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☆ South Korea hints at compensating victims of Japan's colonial forced labour
▼ + stars: | 2023-01-12 | by ( Hyonhee Shin | ) www.reuters.com time to read: +5 min

The Foundation for Victims of Forced Mobilization by Imperial Japan said it has secured initial donations from steelmaker POSCO (005490.KS) totalling 4 billion won ($3.2 million). Japanese Chief Cabinet Secretary Hirokazu Matsuno, Tokyo’s top spokesperson, declined to comment on Seoul’s compensation plan or its public hearing, saying they were domestic matters within South Korea. The foundation's chief, Shim Kyu-sun, said he would encourage South Korean companies to donate "from the perspective of social responsibility". National flags of South Korea and Japan are displayed during a meeting between Komeito Party members and South Korean lawmakers at Komeito Party's headquarters in Tokyo, Japan, July 31, 2019. Under the 1965 deal, South Korea was required to consider all pre-treaty compensation issues settled.

☆ Premarket stocks: Investors are underestimating inflation...Again
▼ + stars: | 2023-01-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

New York CNN —Investors are holding their breath in anticipation of Thursday morning’s Consumer Price Index inflation report — arguably the most important piece of economic data so far this year. There’s a lot riding on the outcome — if inflation keeps falling, that could support a market rally, while higher-than-expected inflation could send stocks sinking. Asian stocks enter bull market as investors bet on ChinaUS stocks may be volatile, but in Asia markets are soaring. The retreat will likely cause Wells Fargo to lay off at least some employees, though the bank did not announce any specifics. The move comes as Wells Fargo continues to be in trouble with regulators.

☆ Asian companies see earnings upgrades by analysts over the past month
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

Jan 10 (Reuters) - Analysts raised 2023 earnings estimates for Asian companies over the past month, contrasting with the raft of earnings downgrades in the last year, as China's reopening and slowing inflationary pressures boost optimism. MSCI Asia-Pacific's (.MIAP00000PUS) 2023 earnings estimates were raised by 2.5% over the past month, with China's earnings raised by 3.1%, followed by Japan's 2.3%. By sector, analysts lifted consumer discretionary and industrials earnings by over 2% in the past month, while financials and tech companies were increased by 1.2% each. Last year, analysts cut their forward 12-month earnings by 7% as the region's revenues shrank due to China's stricter COVID-restrictions and as higher product prices affected companies' profit margins. Breakdown by sector for estimates changes"In general, valuations of Asian equities look attractive compared with those of developed markets.

☆ Asian stocks enter bull market as investors bet on China
▼ + stars: | 2023-01-10 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Stocks in Asia are starting 2023 in a bull market. The rally has been driven by a rebound in investor sentiment towards Chinese stocks. The MSCI China index rose 2.4% on Tuesday to stand 50% above its low on October 31. Nasdaq’s Golden Dragon China index — which tracks Chinese companies listed in the United States — rose 0.72% on Monday, putting it 71.3% above where it was trading in late October. Investors have snapped up Chinese stocks as the country rapidly unwound its strict zero-Covid policy.

☆ Asia-Pacific's benchmark index enters a bull market, thanks to China's reopening
▼ + stars: | 2023-01-10 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

The Chinese and Hong Kong flags flutter outside the Exchange Square complex in Hong Kong on Feb. 16, 2021. Asia-Pacific's leading index entered a bull market this week, fueled by a rally in Chinese stocks from optimism surrounding the nation's reopening and the weakening of the U.S. dollar on prospects of a pivot in the Federal Reserve. The MSCI Asia Pacific index hit a high of 162.33 on Tuesday – roughly 21% higher than its 52-week low of 133.93 reached on Oct. 24, according to Refinitiv data. A bull market is technically defined as a surge of 20% or more from recent lows. In regional equities, the Hang Seng index hit an intraday high of 21,470.69 on Monday, or 47% higher than the end of October.

☆ Inside Salesforce's week from hell: Angry employees describe chaos, confusion and 'tone deaf' leaders as they fight for their jobs
▼ + stars: | 2023-01-07 | by ( Ashley Stewart | Ellen Thomas | ) www.businessinsider.com time to read: +9 min

"We can't sleep at night," one employee told Insider. Senior vice presidents who were not themselves impacted were invited to a mandatory meeting, Salesforce said. "Can execs commit to never referring to Salesforce employees as 'family' again? "Ohana is far gone," one employee told Insider. Are you a Salesforce employee or do you have insight to share?

