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Shares in Sushiro’s owner, Food & Life Companies Co Ltd, fell 4.8% last Tuesday, as the video circulated. In a statement last Wednesday, Food & Life Companies said it had filed a police report against the customer, alleging damages. Two other leading conveyor belt sushi chains, Kura Sushi and Hamazushi, told CNN that they had experienced similar disruptions. In recent weeks, some Japanese social media users have questioned the role of conveyor belt sushi restaurants as consumers demand more attention to cleanliness. Sushiro, the Japanese sushi chain, is replacing real sushi with photographs of sushi on its conveyor belts.

☆ Adani rout deepens despite soothing words from India's government and billionaires
▼ + stars: | 2023-02-06 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Indranil Mukherjee | Afp | Getty ImagesShares of most Adani Group companies fell further on Monday, continuing to drop as a feud between the conglomerate and short-seller firm Hindenburg deepened. Adani Green Energy , Adani Power and Adani Total Gas fell 5% each. The Sensex is the benchmark index of the BSE — formerly the Bombay Stock Exchange — and the Nifty 50 is the flagship index of the National Stock Exchange of India. Gautam Adani, chairman of Adani Group, speaks during the Forbes CEO Summit in Singapore, on Tuesday, Sept. 27, 2022. Adani Power is included on the long-term list, while Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Transmission and Adani Total Gas are on the short-term list.

☆ Germany's DFL presses on with deal for media rights
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Feb 4 (Reuters) - Germany's soccer governing body is pressing on with plans to sell parts of the Bundesliga media rights for the country's first and second leagues to private investors, the Deutsche Fussball Liga (DFL) said in a media release on Friday. Valuing the business at between 17 and 20 billion euros, the transaction could bring in 2.5-3 billion euros ($2.70-3.24 billion), Bild said. It stressed it was not about a sale of shares in the Bundesliga but a temporary minority interest in license revenue from the media rights. A spokesperson for DFL, contacted on Saturday about the Bild report, said there was no new comment beyond the Friday night press release. The rights, according to the Bild report, would be granted for 25 to 30 years, with the 36 clubs retaining control.

☆ Nomura's Q3 profit grows despite investment banking slump
▼ + stars: | 2023-02-01 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

TOKYO, Feb 1 (Reuters) - Nomura Holdings Inc (8604.T), Japan's biggest brokerage and investment bank, reported an 11% rise in quarterly net profit on Wednesday, as a partial stake sale in an affiliate offset a slump in investment banking. Nomura's wholesale division, which houses its investment banking and trading businesses, logged a pretax loss of 1.9 billion yen ($14.58 million), its first loss since the April-June quarter of 2021. read moreEven as Nomura's investment banking business was underpinned by relatively solid dealmaking activity in Japan, it confirmed layoffs of bankers in Europe and Asia. Kitamura said the company would stick to its strategy of beefing up its investment banking business, however. ($1 = 130.3400 yen)Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman, Subhranshu Sahu and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ China's Jan factory activity contracts at slower pace - Caixin PMI
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

The data contrasted with a stronger-than-expected result from an official survey that on Tuesday showed manufacturing activity swinging back to growth. The official survey largely focuses on big and state-owned firms, whereas the Caixin survey centres on small firms and coastal regions, which includes many exporters. With global economic growth sluggish and customer demand cooling, a sub-index of new export orders indicated shrinkage for a sixth straight month in January, though less quickly than in December. The International Monetary Fund on Tuesday revised China's growth outlook sharply higher for 2023, to 5.2% from 4.4% previously, because of the end of zero-COVID. The policy and its lockdowns had slashed China's 2022 growth rate to 3.0%, a pace below the global average for the first time in more than 40 years.

☆ End of easy-cash era is going to hurt
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +5 min

LONDON, Feb 1 (Reuters) - The end of the easy-cash era is over and its impact yet to be felt on world markets, hopeful that the pain of aggressive rate hikes and high inflation has passed. Reuters Graphics3/ GOING PRIVATEPrivate debt markets have ballooned since the financial crisis to $1.4 trillion from $250 billion in 2010. Reuters Graphics Reuters Graphics4/CRYPTO WINTERRising borrowing costs roiled crypto markets in 2022. Reuters Graphics5/FOR SALEReal estate markets, first responders to rate hikes, started cracking last year and 2023 will be tough with U.S. house prices expected to drop 12%. How the sector services its debt is in focus and officials warn European banks risk significant profit hits from sliding house prices.

