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☆ China cuts short-term borrowing costs as economy slows
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +4 min

SummarySummary Companies PBOC lowers 7-day reverse repo to 1.9% vs. 2.0% prev. The People's Bank of China (PBOC) cut its seven-day reverse repo rate by 10 basis points to 1.90% from 2.00% on Tuesday, when it injected 2 billion yuan ($279.97 million) through the short-term bond instrument. "The central bank's rate cut decision was not a complete surprise to the market," said Ken Cheung, chief Asian FX strategist at Mizuho Bank. Tuesday's rate cut suggests policymakers are increasingly worried about the health of China's recovery, traders and analysts said. "However, the market is expecting the PBOC to cut the policy rate further.

Persons: 10bp, Ken Cheung, Yi Gang, Cheung, Marco Sun, Frances Cheung, Julian Evans, Pritchard, Winni Zhou, Tom Westbrook, Kim Coghill, Sam Holmes Organizations: People's Bank of China, Mizuho Bank, MUFG Bank, OCBC Bank, Capital Economics, Thomson Locations: SHANGHAI, SINGAPORE, China, United States, outflows

☆ How I raised $2 million for my startup without knowing any venture capitalists
▼ + stars: | 2023-06-12 | by ( Jackson Cunningham | ) www.businessinsider.com time to read: +7 min

Cunningham says raising funds will almost always take more time and labor than you expect, so stay persistent, patient and proactive. One of the greatest challenges of entrepreneurship is raising money for your startup, especially if you don't have an established network of venture capitalists (VCs) to rely on. Dedication and follow-ups: Raising funds requires significant effort and labor. I've said it once already, and I'll say it again: Raising funds will almost always take more time and labor than you expect. Allow ample time for the fundraising process, leverage your founder network, create a compelling pitch deck, and craft personalized outreach messages.

Persons: Jackson Cunningham, Cunningham, VCs, Dave — we're, I've Organizations: DTC, Founders, Future Equity Locations: VCs

☆ Stocks making the biggest moves midday: Carnival, Nasdaq, Oracle, KeyCorp and more
▼ + stars: | 2023-06-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

The Carnival Miracle cruise ship operated by Carnival Cruise Line is docked at Pier 27 in San Francisco, Sept. 30, 2022. Other cruise stocks also got a boost, with Norwegian Cruise Line gaining about 9% and Royal Caribbean adding 2%. Chinook Therapeutics — Shares soared 58.32% after Novartis announced it has agreed to acquire the biotech firm for up to $3.5 billion. Oracle — Shares of the IT cloud software company gained 5.99% ahead of its quarterly earnings announcement scheduled for after the bell. Wolfe Research upgraded shares to outperform from peer perform in a Sunday note, citing the company's early-mover advantage in the artificial intelligence boom.

Persons: JPMorgan Chase, Thoma Bravo, Morgan Stanley, Wolfe, Alessandro Maselli, Nio, Nomura, Illumina, Francis deSouza, Carl Icahn, KeyCorp, — CNBC's Hakyung Kim, Alex Harring, Samantha Subin, Jesse Pound Organizations: Carnival Cruise, JPMorgan, Bank of America, Cruise Line, Royal, Chinook Therapeutics, Novartis, Nasdaq —, Thoma, Oracle —, Wolfe Research Locations: San Francisco, Royal Caribbean

☆ Child plane crash survivors get medical care in Bogota after weeks in jungle
▼ + stars: | 2023-06-10 | by ( Luis Jaime Acosta | Thomson Reuters | Luis Jaime Has Worked At Reuters For More Than Years. While He Chiefly Covers Colombia'S Armed Conflict | ) www.reuters.com time to read: +2 min

[1/5] A view of ambulances and a plane from San Jose del Guaviare bringing in child survivors from a Cessna 206 plane that crashed in thick jungle, at the CATAM military airbase, in Bogota, Colombia, June 10, 2023. REUTERS/Luisa GonzalezBOGOTA, June 10 (Reuters) - Four Indigenous children who were missing for more than five weeks in a jungle in Colombia's south following a deadly plane crash arrived in the capital Bogota early on Saturday for medical treatment. In photos shared by Colombia's military, the four children - three girls and a boy - appeared gaunt as they were being cared for by rescuers. After the plane carrying the children landed in Bogota, four ambulances were waiting at to collect them and take them to a military hospital for specialist medical care. Three adults, including the pilot and the children's mother, died in the crash and their bodies were found inside the plane.