☆ Salesforce confirms it is planning more layoffs in the US
▼ + stars: | 2023-01-07 | by ( Ashley Stewart | Ellen Thomas | ) www.businessinsider.com time to read: +1 min

After the first round this week, the company told some managers all US employees had been notified, but confusion remained. Salesforce confirmed to Insider it is indeed planning more layoffs in the US. After keeping employees guessing about where future layoffs will hit, Salesforce confirmed to Insider it is planning more layoffs in the US. On Wednesday, Salesforce announced plans to cut 10% of its workforce and began notifying impacted employees. "What % of the layoffs is complete," one person wrote in an internal Slack channel viewed by Insider.

Although international travel may not return immediately to pre-pandemic levels, companies, industries and countries that rely on Chinese tourists will get a boost in 2023, according to analysts. Elsewhere in the world, Cambodia, Mauritius, Malaysia, Taiwan, Myanmar, Sri Lanka, South Korea and Philippines are also likely to benefit from the return of Chinese tourists, according to research by Capital Economics. Saxon said he expected China’s outbound international travel to fully recover by the year end. “Generally, individuals are pragmatic and countries will welcome Chinese tourists due to their spending power,” he said, adding that countries may remove restrictions quickly when the Covid situation improves in China. “It will take time for international tourism to get going, but it will come rushing back, when it happens.”

☆ Salesforce tells some managers it has notified all laid off US employees — yet more cuts may be coming
▼ + stars: | 2023-01-05 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +2 min

Salesforce plans to cut 10% of its workforce, co-CEO Marc Benioff told employees Wednesday. Salesforce has told some managers, however, that all US employees have been notified. Salesforce announced plans to cut 10% of its workforce, but the company has provided few details — even to managers — about who will be cut and when. What isn't clear is whether this notification is for all of the US employees who will be laid off among the 8,000 employees Salesforce plans to cut or just the first group of them. Are you a Salesforce employee or do you have insight to share?

☆ New to the job market? These 5 'soft' skills could give young workers an edge, according to LinkedIn
▼ + stars: | 2023-01-04 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +4 min

The top soft skills young workers should focus on building for the new year ahead includes communication, time management and critical thinking, said LinkedIn. Hard skills can help you get a recruiter's attention, but soft skills can help you land the job. While hard skills remain crucial to securing a job, soft skills can help candidates stand out from the pack. "Hard skills can help you get a recruiter's attention, but soft skills can help you land the job," Chhabria added. "[But] you also need soft skills such as presentation skills to deliver a great sales pitch to your customer or communication skills so you can communicate with confidence with your team and the customer."

☆ Asian stocks in 2022 suffer biggest foreign outflows since 2008 global crisis
▼ + stars: | 2023-01-04 | by ( Gaurav Dogra | ) www.reuters.com time to read: +2 min

Jan 4 (Reuters) - Foreign investors withdrew more money from emerging Asian equities in 2022 than they had done in any year since the global financial crisis in 2008, as rising U.S. interest rates pulled funds towards dollar assets. Data from stock exchanges in Taiwan, India, the Philippines, Vietnam, Thailand, Indonesia and South Korea showed foreigners sold equities worth $57 billion last year, the biggest outflow since 2008. Taiwanese equities faced outflows worth $41.6 billion last year, leading the regional sales, while India and South Korea witnessed an outgo of $15.4 billion and $9.6 billion, respectively. Yearly foreign investment flows: Asian equitiesHit by falling foreign demand and a worsening economic outlook, the MSCI's Asia Pacific index (.MIWD00000PUS) plunged 19.4% last year - the biggest fall since dropping 43.3% in 2008. On the flip side, India, Vietnam and Thailand received net inflows of $1.36 billion, $559 million and $372 million, respectively, in December.

☆ Xi Jinping is 'preparing the Chinese people for war,' Trump-era National Security Adviser says
▼ + stars: | 2023-01-03 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

McMaster warned that Xi Jinping is preparing China for war. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyHerbert Raymond McMaster, a former National Security Adviser, said on Monday he believes Chinese President Xi Jinping is "preparing the Chinese people for war." McMaster urged the US to increase its military presence in the Asia Pacific region. In November, Xi urged the Chinese military to be ready for potential war and outlined a vision for the People's Liberation Army to become a world-class force by 2027. The Chinese president also denounced "foreign interference" with Taiwan — a veiled threat against the US that came after House Speaker Nancy Pelosi's August visit to Taipei.

