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☆ Credit Suisse obtains key approval to launch wealth business in China
▼ + stars: | 2023-03-08 | by ( Selena Li | ) www.reuters.com time to read: +2 min

HONG KONG, March 8 (Reuters) - Credit Suisse (CSGN.S) has received regulatory green light from China after years of waiting to launch a full-fledged wealth management business in the world's second-biggest economy, according to a company memo reviewed by Reuters. The expansion comes after the lender suffered worse-than-expected global wealth outflows of 92.7 billion Swiss francs ($98.29 billion) in the fourth quarter. Credit Suisse Securities (China), the company's China joint venture, recently obtained an investment consultancy license, which allows it to create and distribute equity research products onshore and to engage in investment advisory services, according to the memo. Credit Suisse "plans to double the number of relationship managers in China in 2023," said Benjamin Cavalli, the company's head of wealth management for Asia Pacific, without providing details on how many relationship managers it currently has. Total assets at Credit Suisse's wealth division fell to 540.5 billion Swiss francs by the end of last year from 742.6 billion francs a year earlier.

☆ Adani fallout could have political implications for India in the longer term, economist says
▼ + stars: | 2023-03-08 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

The fallout from the Adani Group turmoil could have political implications for India, said a chief Asia Pacific economist at Natixis. While corporate governance issues affect countries globally, what is different about the Adani case for India is that its "highly political," Alicia Garcia Herrero told CNBC's "Squawk Box Asia" on Tuesday. Indian billionaire founder Gautam Adani has been under scrutiny after allegations in January from U.S. short-seller firm Hindenburg Research that accused the Adani Group of companies of fraud. Adani, India's top industrialist, has since lost his crown as Asia's wealthiest man. However, the long-term political fallout for India remains to be seen, the economist said.

☆ Bank of America sees lithium surplus in 2023 as demand eases
▼ + stars: | 2023-03-07 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

"We see a lot of supply coming out from lithium mines ... We are expecting 38% lithium supply growth this year. That's why 2023 is likely to turn into a surplus year for lithium," Zhao told CNBC. She also said she expects China's electric vehicle demand growth to slow from 95% last year to 22% this year. In the two years ending December 2021, lithium carbonate spot prices rose 5% to stand at 277,500 yuan per ton. But subsequently surged to a record high of almost 600,000 yuan per ton in November 2022, more than 12 times January 2021 prices.

☆ Travel demand fuels a boom in Asia Pacific — in hotel rates
▼ + stars: | 2023-03-05 | by ( Monica Pitrelli | Chris Dwyer | ) www.cnbc.com time to read: +5 min

Hotel rates are at an "all-time high," Alan Watts, Hilton's Asia-Pacific president, told "Squawk Box Asia" on Thursday. In parts of Asia Pacific, hotel rates are climbing even higher. Rates in Asia are skyrocketingThe travel boom in Asia Pacific has been "phenomenal," said Watts. Average hotel rates across Southeast Asia have gone up more than 10% since 2022, according to data from the travel booking company Traveloka. Ctrip, the leading travel booking website in China, also told CNBC that average hotel booking prices in Bangkok jumped by around 70% in late January.

HONG KONG, March 3 (Reuters) - Bank of America (BAC.N) and Citigroup (C.N) have cut some investment banking jobs in Asia, people familiar with the matter told Reuters, joining global peers in paring headcount as China dealmaking slows. Citi on Thursday trimmed four jobs from its China investment banking team, said one of the two people and a separate person. BofA and Citi both declined to comment on layoffs involving investment bankers in Asia. JPMorgan (JPM.N) has also cut around 20 investment banking jobs, mostly mid-level bankers focused on China deals, according to two separate sources. Nomura Holdings Inc (8604.T) has cut 18 Asian banking jobs, most of them China-focused investment banking roles, sources have said.