Persons: San Jose del Guaviare, Luisa Gonzalez BOGOTA, Hope, Pedro Sanchez, gaunt, Luis Jaime Acosta, Oliver Griffin, Jamie Freed Organizations: Cessna, REUTERS, Thomson Locations: San Jose, Bogota, Colombia, Colombia's, Colombia's Caqueta, Araracuara, Caqueta, Guaviare

☆ Four missing Colombian children found alive weeks after plane crash
▼ + stars: | 2023-06-10 | by ( Luis Jaime Acosta | Thomson Reuters | Luis Jaime Has Worked At Reuters For More Than Years. While He Chiefly Covers Colombia'S Armed Conflict | ) www.reuters.com time to read: +1 min

BOGOTA, June 9 (Reuters) - Four children from an Indigenous community in Colombia were found alive in the south of the country more than five weeks after the plane they were traveling in crashed in thick jungle, Colombia's President Gustavo Petro said on Friday. The children were rescued by the military near the border between Colombia's Caqueta and Guaviare provinces, close to where the small plane had crashed. The four children who were lost ... in the Colombian jungle appeared alive," Petro said in a message via Twitter. Three adults, including the pilot, died as a result of the crash and their bodies were found inside the plane. Preliminary information from the civil aviation authority, which coordinated the rescue efforts, suggests the children escaped the plane and set off into the rainforest to find help.

Persons: Gustavo Petro, Petro, San Jose del Guaviare, Luis Jaime Acosta, Oliver Griffin, Jamie Freed Organizations: Cessna, Thomson Locations: BOGOTA, Colombia, Colombia's, Guaviare, Colombian, Araracuara, Amazonas province, San Jose, Guaviare province

☆ This is a 'really important' time to be putting capital to work, says KKR partner
▼ + stars: | 2023-06-08 | 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 EmailThis is a 'really important' time to be putting capital to work, says KKR partnerAlisa Amarosa Wood, partner at KKR, discusses the sentiment at the SuperReturn private equity event in Berlin.

Persons: Alisa Amarosa Wood Organizations: KKR Locations: Berlin

☆ Jefferies says these casino stocks have less upside as they better reflect Macao's recovery
▼ + stars: | 2023-06-08 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Two resort-and-gambling stocks are less attractive now that the market has better priced in a popular gambling destination's recovery, according to Jefferies. Analyst David Katz downgraded Las Vegas Sands and Wynn Resorts to hold from buy. Katz shaved Las Vegas Sands' price target by $4 to $65, still representing an 11.1% upside from where the stock closed Wednesday. For 2024, he said to expect EBITDA margin growth of 29% for Las Vegas Sands and 52% for Wynn. Outside of Macao, Katz said Las Vegas business should continue to help Wynn, while Singapore is a strong performing area for Las Vegas Sands.

Persons: David Katz, Katz, Wynn, — CNBC's Michael Bloom Organizations: Jefferies, Sands, Wynn Resorts, Las Vegas Sands, Wynn, Las Locations: Macao, Macau, Las Vegas, Singapore, Las

You may also consider contacting a business loan specialist or a direct business lender that offers many options. "Business loan options are abundant, and it can be very easy to obtain business financing," says Grayson. Lenders generally look at your time in business, credit scores (both business and personal), cash flow, collateral, and the industry the business is in. Grayson emphasizes three key factors that lenders prioritize before making lending decisions: Ability to repay the loan, the need for the money and how it will assist with a critical business need or growth, and the business and business owner's overall creditworthiness. Grayson emphasizes that research is the most important tool to be successful with a small business loan.

