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☆ Asia's growth will outpace both the U.S. and Europe this year, Morgan Stanley says
▼ + stars: | 2023-04-17 | by ( Sumathi Bala | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesAsia's economic growth will outpace both the U.S. and Europe this year, led by strong domestic demand, according to Morgan Stanley. "The big argument that we've been making ... for Asia, including Japan, to outperform versus U.S. and Europe — is the fact that there is domestic demand strength," Chetan Ahya, chief Asia economist, told CNBC's "Street Signs Asia" on Monday. It's going through a rebound like quite nicely because of reopening, but also for fiscal and monetary policy being supportive." Three other large Asian economies — India, Indonesia and Japan — are also showing robust domestic demand, added the economist. The agency pointed out last week that Asia's domestic demand has so far remained strong despite monetary tightening.

KARUIZAWA, Japan, April 16 (Reuters) - Foreign ministers from the Group of Seven nations will likely discuss their "common and concerted" approach to China when they meet from Sunday, reflecting shared concern about Beijing's actions, a senior U.S. State Department official said. China is front and centre as ministers from the G7 group of rich countries meet for three days in the Japanese resort town of Karuizawa. Beijing views Taiwan as Chinese territory and has not renounced the use of force to take the democratically governed island. There would likely be a discussion on how the members could continue to take a "common and concerted approach," to China, the official said. "To put China on the agenda is not just important for Japan, but also the United States," he said.

☆ Britain's Superdry considering 20% equity raise
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, April 14 (Reuters) - Struggling British fashion brand Superdry (SDRY.L) said on Friday a potential equity raise of up to 20% backed by founder and CEO Julian Dunkerton was among funding options being considered. The group, whose shares have fallen 37% over the last year, also withdrew its profit guidance of "broadly breakeven" for its current year and is now forecasting revenue in the range of 615 million pounds to 635 million pounds ($771-$796 million). Superdry, which had warned on profit in January, said retail sales in February and March, did not meet its expectations. Superdry also said it has also identified cost savings of over 35 million pounds. "My belief in the Superdry brand is stronger than ever which is why I’m prepared to provide material support to any equity raise undertaken," he added.

☆ How digital ecosystems can build a closer, more inclusive world
▼ + stars: | 2023-04-13 | by ( Sponsor Post | Created Insider Studios With Tata Communications | ) www.businessinsider.com time to read: +9 min

How to build a world that looks after everyoneThe conference highlighted the need to embrace equity in all walks of life. Tata Communications’ Genius Wong pledges to build a more inclusive digital economy and work with Georgette Tan (pictured) and the team at United Women Singapore to bridge the digital divide. Adopting Tata Communications' remote broadcast solution helped his organization reduce its normal on-site staff count by over 30% without compromising content delivery. Tata Communications leadership along with SMS Tan Kiat How stand together to build a secure and inclusive digital economy. Find out how Tata Communications is hyperconnecting Formula 1 fans globally to the world-class track-side F1 experience.

☆ Macquarie Group hires Credit Suisse's top Australian dealmaker - memo
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, April 12 (Reuters) - Macquarie Group (MQG.AX) has hired Credit Suisse's top Australian dealmaker Dragi Ristevski, according to a memo from the bank. Ristevski has been Credit Suisse's head of investment banking and capital markets. He will join Macquarie as the investment bank's head of financial sponsors for Asia Pacific, the memo said. A Macquarie spokesman confirmed the contents of the memo. Reporting by Scott Murdoch in Sydney; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Vahia is one among India’s young and aspirational 1.4 billion population, whose propensity for online spending has attracted global companies and digital platforms. And as private consumption underpins economic growth in India, financial investors are targetting new ways to tap into it. India's per capita consumption of food was at $314 in 2020 compared to $884 for China, while that of clothing stood at $53.9 versus $212.9 for China, data from CLSA showed. FOREIGN INVESTORS JUMP INWith private consumption accounting for 60% of India's $3.5 trillion GDP, foreign portfolio investors have been quick to latch on. To be sure, it has not been all smooth sailing for investors as they chased India's consumption boom.

