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☆ Club Med owner is bullish on China's reopening, says resort is ‘definitely not for sale'
▼ + stars: | 2023-03-27 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +2 min

In this picture taken on October 12, 2016 a general view shows the Club Med resort in Sanya. Nicolas Asfouri | Afp | Getty ImagesClub Med is "very optimistic" about China's reopening, an executive from Fosun Tourism Group told CNBC Monday, adding that the luxury resort chain is "definitely not for sale." Bloomberg reported in November that Fosun International is exploring "strategic options" for Club Med as a means to reduce debt. "We are actually happy to see if … partners in different parts of the world can give synergy for us, but definitely Club Med is not for sale," said Xu, who is also the CEO of Club Med China. Hong Kong-listed shares of Fosun Tourism Group rose 0.93% while shares of Fosun International were 3% lower on Monday, marking the lowest levels it's seen since December.

☆ Airfares across Asia are sky-high this year. Here’s why
▼ + stars: | 2023-03-24 | by ( Michelle Toh | ) edition.cnn.com time to read: +7 min

But passengers in Asia Pacific are currently grappling with bigger price jumps than other regions, highlighting the uneven global recovery. Economy fares to Asia from North America and Europe are set to rise 9.5% and 9.8% this year from last year, respectively, Amex GBT forecasts show. “In the markets where restrictions have been the last to lift, and hence [flight] capacity last to be restarted, the difference in fares is the highest,” said Aitken. Despite China’s reopening, outbound flight capacity “is currently only at 15% to 20% of pre-Covid levels,” according to Trip.com (TCOM) CEO Jane Sun. The restrictions have remained, and those most heavily impacted are between Asia and North America or Europe.

☆ Most Asian shares reverse early losses after US Fed raises rates by a quarter point
▼ + stars: | 2023-03-23 | by ( Juliana Liu | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Most Asia Pacific shares pared early losses on Thursday, after the US Federal Reserve reaffirmed its dedication to bring down inflation. The broader Topix index was 0.3% lower, reversing some of its early morning losses. South Korea’s Kospi was 0.2% higher, while Australia’s S&P ASX 200 advanced by half a percentage point. Asian shares had opened broadly lower, tracking losses on Wall Street. The Fed raised rates by a quarter point at the conclusion of its two-day meeting, even though its historic rate hiking campaign was a contributing factor in the banking crisis.

☆ Spain's PM Sanchez to go on state visit to China
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

MADRID, March 23 (Reuters) - Spanish Prime Minister Pedro Sanchez will visit China next week following a formal invitation by President Xi Jinping, as the Asian country seeks to position itself as a mediator in the ongoing war in Ukraine. The weight that Spain and Pedro Sanchez have in the world is unquestionable," Bolaños said, adding that "China has a key role to play in mediating the war". Bolaños said the visit would also be important from a trade and economic perspective, as Sanchez plans to meet with the Asia Pacific Forum and Spanish businesses operating in China. Xi has just concluded a three-day trip to Moscow, where he described China's position on the conflict as "impartial". The latest bilateral talks between the two leaders took place in November 2022 during the G-20 summit in Bali, Indonesia.

☆ Asia Pacific shares join US gains as investors await key Fed decision
▼ + stars: | 2023-03-21 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Asia Pacific shares opened higher on Wednesday, tracking US gains, as investors awaited the US Federal Reserve’s next monetary policy decision later in the day. Hong Kong’s benchmark Hang Seng (HSI) index was trading 2.3% higher, leading gains in the region. The MSCI Asia Pacific index, which excludes Japanese companies, was broadly higher, rising 0.8%. On Tuesday, US stocks closed higher as shares of regional banks rebounded from record-breaking losses earlier in the month. The SPDR Regional Banking ETF (KRE), which tracks a number of small and mid-sized bank stocks, gained 5.8% for the day.

☆ Nike's holiday quarter plagued by bloated inventory, weak China sales
▼ + stars: | 2023-03-21 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +4 min

While Nike CEO John Donahoe told investors last quarter he believes the company is past its inventory peak, the company warned gross margins were expected to take a hit during the holiday quarter. During an earnings call with investors Tuesday, executives said they're "increasingly confident" Nike will exit the fiscal year with healthy inventory levels. They also expect to see "even leaner inventory" than they'd anticipated given sales momentum, the executives added. Citing its strong performance in the quarter, Nike now expects fiscal year revenue to grow by high single digits, compared to mid single digit guidance it gave in the prior quarter. In the next quarter, Nike expects flat to low single digit revenue growth.