Persons: you've, —, Matt Brewster, Gina Taylor Cotter, You'll, Noah Grayson, Grayson, Brewster, Cotter Organizations: Service, Business Administration, Estate Bees, Nonprofit, Revenue

☆ Foreign investors have been dumping vast amounts of Chinese assets, and putting money there will only get riskier
▼ + stars: | 2023-06-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Foreign investors have been selling Chinese securities for the last two years, the Atlantic Council said. "Putting money in China is going to become riskier, and de-risking is only going to become more commonplace." Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Separate reports have also shown that foreign investors are selling Chinese stocks at a faster pace. Mark acknowledged Chinese efforts to bring back some overseas investment, but foreign capital flows are set to keep declining, especially with new US restrictions on the horizon.

Persons: Xi, —, Jeremy Mark, Mark, bode, Biden Organizations: Atlantic Council, Service, Geoeconomics, IMF Locations: China, New York, Hong Kong, India

☆ Indonesia's delayed China-funded rail project beset by fresh problems
▼ + stars: | 2023-06-07 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +5 min

[1/2] An electric Multiple Unit high-speed train is seen during Hot Sliding Test in Tegalluar, Bandung, West Java province, Indonesia, May 19, 2023, in this photo taken by Antara Foto. China-backed consortium PT KCIC, Mott MacDonald, Umbra, CDB and China's embassy in Jakarta did not respond immediately to requests for comment. PT KCIC was awarded the project in 2015 after lodging a cheaper proposal than a Japanese rival, with completion expected in 2019. The planned 45-minute train ride between Jakarta and Bandung compares with a car journey of two to three hours or the current three-hour rail trip. Locating the stations in central Jakarta and Bandung would have been too costly, ministry official Seto said.

Persons: Antara, Al Farisi, Joko Widodo, Teuku Rezasyah, Mott MacDonald, Mahendra Vijaya, Hario, PwC, Sutanto Soehodho, Seto, Stefanno Sulaiman, Devjyot Ghoshal, Jamie Freed Organizations: REUTERS, Initiative, Padjadjaran University, Reuters, PT, China Development Bank, CDB, PT KCIC, KCIC, University of Indonesia, Thomson Locations: Tegalluar, Bandung, West Java, Indonesia, REUTERS JAKARTA, China, Jakarta, Indonesian, Southeast Asia's, Independence, PwC, CDB, China's

☆ STMicroelectronics and Sanan plan silicon carbide venture in China
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 7 (Reuters) - Semiconductor supplier STMicroelectronics (STMPA.PA) and Sanan Optoelectronics (600703.SS) plan to set up a silicon carbide manufacturing joint venture in Chongqing, China, they said on Wednesday. The companies said the cost of the venture was expected to be about $3.2 billion, including capital expenditure of about $2.4 billion over the next five years. The venture will produce silicon carbide devices exclusively for STMicroelectronics which are used in electric cars and other industrial power and energy applications. "China is moving fast towards electrification in automotive and industrial and this is a market where ST is already well-established with many engaged customer programs. Reporting by Sudip Kar-Gupta; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Sanan, Jean, Marc Chery, Sudip Kar, David Goodman, Jason Neely Organizations: Semiconductor, Thomson Locations: Chongqing, China

☆ Evergrande Property Services works to ensure working capital until mid-2024
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

June 5 (Reuters) - Evergrande Property Services Group Ltd (6666.HK) said on Monday it would have sufficient working capital to meet its financial obligations up to mid-2024 through various measures aimed at boosting liquidity. These include talks with embattled parent China Evergrande Group (3333.HK) on repaying 13.4 billion yuan ($1.89 billion) involved in a pledge, streamlining operating costs, and negotiating with suppliers to extend payables, it said. The 2022 net profit was still 46.4% lower than the figure for 2020, the year before its parent slipped into a debt crisis. The firm had total liabilities of 8.7 billion yuan last year, compared to 10.1 billion in 2021 and 7.1 billion in 2020. ($1=7.1069 Chinese yuan renminbi)Reporting by Upasana Singh and Clare Jim; Editing by Shounak Dasgupta and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Evergrande, Upasana Singh, Clare Jim, Shounak Dasgupta, Clarence Fernandez Organizations: Evergrande, Group, HK, China Evergrande, Thomson

