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☆ Chinese firm invents lockdown-inspired kissing machine for remote lovers
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +3 min

[1/3] Jing Zhiyuan uses a remote kissing device "Long Lost Touch", as he demonstrates how to use it during an interview with Reuters, at his home in Beijing, China March 12, 2023. Users can even download kissing data submitted via an accompanying app by other users. In the two weeks after its release, the firm sold over 3,000 kissing machines and received about 20,000 orders, he said. To use it, lovers must download an app onto their smartphones and pair their kissing machines, which they plug into the phone charging port. MUA is not the first remote kissing device.

☆ Relativity's debut rocket launch proves durability, fails in space
▼ + stars: | 2023-03-23 | by ( Joey Roulette | ) www.reuters.com time to read: +1 min

WASHINGTON, March 22 (Reuters) - Relativity Space's 3D-printed rocket lifted off for the first time on Wednesday, passing a key milestone to demonstrate the vehicle's in-flight strength before its second stage failed upon reaching space, a company live stream showed. The California-based company's 110-foot tall Terran 1 rocket, which is 85% made of 3D-printed parts, lifted off on its debut flight around 11:25 p.m. EDT (0325 GMT on Thursday) from a launchpad at Florida's Cape Canaveral Space Force Base. Upon reaching space, the rocket's second stage engine appeared to briefly ignite but failed to achieve thrust, ultimately failing to reach orbit. "While we didn't make it all the way today, we gathered enough data to show that flying 3D-printed rockets is possible," Relativity Test Program Manager Arwa Tizani Kelly said on the company's live video stream. Reporting by Joey Roulette; Editing by Christopher Cushing and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar eases as investors ponder outlook for Fed rates
▼ + stars: | 2023-03-22 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

Markets are pricing in about a 15% chance of the Fed not increasing rates, with a roughly 85% chance of a 25 basis point hike, according to the CME FedWatch tool. Just a month earlier, the market was pricing in a 24% chance of a 50 basis point hike. The Fed meeting concludes on Wednesday with the 2 p.m. EDT (1800 GMT) release of a policy statement followed half an hour later by a news conference by Powell. "This wish list should see dollar trade on the softer profile and risk proxies trade steadily". The euro was last down 0.4% against sterling at 87.81 pence, while gaining 0.2% against the dollar to trade at $1.079.

☆ Dollar muted as traders await Fed rate decision
▼ + stars: | 2023-03-22 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The U.S. dollar index , which measures the currency against six peers, was at 103.19, just above the five-week low of 102.99 touched overnight. Markets are now pricing in about a 15% chance of the Fed not increasing rates, with a roughly 85% chance of a 25 basis point hike, showed the CME FedWatch tool. Just a month earlier, the market was pricing in a 24% chance of a 50 basis point hike. Such circumstances would usually be ripe for a return to a 50 basis point hike were it not for worries over financial stability, he said. The Australian dollar rose 0.36% to $0.6694, while the New Zealand dollar gained 0.11% to $0.6199.

☆ Dollar subdued ahead of Fed rate decision
▼ + stars: | 2023-03-22 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The U.S. dollar index , which measures the currency against six peers, was at 103.22, just above the five-week low of 102.99 touched overnight. Markets are now pricing in about a 14% chance of the Fed not increasing rates, with a roughly 86% chance of a 25 basis point hike, showed the CME FedWatch tool. Just a month earlier, the market was pricing in a 24% chance of a 50 basis point hike. Such circumstances would usually be ripe for a return to a 50 basis point hike were it not for worries over financial stability, he said. The Australian dollar rose 0.04% to $0.667, while the New Zealand dollar fell 0.16% to $0.618.

SAN FRANCISCO, March 21 (Reuters) - Nvidia Corp (NVDA.O), the U.S. semiconductor designer that dominates the market for artificial intelligence (AI) chips, said it has modified its flagship product into a version that is legal to export to China. On Tuesday, the company said it has similarly developed a China-export version of its H100 chip. The rules around AI chips imposed a test that bans those with both powerful computing capabilities and high chip-to-chip data transfer rates. A chip industry source in China told Reuters the H800 mainly reduced the chip-to-chip data transfer rate to about half the rate of the flagship H100. The Nvidia spokesperson declined to say how the China-focused H800 differs from the H100, except that "our 800 series products are fully compliant with export control regulations."

☆ Asia banks may face difficulty bolstering capital via AT1s - Citi
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

The challenge will be particularly acute for a large number of smaller banks in Asia more reliant on AT1s compared with Western peers due to tighter regulatory liquidity requirements. AT1 bonds, which can be converted to equity, rank higher than shares in the capital structure of a bank. The write-down to zero at Credit Suisse will produce the largest loss in the $275 billion AT1 market to date. Citi said in its note it expected the Credit Suisse fallout to trigger re-pricing of AT1 across Asian banks' capital structures. "Regulators may tighten capital and liquidity requirements, which may impact smaller banks more," Citi said in the research note.