☆ Premarket stocks: CEOs are tired of being held responsible for gun regulation
▼ + stars: | 2023-04-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Dick’s Sporting Goods stopped selling semi-automatic, assault-style rifles at stores and Citigroup put new restrictions on gun sales by business customers after the mass shooting at a high school in Parkland, Florida, in 2018. But Yale professor Jeffrey Sonnenfeld, a vocal advocate of corporate social responsibility who has a direct line to major CEOs around the globe, said that top executives are forlorn. Before the Bell: CEOs have been quiet about gun reform since the latest mass school shooting in Nashville, have you heard anything about plans to speak out? Enough already on saying ‘what are the CEOs doing?’ Social capital is as valuable as financial capital. But don’t these CEOs hold the purse strings in terms of donating to powerful politicians?

☆ U.S. passport delays may be four months long — and could get worse. Here's what to know
▼ + stars: | 2023-04-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

The U.S. State Department must also restaff positions that were reassigned or eliminated as passport demand cratered in 2020. U.S. Secretary of State Antony Blinken testifies during a House Appropriations Committee hearing on the State Department 2024 budget on March 23, 2023 in Washington. (A traditional passport — a passport book — costs $130 to renew; there's an additional $35 acceptance fee for first-time applicants.) Importantly, Americans may not be allowed to travel if their passport expires within a few months after their trip. The State Department website has information about passport and visa requirements for specific countries.

☆ Tesla sales again fall short of production
▼ + stars: | 2023-04-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

The first quarter also marked the fourth straight quarter that Tesla has produced more vehicles than it has delivered to customers. Some of that may be due to the ramp up in production at two new factories, one in Texas, the other in Germany, which opened last spring, and a lag between that increased production and sales. Even Ives, a bull on Tesla stock, said the lower prices that Tesla got for cars in the quarter will mean tighter profit margins going forward. First quarter production was up only 0.2% from the final three months of 2022, despite it efforts to ramp up production in Germany and Texas. Production and sales were up much more when compared to the first quarter of 2022, with production up 44% and deliveries up 36%.

☆ Britain to join Indo-Pacific trade bloc in biggest trade deal since Brexit
▼ + stars: | 2023-03-31 | by ( Sumathi Bala | ) www.cnbc.com time to read: +3 min

Justin Tallis | AFP | Getty ImagesBritain struck a historic trade deal to join a vast Indo-Pacific trade bloc after nearly two years of intense negotiations. The U.K. said this was the country's largest post-Brexit trade deal and makes it the first European nation to join the CPTPP, since it came into force in 2018. watch nowNatalie Black, the U.K.'s trade commissioner for Asia Pacific, called it a "progressive deal" for Britain. Deborah Elms, executive director of the Asian Trade Centre, said it's very hard to calculate these trade figures, especially based on existing trade flows. watch nowThe trade flows are always "under what you actually are likely to see in the reality as businesses recognize the benefits and start to use a trade agreement like the CPTPP," she added.

☆ World Bank raises growth forecast for East Asia, says banking sector is sound despite global stress
▼ + stars: | 2023-03-31 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

The World Bank said "the most immediate challenge" for the region is the growing division between the U.S. and China. The East Asia and Pacific region grew by 3.5% in 2022, it said. As for China's economy, the World Bank raised its full-year growth forecasts for 2023 from 4.5% to 5.1%. "Publicly available indicators show adequate overall capital levels and low non-performing loans for most countries in the region," the World Bank said. "Financial sector health is so far sound in East Asia Pacific."

And that has the impact of postponing some announcements," said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co (JPM.N). M&A volumes dropped 44% to $282.7 billion in the U.S. and 70% to $81.87 billion in Europe. Reuters Graphics"Having a well-functioning financing market is a critical ingredient for M&A. Global M&A volumes in Q1 2023LACK OF CONFIDENCEThe depressed market valuations also presented an opportunity for prominent activist investors to launch new proxy fights, with dealmakers anticipating a boost to M&A volumes from activist campaigns in the coming quarters. "Inflationary pressures aren't subsiding as fast as people expected; there's still a lot of geopolitical tensions, and in a lot of ways, the disruption in the financing market is intensifying," Langston said.