☆ Japan's Nomura Q3 net profit rises 11%
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Feb 1 (Reuters) - Nomura Holdings Inc (8604.T), Japan's biggest brokerage and investment bank, reported an 11% rise in quarterly net profit on Wednesday, as a partial stake sale in an affiliate lifted otherwise weak earnings. Profit came in at 66.9 billion yen ($513.51 million) for the October-December period, up from 60.3 billion yen a year earlier. Nomura's profit of 28 billion yen from a partial sale of its stake in affiliate Nomura Research Institute (4307.T) helped underpinned the earnings. The wholesale division, which houses its trading and investment banking businesses, reported a pretax loss of 1.9 billion yen, compared with a profit of 40.8 billion yen in the same period a year earlier. So far, Nomura appears relatively unscathed thanks to relatively solid dealmaking activity in Japan, Nomura's home market.

☆ Adani vs. Hindenburg: How Asia’s richest man lost his crown in just a few days
▼ + stars: | 2023-02-01 | by ( Jihye Lee | ) www.cnbc.com time to read: +5 min

Gautam Adani, billionaire and chairman of Adani Group, during an event at the Port of Haifa in Haifa, Israel, on Tuesday, Jan. 31, 2023. According to Forbes, Gautam Adani, the founder and chairman of the group, has lost his status as Asia's richest man to Mukesh Ambani, the chairman of Reliance Industries. Hindenburg, which said it has taken a short position in Adani Group, stands to benefit from the declining value of those stocks. Adani's battle with the short-seller firm has put the group's exposure to Wall Street — amounting to nearly $9 billion, according to JPMorgan — under the spotlight. In just one week, Indian billionaire Gautam Adani saw more than $34 billion wiped off his net worth, according to the Bloomberg Billionaires Index.

☆ China PMI: economic activity expands for the first time in months as Covid 'exit wave' ends
▼ + stars: | 2023-01-31 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Economic activity in China has expanded for the first time in four months as disruptions caused by the abrupt end of its zero-Covid policy appears to be fading. The official non-manufacturing PMI, which tracks activity in the services and construction sectors, surged to 54.4 in January from 41.6 in December, also marking its first expansion in four months. This is a sign that China’s Covid “exit wave” is coming to an end, said analysts from Nomura in a research report. The official PMI survey mainly covers larger businesses and state-owned companies. Zhu Wanchang/VCG/Getty ImagesChina scrapped most of its pandemic restrictions in early December, effectively ending its three-year-long zero-Covid policy.

☆ Tokyo booms for shareholder-relations advisers as activists raise pressure
▼ + stars: | 2023-01-31 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +5 min

[1/2] Men walk past an electric board displaying Nikkei and other countries' indexes outside a brokerage in Tokyo, Japan January 16, 2023. At that company, activist shareholders have forced board changes, rejected the management's turnaround plan and prompted the company to consider going private to remove them. Shareholder relations advisers do that, too, and they say they are generally more focused on longer-term strategies. EY announced a foray into shareholder relations in Japan in December, with a full-service line-up from identification of shareholders to proxy solicitation. Mitsubishi UFJ Trust and Banking Corp said it would continue to expand its shareholder-relations support unit, Japan Shareholder Services Ltd (JSS), which now has about 80 staff members.

☆ Japan Inc strives to lure skilled workers as inflation, labour crunch bite
▼ + stars: | 2023-01-30 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +7 min

[1/2] A worker assembles an air drill at the factory of manufacturer Katsui Kogyo in Higashiosaka, Japan June 23, 2022. About a quarter of Japanese firms have offered inflation allowances or plan to do so, said corporate credit research firm Teikoku Databank. read moreThe private sector expects the drive to help boost productivity, meshing with Prime Minister Fumio Kishida's "new capitalism" initiative on wealth distribution that put a top priority on wage hikes. "Bonuses or inflation allowances would have only a limited impact on easing the pain of cost-push inflation, as consumers tend to save one-off payouts rather than spend," added Kiuchi, now an executive economist at the Nomura Research Institute. Workers have high expectations from this year's labour talks, which they hope will counter cost-push inflation while tackling the tight labour market to help boost the economy.

