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☆ 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 ,

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.

CNN —A Chinese fighter jet conducted an “unnecessarily aggressive maneuver” during an intercept of a US spy plane in international airspace over the South China Sea last week, the US military said in a statement Tuesday. The RC-135 was conducting “safe and routine operations” in international airspace, US Indo-Pacific Command said. The US has seen an alarming increase in the number of risky aerial intercepts conducted by Chinese aircraft, according to an INDOPACOM spokesperson. Chinese aircraft have been more aggressive, drawing closer to US and allied aircraft, prompting concern about a potential unsafe incident or miscalculation. Over the past several years, the South China Sea has emerged as a major potential flashpoint in the Asia Pacific.

Persons: ”, Nancy Pelosi’s, Lloyd Austin, Li Shangfu, it’s Organizations: CNN, Pacific Command, Pacific Joint Force, Pentagon, Defense, Dialogue Security, US, Defense Department, Department of Defense, Embassy, Navy, South China, Center for Strategic, Studies, Power Locations: South, United States, U.S, Taiwan, China, Beijing, Singapore, INDOPACOM, Asia

☆ US review of China tariffs won't depend on trade 'breakthrough'-Deputy USTR
▼ + stars: | 2023-05-28 | by ( David Lawder | ) www.reuters.com time to read: +4 min

We’re not base-casing any breakthrough in the trade relationship" with China as part of the review, Bianchi said. Bianchi declined to say when the review would be completed, but added that this was "reasonable" by the end of 2023. Some trade experts in Washington view that date as a possible decision point in the tariff review. U.S. Treasury Secretary Janet Yellen that eliminating "non-strategic" tariffs would reduce costs for specific goods, while Trade Representative Katherine Tai argued that the duties represent "significant leverage" over China. "On trade right now, there aren’t many similar perspectives," she said of the U.S. and China.

☆ Asian shares rise as investors cheer US debt ceiling agreement
▼ + stars: | 2023-05-28 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Asian stocks mostly rose on Monday as investors cheered an agreement in principle between the White House and House Republicans to raise the US debt ceiling that could avert a cataclysmic default. The index has rallied more than 20% this year, outpacing global benchmark indexes including the S&P 500 and the Stoxx 600. WTI crude, a US benchmark, rose 0.9% to $73.32 a barrel. The agreement seems to mark “a significant progress in the US debt ceiling situation,” said Jun Rong Yeap, an analyst at IG. China and Japan are the largest foreign holders of American debt, owning a combined $2 trillion in US Treasuries.

☆ APEC trade chiefs agree on more inclusive trade, but no joint statement
▼ + stars: | 2023-05-26 | by ( David Lawder | ) www.reuters.com time to read: +2 min

DETROIT, May 26 (Reuters) - Trade ministers from the Asia Pacific Economic Cooperation (APEC) countries agreed on Friday to promote more inclusive and sustainable trade, but failed to produce a joint statement due to Russia and China's objections to language on Ukraine. Closing out two days of talks in Detroit, the APEC host, U.S. Trade Representative Katherine Tai, instead issued a chair's statement summarizing the discussions, with an emphasis on inclusiveness, fighting climate change and sustainability. "We reaffirm our determination to deliver a free, open, fair, non-discriminatory, transparent, inclusive and predictable trade and investment environment," the statement read. The group reaffirmed its commitment to the rules-based multilateral trading system with the World Trade Organization at its core. Tai told a news conference that she hoped APEC leaders at a November summit in San Francisco would be able to produce a joint statement.

☆ Southeast Asia’s worst-performing stock market is UBS’s ‘top pick’
▼ + stars: | 2023-05-22 | by ( Audrey Wan | ) www.cnbc.com time to read: +3 min

Pita Limjaroenrat, leader of Move Forward Party, attends a press conference of the Thai pro-democracy parties in Bangkok. While the benchmark SET index initially rose when the results came through, but eventually gave up those early gains. In fact, Thai stocks are the worst performers in Southeast Asia this year, but Tay says Thailand is his "top pick" in the region. Thailand's SET index is down 9.22% this year, the biggest laggard in the broader Asia Pacific region. The Move Forward party has called for reforms to the monarchy, including changing its defamation law.