Credit Suisse employs 50,000 people globally across wealth management, investment banking and asset management operations, with more than 150 offices in 50 countries. Outside its office near Singapore's central business district, nearby coffee shops, usually bustling with bankers from Credit Suisse and rivals, were less crowded early on Monday. UBS warned on Sunday that it would pare back much of Credit Suisse's investment bank, which Credit Suisse had planned to spin off. UBS and Credit Suisse sources said Southeast Asia was among the regions where the banks had the most overlap on the wealth management and investment banking teams. "Investment banking stands out and that could be where the pain is felt most for Credit Suisse," a senior executive at UBS said.

SINGAPORE/HONG KONG, March 20 (Reuters) - Credit Suisse staff arriving to work in Hong Kong and Singapore on Monday morning fretted about retrenchments and retaining business after larger Swiss rival UBS agreed to swallow the 167-year-old bank in a state-backed rescue. Credit Suisse employs 50,000 people globally across wealth management, investment banking and asset management operations, with more than 150 offices in 50 countries. Outside its office near Singapore's central business district, nearby coffee shops, usually bustling with bankers from Credit Suisse and rivals, were less crowded early on Monday. In Hong Kong, Credit Suisse said it would still press ahead with its annual investment conference that kicks off on Tuesday, although media are no longer invited. UBS warned on Sunday that it would pare back much of Credit Suisse's investment bank, which Credit Suisse had planned to spin off.

☆ Asia Pacific stocks rise as banking concerns ease, recession fears continue ahead of Fed meeting
▼ + stars: | 2023-03-20 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Stocks in the Asia Pacific region rose Tuesday as concerns about the global banking sector eased in response to a whirlwind of intervention by policymakers and industry players. The S&P/ASX 200 in Australia jumped 1.3%, boosted by its AXFJ index, a measure of banking stocks, which surged 1.7%. In Hong Kong, the Hang Seng Index (HSI) opened up 0.8%. US stock futures were flat in Asian trade Tuesday, with Dow futures, S&P 500 futures and Nasdaq futures little changed. Still, recession fears continue to dog investors ahead of the US Federal Reserve’s meeting, which is set to conclude Wednesday.

☆ Asia Pacific markets dip after UBS rescue of Credit Suisse
▼ + stars: | 2023-03-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Asia Pacific markets edged slightly lower on Monday morning as investors reacted to news of a Credit Suisse bailout by its bigger rival UBS. In Hong Kong, the Hang Seng Index (HSI) tumbled 1.5% at its opening. On Sunday, Switzerland’s biggest bank, UBS (UBS), agreed to buy Credit Suisse (CS) in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month. “Volatility in Australian financial markets has picked up,” he told a conference Monday. Dow futures and S&P futures each rose 0.6%, while Nasdaq futures ticked up 0.4%.

☆ On the precipice: How Credit Suisse's day of drama unfolded
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +5 min

Fifteen years later, Credit Suisse Group AG found itself on a similar precipice. By the time traders in New York were switching on screens on Wednesday, Credit Suisse had lost more than a fifth of its value. Credit Suisse did not comment for this story but noted recent interviews given by its CEO saying the bank was strong. STILL SMOLDERINGMarkets seemed to calm, but the fresh drama around Credit Suisse jogged memories that the financial system was not out of the woods yet. "We welcome the statement of support," Credit Suisse said.

☆ India's financial crime agency searches Franklin Templeton execs, sources say
▼ + stars: | 2023-03-16 | by ( ) www.cnbc.com time to read: +1 min

India's federal financial crime agency on Thursday conducted searches on Franklin Templeton India's former and current officers in Mumbai in relation to the closure of some funds in 2020, two sources told Reuters on Thursday. The searches are in connection with Franklin Templeton closing six debt schemes in April 2020, which it had blamed on the lack of liquidity due to Covid-19's impact on the markets. Vivek and Rupa Kudva were held guilty of withdrawing their own investments ahead of the winding of the schemes. A spokesperson for Franklin Templeton did not immediately respond to a Reuters request for comments. Vivek and Rupa Kudva could not be immediately reached for comment.