☆ CORRECTED Evergrande Property Services flags sufficient working capital till 2024
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - Evergrande Property Services Group Ltd (6666.HK) on Monday reported a 46.4% plunge in its fiscal 2022 profit, when compared with fiscal 2020, and said it would have sufficient working capital to meet its financial obligations up to 2024 through various measures aimed at boosting liquidity. The property services unit of embattled China Evergrande Group (3333.HK) said profit attributable for the year ended Dec. 31 was 1.42 billion yuan ($199.85 million), compared with 2.65 billion yuan in 2020. "The group will have sufficient working capital to meet its financial obligations up to 30 June 2024," Evergrande Property said. Evergrande Property's shares have been suspended since March 21, 2022, pending the company's financial results and a probe into seized deposits worth $2 billion. Evergrande Property's results are also in focus as China Evergrande gave creditors a basket of options in its debt restructuring terms to swap their debt into some equity-linked instruments backed by the unit.

Persons: China Evergrande, Upasana Singh, Clare Jim, Shounak Dasgupta Organizations: Evergrande, Group, HK, China Evergrande, Thomson Locations: China

☆ After the turmoil in regional banks, here comes new regulation
▼ + stars: | 2023-06-05 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +4 min

Biggest US banks could see 20% boost in capital requirements, Wall Street Journal reports. Midsize regional banks underwent extreme stress earlier this year, with First Republic and two others failing, yet the biggest banks in the US may be the ones hit with tougher regulatory rules. The proposals are expected as soon as this month and will vary based on the bank's businesses, according to the Journal. After the financial crisis of 2007-2008, regulators worldwide sought to bolster banks' capital requirements. And the recent turmoil in the US regional banks only underscored the current strength of the mega banks, suggesting that the focus on increasing capital at the biggest institutions was misplaced.

Persons: JPMorgan Chase, Goldman Sachs –, Banks, Morgan Stanley, Jamie Dimon, Jane Fraser Organizations: Wall Street, Morning, First, Street Journal, Banks, JPMorgan, Federal Reserve, Basel III, Committee, America Locations: First Republic, Basel

☆ Stock futures are down slightly on Monday evening after rally takes a breather: Live updates
▼ + stars: | 2023-06-05 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

S&P 500 and Nasdaq-100 futures slipped 0.1% and 0.2%, respectively. The Dow finished Monday down about 0.6%, while the S&P 500 and Nasdaq Composite lost about 0.2% and 0.1%, respectively. Elsewhere, bank stocks slid following news that regulators are contemplating increasing capital requirements for large banks. Goldman Sachs and Bank of America each lost about 0.6% on Monday, while Morgan Stanley slipped around 0.7% and JPMorgan shares slid nearly 1%. The SPDR S&P Bank ETF dropped about 2.2%.

Persons: Apple, —, Keith Buchanan, Goldman Sachs, Morgan Stanley Organizations: New York Stock Exchange, New York Stock, Dow Jones, Nasdaq, Dow, Big Tech, Intel, Apple, Globalt Investments, Bank of America, JPMorgan, P Bank Locations: New

☆ Formula One shares can rally nearly 40% thanks to favorable commercial rights deal
▼ + stars: | 2023-06-05 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

TD Cowen thinks Liberty Formula One Group Class A stock can see big gains going forward. The firm initiated coverage of the auto racing series with an outperform rating and a $90 per share price target, implying upside of nearly 40% from Friday's close. He also noted the company's lock on commercial rights to the World Championship, which could yield more upside from revenue derived from fees. Formula One Class A shares are up more than 20% year to date. FWONA YTD mountain Formula One Class A stock has notched an impressive 21% gain from the start of the year.