WASHINGTON, May 18 (Reuters) - China’s commerce minister will visit the United States next week for meetings with the commerce secretary and Washington’s top trade official, the spokesperson for China's embassy in Washington said on Thursday, as the U.S. seeks engagement with Beijing to salve damaged ties. A source familiar with planning for the meetings said that Chinese Commerce Minister Wang Wentao will meet with Commerce Secretary Gina Raimondo in Washington next week before traveling to Detroit for a meeting of Asia Pacific Economic Cooperation (APEC) trade ministers. He will meet with U.S. Trade Representative Katherine Tai on the sidelines of that gathering, scheduled for May 25-26. Washington has expressed eagerness for high-level meetings with China in an effort to keep increasingly tense relations from veering toward conflict. Blinken, Raimondo, and U.S. Treasury Secretary Janet Yellen have all expressed interest in visiting China.

☆ Canada Goose caution on U.S. eclipses upbeat annual sales forecast
▼ + stars: | 2023-05-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

However, shoppers in the United States are putting a pause to a post-pandemic splurge on high-end clothing and accessories, with companies including ultra-luxury fashion houses like LVMH (LVMH.PA) and Gucci owner Kering (PRTP.PA) seeing sagging demand. Canada Goose, popular for its bright-red parkas and pricey puffer jackets, saw U.S. revenues decline 4.5% in the reported quarter. Still, a 65.4% surge in Asia Pacific revenue, coupled with robust demand in Europe and Canada, helped the luxury winterwear maker beat expectations in its fourth-quarter results. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, while analysts were expecting C$1.33 billion. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ TuSimple to restructure US business, lay off 30% staff
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - TuSimple Holdings Inc (TSP.O) said on Thursday it will cut 30% of its workforce in the United States under a restructuring as the autonomous driving technology company looks to preserve its balance sheet amid a funding crunch in the sector. The move comes days after the firm received a delisting notice from Nasdaq for not filing its quarterly report on time. TuSimple said following restructuring it would continue to retain its level 4 technology development capabilities and focus on autonomous freight transportation technology. It follows a restructuring the company announced in December and cut about 350 jobs. Reporting by Akash Sriram in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Canada Goose sees upbeat annual sales as China recovery gains steam
▼ + stars: | 2023-05-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Canada Goose, popular for its bright-red parkas and pricey puffer jackets, has about 18 retail stores in Mainland China - the highest number of outlets it has in any country. The company is also planning to double its store count worldwide over the next five years, from 51 permanent stores currently. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, while analysts were expecting C$1.33 billion, according to Refinitiv data. However, it forecast annual per-share profit in the range of C$1.20 to C$1.48, compared with estimates of C$1.46 per share. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Canada Goose sees annual sales above estimates on China rebound
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Canada Goose Holdings Inc (GOOS.TO), forecast annual sales above Wall Street estimates on Thursday, betting that a sharp rebound in key luxury market China would help the luxury winterwear maker ride out a slowdown in U.S. demand. Revenue from Canada Goose's Asia Pacific segment jumped 65.4% to C$114.1 million in the quarter ended April 2, compared with a 5.2% drop in the previous quarter. That has buttressed sales at a time when luxury shoppers in the United States have paused a post-pandemic splurge on high-end goods, with companies including LVMH (LVMH.PA) and Gucci-owner Kering (PRTP.PA) reporting sagging sales in the market. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, compared with analysts average estimate of C$1.33 billion, according to Refinitiv data. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Temu accused of data risks after sister app was suspended for malware
▼ + stars: | 2023-05-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +7 min

Stefani Reynolds | Afp | Getty ImagesThe U.S. has accused discount shopping site Temu of possible data risks after its Chinese sister app was pulled from Google's app store over "malware" — but analysts say they're not that worried. Google called it an "identified malicious app" and urged users to uninstall the Pinduoduo app, but the Chinese online retailer denied those claims. Kevin Reed chief information security officer, Acronis"There should be no need for biometric data to be stored on an e-commerce website or app. Data risksIn a report on Chinese "fast fashion" platforms published in April, the U.S.-China Economic and Security Review Commission accused Temu and Shein of posing possible data risks. Shein and Temu "primarily rely on U.S. consumers downloading and using Chinese apps to curate and deliver products," said the report.