☆ Asian shares rise as fears about rapid Fed hikes, bank crisis fade
▼ + stars: | 2023-03-15 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The rally is unlikely to continue in Europe with European stock futures indicating a lower open. Eurostoxx 50 futures were down 0.07%, German DAX futures up 0.01% and FTSE futures down 0.04%. "It's clearly dominated by a relief rally rather than any inflation angst," said Robert Carnell, regional head of research, Asia Pacific at ING. There were worries that stronger-than-expected data might lead the Fed to go for jumbo-sized hikes to battle inflation. Chinese shares gained with Shanghai Composite Index (.SSEC) 0.46% higher, while Hong Kong's Hang Seng index (.HSI) up 1.75%1.4%.

☆ Asian shares gain as fears about rapid Fed hikes, bank crisis fade
▼ + stars: | 2023-03-15 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

Investors piled back into stocks in U.S. markets overnight as fears about contagion in the banking sector following the collapse of Silicon Valley Bank (SVB) last week eased. Australia's S&P/ASX 200 index (.AXJO) rose 0.33% in early trading, while Japan's Nikkei (.N225) was mostly flat. Chinese shares (.SSEC) were 0.46% higher, while Hong Kong's Hang Seng index (.HSI) rose 1.4%. U.S. Treasury yields extended gains into Asian hours after sharp declines at the start of the week. U.S. crude rose 1.07% to $72.09 per barrel and Brent was at $78.16, up 0.92% on the day.

☆ Asian bank stocks sink as Credit Suisse fear roils markets
▼ + stars: | 2023-03-15 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Banking stocks in Asia fell on Thursday, dragging the broader markets lower, as troubles at Credit Suisse sparked fears that banking turmoil is spreading around the world. The lender said it would borrow up to 50 billion Swiss Francs ($53.7 billion) from the Swiss National Bank. In Hong Kong, Standard Chartered (SCBFF) sank nearly 4%. Local bank BOC Hong Kong was down 3.1%. The bank failures had already forced US regulators to take emergency measures on Sunday to protect deposits at both lenders: Silicon Valley Bank and Signature Bank.

☆ Goldman Sachs' Canute Dalmasse to retire after 21 years - memo
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, March 14 (Reuters) - Canute Dalmasse, Goldman Sach's (GS.N) co-head of Asia Pacific equities distribution and execution, will retire after nearly 21 years with the bank, according to a memo seen by Reuters. Dalmasse joined Goldman Sachs in 2002 as an international sales trader in New York and relocated to Hong Kong in 2006, the memo said. He was previously the head of Hong Kong equities sales trading and later became the co-head of execution services in the Asia Pacific region. The memo said he was named managing director in 2009 and appointed in 2016 as a partner, the most senior position in Goldman Sachs. A Goldman Sachs spokesperson confirmed the contents of the memo.

☆ Asian markets tumble as SVB fears rattle banking sector
▼ + stars: | 2023-03-14 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Investors are now on edge over whether the demise of SVB could spark a broader banking sector meltdown. On Monday, US stocks were mixed, with banking shares taking a hit. In Hong Kong, shares in Bank of China (Hong Kong) and Hang Seng Bank fell 3.7% and 1.3% respectively. Sumitomo Mitsui Financial Group and Mizuho Financial Group both dropped more than 7%. In Seoul, KB Financial Group and Shinhan Financial Group fell 3.6% and 2.5% respectively.

The company showed a preview of a new “Harry Potter” studio tour in the Japanese capital on Wednesday, its first outside the United Kingdom. “We’ve kept it all,” Jeff Nagler, president of worldwide studio operations at Warner Bros., told CNN in an interview in Tokyo. Warner Bros. and CNN share the same parent company, Warner Bros. The films “provided a lot of the profits of Warner Bros. Motion Pictures over the last 25 years,” he told analysts in a November results presentation. “We are very fortunate to have a huge share of the most beloved and globally recognized storytelling IP in the world, including ‘Harry Potter,’” he said.

☆ Supercore inflation: Why the Fed suddenly cares about your barbershop and plumbing bills
▼ + stars: | 2023-03-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

Hence, supercore inflation equals the inflation of a basket of goods and services, minus the food and energy inflation, and minus the housing inflation. This ultra-focussed lens is what makes the set of prices in the inflation measure "supercore." supercore inflation, "may be the most important category for understanding the future evolution of core inflation," Fed Chair Jerome Powell said in November. "Traditionally, the Fed focused on core inflation because the components were deemed to be less volatile — and by extension, transitory. Not all economists think supercore inflation is all it's hyped up to beBut not all economists are convinced about the focus on supercore inflation.

