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☆ Wall Street faces life in China’s second tier
▼ + stars: | 2023-06-01 | by ( Antony Currie | ) www.reuters.com time to read: +8 min

Recent earnings reports from U.S. investment banks defy the sober mood among China-focused financiers. Morgan Stanley’s (MS.N) Asia revenue in the first three months of the year was almost 40% above the final quarter of 2022. Companies going public in Hong Kong have raised $2 billion so far this year, per Dealogic. At some point Hong Kong IPOs and cross-border M&A are likely to perk up. Many of those trades flow through the Hong Kong bourse’s Stock Connect links to the Shanghai and Shenzhen exchanges.

Persons: Jamie Dimon, outlast, It’s, Morgan Stanley’s, Sharon Yeshaya, Goldman Sachs’s, that’s, Stephanie Hui, Goldman Sachs, ”, Morgan Stanley, Goldman, That’s, Breakingviews, Hong Kong, Peter Thal Larsen, Katrina Hamlin Organizations: MELBOURNE, Reuters, JPMorgan, Communist Party, Companies, HK, KKR, Reuters Graphics, Tuesday, Bank of America, Wall, China Securities, Financial Times, Apple, Hong Kong bourse’s, Goldman, JPMorgan –, Bloomberg, Thomson Locations: China, Shanghai, U.S, Asia, Hong Kong, Macau, Taiwan, Beijing, Washington, United States, People’s Republic, Germany, Hong, Shenzhen, Greater China, Pacific

☆ South Korea to boost aid, security collaboration with Pacific islands
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 31 (Reuters) - South Korean and Pacific Islands leaders agreed to strengthen development and security cooperation after a two-day summit where Seoul said it would double development assistance by 2027. A joint declaration from the first Korea-Pacific Islands Summit, held in Seoul, recognised shared values of "freedom, democracy, the rule of law, human rights" and the "rules-based regional and international order". "The Leaders acknowledge the need to strengthen development cooperation and security collaboration including maritime security, climate security, energy security, cyber security, human security, public health and transnational security," it said. South Korea also said it would double the scale of its development assistance to Pacific Island Countries by 2027, and supported the Pacific Islands push to preserve their maritime zones - a vital source of fishing revenue - even if climate change causes small island states to disappear beneath rising seas. It was the third summit in a week between Pacific Island leaders and a large economy, following meetings with India and the United States.

Persons: Yoon Suk Yeol, Kirsty Needham, Lincoln Organizations: SYDNEY, Pacific Islands, Pacific Islands Summit, Pacific, Thomson Locations: Seoul, Korea, United States, Asia, South, Pacific, South Korea, India

☆ Salesforce delivers a quarterly beat and raise, showing Benioff can deliver on profitability
▼ + stars: | 2023-05-31 | by ( Jeff Marks | ) www.cnbc.com time to read: +8 min

The small beat and raise are prompting some profit-taking, resulting in shares falling roughly 6% after hours Wednesday, to around $210 apiece. The best way to offset sluggish revenue growth is by driving profitability higher and Salesforce stepped up to the task. Quarterly Commentary We are pleased to see Salesforce beat across so many key metrics, despite the challenging macroeconomic environment. Although the company left its revenue prediction unchanged, at $34.5 billion to $34.7 billion, the company expects its profitability will come in better than previously anticipated. Marc Benioff, co-founder and CEO of Salesforce, speaks at an Economic Club of Washington luncheon in Washington, DC, on Oct. 18, 2019.

Persons: Refinitiv ., Salesforce, Marc Benioff, Einstein, Slack, Jim Cramer's, Jim Cramer, Jim, Nicholas Kamm Organizations: Salesforce, CNBC, Economic, Washington, AFP, Getty Locations: Americas, Europe, Africa, Asia, Washington ,

☆ How to Lower Deaths Among Women? Give Away Cash.
▼ + stars: | 2023-05-31 | by ( Apoorva Mandavilli | ) www.nytimes.com time to read: +3 min

The pandemic drove 97 million additional people into extreme poverty in 2020, according to a World Bank estimate, prompting more countries to start cash transfer programs. Direct cash transfers have been shown to improve school attendance, nutrition and use of health services. The new study is the first to examine the effect of cash transfers on death rates worldwide, the researchers said. The findings suggest that cash transfers may be helpful not just to women, but to families and entire communities. Cash transfers are often accompanied by improvements to health care services or other infrastructure that helps communities, he noted.