☆ China aims to boost consumption and imports as global demand cools
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Jan 28 (Reuters) - China's cabinet said on Saturday it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV reported, at a time of cooling global demand as major economies teeter on the brink of recession. It also discussed measures to support farmers to start spring planting, including subsidies for soybean sowing, CCTV reported. But they said households were likely to be moderate in releasing pent-up demand. Chinese exports shrank sharply in December as global demand cooled, but a more modest decline in imports led economic analysts to forecast a slow recovery in domestic demand in the coming months. Growth is expected to rebound to 4.9% in 2023, before steadying in 2024, according to a Reuters poll of economists.

☆ India's Tata Motors surges 8% on first quarterly profit in 2 years
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 27 (Reuters) - Shares of Tata Motors Ltd (TAMO.NS), India's No.3 carmaker by volume, rose as much as 8.2% to a more-than-four-month high on Friday after the company reported its first quarterly profit in two years. Tata Motors swung to a surprise profit of 29.58 billion rupees in the October-December quarter, from a loss of 15.16 billion rupees a year before. Improving semiconductor supplies and rising demand helped Tata Motors' luxury car unit, Jaguar Land Rover (JLR), turn profitable. Goldman rates Tata Motors' stock "neutral", while Nomura rates it "buy", which is also the average rating of the 30 analyst covering the stock, according to Refinitiv data. Bajaj Auto Ltd (BAJA.NS), among India's top motorcycles and three-wheelers maker, also reported a bigger-than-expected quarterly profit due to strong domestic demand and higher prices.

HONG KONG, Jan 27 (Reuters Breakingviews) - China’s first big vacation of 2023 offers shallow relief to investors. Passenger car sales dropped 21% from the same festive period last year, per Nomura analysts, and real estate keeps plunging. Central bankers terrified that China’s reopening will fuel more global inflation will be relieved. Chinese consumers enjoyed their holiday but there was little sign of dramatic “revenge consumption.” Scarred consumers have too many reasons to avoid splurging for the foreseeable future. The opinions expressed are her own)Follow @ywchen1 on TwitterloadingCONTEXT NEWSMainland China’s Lunar New Year holiday runs from Jan. 21 to Jan. 27 in 2023.

☆ In our view, the U.S. is already in a recession: Nomura
▼ + stars: | 2023-01-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIn our view, the U.S. is already in a recession: NomuraRob Subbaraman of the financial services firm says the United States "probably went into recession in December."

☆ China looks past Covid as tourist bookings surge for the Lunar New Year
▼ + stars: | 2023-01-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — People in China are moving past the pandemic and going out to travel, preliminary data for the Lunar New Year holiday show. China's Covid "exit wave" is quickly ending as official data show a drop in infections, hospitalizations and deaths, he said. "China has been rapidly reaching its Covid herd immunity, as the government estimates about 80% of the population has already been infected with Covid." The country saw a surge in Covid infections in December, just as Beijing ended nearly three years of stringent contact tracing and border controls. The seven-day Lunar New Year, which officially began Saturday, is the first major holiday since the end of China's Covid restrictions.

☆ Analysis: Wall Street heavyweights warn against ‘Goldilocks’ hopes
▼ + stars: | 2023-01-25 | by ( David Randall | ) www.reuters.com time to read: +5 min

The odds are “too high on Goldilocks; there’s still no easy way out,” analysts at BoFA Global Research wrote on Tuesday. Stocks tend to perform poorly in economic downturns, with the S&P 500 falling an average of 29% during recessions since World War Two, according to Truist Advisory Services. Those rebounds inevitably crumbled, leaving the S&P 500 with a 19.4% annual loss, its worst since 2008. The most recent rally has lifted the S&P 500 more than 11% from its October lows. Strategists polled by Reuters at the end of 2021 saw the S&P 500 gaining a median of 7.5% last year.

European stocks have vastly outperformed their U.S. peers. The euro STOXX (.STOXXE) benchmark has beaten its U.S. peer, the S&P 500 (.SPX), by over 18 percentage points since September. "It's a very big move in European gas prices and that has dramatically improved the outlook. "Lower gas prices are surely a positive, but their rapid fall also tell us that they can rise just as fast should things go wrong. A closely watched index of European corporate credit (.MERER00) has seen its yield fall nearly 50 basis points this year.

