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☆ Branson's Virgin Orbit files for bankruptcy, to seek buyer
▼ + stars: | 2023-04-04 | by ( Joey Roulette | ) www.reuters.com time to read: +4 min

Virgin Orbit went public in 2021 through a blank-check deal, raising $255 million less than expected. Spun off from Branson's space tourism firm Virgin Galactic in 2017, Virgin Orbit air-launches rockets from beneath a modified Boeing (BA.N) 747 plane to send satellites into orbit. Virgin Orbit's strategy has been that launching small rockets from a 747 in flight would allow for short-notice launches from anywhere. Virgin Investments, a unit of Virgin Group, will provide $31.6 million in new money to Virgin Orbit through debtor-in-possession financing to fund operations while it looks for a buyer in bankruptcy, the companies said. Virgin Orbit's bankruptcy filing showed its largest creditor as London-based Arqit Ltd, which was owed almost $10 million for services and as a customer deposit.

☆ Nomura names Rudolf Hitsch North Asia head of wealth management
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, April 3 (Reuters) - Japanese investment bank Nomura Holdings Inc (8604.T) on Monday said it has appointed Dr. Rudolf Hitsch as head of North Asia for its international wealth management business. Hitsch, former head of North Asia at Citi Private Bank, will be based in Hong Kong and run client relationship management teams covering North Asia in the newly created post. He will report to Ravi Raju, head of the wealth unit, Nomura said. Nomura has hired around 50 private bankers for the unit over the past two-and-a-half years as it focuses on its core markets of Greater China, South and Southeast Asia, and the Middle East, it said. Reporting by Xie Yu; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ HSBC brushes aside Hong Kong investor's Asia spin-off proposal
▼ + stars: | 2023-04-02 | by ( Selena Li | ) www.reuters.com time to read: +4 min

HONG KONG, April 3 (Reuters) - HSBC Holdings PLC (HSBA.L) on Monday pushed aside a proposal by an activist shareholder in Hong Kong to spin off its mainstay Asia business, reiterating the adverse impact on the Asia-focussed bank's cost and clients. The comment came as Ken Lui, an individual HSBC shareholder and leader of a Hong Kong-based investor group, called for the break up of the bank. The Hong Kong meeting is being held ahead of HSBC's main annual general meeting in the British city of Birmingham on May 5, to discuss its 2022 results and "other matters of interest", an earlier notice shows. On Lui's demand for higher dividends, Quinn told the Hong Kong shareholders that the London-headquartered bank intended to get the payouts back to pre-COVID level as soon as possible. ($1 = 7.8499 Hong Kong dollars)Reporting by Selena Li; Editing by Sumeet Chatterjee and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Forest fire in central Seoul forces evacuation of 120 homes
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: 1 min

SEOUL, April 2 (Reuters) - A forest fire raged in central Seoul on Sunday, forcing the evacuation of at least 120 homes in the densely populated capital, authorities said. The fire, which started on a mountain in the middle of Seoul at around 11:53 a.m. (0253 GMT), razed forests the size of some 30 soccer fields before it was nearly extinguished as of 5 p.m. (0800 GMT), according to officials. Smoke billowing from forests was seen across the city as firefighters battled to put out the fire with water-bombing aircraft. Multiple helicopters were seen flying over the Han River in an apparent effort to supply water to extinguish the fire, a Reuters witness said. Reporting by Hyun Young Yi and Soo-hyang Choi; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Rybakina backs Wimbledon move to allow Russians, Belarusians to play as neutrals
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +2 min

April 2 (Reuters) - Wimbledon champion Elena Rybakina said the grasscourt Grand Slam had taken the correct decision to reverse its ban on Russian and Belarusian players and allow them to compete at this year's tournament as "neutral" athletes. The 23-year-old said that she had no problem with Russian and Belarusian players competing without their national flags. "They have been playing like this for all the tournaments, so it (Wimbledon) was only Grand Slam they were not allowed," Rybakina told reporters. Players will be prohibited from expressing support for the invasion and must not receive funding from Russian or Belarusian states, Wimbledon organisers added. Twice Wimbledon champion Petra Kvitova, who stunned world number seven Rybakina 7-6(14) 6-2 in the Miami Open final on Saturday, had opposed the Grand Slam's decision.