Persons: ”, Harsha Thirumurthy, Thirumurthy, Audrey Pettifor, Pettifor, ” Berk Organizations: University of Pennsylvania, University of North, Chapel Hill Locations: Saharan Africa, Africa, Asia, Pacific, America, Caribbean, U.S, University of North Carolina, South Africa

If the PMI data on Thursday from Japan, Australia, India, South Korea and others are as gloomy as China's official PMI figures were on Wednesday, markets are in for a torrid start to the new month. The Caixin manufacturing PMI report on Thursday is also expected to show manufacturing activity shrank in May, but at the same pace as April. Barring a huge upside surprise, China's economy appears to be sputtering and the pressure on local assets is growing. Dovish remarks from Fed Governor Philip Jefferson and Philadelphia Fed President Patrick Harker on Wednesday helped lower U.S. bond yields and implied rate expectations. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jamie McGeever, Elon Musk, Brent, Philip Jefferson, Patrick Harker Organizations: PMI, Twitter, Philadelphia Fed, Thomson, Reuters Locations: Asia, Pacific, Japan, Australia, India, South Korea, China, Shanghai, prelim

☆ Video shows cockpit of US reconnaissance plane rattling as Chinese fighter jet cuts in front of it
▼ + stars: | 2023-05-30 | by ( Jake Epstein | ) www.businessinsider.com time to read: +3 min

A Chinese fighter jet recently intercepted an American spy plane, the US military said Tuesday. The jet flew right in front of the US aircraft's nose, forcing it to fly through rough turbulence. A video captured from the RC-135's cockpit shows the Chinese fighter jet streak across the sky just ahead of the aircraft before it hits the turbulence. For example, a Chinese J-11 fighter jet in December flew within 20 feet of an American RC-135, forcing it to take evasive actions to avoid crashing. Before that, both Australia and Canada had accused Chinese pilots of cutting in front of surveillance planes and making risky intercepts of aircraft.

Persons: —, Washington Organizations: Western Pacific, Service, Pacific Command, Pentagon, Pacific Joint Force, China Locations: American, Western, South, United States, Beijing, Australia, Canada

☆ Taiwan is at the 'top of the agenda' for Biden's administration, says professor
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTaiwan is at the 'top of the agenda' for Biden's administration, says professorStephen Nagy of the International Christian University says U.S. President Joe Biden's priority is "China, then Russia, and ensuring that the Indo-Pacific region … is peaceful and stable."

☆ International tipping: How to cut through the chaos and confusion
▼ + stars: | 2023-05-29 | by ( Forrest Brown | ) edition.cnn.com time to read: +15 min

In the United States, “tipping is very customary. Leighton also said you won’t find a tipping culture on the island of Taiwan. Robinson said the tipping culture is less pervasive in Sicily than the United States and even more laid-back than in Rome. As for tipping culture in the US vs. the UK, Ryan Burditt said, it’s “really opposites to me. Robert Knopes/Education Images/Universal Images Group/Getty ImagesVisitors to the United States could be in for some tipping culture shock.

☆ How US allies can mitigate Trump 2.0
▼ + stars: | 2023-05-29 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

LONDON, May 29 (Reuters Breakingviews) - A return to the White House by Donald Trump would create challenges for the world’s other rich democracies. TRUMP IN POLYCRISISBiden has painstakingly created a consensus with his core allies since Putin invaded Ukraine last year. PREPARE FOR THE WORSTThe world’s other rich democracies - call them the G6 - cannot change the outcome of the U.S. presidential election. Politicians in other rich democracies can also try to persuade Republican leaders that now is not the time to abandon Kyiv. If other rich democracies adopt a vigorous mitigation strategy now, they’ll be better prepared if Trump does return.