☆ IMF official says Sri Lanka reforms critical, evaluating progress
▼ + stars: | 2023-05-15 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, May 15 (Reuters) - The International Monetary Fund (IMF) mission in Sri Lanka will evaluate progress made on reforms so far and complete an exercise to improve governance in key areas of the economy, an IMF official said on Monday. An IMF team is in Colombo until May 23 as part of regular consultations ahead of the first review mission later this year. "It is now essential to continue the reform momentum," said Krishna Srinivasan, Director of Asia Pacific Department at IMF. Sri Lanka, with the help of a $2.9 billion bailout from the global lender, is trying to recover from its worst financial crisis since gaining independence in 1948 and turn around its battered economy. Peter Breuer, IMF Senior Mission Chief for Sri Lanka, Asia and Pacific Department said the lender will be looking at whether the government's macro framework is still appropriate or whether it requires revisions.

☆ Americans are spending less money even as the Chinese spend more. Take a look at the 5 major US companies winning on China's spending spree.
▼ + stars: | 2023-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

As people in China get out of their homes to travel and spend, retail sales have improved in China, rising almost 11% year-on-year in March. In comparison, China's core inflation rose just 0.7% in March from a year ago, according to official data from Beijing. All this means American companies facing a slowdown in US consumption are getting a boost from Chinese demand. He added the MGM China division posted a "swift return to profitability." Net revenues for the MGM China division were also 130% higher from a year ago "amid strong reopening trends," MGM said in its earnings release.

☆ BlackRock CEO Fink trains successors, with no imminent plan to retire -WSJ
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +1 min

May 13 (Reuters) - BlackRock Inc (BLK.N) Chief Executive Officer Larry Fink has been preparing five key leaders to take his role whenever he decides to step down in the future, the Wall Street Journal reported on Saturday. Though Fink has no imminent plans to retire, he along with President Robert Kapito has been training these candidates for "The Great Race" - to choose the successor - in what Fink calls is the "No. Fink told the newspaper he hoped to build camaraderie among the five, and not competition, so they will keep working together. BlackRock said it plans no major changes to the way it engages with companies. Reporting by Baranjot Kaur in Bengaluru; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ BlackRock org chart: The 150 most powerful people under CEO Larry Fink as succession planning looms
▼ + stars: | 2023-05-12 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

Insider built an org chart showing the most senior executives under BlackRock CEO Larry Fink. To provide a window into the current power structure, Insider has mapped out the roughly 150 most senior BlackRock executives. This week, the firm overhauled its alternative-investments business and made changes to the makeup of its Aladdin business, two core BlackRock offerings. "We are spending a great deal of time at BlackRock getting the firm ready for when the founders are retiring. Investment stewardship head Joud Abdel Majeid and Willie Alford, Fink's new chief of staff, are among the executives who report to Fink.

☆ BlackRock is wrestling with who could succeed Larry Fink. Here's who's now in the running.
▼ + stars: | 2023-05-12 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

Investment giant BlackRock has been planning for CEO Larry Fink's succession for years. Leadership has discussed BlackRock cofounder Susan Wagner as someone who could succeed Fink if the board does not have a clear candidate. For years, BlackRock has been planning for Chief Executive Larry Fink's succession, a torch-passing the industry has long speculated over. BlackRock has become shorthand for the intense backlash from primarily Republican lawmakers over sustainable investment strategies that Fink has championed as CEO. Goldstein, 49, is a BlackRock lifer and has been chief operating officer for nearly a decade.