☆ Heavy rain brings flash flooding to Sydney, prompts rescues
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, April 2 (Reuters) - Heavy rain brought flash flooding to Australia's largest city Sydney on Sunday, prompting rescues and residents to sandbag houses, as authorities warned of bad weather ahead. A NSW State Emergency Service (SES) spokesperson told Reuters two people were pulled safely from cars that become stranded in floodwaters in Sydney's inner suburbs. "Don't walk drive or ride through floodwater," the SES spokesperson said. The nation's weather forecaster issued a severe thunderstorm warning for parts of Sydney on Sunday, forecasting heavy rain and possible flash flooding, and warned of more rain for the city this week. "That situation can change quickly so if people monitor the conditions and take heed of those warnings ... that would be excellent to keep people safe," the NSW SES spokesperson said.

TOKYO/BEIJING, April 2 (Reuters) - Japan's foreign minister Yoshimasa Hayashi said he called on Beijing for the early release of a detained Japanese national during a meeting with Chinese diplomat Qin Gang held on Sunday. The visit comes a week after a spokesperson of Astellas Pharma Inc (4503.T) said its employee was detained in China for unknown reasons. Although Japan and China have their differences, both agreed to restart trilateral talks with South Korea, Hayashi said, calling the agreement "an important achievement" from his meeting with Qin. "We agreed to continue communicating closely on various levels, including the foreign ministerial and leadership levels," Hayashi added. Japanese Prime Minister Fumio Kishida and Chinese President Xi Jinping met on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit last November, marking the first leadership-level talks in almost three years.

☆ Philippine leader cheers EC move as job losses for 50,000 seafarers averted
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

MANILA, April 2 (Reuters) - Philippine President Ferdinand Marcos Jr on Sunday welcomed the European Commission's (EC) decision to continue recognising certificates issued by his country for Filipino seafarers, saying it averted job losses for roughly 50,000 sailors. The EC had warned in 2021 it would withdraw its recognition of Filipino seafarers' certificates unless serious measures were taken, including compliance with the International Convention on Standards of Training, Certification and Watchkeeping for seafarers. Marcos had met with EC President Ursula von der Leyen in December, when he attended the ASEAN-EU summit in Brussels, to discuss the 15-year-old issue involving Filipino seafarers. The EC said it intends to provide the Philippines with technical assistance to further improve its education, training and certification system for seafarers. Reporting by Enrico Dela Cruz; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Ryuichi Sakamoto, composer of 'The Last Emperor' film score, dies aged 71
▼ + stars: | 2023-04-02 | by ( Elaine Lies | ) www.reuters.com time to read: +3 min

[1/3] Composer Ryuichi Sakamoto and member of the jury for the upcoming 68th Berlinale International Film Festival attends a news conference in Berlin, Germany, February 15, 2018. REUTERS/Fabrizio Bensch/File PhotoTOKYO, April 2 (Reuters) - Ryuichi Sakamoto, the Oscar-winning Japanese composer famed for his scores for "The Last Emperor", "Merry Christmas Mr. Lawrence" and other films, has died aged 71, the Yomiuri Shimbun daily reported on Sunday. Sakamoto was also known for his work with the pioneering electronic music band Yellow Magic Orchestra (YMO) which he co-founded. Embracing electronic music, he and fellow studio musicians Haruomi Hosono and Yukihiro Takahashi formed YMO in 1978. His most celebrated work was 1987's "The Last Emperor" - a film in which he also acted.