☆ Benioff more than delivers with Salesforce's fourth-quarter beat and sky-high guidance
▼ + stars: | 2023-03-01 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

Club holding Salesforce (CRM)'s fiscal fourth-quarter results crushed expectations across the board Wednesday, while its forward guidance made clear CEO Mark Benioff is uniquely positioned to deliver profitability at the enterprise software pioneer. Operating cash flow surged nearly 41% from the previous year, to $2.79 billion, beating estimates of $2.5 billion. Benioff said management is "reigniting [Salesforce's] performance culture" and doubling down on the accountable management of its sales organization, while reducing headcount and consolidating the company's real estate footprint. The company is trying to better integrate acquisitions and prioritizing those "core innovations that are driving customer success," Benioff said. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Hedge funds unimpressed by Chinese internet giants' peppy earnings
▼ + stars: | 2023-02-28 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 28 (Reuters) - A set of bumper earnings reports from the likes of Baidu Inc and other Chinese internet giants isn't impressing hedge funds and other investors who have cut exposure to the stocks and seem to be waiting for more good news. Despite easily beating expectations for their earnings and giving optimistic forecasts for the recovery in demand, shares in both companies fell. Mark Dong, co-founder of Minority Asset Management, who is based in Hong Kong, says expectations for Chinese growth are clouded by doubts over how Beijing plans to stimulate the economy and deal with external risks. The internet sector index (.H11137) nearly doubled between late-October and January but has since fallen 20%. Global hedge funds such as Bridgewater Associates, Tiger Asset Management and Coatue Management are big holders of China internet stocks, which makes the sector more vulnerable to the global economic cycle and geopolitical tensions.

REUTERS/Florence Lo/Illustration/File PhotoHONG KONG, Feb 27 (Reuters) - JPMorgan (JPM.N) is proposing a new Asia credit index with slashed China weighting in parallel to its existing $85 billion Asia credit index, two sources said, amid growing geopolitical tensions and dimming appetite for Chinese property bonds. For the new index, JPMorgan has suggested the weighting of China be cut to close to 30% compared with a level of about 43% in its existing JPMorgan Asia credit index (.JPMACI) (JACI) in which China is the largest component, according to one person with direct knowledge of the matter. JACI is a premier Asia credit index, tracked by fund managers controlling more than $85 billion worth of assets, according to the January proposal. INDEX RESHUFFLEThe proposal to reduce China weighting came after some fund managers pushed JPMorgan to cut JACI's China debt exposure, two sources said, as its poor performance dragged down popularity of the passive products that track the index. Jane Cai, a fixed income portfolio manager at China Asset Management (Hong Kong), said at a media briefing this month that JPMorgan was also internally discussing an ex-China Asia credit index.

☆ Asia markets set to fall after Wall St logs worst week for the year
▼ + stars: | 2023-02-27 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The Tokyo Tower, center, stands illuminated in Tokyo, Japan, on Wednesday, Oct. 23, 2019. Under Abenomics, as its known, the price goal was supposed to be achieved in just two years. Photographer: Keith Bedford /Bloomberg via Getty ImagesAsia Pacific markets are set to start the week lower on Monday after major indexes on Wall Street recorded their worst week for 2023. In Australia, the S&P/ASX 200 opened 0.95% lower, while Japanese markets are also headed for a lower open. Japan will also release its unemployment numbers later in the week.

Asia Pacific markets are set to open mixed on Friday as investors await key U.S. economic data, as well as developments in Japan. In Australia, the S&P/ASX 200 's opened fractionally lower, while Japanese markets are set to trade higher. Japan's consumer price index is expected to come in on Friday, with economists forecasting a CPI figure of 4.2%. In Southeast Asia, Malaysia is expected to see its CPI numbers for January released in the afternoon. Singapore will also await its January manufacturing output figures, expected to come in at 2.9% on an annualized basis.

☆ Bausch Health's stock soars on solid quarterly results, but we have concerns about the recovery
▼ + stars: | 2023-02-23 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

Bottom line The Canadian specialty pharmaceuticals company reported solid results for the fourth quarter, along with favorable forward guidance. Bausch management on Thursday did not offer additional information, other than to reiterate its confidence in the strength of the company's patents. Bausch Health previously started the separation process via an initial public offering of Bausch + Lomb in May 2022. Results at the diversified products division — which includes neurology pharmaceutical products, generics and dentistry products — were hampered by generic competition. Notably, as Bausch Health owns most of Bausch + Lomb, the latter's financials still appear on Thursday's results.