☆ US futures and Asia Pacific stocks react to SVB recovery efforts
▼ + stars: | 2023-03-13 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

On Sunday, the Biden administration promised that customers of the failed Silicon Valley Bank (SVB) and Signature Bank would have access to all their money starting Monday. In a joint statement, US Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg said the FDIC will make SVB and Signature Bank’s customers whole. In a related action, the government shut down Signature Bank, a regional bank that was teetering on the brink of collapse in recent days. “Cross-asset traders of all stripes are heaving a sigh of relief as bank runs have a tendency to catch on globally,” he told CNN. Bank shares in Asia were under pressure Monday, following a heavy rout for their US and European counterparts late last week.

☆ From Apple to Boeing, India is being put to the test as China manufacturing alternative
▼ + stars: | 2023-03-12 | by ( Vikram Barhat | ) www.cnbc.com time to read: +6 min

Bloomberg | Bloomberg | Getty ImagesThe ties between American companies and India as a manufacturing and supply chain partner are getting deeper. The Boeing deal is indicative of the wider trend among global manufacturers including Apple, Samsung and Nokia, to accelerate manufacturing in India. As far back as 2014 it launched the "Make in India" campaign to raise the profile of India as a global manufacturing hub and encourage multinational companies to produce in India. Boeing, Air India issues The partners have their internal issues to work through. That's on top of the hurdles foreign companies can expect to face in India's accleration as a manufacturing and supply chain partner.

As debt obligations mount, some local governments are pushing banks to extend maturities and cut interest rates, sources said. Reuters Graphics"BLACK HOLES""The LGFVs have become the black hole of the Chinese financial system. Chinese banks and other financial institutions have been cautious on new lending to LGFVs over the past years. In recent months, some state-owned banks, asset managers, and insurers have been looking into their portfolios to screen LGFV borrowers with weaker creditworthiness and dispose them, separate financial sector sources told Reuters. Offshore branches of Chinese financial institutions have been major buyers of the bonds, industry sources said.

☆ Prada sees solid revenue growth for 2023 after beating expectations last year
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

MILAN, March 9 (Reuters) - Italy's Prada said on Thursday it expects revenue growth to outpace rivals this year, after sales exceeded analyst expectations in 2022 thanks to a strong performance in Europe. "In 2023, we expect revenue growth to remain solid and above market average," Prada's new Chief Executive Andrea Guerra said in the statement, adding that China had started again to be "an engine of growth". Prada said net sales grew 63% in Europe with a strong performance across the region, sustained by local demand and an upturn in tourism throughout the year. Revenue growth in the Americas stood at 22% with a "normalisation" in the second half of last year. The growth in Asia Pacific was hit by the lockdowns in China, but the strong performance in South Korea and South East Asia helped to contain the decline.

☆ Asian shares stutter, dollar buoyant as data supports hawkish Powell
▼ + stars: | 2023-03-09 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.2% on Thursday, extending a drop of 1.4% the previous session. S&P 500 futures eased 0.1% and Nasdaq futures were off 0.3%Inflation data out of China showed on Thursday that domestic demand still remained tepid. The U.S. dollar index, measuring the greenback's value against a basket of major peers, hovered close to a three-month top at 105.6. The central bank on Wednesday left its key overnight interest rate on hold, becoming the first major central bank to suspend its monetary tightening campaign. On Thursday, the two-year Treasury yields held close to its 15 year highs at 5.0553%, while the benchmark 10-year yields were steady at 3.9775%.

"Credit Suisse remains committed to our investment banking & capital markets clients throughout the APAC (Asia Pacific) region," the company told Reuters in response to a query. Credit Suisse's restructuring plan includes creating a separate unit for its investment bank under the CS First Boston brand. Reuters was not immediately able to ascertain whether the few remaining staff at Credit Suisse's Japanese investment banking division would be shifted to the new unit. Credit Suisse also runs wealth management, equity research, securities trading and asset management businesses in Japan. Some of the major deals that Credit Suisse advised on in Japan included Hitachi Ltd's (6501.T) $9.6 billion acquisition of U.S. software company GlobalLogic Inc.

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