☆ Economic development in Asia still faces many challenges, China minister says
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 27 (Reuters) - Economic and trade development in the Asia-Pacific still faces many disturbances and challenges, China's commerce minister Wang Wentao said. Wang made the comments at the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, where he met with several leaders and exchanged views on multilateral and bilateral economic and trade issues amid wider global trade rifts and uncertainties. "The Asia-Pacific region has always been the region with the most growth vitality, development potential and economic resilience in the global economy, but economic and trade development still faces many disturbances and challenges," Wang said, according to a statement from the Chinese Ministry of Commerce. Wang also discussed China's positions on supporting the multilateral trading system and promoting sustainable and inclusive trade development. World leaders have been looking for ways to fortify global supply chains, which are still wobbly in the post-COVID world.

☆ Biden Administration Announces Indo-Pacific Deal, Clashing With Industry Groups
▼ + stars: | 2023-05-27 | by ( Ana Swanson | ) www.nytimes.com time to read: +1 min

The Biden administration announced Saturday that it had reached an agreement with 13 other countries in the Indo-Pacific region to coordinate supply chains, in an effort to lessen the countries’ dependence on China for critical products and allow them to better weather crises like wars, pandemics and climate change. The supply chain agreement is the first result of the administration’s trade initiative in the region, called the Indo-Pacific Economic Framework. Negotiations are continuing for the other three pillars of the agreement, which focus on facilitating trade and improving conditions for workers, expanding the use of clean energy, and reforming tax structures and fighting corruption. Gina Raimondo, the secretary of commerce, said the supply chain agreement would deepen America’s economic cooperation with partners in the Indo-Pacific region, helping American companies do business there and making the United States more competitive globally. “Bottom line is, this is about increasing the U.S. economic presence in the region,” she said in a call with reporters Thursday.

☆ Debt ceiling crisis: How a US default would ricochet around the world
▼ + stars: | 2023-05-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

But if it does, it could make the 2008 global financial crisis feel like a walk in the park. The consequences are frightful.”The belief that America’s government will pay its creditors on time underpins the smooth functioning of the global financial system. During the 2011 standoff over raising the US debt ceiling, the S&P 500 index of leading US shares plunged more than 15%. “It’s unclear in a Treasury default crisis whether the Fed could do enough even with the types of efforts it deployed in March 2020,” Obstfeld said. “A default would be a message to investors all around the world of eroding confidence in America,” he added.

☆ Southeast Asia’s worst-performing stock market is UBS’s ‘top pick’
▼ + stars: | 2023-05-22 | by ( Audrey Wan | ) www.cnbc.com time to read: +3 min

Pita Limjaroenrat, leader of Move Forward Party, attends a press conference of the Thai pro-democracy parties in Bangkok. While the benchmark SET index initially rose when the results came through, but eventually gave up those early gains. In fact, Thai stocks are the worst performers in Southeast Asia this year, but Tay says Thailand is his "top pick" in the region. Thailand's SET index is down 9.22% this year, the biggest laggard in the broader Asia Pacific region. The Move Forward party has called for reforms to the monarchy, including changing its defamation law.

☆ How Pacific Islanders in the US are keeping in touch with their culture through dance
▼ + stars: | 2023-05-21 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +10 min

“One, two, three,” Hernandez, founder of the Pacific Islander dance group Lei Pasifika, yells out. “It makes them less homesick.”According to the US Census Bureau, Native Hawaiian and Pacific Islanders were the fastest growing ethnic population in the US from 2020 to 2021. And in big cities with a large Pacific Islander presence, like New York, Portland, Oregon, and San Diego, many US-born Pacific Islanders as well as transplants are keeping their culture alive through dance. It’s a way for Pacific Islanders, especially young people, “to find themselves” and get connected with their ethnic identity and cultures, she notes. Mann says they noticed a growing number of Pacific Islanders, including those who aren’t Native Pacific Islanders but grew up in the islands, wanting to learn more about the culture and participate in dances.