☆ Unity aims to open generative AI marketplace for video game developers
▼ + stars: | 2023-03-22 | by ( Anna Tong | ) www.reuters.com time to read: +2 min

March 22 - Unity Software Inc (U.N), producer of the eponymous video game development environment, aims to open a marketplace for generative artificial intelligence (AI) software, Chief Executive John Riccitiello told Reuters. Game developers routinely spend significant resources creating assets such as characters and sound effects. Major software firms have since announced a flurry of generative AI projects to capitalize on what is widely seen as game-changing technology. "In every video game in history, the dialogue was written by somebody," Riccitiello said in an interview on Tuesday. "But now what you can do with (generative AI) is give these characters motivation, personality, and objectives and then they can spawn dialogue that doesn't require a writer."

☆ US funding stress metric hits three-month high as crisis rattles regional banks
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 20 (Reuters) - A market-based indicator of stress in the U.S. banking system jumped on Monday to its highest in three months, as turmoil engulfed regional lenders following the collapse of Silicon Valley Bank. The gap between the U.S. three-month forward rate agreement and the three-month overnight index swap rate, a funding stress indicator, rose to around 18 basis points in London trade from 23.7 bps on Thursday. The so-called FRA/OIS spread which is used to gauge U.S. banking sector stress jumped to 18.2 bps, from closer to 12 bps last week, its highest since Dec. 22. A U.S. official said on Sunday that the deposit outflows that left many regional banks reeling in the wake of SVB's failure had slowed and in some cases reversed, as investors tried to ascertain whether the crisis was contained. Reporting by Amanda Cooper; Editing by Yoruk Baceli and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ New York Community Bancorp unit to buy Signature Bank assets, FDIC says
▼ + stars: | 2023-03-20 | by ( Pete Schroeder | ) www.reuters.com time to read: +1 min

WASHINGTON, March 19 (Reuters) - A subsidiary of New York Community Bancorp (NYCB.N) has entered into an agreement with U.S. regulators to buy deposits and loans from New York-based Signature Bank (SBNY.O), which was closed a week ago. Roughly $60 billion of Signature Bank's loans and $4 billion of its deposits would remain with it in receivership, the agency said. The statement did not refer to the other, Silicon Valley Bank (SVB) , a much larger bank that regulators took over two days before Signature. Signature had $110.36 billion in assets, whereas SVB had $209 billion. Under the arrangement for Signature Bank assets, Flagstar will buy $12.9 billion of loans at a discount of $2.7 billion.

☆ BOJ debated side effects of easy policy at March meeting
▼ + stars: | 2023-03-20 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

At the March meeting, the BOJ maintained its ultra-loose policy, including a controversial 0.5% cap for the 10-year bond yield that had come under attack from markets betting on a near-term interest rate hike. But some members voiced concern over lingering distortions in the yield curve, which the BOJ sought to contain in December by raising the 10-year bond yield cap to 0.5% from 0.25%. At the time of the March meeting, the BOJ had been forced to ramp up bond buying to defend its 0.5% cap for the 10-year bond yield. The tussle with market participants betting on a near-term rate hike kept the 10-year yield pinned at the 0.5% ceiling, instead of fluctuating more freely as the BOJ had hoped. The 10-year bond yield was 0.250% on Monday, well off the BOJ's 0.5% cap, as investors loaded up on JGBs that are considered safe-haven assets favoured in times of market stress.

☆ FDIC announces agreement to sell Signature Bank assets to New York Community Bancorp
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, March 19 (Reuters) - A subsidiary of New York Community Bancorp (NYCB.N) has entered into an agreement with U.S. regulators to purchase deposits and loans from New York-based Signature Bank (SBNY.O), which was closed earlier this month. The Federal Deposit Insurance Corporation said the deal would see Flagstar Bank, the subsidiary, assume substantially all deposits and certain loan portfolios, and all 40 of Signature Bank's former branches. The FDIC said roughly $60 billion of the bank's loans and $4 billion of its deposits will remain in receivership. Reporting by Pete Schroeder; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Xi: China's proposal on Ukraine reflects unity of global views
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

March 20 (Reuters) - Chinese President Xi Jinping said on Monday that Beijing's proposal on how to solve the Ukraine crisis reflects global views and seeks to neutralise consequences, but acknowledged that the solutions are not easy. The China proposal, a 12-point paper released last month, represents "as much as possible the unity of the world community's views," Xi wrote in an article in Rossiiskaya Gazeta, a daily published by the Russian government, according to Reuters' translation from Russian. Xi has been seeking to present China as a global peace maker and project it as a responsible great power. A peaceful resolution to the situation in Ukraine, Xi wrote, would also "ensure the stability of global production and supply chains." "There is no universal model of government and there is no world order where the decisive word belongs to a single country," Xi wrote.