☆ Asia-Pacific markets mixed as investors digest Fed minutes
▼ + stars: | 2023-02-23 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

"Singapore's external sector had another very tough month in January, and we doubt this marks the bottom," an economist said. Asia Pacific markets opened mixed on Thursday after the U.S. Federal Reserve released the minutes of its most recent meeting that showed central bank members are still committed to fighting inflation with rate hikes. The S&P/ASX 200 opened 0.21% lower, while the South Korean Kospi started the day 0.5% higher and the Kosdaq rose 0.45% higher. A poll of 42 economists expect the Bank of Korea to hold its lending rate at 3.5%. Hong Kong and Singapore are expected to release their consumer price indexes, with Singapore's CPI expected to come in at 7.1% for January.

☆ Asia-Pacific's highly skilled digital workers earn up to 65% more than their peers, survey shows
▼ + stars: | 2023-02-22 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Higher salariesThe findings revealed the more highly skilled digital workers are, on average, drawing 58% higher wages than their peers who do not use digital skills at all. For the 28% who actually use a computer, only 8% use advanced digital skills while 14% use basic digital skills. Advanced digital workers in Indonesia are twice as likely to be highly satisfied with their jobs as compared to basic digital workers. On the other hand, job satisfaction of basic digital and advanced digital workers are nearly on par in high-income countries such as Australia and Japan. While almost two-thirds, or 63%, of the most advanced digital workers possess digital certifications, they do not have a bachelor's degree.

☆ Australia wage growth hits decade high, but misses forecasts
▼ + stars: | 2023-02-22 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

Figures from the Australian Bureau of Statistics out on Wednesday showed its wage price index rose 0.8% in the December quarter from the previous quarter, under forecasts of a 1.0% increase. Markets had been braced for an upside surprise and quickly reacted by pushing the Australian dollar down 20 ticks to $0.6847 , while futures scaled back slightly the likely future peak for interest rates. As a result, markets had wagered interest rates could peak as high as 4.35%, but that tempered toward 4.1% following the wages news. The RBA had forecast wage growth of 3.5% for last quarter, so the actual outcome should be a pleasant surprise. "Wage growth was weaker than the RBA had expected last quarter and we think it won’t accelerate as rapidly as the RBA anticipates," said Marcel Thieliant, head of Asia Pacific economics at Capital Economics.

☆ Brookfield consortium trims offer for Australia's Origin Energy to $10.5 billion
▼ + stars: | 2023-02-21 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +3 min

Feb 22 (Reuters) - A Brookfield-led consortium trimmed its offer for Origin Energy by 1% on Wednesday, valuing Australia's no.2 power producer and energy retailer at A$15.33 billion ($10.5 billion), after government moves to cap gas prices hit valuations in the sector. The consortium's first offer in November of A$9 per share was a near 55% premium to its previous close and valued Origin A$15.5 billion. Argo Investments, Origin's ninth largest investor, said the revised offer was still good value for the takeover target. The revised offer comprises A$8.90 apiece for the first 100,000 Origin shares. Almost 75% of Origin's shareholders own fewer than 100,000 shares, according to its annual report.

☆ TikTok stirs up Starbucks workforce solutions
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Feb 21 (Reuters Breakingviews) - Starbucks (SBUX.O) is embracing the buzz. The coffee chain filed a new patent for a machine to help customize complicated beverages, according to a Business Insider report on Monday. Incoming Chief Executive Laxman Narasimhan faces staffers increasingly eager to unionize just as U.S. labor shortages hover at highs. It is therefore hardly surprising that $123 billion Starbucks wants to streamline drink-making processes. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Aussie supermarkets set to capitalise on high inflation, but softer demand ahead
▼ + stars: | 2023-02-19 | by ( Harshita Swaminathan | ) www.reuters.com time to read: 1 min

Cyclone death toll in New Zealand rises to nine as recovery continues, article with videoAsia Pacific category · February 18, 2023The death toll from Cyclone Gabrielle in New Zealand rose to nine on Saturday as the clean-up continued on the battered North Island and authorities worked to find missing people.

☆ South Korea, U.S. stage combined air drill in response to North Korea missile launch
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: 1 min

Ten years ago, he quit his job at the bank to live off dividends. May was his record month last year; he earned over 35,000 euros in dividends, Jonen said. "If you want to live off dividends, you have to start in your mid-20s. Exchange Traded Funds, or ETFs, are investment trusts that investors trade on the stock exchange in a way similar to regular stocks. Moving forward, Jonen said he wants to increase his positions, especially in the dividend ETFs, as they don't require much effort.

