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☆ US opens embassy in Tonga amid Chinese increasing influence in the region
▼ + stars: | 2023-05-10 | by ( Brad Lendon | ) edition.cnn.com time to read: +4 min

CNN —The United States opened an embassy in the Pacific island nation of Tonga on Tuesday, Washington’s latest move to broaden its diplomatic footprint in a region where China has been increasing its influence in recent years. “These actions advance the Biden-Harris administration’s ongoing efforts to strengthen the US-Pacific Islands partnership and to support Pacific regionalism,” the White House said in a statement at the time. The embassy in the Tongan capital Nuku’alofa is the second Washington has opened in the Pacific islands this year, following the reopening of one in the Solomon Islands in February. Plans are also underway to open an embassy in Vanuatu, the State Department said in March. Analysts say the Pacific island nations have a strategic military value for the US and its ally Australia.

Economists in a Reuters poll had predicted no growth in imports and an 8.0% increase in exports. Other recent data also showed South Korean exports to China, a leading indicator of China's imports, were down 26.5% in April, continuing 10 consecutive months of decline. China's coal imports fell in April from a 15-month high in the prior month, snapping back as demand weakens in Asian giant. Imports of copper - a proxy for global growth - and natural gas were also down in the same period. "The global economy is deteriorating and will weaken China's manufacturing sector," said Iris Pang, chief China economist at ING.

BEIJING, May 9 (Reuters) - China's imports contracted sharply in April, while exports grew at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth. Economists in a Reuters poll had predicted no growth in imports and an 8.0% increase in exports. Analysts say cooling global growth pointed to a longer road to recovery for the Asian giant after Beijing abruptly ended tough COVID curbs in December. South Korean exports to China, a leading indicator of China's imports, were down 26.5% in April, continuing 10 consecutive months of decline. China's economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth.

☆ Under Armour sends potential warning sign about retailers' profits
▼ + stars: | 2023-05-09 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

The company drove higher sales, in part, by offering lower prices. The company's Chief Financial Officer David Bergman chalked up the margin decline to higher promotions as Under Armour marked down merchandise from prior seasons and sold it through off-price retail. The company said it expects margins will still be under pressure as higher promotions outweigh lower freight costs. Simeon Siegel, a retail analyst for BMO Capital Markets, said the pandemic gave retailers a chance to press the reset button. As of the end of the quarter, Under Armour had nearly $1.2 billion in inventory, up 44% year over year.

☆ US opens embassy in Tonga in new pushback against China in Pacific
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 9 (Reuters) - The United States has opened a new embassy in Tonga, the State Department said on Tuesday, part of efforts to step up the U.S. diplomatic presence in the Pacific region to counter China. The United States "officially opened the U.S. Embassy in Nuku'alofa on May 9, 2023," State Department spokesperson Matthew Miller said in a statement. Miller said the embassy would allow Washington to deploy additional diplomatic personnel and resources, including the potential appointment of a resident ambassador to Tonga, with which the United States has had diplomatic relations since 1972. Despite the diplomatic push, the Solomon Islands announced in March it had awarded a multi-million-dollar contract to a Chinese state company to upgrade an international port in Honiara. The United States and regional allies Australia and New Zealand have had concerns that China has ambitions to build a naval base in the region since the Solomon Islands struck a security pact with Beijing last year.

☆ Biden to become first sitting US president to travel to Papua New Guinea
▼ + stars: | 2023-05-09 | by ( Betsy Klein | ) edition.cnn.com time to read: +1 min

CNN —President Joe Biden will travel to Papua New Guinea during a trip to the Indo-Pacific region this month, the White House announced Tuesday, marking the first visit of a sitting US president to the Pacific country. The visit will take place between stops in Japan and Australia, according to White House press secretary Karine Jean-Pierre, who called the partnership between the US and Pacific Island countries “critical.”Jean-Pierre touted “deep historical and people-to-people ties” between the US and Pacific Island countries. Biden will meet with Papua New Guinea Prime Minister James Marape and other Pacific Island Forum leaders, Jean-Pierre said. The Biden administration has worked to deepen its engagement with Pacific Island nations, including the announcements of new embassies in the Solomon Islands, Kiribati and Vanuatu. Biden is set to attend the G7 Leaders’ Summit in Hiroshima, Japan, May 19-21, and will later attend the Quad Leaders’ Summit in Sydney, Australia, on May 24, where he will be joined by heads of state from Australia, Japan and India.