☆ Global IPO market continues slump in 2023 as companies hold out on inflation, banking crisis and other challenges
▼ + stars: | 2023-03-30 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

“Through just one quarter of 2023, it was more of the same for the stuttering global IPO market,” the firm said in a statement Thursday. In Mainland China, for example, there are some “800 companies in the pipeline,” according to Choi, citing public filings. Choi predicted the global market would recover in the second half of 2023, in part because he believed it had already hit the bottom. “Once there is evidence of a more stable market with higher certainty, investor confidence should return,” EY said in its statement. The firm indicated that “prominent companies that had postponed IPO plans may restart, albeit at more modest valuations.”

☆ Shares rise as bank support emboldens investors
▼ + stars: | 2023-03-29 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

The sale of assets in Silicon Valley Bank (SVB), the regional lender that collapsed earlier this month, has helped prop up investor risk appetite. The MSCI All-World index (.MIWD00000PUS) rose 0.3% while European shares (.STOXX) gained 0.92%, thanks in part to a rise in bank shares after UBS (UBSG.S) said it would rehire Sergio Ermotti to lead the company after its takeover of Credit Suisse (CSGN.S). The U.S. regional KBW bank index (.BKX) has fallen 3.3% in the last week, but is still above its recent six-week lows. Worries over inflation have prompted investors to reassess their expectations for monetary policy from a number of major central banks, including the European Central Bank and the Federal Reserve. The dollar index, which measures the performance of the U.S. currency against six others, was roughly flat on the day at 102.46.

☆ Asian stocks rally as bank jitters calm, Alibaba lifts mood
▼ + stars: | 2023-03-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Alibaba's Hong Kong shares (9988.HK) shot up 15%, while the company's U.S.-listed shares closed 14.3% higher. The news lifted investor confidence in the wider Chinese tech sector, with shares of Alibaba's e-commerce rival JD.com Inc (9618.HK) 7% higher, and gaming giant Tencent Holdings Ltd (0700.HK) jumping 5%. "Alibaba's split may pave the way for other Chinese tech giants to do similar," CMC Markets analyst Tina Teng said. "This helps break down the monopolistic power of these conglomerates, which complies with the Chinese government's regulatory overhaul over antitrust issues." Futures indicated European stocks were set to open higher, with Eurostoxx 50 futures up 0.41%, German DAX futures up 0.38% and FTSE futures up 0.08%.

☆ Asian stocks rally as banking anxiety eases; Alibaba surges
▼ + stars: | 2023-03-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.82% higher, while Japan's Nikkei (.N225) advanced 0.49%. Hong Kong's Hang Seng index surged over 2%, buoyed by Alibaba (9988.HK) after the Chinese e-commerce conglomerate announced its break-up plans. Alibaba's Hong Kong shares (9988.HK) shot up 15%, while the company's U.S.-listed shares closed 14.3% higher. Worries over inflation have prompted investors to recalculate what they expect the Fed to do in its next meeting in May. In the foreign exchange markets, the dollar index , which measures the U.S. currency against six peers, was mostly flat, having eased 0.3% overnight on improving risk appetite.

☆ Adidas adds risk by tripping over its sneakers
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 29 (Reuters Breakingviews) - Adidas (ADSGn.DE) is having a hard time keeping its feet out of its mouth. On Wednesday, the $28 billion sneaker maker withdrew a trademark objection to Black Lives Matter over its use of three stripes in its logo 48 hours after filing it. The timing of Adidas’s objection looks tin-eared. It could have devised a partnership arrangement with Black Lives Matter that featured both brands. Trying to pick a fight with an organisation popular with young consumers shows that Adidas’s biggest risk is its mouth.

☆ Alibaba’s restructuring and Jack Ma’s homecoming are all part of China’s plan
▼ + stars: | 2023-03-29 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Ma is seen as a symbol of China’s tech industry and a barometer of the Chinese government’s support for private business. Alibaba’s restructuring is “part of [Beijing’s] strategy to shore up confidence in the private sector,” said Hong Hao, chief economist for Grow Investment Group. “[Alibaba’s restructuring plan] offers a way to limit monopoly power and platform sway,” Hong said. Unlocking valueInvestors and analysts have cheered Alibaba’s restructuring. Alibaba’s business will be split into six units: domestic e-commerce, international e-commerce, cloud computing, local services, logistics, and media and entertainment.