☆ European markets expected to open lower after week of key data
▼ + stars: | 2023-02-17 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

European markets are expected to open lower Friday as investors continue to assess the impact of inflation and production data from the U.S. and U.K. and company earnings. The pan-European Stoxx 600 index closed slightly higher Thursday after a choppy session that saw France's CAC 40 index hit an all-time intraday high. In the U.S., wholesale prices rose 0.7% in January, which was more than expected and encouraged fears over the country's stubbornly high inflation metrics. U.S. stock futures slipped Thursday night on the news. Asia Pacific markets traded lower on Friday as investors digested more economic data out of the U.S. and more hawkish commentary from the Federal Reserve.

☆ Starbucks doubles down on Asia Pacific with biggest expansion in five years
▼ + stars: | 2023-02-16 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Starbucks will open more than 400 stores across Asia Pacific in 2023, marking its biggest expansion in the region in five years. “We are seeing headwinds shifting to tailwinds across markets around the world, including the Asia Pacific region, and continued recovery coming out of the pandemic,” he said in the statement. The metric refers to sales at stores open at least 13 months. The company’s locations elsewhere proved to be bright spots during the quarter, with revenue jumping by more than 20% year-on-year for Asia Pacific, Conway said during the presentation. Drive-thrus are becoming more popular, as customers look for more convenience, according to Emmy Kan, the firm’s Asia Pacific president.

☆ Analysis: Why China's reopening isn't inflationary
▼ + stars: | 2023-02-16 | by ( Rae Wee | ) www.reuters.com time to read: +6 min

However, economists see no challenge to global inflation, pointing instead to Chinese President Xi Jinping's new blueprint for self-sufficiency, broader prosperity and a socialist ideology as checks on big-ticket shopping. The slack in China's labour markets and Beijing's growth priorities will also take the edge off inflation, they say. "I don't think China's recovery or the reopening will cause any significant global inflation," said Chi Lo, senior market strategist for Asia Pacific at BNP Paribas Asset Management. BNP's portfolio managers are positioning for China's rebound to boost regional tourism, but not export price rises for manufactured goods. "I'm very much of the view that (China's reopening) will be positive for the world in terms of either not being too inflationary, but more widely having deflation in some key new goods and services," Westpac senior economist Elliot Clarke said.

[1/2] A man looks at a window display outside a Gucci store, part of the Kering group, at Tsim Sha Tsui shopping district in Hong Kong January 17, 2013. But while Gucci, which accounts for the bulk of profits and revenues at Kering, was the only brand to post a fall in sales, analysts said other labels too posted lower-than-forecast results. Kering said sales fell by 15% in North America in the fourth quarter and by 19% in Asia Pacific. But the situation has been more complicated for Kering, since Gucci relies more heavily on China than competitors. LVMH's fashion and leather goods division, home to Louis Vuitton and Dior, grew sales by 10% over the fourth quarter.

☆ Asia stocks fall, dollar stands firm after sticky U.S. CPI
▼ + stars: | 2023-02-15 | by ( Xie Yu | ) www.reuters.com time to read: +2 min

Fed funds futures now imply a peak above 5.2% by mid-year and rates above 5% at year's end. U.S. stocks finished flat on Tuesday but S&P 500 futures dropped 0.4% in Asia. By mid-morning Hong Kong time, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 1.3%, led by drops bigger than 1% in Australia (.AXJO) and Hong Kong (.HSI), and analysts were bracing for further falls. The dollar touched a six-week high of 133.30 Japanese yen overnight and hovered at 132.80 yen on Wednesday. It had a bumpier ride against other currencies following the CPI data, but seems to be pausing following a January slide.

☆ Airbnb beats on profit and revenue, stock is up
▼ + stars: | 2023-02-14 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Here's how the company did:EPS: 48 cents vs. 25 cents expected by analysts, according to Refinitiv. 48 cents vs. 25 cents expected by analysts, according to Refinitiv. Revenue: $1.90 billion vs. $1.86 billion expected by analysts, according to Refinitiv. Revenue for the fourth quarter was up 24% year over year. Average daily rates decreased by 1% from a year ago to $153 in the fourth quarter.

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