BEIJING, May 8 (Reuters) - China's exports were expected to have risen again in April, albeit at a less robust pace than a month earlier, a Reuters poll showed, supported by unfulfilled orders after last year's COVID disruptions though slowing global growth is darkening the outlook. With many of China's major trade partners on the brink of recession, analysts remain wary about the outlook, noting that the stunning improvement in March partly reflects suppliers catching up with unfulfilled orders from last year's COVID disruptions. South Korean exports to China, a leading indicator of China's imports, were down 26.5% in April, continuing 10 consecutive months of decline. China's economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth. The government has set a modest GDP growth target of around 5% for this year, after badly missing the 2022 goal.

☆ Budweiser maker's profit jumps as customers absorb higher prices
▼ + stars: | 2023-05-04 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

[1/3] Bottles of non-alcoholic beer and dishwasher soap are pictured at Anheuser-Busch InBev brewery in Leuven, Belgium November 25, 2019. The maker of Budweiser, Stella Artois and Corona repeated its 2023 forecast that core profit (EBITDA) would grow in line with its medium term outlook of between 4% and 8%, with revenue to grow ahead of EBITDA. He said AB InBev would invest more in Bud Light over the summer. First-quarter results of AB InBev's rivals Heineken and Carlsberg also showed consumer willingness to absorb higher prices. AB InBev's core profit rose by 13.6% on a like-for-like basis to $4.76 billion, compared with the 5.6% average increase expected in a company-compiled poll.

☆ AB InBev profit jumps as consumers absorb higher beer prices
▼ + stars: | 2023-05-04 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

[1/3] Bottles of non-alcoholic beer and dishwasher soap are pictured at Anheuser-Busch InBev brewery in Leuven, Belgium November 25, 2019. REUTERS/Francois LenoirSummarySummary Companies Q1 core profit up 13.6% vs consensus 5.6%Beer volumes up 0.4%, buoyed by ChinaRetains 2023 forecast of 4-8% core profit riseBRUSSELS, May 4 (Reuters) - Anheuser-Busch InBev (ABI.BR), the world's largest brewer, reported higher than expected first-quarter earnings on Thursday as consumers bought its beers at sharply higher prices. Revenue, however, rose sharply, as the company pushed through price increases and some consumers switched to more expensive beers or package formats. First-quarter results of AB InBev's rivals Heineken and Carlsberg also showed consumer willingness to absorb higher prices. AB InBev's core profit rose by 13.6% on a like-for-like basis to $4.76 billion, compared with the 5.6% average increase expected in a company-compiled poll.

☆ Bausch Health's quarter disappoints, guidance beats. But uncertainty prevails over patent litigation
▼ + stars: | 2023-05-04 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Xifaxan sales were also up 7%. Internationally, reported Q1 sales of $247 million missed estimates but grew 1% compared to the year-ago period. Organic sales grew 5%, driven by strength in Canada and Europe. Organic sales grew 6%. Excluding Bausch + Lomb, the team reiterated their revenue guidance of $4.45 billion to $4.6 billion, as well as their adjusted EBITDA guidance of $2.3 billion to $2.4 billion.

☆ How China’s slower post-Covid recovery is playing out for our Club stocks this earnings season
▼ + stars: | 2023-05-04 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

A slower-than-expected recovery in China is proving to be a challenge for some of our Club holdings that do lots of business there. The company blamed a slower post-Covid recovery in its Asia travel retail business for the dismal outlook. SBUX YTD mountain Starbucks' stock year to date performance. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

☆ India's ties with Russia remain steady. But Moscow's tighter embrace of China makes it wary
▼ + stars: | 2023-05-03 | by ( Sumathi Bala | ) www.cnbc.com time to read: +7 min

(PRAKASH SINGH/AFP via Getty Images) Prakash Singh | Afp | Getty ImagesIndia's relationship with Russia remains steadfast as both sides seek to deepen their economic ties. Russia also wants to "intensify" free trade discussions with India, Deputy Prime Minister Denis Manturov said during a visit to Delhi. watch nowIt's becoming "more difficult with every passing day because of the closeness that we are witnessing between Beijing and Moscow," Pant noted. This defense cooperation is vital given India's tensions along the Himalayan border with an increasingly assertive China, said ORF's Pant. Now, the country cannot expect Russia to play "the same strategic role for India as it used to prior to the Ukraine war.

☆ Estee Lauder's plunge on weak forward guidance is not a reason to sell the stock
▼ + stars: | 2023-05-03 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

The results included a 3% drag due to foreign currency dynamics in key international travel retail locations. The team believes this trend in Asia will only be temporary, but that's of little comfort Wednesday, as the stock plunged. While displeased with Estee Lauder's fiscal Q4 guide, we think the magnitude of the selloff represents something of a rush to the exits, no matter the price. Quarterly commentary The recovery in Asia travel retail is the primary issue now plaguing Estee Lauder. An Estee Lauder pop-up store is seen inside daimaru Department Store on Nanjing Road Pedestrian street in Shanghai, China, August 6, 2021.