☆ Blinken to visit Papua New Guinea and sign defense, maritime agreements
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - U.S. Secretary of State Antony Blinken will visit Papua New Guinea on May 21-22, sign bilateral defense and maritime security agreements and meet with Pacific Islands Forum leaders, the State Department said on Thursday, after President Joe Biden pulled out of a planned visit. An unfolding crisis over the U.S. debt ceiling prompted Biden on Tuesday to postpone a trip to Papua New Guinea. The U.S. is trying to counterbalance China's rising influence in the Indo-Pacific region and the Biden visit was seen as part of that effort. Blinken "plans to discuss a range of issues with Pacific Islands leaders, including shared priorities such as tackling the climate crisis (and) advancing inclusive economic growth for the people of the Pacific Islands...," the State Department said. Reporting by Eric Beech; writing by Costas PitasOur Standards: The Thomson Reuters Trust Principles.

BEIJING, May 18 (Reuters) - China needs to level the playing field between private and state owned firms, the Asian Development Bank's chief economist said on Thursday, adding that the world's second-largest economy risks "wasting a tonne of money" with a state-led growth model. The Manila-based lender "consistently" raises with China the importance of improving the business environment and the sustainability of the country's development, he said, while noting that a one percentage increase in growth in China can increase growth in developing Asia by 0.3%. The comments come amid growing signs that China's post-COVID economic recovery is losing steam, intensifying pressure on policymakers to shore up wobbly growth. Private fixed-asset investment rose only 0.4% last month, in sharp contrast to the 9.4% jump in investment by state entities, indicating weak business confidence. "If you look at the history of China's economic development, a lot of the gains in growth, productivity, and employment have come from the non-state sector," he added.

☆ G7 summit: Biden arrives in Japan starting with meeting with PM Kishida
▼ + stars: | 2023-05-18 | by ( Kevin Liptak | ) edition.cnn.com time to read: +3 min

CNN —President Joe Biden arrived in Japan on Thursday for a truncated Asia visit meant to bolster allies amid China’s growing military and economic ambitions. Left with only a stop in Japan for the Group of Seven summit, Biden will attempt to coalesce the leaders of some of the world’s largest economies around a commitment to take on Beijing’s aggressions. He’s also selected the symbolic city of Hiroshima, where he has family roots, to host world leaders. President Barack Obama paid a historic visit here in 2016, laying a wreath in a memorial park and meeting with some survivors. The bombing of Hiroshima hastened an end to World War II but launched a new era of atomic brinksmanship.

☆ Biden administration looking at arranging high-profile visits to China by senior officials
▼ + stars: | 2023-05-17 | by ( Kylie Atwood | ) edition.cnn.com time to read: +7 min

There are ongoing discussions about visits for four top Biden administration officials — Blinken, Secretary of the Treasury Janet Yellen, Secretary of Commerce Gina Raimondo and Climate Envoy John Kerry – but the order of those visits remains unclear, even among US officials who will be involved in the planning. Inside the administration, some officials have strong views about who should travel first, while others are less concerned about the sequence, multiple US officials told CNN. There are no specific dates currently under consideration for a possible Blinken visit, the officials said. But administration officials now believe that Kerry’s trip is unlikely to come first with the other three officials having discussed possible visits for months. Sullivan and Wang met for more than 8 hours over the course of two days and covered a wide range of topics, administration officials explained to reporters.

Afterward, he was to have been the first sitting U.S. president to visit Papua New Guinea. In Sydney, Biden had planned to attend a meeting of the four so-called Quad nations - the United States, Japan, Australia and India. White House spokesperson John Kirby said Biden would be able to meet Albanese and Indian Prime Minister Narendra Modi while in Hiroshima. Albanese said in a statement that Biden had apologized for not being able to visit Australia and that they would work to reschedule his visit at the earliest opportunity. “I'm sure the White House will find ways to make this up to partners in the short term.