☆ New Zealand's Williamson ruled out of IPL after knee injury
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

April 2 (Reuters) - New Zealand's white-ball skipper Kane Williamson has been ruled out of this season's Indian Premier League (IPL) after sustaining an injury in Gujarat Titans' opening match against Chennai Super Kings, the team announced on Sunday. Williamson injured his right knee in Friday's match while fielding near the boundary when he leapt to stop a six. He saved two runs as he palmed the ball into the field but landed awkwardly, falling to the ground clutching his knee. New Zealand Cricket said Williamson would return home to have the injury further assessed. Reporting by Manasi Pathak in Bengaluru; Editing by Christopher Cushing and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Japan to restrict chipmaking equipment exports as it aligns with US China curbs
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +4 min

Japan, home to major global chip equipment makers such as Nikon Corp (7731.T) and Tokyo Electron Ltd (8035.T), did not specify China as the target of those measures, saying equipment makers will need to seek export permission for all regions. Japan and the Netherlands in January agreed join the U.S. in restrict chipmaking equipment exports to China that could be used to manufacture sub-14 nanometre chips, but did not announce the pact to avoid provoking Beijing, sources earlier said. The Netherlands' government in a letter to parliament this month said it plans to restrict chipmaking equipment exports. The ministry said it will impose export controls on six categories of equipment used in chip manufacturing, including cleaning, deposition, lithography and etching. Tokyo Electron and Screen were little changed.

☆ Factbox: The Japanese chipmaking equipment manufacturers navigating export curbs
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +4 min

Here are some of Japan's leading manufacturers of tools used to make semiconductors. In October-December, its chip equipment sales in China fell 22.3% from a year earlier to 102.7 billion yen, accounting for 22.4% of its total chip equipment sales in the quarter. SCREEN HOLDINGS CO LTD (7735.T)Screen is the world's largest manufacturer of equipment used to clean silicon wafers. The company expects shipments to China to make up 20% of chipmaking equipment sales of 375 billion yen for the year to March. About 40% of sales from its lithography machines business, which combines semiconductor lithography and flat panel display lithography equipment, is generated in China.

☆ Japan to restrict chipmaking equipment exports as it aligns with U.S. China curbs
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +3 min

It did not specify China as the target of those measures, saying equipment makers will need to seek export permission for all regions. Japan and the Netherlands in January agreed join the U.S. in restrict chipmaking equipment exports to China that could be used to manufacture sub-14 nanometre chips, but did not announce the pact to avoid provoking Beijing, sources earlier said. A nanometre, or one-billionth of a meter, refers to a specific semiconductor industry technology, with fewer nanometres generally meaning the chip is more advanced. The Netherlands' government in a letter to the country's parliament this month also said it plans to restrict chipmaking equipment exports. China, which has accused the U.S. of being a "tech hegemony" because of its export restrictions, urged the Netherlands "not to follow export control measure by certain countries".

TOKYO, March 31 (Reuters) - Japan, the world's fifth-biggest carbon dioxide (CO2) emitter, will begin a carbon pricing scheme in stages from April to encourage companies to curb emissions and achieve its goal of carbon neutrality by 2050. The country is the latest among Asian nations to formulate plans to create a carbon pricing mechanism and emissions trading system. The scheme, based on METI proposals and approved by the cabinet this year, consists of emissions trading and a carbon levy. The carbon levy will be introduced from around 2028/29 on fossil fuel importers such as refiners, trading houses and electricity utilities. The introduction of emissions trading and carbon surcharges mark "a significant shift in Japan's climate change policy", said Tohru Shimizu, senior researcher at the Japan's Institute of Energy Economics.