☆ Exclusive: Biden, Harris planning 1st 2024 fundraisers as soon as next week
▼ + stars: | 2023-05-02 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

WASHINGTON, May 2 (Reuters) - U.S. President Joe Biden and Vice President Kamala Harris are gearing up for their first fundraising events as soon as next week to help kick off their 2024 reelection campaign, according to people briefed on the plans. The Biden campaign declined to comment. While Biden has largely focused on his presidential duties since announcing his bid for re-election, his campaign operation is coming to life. The first events being planned for Biden are designed to be intimate, small-group functions of fewer than 40 high-dollar donors, and are expected to generate some $2.5 million for Biden, according to the sources. "You raised more money for me last time than I raised in my whole life," Biden told top volunteer fundraisers for his campaign last week in Washington.

SummarySummary Law Firms Naomi Moore joins from Akin Gump to head DLA Piper's APAC restructuring practiceMoore will split her time between the firm's Hong Kong and Sydney officesMay 2 (Reuters) - Law firm DLA Piper has hired a partner from U.S.-founded rival Akin Gump Strauss Hauer & Feld in Hong Kong to serve as its new restructuring practice leader for the Asia Pacific region, the firm said Tuesday. Naomi Moore, who has been on sabbatical since she left Akin Gump in January, will divide her time between DLA Piper’s Sydney and Hong Kong offices, the firm said in a statement. In Hong Kong, Moore joins Trinh Hoang, DLA Piper’s only other restructuring-focused partner in the office, who joined the firm from Linklaters in October last year. Linklaters added a restructuring head in Hong Kong from Allen & Overy in October. An Akin Gump spokesperson wished Moore well on her new role.

☆ Biden to reassure Philippines' Marcos as China tensions flare
▼ + stars: | 2023-05-01 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +5 min

[1/2] U.S. President Joe Biden listens during the annual White House Correspondents Association Dinner in Washington, U.S., April 29, 2023. Marcos, who became president last year, has sought warm relations with both the United States and China, who are vying for influence in the Asia-Pacific region. "Some of the steps that China have taken have concerned (Marcos), probably even surprised him," said one senior Biden administration official. Experts say the United States considers the Philippines a potential location for rockets, missiles and artillery systems to counter a Chinese amphibious assault. "We're standing shoulder to shoulder in the South China Sea, where our alignment has never been stronger," said one U.S. official.

☆ What to Know About the U.S.-Philippines Alliance
▼ + stars: | 2023-05-01 | by ( Isabella Kwai | ) www.nytimes.com time to read: +1 min

President Biden is meeting President Ferdinand Marcos Jr. of the Philippines on Monday at the White House, part of a four-day U.S. visit by Mr. Marcos intended to signal a strengthening alliance between the two countries. Former President Rodrigo Duterte of the Philippines was more conciliatory than his predecessors toward China and at times more confrontational with the United States. Mr. Marcos, elected last year, has moved closer to Washington. Here’s a brief breakdown of the relationship between the United States and the Philippines, which have long had a close — though at times unsteady — relationship:Are the U.S. and the Philippines allies? The Philippines, the oldest American treaty ally in the Asia-Pacific region, has long been a strategic anchor for American influence and military power in the western Pacific, but it is a relationship complicated by historic grievances.

☆ Grounding of U.S. Marine Unit Spotlights Lack of Ships in Asia-Pacific
▼ + stars: | 2023-04-30 | by ( Nancy A. Youssef | ) www.wsj.com time to read: 1 min

The USS Rushmore’s maintenance problems led to a scrubbed mission for the 31st Marine Expeditionary Unit. Photo: U.S. Marine CorpsThe 31st Marine Expeditionary Unit is meant to be a rapid-response force, designed for quick deployment to handle crises anywhere in the Asia-Pacific region. At times, it doesn’t have the ships to leave its bases in Japan.

☆ Philippines' Marcos to forge stronger relationship with U.S. during visit
▼ + stars: | 2023-04-30 | by ( ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden meets with Philippine President Ferdinand Marcos, Jr., on the sidelines of the U.N. General Assembly in New York City on Sept. 22, 2022. Philippine President Ferdinand Marcos Jr. said his meeting with U.S. President Joe Biden on Monday was essential in advancing his country's national interest and strengthening the "very important alliance" between Manila and Washington. Before leaving for his four-day official visit to Washington, Marcos said on Sunday he would convey to Biden his determination to forge "an even stronger relationship" with the United States to "address the concerns of our times," including issues related to the economy. Biden and Marcos are expected to reach agreements on greater business engagement, as well as "military enhancements" amid shared concerns about China, a senior Biden administration official told Reuters. The senior U.S. administration official said it was impossible to underestimate the strategic importance of the Philippines, although the relationship was more than just about security.