☆ South Korea's Yoon says North Korea faces retaliation for provocations
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: 1 min

Indonesia lifts remaining COVID restrictions, article with galleryAsia Pacific category · December 30, 2022Indonesia on Friday removed all remaining measures to control the spread of COVID-19 effective immediately, since most of the country's population already has antibodies against the disease, President Joko Widodo said.

☆ In Hong Kong, designers try out new assistant: AI fashion maven AiDA
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +3 min

The show put more than 80 outfits from 14 designers in the spotlight, all of which were created with the help of the artificial intelligence software AiDA, short for "AI-based Interactive Design Assistant”. Masked in monochrome blue, wearing outfits that ranged from down jackets to translucent skirts, models strutted past rows of critics and fashion designers. “AiDA is an assistant for fashion designers just to help them, you know, to work together," Wong said. The AiDA system is supported by AI technologies such as image recognition, detection, and image generation, Wong said. AiDA was officially launched with the Fashion X AI show, and is available to designers in Europe and Asia Pacific.

☆ Indian stocks top Asian markets, strong economic growth fuels hope
▼ + stars: | 2022-12-22 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

"Global investors, sovereign funds and other institutions are looking to raise exposure to India in their emerging markets portfolios. The world-beating stocks performance has helped India to double its weight in MSCI's emerging markets index to 16% from 2019, but overseas investors have missed out in the local rally. Foreign portfolio investors sold a net $18 billion this year of Indian assets but turned buyers in November and December. The IPO came after the government offloaded its decades-old, debt-laden flag carrier Air India to Tata Sons for $2.4 billion in enterprise value. Apple said it will manufacture iPhone 14 in India, while a key supplier Foxconn (2317.TW) plans to quadruple the workforce at its Indian plant, Reuters has reported.

☆ Mother nature is screaming for us to adopt a new diet. An agreement by nearly 200 countries could help identify flaws in how we produce food.
▼ + stars: | 2022-12-22 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

Food production drives deforestation and biodiversity loss. Mother nature is screaming for us to adopt a new diet, too. It's a primary driver of deforestation and biodiversity loss that, in turn, releases greenhouse-gas emissions causing the climate crisis. As the global population grows and people in developing countries earn more money, the demand for food — especially meat — will further stress nature. The US State Department in October also requested advice on potential legislation to combat deforestation in food supply chains and voluntary actions the private sector could take.

This is why we have seen less activity," said Dirk Albersmeier, co-head of global M&A at JPMorgan. In the fourth quarter, there has been a 56% contraction in global M&A to $641.2 billion, partly caused by a 66% drop in private equity activity. Top rainmakers expect a pickup in cross-border M&A activity. Going forward, private equity funds are expected to kickstart the recovery as they seek assets at a discount. We were probably more optimistic a year ago," said David DeNunzio, global head of M&A at Wells Fargo.

☆ Beijing braces for surge in severe COVID cases as world watches with concern
▼ + stars: | 2022-12-21 | by ( Bernard Orr | ) www.reuters.com time to read: +5 min

[1/4] People wearing face masks commute in a subway station during morning rush hour, following the coronavirus disease ( COVID-19) outbreak, in Beijing, China January 20, 2021. China, which uses a narrow definition of what can be classified as COVID fatalities, reported no new COVID deaths for Dec. 20, compared with five the previous day. Severe cases rose by 53 across China on Tuesday, versus an increase of 23 the previous day. China does not provide absolute figures of severe cases. Blood clots, heart problems and sepsis - an extreme body response to infection - have caused countless deaths among COVID patients around the world.

☆ At least a 100 Rohingya stranded in boat off India's coast, many dead, activists say
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Dec 21 (Reuters) - At least 100 ethnic Rohingya are stranded in a boat off India's Andaman Islands and as many as 16-20 may have have died of thirst, hunger or drowned, said two Myanmar Rohingya activist groups. Each year many Rohingya, members of a Muslim minority, risk their lives boarding rickety vessels to escape violence in Myanmar and squalor in Bangladesh refugee camps. A spokesperson for the Indian Navy said he did not have any details to share. Asia Pacific Refugee Rights Network’s Rohingya Working Group said the group had been adrift for more than two weeks. "We hope that the Indian Navy or Coastguard will manage to rescue and disembark the boat as soon as possible.