☆ Japan to restrict chipmaking equipment exports, aligning it with U.S. China curbs
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

TOKYO, March 31 (Reuters) - Japan's government on Friday said it plans to restrict exports of 23 types of semiconductor manufacturing equipment, aligning it with a U.S. push to curb China's ability to make advanced chips. It did not specify China as the target of those measures, saying equipment makers will need to seek export permission for all regions. The Netherlands' government in a letter to the country's parliament this month also said it plans to restrict chipmaking equipment exports. Japan and the Netherlands in January agreed join the U.S. in restrict chipmaking equipment exports to China, sources earlier said, although Tokyo has never publicly acknowledged that there was an agreement. China has accused the U.S. of being a "tech hegemony" because of its export restrictions.

☆ Factbox: Asia's carbon pricing and emission trading systems
▼ + stars: | 2023-03-31 | by ( Matthew Chye | ) www.reuters.com time to read: +5 min

Here is a look at some of the carbon emissions trading systems (ETS) and pricing mechanisms in Asian countries aimed at reducing greenhouse gas emissions and achieving net zero targets. * A carbon levy will be introduced from around 2028/29 on fossil fuel importers such as refiners, trading houses and electricity utilities. INDIA* Parliament in December passed the Energy Conservation (Amendment) Bill 2022 that sought to establish carbon trading. * Authorities are studying the implementation of a carbon exchange and plan to set up agencies to monitor and verify emission volume. MALAYSIA* The stock exchange launched a voluntary carbon market (VCM) in December with the introduction of the Bursa Carbon Exchange, the world's first Shariah-compliant carbon exchange.

☆ US chip subsidy criteria could be a 'burden', says South Korea
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

Samsung is building a chip plant in Texas that could cost over $25 billion and has said it is reviewing the guidelines. However, funding applications may require detailed cost structure information as well as projected wafer yields, utilisation rates and price changes, which three Korean chip sources told Reuters was akin to revealing corporate strategy. The United States' subsidy provisions should reflect the opinions of the government and companies of South Korea so they do not impose any undue burden on those companies, South Korean Trade Minister Ahn Duk-geun said in a statement on Thursday. Ahn's comment came from a meeting with United States Trade Representative Katherine Tai in South Korea, a leading chipmaking country and major investor in the U.S. chip sector. The U.S. Department of Commerce will accept subsidy applications for leading-edge chip facilities from March 31, and for current-generation, mature-node and back-end production facilities from June 26.

☆ Australia retail sales growth slows to 0.2% in February
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, March 28 (Reuters) - Australian retail sales eked out a meagre gain in February after wild swings around year-end holidays, indicating shoppers are reining in spending in the face of higher costs of living and rising interest rates. Data from the Australian Bureau of Statistics (ABS) on Tuesday showed retail sales rose 0.2% in February from January, when they picked up a revised 1.8%. Sales of A$35.14 billion ($23.42 billion) were 6.4% higher than a year earlier. The result was just a touch above median forecasts of a rise of 0.1%. ($1 = 1.5004 Australian dollars)Reporting by Stella Qiu; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ China to crack down on malicious online comments damaging reputation of businesses
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: 1 min

BEIJING, March 28 (Reuters) - China plans to clamp down on malicious online comments that damage the reputation of businesses and entrepreneurs, said a Cyberspace Administration official on Tuesday. "False information against enterprises and entrepreneurs, especially private enterprises and private entrepreneurs, appear from time to time, damaging the brand image of enterprises," said Shen Yue, an official with the Cyberspace Administration of China, when answering a question at a news briefing. Shen said it also affects the normal production and operation of enterprises, resulting in economic losses. Reporting by Beijing newsroom; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's LGES revives Arizona battery factory plan with $5.6 bln investment
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

SEOUL, March 24 (Reuters) - South Korea's LG Energy Solution Ltd (LGES) (373220.KS) said on Friday it would invest 7.2 trillion won ($5.58 billion) to build a battery factory in Arizona, reviving a project paused last year due to adverse economic conditions. Friday's announcement comes after LGES in January said it had been in "active discussion" with Tesla and electric vehicle startups to supply batteries from the proposed factory. Automakers and EV battery producers are racing to set up manufacturing in the United States to take advantage of federal subsidies that could generate up to $45 per kilowatt hour (kWh) to offset the costs of production. LGES, which supplies Tesla, General Motors Co (GM.N) and others, also has production sites in South Korea, China, Poland, Canada and Indonesia. Shares of LGES were trading down 1.6% versus a 0.4% fall in the benchmark KOSPI (.KS11) as of 0620 GMT.