Origin, Australia's top energy retailer, on Monday agreed to the long-running takeover offer from the consortium, nearing the conclusion of one of the country's biggest private equity-backed buyouts. Once the deal is completed, EIG's MidOcean Energy will take control of Origin's integrated gas business. Thomas said government policy swings world over are a by-product of the volatility associated with the tension between energy security and the transition to cleaner energy. Origin, Australia's No. Brookfield said it plans to invest a further A$20 billion of capital to fully replace Origin's power generation and its power purchases with green power over a decade.

☆ Private equity deals in Asia plunged 44% in 2022. More uncertainty may be ahead
▼ + stars: | 2023-03-28 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

watch nowAsia-Pacific's private equity market plummeted last year — as investors' appetite for risk fell in the face of inflation and geopolitical tensions, according to Bain & Company. The total deal value for the region plunged by 44% to $198 billion in 2022, the global management and consulting firm said in a Tuesday report. Lingering macroeconomic uncertainties alongside rising costs and worsening company performance that dampened investor sentiment, Bain said in its Asia Pacific Private Equity Report 2023. "For more than a decade, the Internet and tech sector has attracted the largest share of private equity capital in the Asia-Pacific region. ESG-related investmentsWhile macroeconomic conditions dampened investors' sentiment in private equity deals region-wide, Bain saw a rise in the number of deals related to environmental, social, and corporate governance (ESG).

☆ Private equity finds silver lining in Asia Pacific
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, March 28 (Reuters Breakingviews) - It’s hard working in Asia-Pacific private equity these days. On Monday Brookfield Asset Management (BAM.TO) and MidOcean Energy agreed to take Australia’s Origin Energy (ORG.AX) private for A$18.7 billion ($12.5 billion). A few days earlier Toshiba’s (6502.T) board tentatively backed Japan Industrial Partners’ $15.3 billion offer. Origin’s buyers, which plan to split the business in two, had already made three offers before Origin accepted. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Starbucks pours weak tea on virtual union talks
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 28 (Reuters Breakingviews) - After more than a decade of infusing its coffee with technology, Starbucks (SBUX.O) is putting a lid on one aspect of the digital transition. The $113 billion Frappuccino maker wants to negotiate with unions in person rather than allowing members to join talks by videoconference. Mobile orders accounted for about a quarter of transactions at U.S. stores in the latest quarter. Starbucks also became one of the first big companies to hold a virtual shareholder meeting after the pandemic struck and it hosted the annual event online again last week. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Syngenta IPO delay rekindles past China fears
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 28 (Reuters Breakingviews) - Syngenta’s bumpy relisting path in the People’s Republic brings back unpleasant investor memories. The Shanghai Stock Exchange had scheduled this week a hearing, one of the last steps before listing. The exchange’s rules vaguely mandate that any “major issue” affecting an IPO would justify the postponement. It’s unclear how long a drag this would cause, but Shenzhen VMAX New Energy had been on a similar boat: its IPO hearing was abruptly cancelled in January, only to be rescheduled two months later. Ant’s $37 billion Shanghai IPO was pulled in 2020 shortly before its shares were due to start trading.

☆ Easy Diageo succession belies new CEO’s hard job
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

On Tuesday, the 80 billion pound maker of Guinness and Don Julio tequila announced that Chief Operating Officer Debra Crew would replace CEO Ivan Menezes in July. Menezes has been gunning for 5%-7% annual revenue growth and a 6%-9% annual increase in operating profit over the next three years. The company operates with a 31% operating profit margin, higher than its closest rival Pernod Ricard (PERP.PA), which runs on 29%. With the price of staff, ingredients and packaging soaring, cost cutting will be hard to pull off. Diageo’s smooth succession may lay the path for a bumpy road.

☆ BP, ADNOC’s Mediterranean debut ticks three boxes
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 28 (Reuters Breakingviews) - BP (BP.L) and the Abu Dhabi National Oil Company (ADNOC) are tying the knot. The duo plan to set up a joint venture to buy gas assets in the eastern Mediterranean. On the other hand, the $4 billion NewMed net asset value implied by BP and ADNOC’s bid is some way ahead of the $2.6 billion estimated by hedge fund Palliser during NewMed’s autumn dalliance with Capricorn Energy (CNE.L). And after rethinking the speed with which it’s cutting its oil and gas production, BP wants to show investors that it can identify suitable fossil fuel projects. NewMed shares only jumped 38% to around 10 shekels on Tuesday, implying doubt about whether the deal will happen.

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