WASHINGTON, May 16 (Reuters) - The speaker of Taiwan's parliament praised Japan, South Korea and the Philippines on Tuesday for helping to create a "crescent of defense" with Taiwan and the U.S. against China's ambitions in the Indo-Pacific region. You praised Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol for calling Taiwan a global issue and opposing a change to the status quo by force. "The crescent of defense formed by Korea, Japan, Taiwan and the Philippines will, with American support, be a key stabilizer of peace and security in the Indo-Pacific region," he added. China has been stepping up its military activities around Taiwan to try and force the democratically governed island to accept Beijing's sovereignty. It has never renounced the use of force to bring Taiwan under its control.

CNN —President Joe Biden is canceling his upcoming visits to Papua New Guinea and Australia due to the ongoing debt ceiling negotiations in Washington, the White House confirmed Tuesday. Biden will still travel to Japan starting Wednesday as part of what was supposed to be a weeklong trip through the Pacific region. Earlier Tuesday, National Security Council coordinator for strategic communications John Kirby told reporters that the White House was “reevaluating” the stops to Papua New Guinea and Australia. The cancellation canes as congressional leaders met with Biden at the White House to discuss the debt limit. The Treasury Department has warned that the government default could come as early as June 1, and Treasury Secretary Janet Yellen has said a default would trigger a global economic downturn.

[1/4] Chinese Premier Li Qiang and Eritrean President Isaias Afwerki shake hands as they attend a meeting at the Great Hall of the People in Beijing, China May 15, 2023. REUTERS/Florence Lo/PoolBEIJING, May 15 (Reuters) - China's Premier Li Qiang told visiting Eritrean President Isaias Afwerki on Monday their countries should "deepen mutually beneficial win-win cooperation and continuously enrich their strategic partnership" at a meeting in Beijing. Eritrea also shares a border with Djibouti, where China's People's Liberation Army set up its first overseas military base in 2017. The "marginalised continent of Africa and the rest of the world will heavily defend and expect more contributions from the People's Republic of China," Afwerki said. Reporting by Joe Cash; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Americans are spending less money even as the Chinese spend more. Take a look at the 5 major US companies winning on China's spending spree.
▼ + stars: | 2023-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

As people in China get out of their homes to travel and spend, retail sales have improved in China, rising almost 11% year-on-year in March. In comparison, China's core inflation rose just 0.7% in March from a year ago, according to official data from Beijing. All this means American companies facing a slowdown in US consumption are getting a boost from Chinese demand. He added the MGM China division posted a "swift return to profitability." Net revenues for the MGM China division were also 130% higher from a year ago "amid strong reopening trends," MGM said in its earnings release.

☆ Exclusive: G7 summit statement to target China's 'economic coercion'
▼ + stars: | 2023-05-13 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +5 min

The main G7 statement is set to include "a section specific to China" with a list of concerns that include "economic coercion and other behavior that we have seen specifically from the [People's Republic of China]," the official said on Friday. A separate "economic security statement will speak more to tools" used to counter coercive efforts from any countries responsible, including planning and coordination, the person said. The joint statement issued by all the G7 leaders every year is intended to signal that the powerful countries are aligned on a range of political and economic issues. CHINA TESTS G7 ALLIANCEThe G7 meeting will be a test of how much the members, all rich democracies, can agree on a common approach to China, the world's second largest economy. Traveling for the G7 finance meeting in Japan, U.S. Treasury Secretary Janet Yellen said on Thursday that China had clearly used economic coercion with Australia and Lithuania.

☆ Russia's invasion of Ukraine is bringing Japan closer to NATO, in yet another own goal for Putin
▼ + stars: | 2023-05-10 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

Its foreign minister said this was sparked by Russia's Ukraine invasion making a "more unstable" world. Hayashi said the impact of Russia's invasion of Ukraine was the catalyst. Putin partly justified his invasion of Ukraine in February 2022 by saying he wanted to stop NATO's expansion. Japan moving closer to NATO is not just significant for Japan, but also for the Asia-Pacific region's relationship with NATO. The four countries are known as NATO "Partners," who work with NATO in some areas but are not alliance members.

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