☆ China's Huawei makes breakthrough in design tools for 14nm chips and above - media
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Wolfgang Rattay/File PhotoSHENZHEN, China, March 24 - Huawei Technologies Co Ltd (HWT.UL) has made breakthroughs in electronic design automation (EDA) tools for chips produced at and above 14-nanometre technology, Caijing financial news magazine reported on Friday, citing a speech by a senior Huawei executive. Huawei will complete testing on the tools this year, rotating chairman Xu Zhijun said in a speech on Feb 28., Caijing reported. Huawei has developed 78 tools related to chip hardware and software, the report added. Chip design companies use EDA software to produce the blueprints for chips before they are mass manufactured at fabs. China is home to a handful of domestic EDA software makers, but experts do not consider them globally competitive.

☆ Huawei makes breakthroughs in design tools for 14nm chips -media
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

The announcement comes as Huawei and other Chinese technology companies rush to localise their supply chains in the face of mounting U.S. sanctions. According to a transcript of Xu's remarks published by Caijing, Huawei cooperated with domestic EDA companies to create the software, "basically realising the localisation of EDA tools above 14nm." Chip design companies use EDA software to produce the blueprints for chips before they are mass manufactured at fabs. China is home to a handful of domestic EDA software makers, but experts do not consider them globally competitive. All three overseas EDA companies fell subject to Washington's sanctions against Huawei in 2020.

☆ Hong Kong on watch for any 'spillover' from US regional banks
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, March 24 (Reuters) - Hong Kong needs to watch carefully for any further "spillover" from U.S. regional banks, although the city has very little exposure to the situation in European and U.S. financial institutions, the Hong Kong Monetary Authority said on Friday. "The recent events in the U.S. and Europe have very little impact on Hong Kong," Yue said. "The situation is largely stabilised, but we still need to watch whether there will be further spillover, especially to the other U.S. regional banks." Hong Kong and global banks needed to be prepared for any further volatility in the market, he added. Reporting by Donny Kwok and Anne Marie Roantree; Editing by Jacqueline Wong and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. due diligence firm Mintz Group says Beijing office raided, staff detained
▼ + stars: | 2023-03-24 | by ( Michael Martina | ) www.reuters.com time to read: +1 min

WASHINGTON, March 23 (Reuters) - U.S. corporate due diligence firm Mintz Group said on Thursday its Beijing office was raided by authorities and that five Chinese staff have been detained. "We can confirm that Chinese authorities have detained the five staff in Mintz Group’s Beijing office, all of them Chinese nationals, and have closed our operations there," the company said in an emailed statement to Reuters. “Mintz Group received no advance notice of the actions taken in Beijing this week, nor has the company received any official legal notice regarding a case against the company. The company's website says Mintz Group has 18 offices around the world and hundreds of employees. Western due diligence companies have gotten into trouble with Chinese authorities before.

☆ BofA, UBS trim forecast for Fed funds rate amid banking crisis
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

The Fed's benchmark rate stood in the range of 4.75-5% following a quarter percentage point hike on Wednesday. BofA analysts said the consequent unexpected tightening in bank lending standards could substitute for further hikes. BofA and UBS no longer expect an interest rate hike in June and see the Fed funds rate peaking in May at 5-5.25% and 5.25-5.5%, respectively. Goldman Sachs, which expected the Fed to pause on Wednesday, maintained its terminal rate forecast in the 5.25-5.5% range, but now sees rates peaking in June instead of July. Money markets, which priced in a terminal rate close to 6% by September just as early as this month, now see the rate peaking at 4.9% by May.

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