☆ Relief rally on bank rescue lifts riskier currencies; dollar slips
▼ + stars: | 2023-03-17 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The Aussie jumped 0.76% to $0.6708 in Asia trade on Friday, while the kiwi rose 0.69% to $0.6239. The move followed Credit Suisse's (CSGN.S) announcement earlier on Thursday that it would borrow up to $54 billion from the Swiss National Bank, after the central bank threw a financial lifeline to the embattled Swiss lender. Earlier in the week, the Swissie had plunged the most against the dollar in a day since 2015. It was last 0.56% higher at 133.01 per dollar, on track to rise more than 1% for the week. Reporting by Rae Wee; Editing by Bradley Perrett and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen joins China price war as new emissions rule looms
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

Guangzhou Automobile Group, the Chinese partner of both Honda Motor Co Ltd and Toyota Motor Corp (7203.T), has also offered subsidies running from March 15 to March 31. Chinese passenger vehicle sales fell 20% in January-February, industry data showed, even as some manufacturers offered reduced prices to stimulate demand. Sales of new energy vehicles, which include all-battery and plug-in battery-petrol hybrid vehicles, grew faster than the overall market, accounting for over 30% in February. In the same month, Chinese electric vehicle maker BYD Co Ltd (002594.SZ) outsold Volkswagen-branded cars for the second month in four. ($1 = 6.8923 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Editing by Himani Sarkar and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ NZ banks operating above minimum regulatory requirements -central bank
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - New Zealand's central bank said on Friday all banks in the country were currently operating above its minimum regulatory requirements and that it was closely monitoring the turmoil in global financial markets. "Our rigorous stress testing has shown that they are well-placed to deal with far more adverse situations than what we are currently experiencing." Banking stocks globally have been battered since the collapse of Silicon Valley Bank. On Thursday, Credit Suisse (CSGN.S) said it will borrow up to $54 billion from Switzerland's central bank to shore up liquidity. Reporting by Renju Jose in Sydney; Editing by Alasdair Pal and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ SAIC-Volkswagen offers $537 mln in subsidies through April 30
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

Guangzhou Automobile Group, the Chinese partner of both Honda Motor Co Ltd and Toyota Motor Corp (7203.T), has also offered subsidies running from March 15 to March 31. Chinese passenger vehicle sales fell 20% in January-February, industry data showed, even as some manufacturers offered reduced prices to stimulate demand. Sales of new energy vehicles, which include all-battery and plug-in battery-petrol hybrid vehicles, grew faster than the overall market, accounting for over 30% in February. In the same month, Chinese electric vehicle maker BYD Co Ltd (002594.SZ) outsold Volkswagen-branded cars for the second month in four. ($1 = 6.8923 Chinese yuan renminbi)Reporting by Zoey Zhang and Brenda Goh; Editing by Himani Sarkar and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Asian markets take breather from banking turmoil, capping tumultuous week
▼ + stars: | 2023-03-17 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.9% on Friday, erasing earlier losses this week. S&P 500 futures eased 0.1% and Nasdaq futures were flat after major U.S. stock indices rallied hard on easing fear of a global banking crisis. This is a theme other central banks are likely to echo," said James Rossiter, head of global macro strategy at TD Securities. Yields were, however, headed for the steepest weekly decline since February 2020 when markets were thrown into chaos by COVID-19 fear. "The past week has provided an unwelcome reminder of the inherent fragility of banking systems," said analysts at Capital Economics in a note to client.

☆ Analysis: Chinese suppliers race to Vietnam as COVID let-up opens escape route from Sino-U.S. trade war
▼ + stars: | 2023-03-16 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +6 min

Adding impetus to the move is the increasing cost of labour in China, expanding U.S. restrictions on high-tech-related trade with China, and tit-for-tat tariffs from a Sino-U.S. trade war that triggered a past wave of Chinese investment in Vietnam. "Enquiries from Chinese firms about manufacturing investment in Vietnam grew exponentially in the last quarter of last year," said Michael Chan, senior director of leasing at industrial real estate specialist BW Industrial Development. "Chinese investment has also increased remarkably," he said. Chinese firms also experience longer times to obtain staff visas and work permits, said Filippo Bortoletti, who heads the Vietnamese unit of investment consultancy Dezan Shira. "Chinese companies move here mostly to serve their clients who moved earlier," said BW Industrial Development's Chan.