Persons: Cowen, Stephen Glagola, Glagola, — CNBC's Michael Bloom Organizations: One, FIA, Netflix Locations: Friday's

☆ Watch this natural gas stock for more than 50% upside as key pipeline gains steam, Morgan Stanley says
▼ + stars: | 2023-06-05 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Morgan Stanley thinks one natural gas company could add more than 50% to its stock value thanks to progress on a key pipeline. Equitrans stock closed at $9.08 on Friday and has gained nearly 42% since the start of the year. ETRN YTD mountain Equitrans stock has added more than 41% from the start of the year. "In short, the language offers a clear and comprehensive directive that should prove effective in ensuring completion of the project," Kad said. And despite the stock jumping nearly 50% after news broke of the debt ceiling bill, Kad says there is still lots more upside in Equitrans stock.

Persons: Morgan Stanley, Robert Kad, Kad, ETRN, CNBC's Michael Bloom Organizations: Corporation Locations: West Virginia, Virginia

SHANGHAI/SINGAPORE, June 2 (Reuters) - China's yuan has skidded to six-month lows against the dollar and analysts say it could weaken further as investors fret over a bumpy pandemic recovery in the world's second-largest economy. "The yuan suffers as China's reopening story is less appealing than before, and there is no sign of further stimulus," said Gary Ng, senior economist for Asia Pacific at Natixis. "A weaker currency at the current juncture can help export performance, especially as global trade is shrinking this year." "A weaker yuan helps exporters when they convert the dollar receivables to yuan," said Barclays' FX strategist Lemon Zhang. A weaker yuan might also temper deflationary pressures being seen in parts of the economy due to weak domestic demand.

Persons: Gary Ng, Alvin Tan, Tan, Tommy Wu, Lemon Zhang, Serena Zhou, Winni Zhou, Brenda Goh, Tom Westbrook, Kim Coghill Organizations: Asia Pacific, Reuters, People's Bank of China, Asia FX, RBC Capital Markets, Barclays, FX, Mizuho Securities, Thomson Locations: SHANGHAI, SINGAPORE, United States, Natixis, Asia, China, Shanghai, Singapore

☆ U.N. Body Condemns Torture of Guantánamo Prisoner Awaiting Capital Trial
▼ + stars: | 2023-06-04 | by ( Carol Rosenberg | ) www.nytimes.com time to read: +2 min

Why It Matters: Criticism of Guantánamo Bay is mounting, again. The report could be presented to a sentencing jury of U.S. military officers in Mr. Nashiri’s case. In October 2021, a military jury in the case of another Guantánamo prisoner who was tortured by the C.I.A. Mr. Nashiri’s lawyers describe him as a torture survivor who suffers from post-traumatic stress disorder, depression and other conditions attributed to untreated physical, psychological and sexual abuse. Mr. Nashiri has more hearings this month focused on what evidence can be used at his eventual capital trial.

Persons: Biden, Cole, Abd al Rahim, Janet Hamlin, Nashiri, Katie Carmon Organizations: International Committee, Pentagon, Associated Press Locations: Guantánamo, America, U.S, Aden Harbor, United States

NEW YORK, June 2 (Reuters) - JPMorgan Chase & Co's (JPM.N) President and Chief Operating Officer Daniel Pinto said loan demand is declining at a time when regional and small banks are also tightening credit. JPMorgan's revenue for investment banking and trading are expected to decline 15% in the second quarter, Pinto said last month at the bank's annual investor day. Uncertainty and increased market volatility as central banks approach the end of their monetary tightening cycles have dented investment banking demand. Rival Goldman Sachs (GS.N) has said its dealmaking and trading revenue may slide by 25% in the second quarter, leading to job cuts. Bank of America Corp (BAC.N) expects investment banking fees and trading revenue to be broadly flat this quarter.

