positive on May 22 after returning from a six-day official working trip to South Africa and Kenya. He has been serving as prime minister of the Southeast Asian city-state since 2004.

Persons: Lee Hsien Loong, Lee, Li Shangfu, Defense Lloyd Austin, Anthony Albanese Organizations: Singapore, SINGAPORE — Singapore, Defense, Australian Locations: SINGAPORE, Singapore, Asia, China, U.S, South Africa, Kenya, Covid

MUMBAI/SINGAPORE, June 1 (Reuters) - KKR & Co (KKR.N) is moving a managing director from India to Singapore to lead the firm's Southeast Asia private equity business, two familiar with the matter sources told Reuters, bolstering its personnel in the region. Kumar will work with Ashish Shastry, a partner who heads Southeast Asia and co-heads the firm's Asia Pacific Private Equity business. The move also comes as KKR strengthens its presence in India and Southeast Asia. It raised $15 billion for its fourth Asia-Pacific focused private equity fund in 2021, one of the region's largest for the asset class. KKR has been investing in Southeast Asia since 2005, and opened its Singapore office in 2012.

Persons: Prashant Kumar, Kumar, Ashish Shastry, Vini, Gaurav Trehan, Trehan's, Akshay Tanna, Sriram, Kane Wu, Mark Potter Organizations: KKR, Co, Asia Pacific Private Equity, The Wharton School, Indian Institute of Technology, JB Chemicals, TPG Inc, TPG, Associations, Reuters, Healthcare, Thomson Locations: MUMBAI, SINGAPORE, India, Singapore, Asia, Mumbai, Southeast Asia, Pacific, Philippines

☆ Salesforce delivers a quarterly beat and raise, showing Benioff can deliver on profitability
▼ + stars: | 2023-05-31 | by ( Jeff Marks | ) www.cnbc.com time to read: +8 min

The small beat and raise are prompting some profit-taking, resulting in shares falling roughly 6% after hours Wednesday, to around $210 apiece. The best way to offset sluggish revenue growth is by driving profitability higher and Salesforce stepped up to the task. Quarterly Commentary We are pleased to see Salesforce beat across so many key metrics, despite the challenging macroeconomic environment. Although the company left its revenue prediction unchanged, at $34.5 billion to $34.7 billion, the company expects its profitability will come in better than previously anticipated. Marc Benioff, co-founder and CEO of Salesforce, speaks at an Economic Club of Washington luncheon in Washington, DC, on Oct. 18, 2019.

Persons: Refinitiv ., Salesforce, Marc Benioff, Einstein, Slack, Jim Cramer's, Jim Cramer, Jim, Nicholas Kamm Organizations: Salesforce, CNBC, Economic, Washington, AFP, Getty Locations: Americas, Europe, Africa, Asia, Washington ,

Search resuls for: "Asia Pacific"

25 mentions found