☆ BP agrees to buy Shell's stake in Australian Browse gas project
▼ + stars: | 2023-04-29 | by ( Samuel Mckeith | ) www.reuters.com time to read: +2 min

Woodside, BP and Shell are also all stakeholders in the North West Shelf LNG plant. "BP believes development of the Browse gas resources could make a significant contribution to energy security in Australia and to the Asia Pacific region," a BP spokesperson said. The company said it supported the concept of using carbon capture for the project and processing Browse gas in the North West Shelf LNG plant. Credit Suisse analyst Saul Kavonic said it was likely "very modest" given "the risks and ongoing spend required at the Browse project". Woodside last week played down concerns over the status of Browse project and told Reuters talks had resumed with the North West Shelf LNG joint venture about a processing deal for Browse.

[1/5] Passengers wait to board trains at Shanghai Hongqiao railway station ahead of the five-day Labour Day holiday, in Shanghai, China, April 28, 2023. REUTERS/Aly SongBEIJING, April 28 (Reuters) - China is bracing for a record-high travel rush over the Labour Day holiday, with popular sightseeing spots selling out of tickets and some cities warning would-be visitors away as domestic tourism rebounds after Beijing ended COVID curbs. Authorities are expecting 19 million trips to be made across China's vast railway network on Saturday, the first day of the five-day holiday, which would be the highest number of rail trips made in a single day in the country's history. Over the 40-day Lunar New Year travel period in January-February this year, 348 million trips were made in total, or about 8.7 million trips a day on average, according to the National Railway Administration. China's aviation authority said it expects air passenger trips to reach a total of 9 million over the five days.

☆ Biden to make historic visit to Papua New Guinea next month - PNG officials
▼ + stars: | 2023-04-27 | by ( Kirsty Needham | ) www.reuters.com time to read: +2 min

SYDNEY, April 27 (Reuters) - U.S. President Joe Biden will briefly visit Papua New Guinea (PNG) on May 22, officials from the Pacific island nation said on Thursday, as Washington seeks to counter growing Chinese influence in the strategically important region. A Pacific islands source told Reuters that Biden was also expected to meet with more than a dozen Pacific islands leaders during his May visit. Modi arrives in PNG on May 21 for a two-day visit en-route to Australia, the island nation's government has previously announced. The U.S. embassy in Canberra referred questions to the White House. The White House National Security Council did not immediately respond to a Reuters request for comment.

“We need to have tabletop exercises that go through a variety of scenarios, including possibly nuclear weapons,” a senior official told CNN earlier this month. Leaks loomRecent online leaks of Pentagon documents involving South Korea also loom over the visit. One of the leaked documents describes, in remarkable detail, a conversation between two senior South Korean national security officials about concerns by the country’s National Security Council over a US request for ammunition. Plans and pompWednesday’s events mark just the second state visit of the Biden presidency (Biden hosted French President Emmanuel Macron and his wife Brigitte in December 2022). President Joe Biden, first lady Jill Biden, South Korea's President Yoon Suk Yeol and his wife Kim Keon Hee visit the Korean War Veterans Memorial in Washington, Tuesday.

Kirin has offered A$95 cash per Blackmores share, a 23.7% premium to the stock's last close, and a tad higher than its 22.4% jump in morning trade. Before the Kirin deal, its shares had been trading at one-third of their value at the height of the daigou craze in 2016. The board of Blackmores has unanimously recommended shareholders support the deal, with top shareholder and former chairman Marcus Blackmore also agreeing to vote in favour. Blackmores' share price rose as much as 22.4% to A$94, its highest since December 2021. Blackmores shareholders will be able to vote on the offer at a shareholder meeting in July and the companies expect the deal to close in early August.

☆ Employee surveillance is on the rise — and that could backfire on employers
▼ + stars: | 2023-04-24 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +8 min

[Employee surveillance] has increased excessively over the last few years … largely under the guise of ensuring workplace safety and confidentiality and protecting the business. It therefore comes as no surprise that demand for employee monitoring software has skyrocketed since the pandemic. Veriato is one of many employee monitoring software companies worldwide whose sales boomed because of the pandemic. When you're looking at your contract, you're not looking for those clauses — you're looking at how much am I going to get paid? "When you're looking at your contract, you're not looking for those clauses — you're looking at how much am I going to get paid?

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