☆ Siemens Gamesa names Luijendijk CEO of onshore wind unit
▼ + stars: | 2022-12-20 | by ( Andres Gonzalez | ) www.reuters.com time to read: +1 min

Companies Siemens Gamesa Renewable Energy SA FollowLONDON, Dec 20 (Reuters) - Wind turbine maker Siemens Gamesa (SGREN.MC) has appointed its Asia Pacific boss Richard Luijendijk as chief executive of its onshore unit as it seeks to turn around the business, a memo signed by Siemens Gamesa CEO Jochen Eickholt showed. Luijendijk will replace Lars Bondo Krogsgaard, whose departure was announced in October, with the company saying in an email to staff it needed a "change due to the losses in the onshore business and the continuous underperformance." A Siemens Gamesa spokesperson declined to comment. "I want us to move away from silo thinking and for us to believe in the turnaround", Luijendijk said in the memo. ($1 = 0.9420 euros)Reporting by Andres Gonzalez, editing by Pamela Barbaglia and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Japan makes surprise policy tweak
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +8 min

ATUSHI TAKEDA, CHIEF ECONOMIST, ITOCHU ECONOMIC RESEARCH, TOKYO:"Today's move reflects the BOJ's determination not to alter its yield cure control policy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023. "The tweak may seem modest but is significant for a central bank that has held dovish for a long time.

☆ A weak economy will test consumers' wanderlust, but these stocks could prove resilient in 2023
▼ + stars: | 2022-12-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +8 min

The U.S. Travel Association anticipates domestic leisure travel demand will hold up, although growth may be a bit slower in 2023. The stock has an average analyst rating of buy and 47% upside to the average price target, according to FactSet. Marriott has an average analyst rating of overweight and 13.5% upside to the average analyst price target, per FactSet. Norwegian has an average analyst rating of overweight and nearly 27% upside to the average analyst price target, while Royal Caribbean has an average analyst rating of overweight and about 24% upside to its average price target. However, Carnival has an average analyst rating of hold and 24% upside to the average price target.

☆ I plan parties for the ultrawealthy. We get multimillion-dollar budgets to source real reindeer, fire-breathing dragons, and gift bags filled with Dior jewelry.
▼ + stars: | 2022-12-20 | by ( Claire Turrell | ) www.businessinsider.com time to read: +9 min

But we're also asked to organize their holiday parties. We take our holiday parties to the next levelIt's not unusual for us to be given a multimillion-dollar budget to arrange a festive party. Our holiday parties take place all year roundAs we have offices across the globe, we organize holiday parties all year round. A private client event around Chinese New Year featuring a smoke-breathing dragon. Party guests could board the train and walk through the carriages.

☆ China's re-opening to lift Asia equity capital market volumes from 3-year lows
▼ + stars: | 2022-12-16 | 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: +4 min

SYDNEY, Dec 16 (Reuters) - Asian equity capital markets activity, languishing at three-year lows now, is set to get a much needed boost in 2023 from China's expected re-opening to the rest of the world after a spate of COVID-19 lockdowns, dealmakers said. "As China's re-opening happens, market activity will come in stages," said Edward Byun, Goldman Sachs' co-head of equity capital markets in Asia ex-Japan, adding that secondary market trading and follow-on capital raisings would benefit first. IPOs in Asia Pacific, including Japan, fell by 43.3% this year in value terms, while total equity capital market deals plunged 52%, according to Refinitiv data. New share sales in Hong Kong plunged 74% to $7.4 billion this year from $28.17 billion in 2021, Refinitiv data showed. In India, IPOs were down nearly 60% to $7.13 billion from $17.05 billion, the Refinitiv data showed.

☆ As China seeks to live with the virus, COVID-control industries face decline
▼ + stars: | 2022-12-16 | by ( Eduardo Baptista | ) www.reuters.com time to read: +4 min

[1/2] Workers in protective suits wait for people at a nucleic acid testing site, as the coronavirus disease (COVID-19) outbreak continues, in Shanghai, China, December 9, 2022. A day later though, the 43-year-old lost her job as one of the city's many hazmat-suited COVID swab testers. The industries had become big business over the course of the pandemic and are huge employers even if precise statistics are hard to come by. It remains to be seen just how painful China's dismantling of its COVID-control infrastructure will be for companies and their staff. ($1 = 6.9605 Chinese yuan)Reporting by Eduardo Baptista; Editing by Brenda Goh and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

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