It would help organize a $2.25 billion stock sale for SVB to fill the funding gap caused by the bond portfolio sale, two of the sources said. It is unclear whether Goldman has held onto all or part of the bond portfolio or sold it. In a regulatory filing on Tuesday, SVB said its bond portfolio sales to Goldman were done at "negotiated prices". Goldman was not paid the underwriting fee it had agreed for the stock sale because that deal fell through, two of the sources said. UNDISCLOSED ROLESVB did not disclose in its stock sale prospectus to investors that Goldman was the acquirer of the bond portfolio it sold at a loss.

☆ Morning Bid: ECB into the eye of banking storm
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Tom WestbrookThe European Central Bank (ECB) meets today for the first big test of policymakers' response to bank stability fears that are sweeping the globe. It's not entirely clear if that's reassuring or even more worrisome, but traders have initially gone with the former. Bank stocks in Hong Kong (.HSCIF), Sydney (.AXFJ) and Tokyo (.IBNKS.T) opened down but crept from lows during the day. A big interest rate hike, even if justified by economic conditions, can unleash fear that more banks - or something else - is going to break. Either way, the outcome will test markets' dramatic repricing of the worldwide interest rate outlook in recent days.

[1/2] Saudi Crown Prince Mohammed bin Salman attends an Arab summit with U.S. President Joe Biden (not seen), in Jeddah, Saudi Arabia, July 16, 2022. If the resolution passes, the administration must submit the report within 30 days, or all security assistance to the country automatically stops. After the report is received, the act stipulates that Congress may adopt a joint resolution terminating, restricting or continuing security assistance to that country. Aides said it was too soon to assess how the resolution would be received, but they hoped it would trigger a broader conversation about human rights. Murphy, long a vocal critic of the conflict in Yemen and Riyadh's record on human rights, praised Biden for being willing to reassess ties.

☆ Malaysia says its banks have limited exposure to Silicon Valley Bank crisis
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, March 15 (Reuters) - Malaysia's government on Wednesday said the country's banks have limited exposure to Silicon Valley Bank that collapsed last week in the United States, triggering fear of contagion. "Based on an assessment by authorities in Malaysia, the exposure of local banks to this crisis in the United States is minimal and limited," Deputy Finance Minister Steven Sim said in parliament. Regular stress tests are carried out within the banking system to ensure Malaysia is prepared to withstand any market pressure, Sim said. Silicon Valley Bank collapsed on Friday in the biggest U.S. bank failure since the 2008 financial crisis. Reporting by Rozanna Latiff; Writing by A. Ananthalakshmi; Editing by Ed Davies and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Samsung Electronics to invest $230 bln through 2042 in South Korea chipmaking base
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

SEOUL, March 15 (Reuters) - Samsung Electronics Co Ltd (005930.KS) on Wednesday said it will invest around 300 trillion won ($230 billion) by 2042 to develop what the government called the world's largest chip-making base, in line with efforts to enhance South Korea's chip industry. The amount makes up most of the 550 trillion won in private-sector investment announced by the government on Wednesday, under a strategy that expands tax breaks and infrastructure support to increase the competitiveness of high-tech industries including those involving chips, displays and batteries. Samsung's manufacturing additions will include five chip factories and attract up to 150 materials, parts and equipment makers, fabless chipmakers and semiconductor research-and-development organisations, the Ministry of Trade, Industry and Energy said in a statement. South Korea, home to the world's two biggest memory chip makers, Samsung Electronics and SK Hynix Inc (000660.KS), is seeking to improve supply-chain stability to become a major player in the non-memory chip field, currently dominated by chipmakers such as Taiwan Semiconductor Manufacturing Co Ltd (2330.TW) and Intel Corp (INTC.O). ($1 = 1,305.1200 won)Reporting by Heekyong Yang and Joyce Lee; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Older workers pull South Korea jobless rate down to record low
▼ + stars: | 2023-03-15 | by ( Choonsik Yoo | ) www.reuters.com time to read: +1 min

SEOUL, March 15 (Reuters) - South Korea's unemployment rate has fallen back to a record low, data showed on Wednesday, mainly due to increased employment among people aged 60 and over, and as shrinking exports and a sluggish housing market have yet to significantly hit payrolls. The unemployment rate was 2.6% in February versus 2.9% in January on a seasonally adjusted basis, matching a record low also touched in August, showed data from Statistics Korea. "Manufacturing and construction sectors, among others, will soon begin to show the effects of shrinking exports and a weakening housing market," said Park Sang-hyun at HI Investment and Securities. People aged 60 or older contributed most to the declining unemployment rate with the figure in this age group falling to 1.6% from 2.6% a month earlier. Reporting by Choonsik Yoo; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

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