☆ Starbucks, Estée Lauder, Qualcomm: Global companies warn of slower-than-expected recovery in China
▼ + stars: | 2023-05-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Starbucks (SBUX) and Qualcomm (QCOM) have also flagged uncertainties related to the country, which is a top market for both. Beijing abandoned its zero-Covid policy in December and scrapped longstanding quarantine requirements for international arrivals in January, ending restrictions that had isolated its economy. The welcomed, if abrupt, policy U-turn led to hopes that China could help propel global growth as it had before the pandemic. The idea was that as soon as the zero-Covid policy would be over, the Chinese households and consumers would just go berserk. Starbucks warned last Tuesday that sales growth in China was starting to cool — and likely would continue that trajectory over the next six months.

☆ Chinese company earnings reveal lopsided economic recovery
▼ + stars: | 2023-05-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Restaurants and tourism businesses recovered, with travel-related consumer services sector earnings surging 155%, data from China International Capital Corp (CICC) showed. Food-and-beverage sector earnings jumped 18% and automobiles were up a smaller 8%. Several analysts believe the first quarter will be the low point for 2023 and full-year earnings will reach double digits. Refinitiv data forecasts full-year earnings growth of 26% for companies listed on the Shanghai Stock Exchange. The materials sector posted the worst results, with earnings in steel and building materials tumbling more than 60%, respectively.

☆ Premarket stocks: Wall Street is strangely calm about the debt ceiling. That could change this month
▼ + stars: | 2023-05-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Dire warnings about the economic chaos and catastrophe that will ensue if the US debt ceiling isn’t lifted soon abound. The debt ceiling crisis of 2011 caused Standard and Poor’s to downgrade US debt for the first time in history. Schwenkler says to expect “a lot more volatility” if debt ceiling issues don’t appear resolved by the last week of the month. By contrast, recovery from a debt-default crisis would likely start the day Congress, belatedly, suspended the debt ceiling,” he added. “A misstep over the debt ceiling would subject businesses and consumers to an economic shockwave,” he added.

Tokyo CNN —Japan is in talks to open a NATO liaison office, the first of its kind in Asia, the country’s foreign minister told CNN in an exclusive interview on Wednesday, saying Russia’s invasion of Ukraine has made the world less stable. “We are already in discussions, but no details (have been) finalized yet,” Foreign Minister Yoshimasa Hayashi said on Wednesday. The Nikkei Asia first reported plans to open the office in Japan last Wednesday, citing unnamed Japanese and NATO officials. China, which has previously warned against NATO expanding its reach into Asia or a similar bloc emerging in the region, has already responded angrily to previous reports on the possible Japan office. Hayashi played down concerns that opening a Tokyo NATO office could further inflame tensions, saying: “I don’t feel that’s the case.”The country has had a pacifist constitution since World War II – which he argued is reflected in this move.

☆ Under Armour expects dull annual sales, profit as demand slows
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Under Armour Inc (UAA.N) forecast annual sales and profit below Wall Street expectations on Tuesday in a sign that persistent inflation was hampering demand and higher discounts were eating into profit margins, sending its shares down 5% before the bell. Footwear sales jumped 27%, while apparel rose just 1% and accessories fell 1%. The company expects fiscal 2024 net sales to be flat to slightly up, compared with analysts expectations of 3.7% growth. Under Armour also expects diluted earnings per share to be between 47 cents and 51 cents in 2024. Its net revenue rose 7.5% to about $1.40 billion in the quarter ended March 31 compared with analysts' average estimate of $1.36 billion.

☆ Here are the top skills you will need for an 'A.I.-powered future,' according to new Microsoft data
▼ + stars: | 2023-05-09 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

Working alongside artificial intelligence will be "as inherent" as how we work with the internet — and employees need to equip themselves with skills for this new future, said Microsoft. Working alongside artificial intelligence will be "as inherent" as how we work with the internet — and employees need to equip themselves with skills for this new future. AI skill sets leaders think employees will needAccording to Microsoft, 82% of leaders globally and 85% of leaders in Asia Pacific said employees will need new skills in an "AI-powered future." The report found that the three top skills that leaders believe are essential are analytical judgment, flexibility and emotional intelligence. These are skills that are "new core competencies," added Microsoft, not just for technical roles or AI experts.

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