Persons: Daniel Pinto, Pinto, Goldman Sachs, Andy Saperstein, Morgan Stanley, Nupur Anand, Lananh Nguyen, David Gregorio Our Organizations: YORK, JPMorgan Chase, Federal Reserve, JPMorgan, Bank of America Corp, Thomson Locations: New York

☆ Elon Musk says his Shanghai factory makes the ‘highest quality’ Teslas
▼ + stars: | 2023-06-02 | by ( Laura He | ) edition.cnn.com time to read: +4 min

It was the first time Musk has visited the country since January 2020, when a video of him dancing onstage at Tesla’s Shanghai factory went viral. Before leaving, Musk met Chen Jining, the Communist Party chief of Shanghai, according to a statement by the city government. Musk praised the success of Tesla’s Shanghai facility — which opened in 2019 — and said he was hoping to work more with the city in various areas, the statement said. In 2022, the company delivered 1.31 million vehicles globally, more than half of which were from Shanghai, according to its financial results. “Congratulations to Giga Shanghai & Tesla China SDS teams for their excellent work overcoming many obstacles over many years!!

Persons: Hong Kong CNN —, Elon Musk, Musk, Chen Jining, Chen, Tesla, —, Variflight, ”, “, ” Musk, “ It’s, ” “, Elon, Jade Gao, Qin Gang, didn’t, Zeng Yuqun Organizations: Hong Kong CNN, Communist Party, Beijing Capital International Airport, Getty, Financial Times, Twitter, Giga Shanghai, Tesla China SDS, EV, CNN Locations: Hong Kong, China, Shanghai, Shanghai’s Hongqiao, Beijing, AFP, United States, Weibo

☆ Jaguar Land Rover's VC arm backed a $2 million round in plant-based leather startup Uncaged Innovations after seeing this 11-slide pitch deck
▼ + stars: | 2023-06-02 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

Biotech startup Uncaged is mimicking the characteristics of traditional leather but using plants. Uncaged just nabbed $2 million from Jaguar Land Rover's investment arm using this pitch deck. A startup creating animal- and plastic-free leather just netted $2 million in a pre-seed round that was backed by Jaguar Land Rover's investment arm InMotion Ventures. US biotech company Uncaged Innovations, founded in 2020, mimics the characteristics of skin proteins with plants. Uncaged Innovations is taking a "two-pronged approach" by serving the fashion and automobile industries.

Persons: Stephanie Downs, Xiaokun Wang, Johns Hopkins, Tesla, Downs, VegInvest, Alwyn Capital Organizations: Biotech, Land, Jaguar Land, InMotion Ventures, Uncaged Innovations, Downs, Brands Locations: York

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Persons: Read, We're, Uber, Peacock, Uber Cash, Merrill, Miles you've, Miles, There's, gofree Wyndham, you'll, You'll, It's, Chase, Cardholders, cardholders, you've, Wyndham Organizations: Excellent Credit, Capital, One, Chevron, American Express, American, Express, Hilton, Marriott, Saks, Entertainment, Disney, ESPN, The New York Times, Street, Walmart, Credit, TSA, Global, Saks Fifth, Reading Chevron, Target, Chase, Bank of America, Bank of America's, of America, Bank of America Travel Center, Wyndham, Business, Venture, Resorts, Saks Fifth Avenue, The Bank of America, Rewards, Barclays, Wyndham Rewards, Diamond, Vacasa Locations: Hulu, Wells, Wyndham

Data showed Chinese temple visits more than quadrupled this year compared with 2022, while sales of lottery tickets jumped in April to their highest in a decade. In stark contrast, the youth unemployment rate hit a record 20.4% in April, and multiple indicators showed economic recovery is losing steam following an initial bounce after China lifted its zero-COVID policy. "The surging stocks reflect a major macro-economy change this year - rising youth employment pressure," said Shi Pengfei, consumer analyst at Beijing-based Spring Capital. "I don't expect the youth unemployment rate to see an inflection point soon as the graduation season approaches," he said. China's main stock benchmark (.CSI300) has handed back most gains since last November after a reopening rally and is down 1% year-to-date, as the economic recovery missed expectations and geopolitical tensions rose.

Persons: Shi Pengfei, Jason Xue, Tom Westbrook, David Holmes Organizations: Investors, Shan Tourism Co, Development, China Sports Industry Group, Thomson Locations: SHANGHAI, SINGAPORE, China, Anhui, Beijing, Shanghai, Singapore

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