Food and fertiliser subsidies that help two-thirds of India's 1.4 billion people will also be scaled back, according to the survey. But private investment has lagged New Delhi's lead for about a decade. Capex is set to increase in fiscal 2023/24 by about 17% to 8.85 trillion Indian rupees ($109 billion), from an estimated 7.50 trillion rupees in the current fiscal year, itself up roughly 35% on a year before. Reuters Poll: Indian budget projections - 1The total of public and private investment as a proportion of the economy has declined since 2014, when Modi's Bharatiya Janata Party swept to power. The poll also found the government would cut food and fertiliser subsidies by 26% to 3.7 trillion rupees from almost 5.0 trillion rupees expected during the current fiscal year.

☆ BOJ may have crafted new tool for post-YCC era - analyst
▼ + stars: | 2023-01-20 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

The BOJ maintained ultra-low interest rates on Wednesday, including a 0.5% yield cap, but crafted a new policy tool to defend the ceiling and keep yields across the curve from rising too much - without having to ramp up its bond purchases. Specifically, the BOJ amended rules for an existing market operation tool, so it can pump funds extending up to 10 years in variable rates to financial institutions against collateral. Unlike its bond-buying operation, the fund-supply tool allows the central bank to push down borrowing costs with a wall of money - without having to worry about drying up bond market liquidity with its massive purchases, analysts say. "With this new tool, the BOJ may have prepared for when it ends YCC and begins normalising monetary policy," Inoue told Reuters on Thursday. "If the BOJ sees the need to set a new policy rate for shorter-maturity yields after ditching the 10-year yield target, this fund-supply operation could come in handy," he said.

[1/3] A medical worker helps a patient receiving treatment at the emergency department of a hospital, amid the coronavirus disease (COVID-19) outbreak in Shanghai, China January 17, 2023. Some health experts expect more than one million people will die from the disease in China this year, with British-based health data firm Airfinity forecasting COVID fatalities could hit 36,000 a day next week. Hospitalisations rose by 70% on the previous week to 63,307, according to the WHO, citing data submitted by Beijing. China said last Saturday that nearly 60,000 people with COVID had died in hospital between Dec. 8 and Jan. 12 - a roughly 10-fold increase from previous disclosures. However, that number excludes those who died at home, and some doctors in China have said they are discouraged from putting COVID on death certificates.

☆ Analysis: BOJ bullishness on wages suggests days of super-low rates are numbered
▼ + stars: | 2023-01-19 | by ( Leika Kihara | ) www.reuters.com time to read: +5 min

Kuroda likely put YCC on life support so his successor can strategise an orderly exit, said former BOJ official Nobuyasu Atago. He said the bank could raise the 0.5% yield cap to as high as 1% around mid-year and ditch negative rates by year's end. The parent of casual clothing giant Uniqlo says it will raise wages as much as 40%. "If the BOJ ends negative rates, that would widen the spread between deposit and lending rates so would definitely be positive for us," he said. With YCC creaking under market pressure, the BOJ may not be able to wait too long.

Japan's 10-year bond yield, trading at 0.4%, fell on Wednesday but is not far off its highest levels since 2015. Total holdings of foreign bonds by Japanese institutional investors, excluding Japan's $1 trillion reserve portfolio, reached $3 trillion at their peak. GOING HOMEThe implications of higher inflation and a possible end to ultra-low rates are not lost on Japanese investors. Still, anticipating a shift, Japanese investors sold a net 2.1 trillion yen ($15.94 billion) of foreign bonds in December, marking a fourth straight month of selling. According to Nomura, Japanese investors have been far more active buyers of global and overseas equities than domestic stocks in the last decade.

☆ Bank of Japan's decision to keep yield curve control policy unchanged is 'sensible,' Nomura says
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Japan's decision to keep yield curve control policy unchanged is 'sensible,' Nomura saysYujiro Goto of the financial services firm says the market is "too excited" about potential changes such as the scrapping of negative interest rates.

"2022 saw a material deterioration in global investment banking fee pools and, as a result, we have had to reduce headcount in certain areas," the statement said. The layoffs involve staff across multiple divisions within Nomura's investment banking function, after a year of muted dealmaking activity in the region, one of the two sources said. In each of the bank's business divisions for equities capital markets, debt capital markets, corporate finance and Southeast Asia coverage, two to three workers were made redundant, according to the two sources. Goldman Sachs (GS.N) last week sacked more than 3,000 people in its global workforce, with the investment banking and global markets division the hardest hit. Pretax income for its wholesale division, which houses its trading and investment banking businesses, slid 19% year-on-year in the three months ending in September.

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