DIRS.INFO The most relevant business & tech news

☆ Australia c.bank raises rates to more than decade high, tempers hawkishness
▼ + stars: | 2023-03-07 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

Wrapping up its March policy meeting, the Reserve Bank of Australia (RBA) said wages growth was still consistent with the inflation target and recent data suggested a lower risk of a cycle in which prices and wages chase one another. In a dovish step, the central bank changed a reference to further rate "increases", saying instead that "further tightening" would be needed, suggesting that it might be nearing the end of its hike cycle. This was the tenth increase since last May, lifting rates by a total of 350 basis points, easily the most aggressive tightening campaign by the central bank in modern history. Markets reacted by pushing the local dollar down 0.3% to $0.6714 while three-year government bond yields slumped 10 basis points to 3.37% . Australia's economy grew at its weakest pace in a year last quarter, with a quarterly growth of just 0.5%.

☆ Biden to tax high-earners to save Medicare
▼ + stars: | 2023-03-07 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +2 min

March 7 (Reuters) - U.S. President Joe Biden will propose raising the Medicare tax on high earners to help keep the federal insurance program solvent as part of his budget to be released on Thursday, the White House said. Biden has sought to link Republicans to the idea of cutting funding for Medicare as part of negotiations over increasing the United States' $31.4 trillion debt limit. Biden has pledged to offer his vision for funding Medicare and challenged Republicans to offer their own. He would also seek to close loopholes that allow high earners to shield some of their income from the tax, the White House said. These additional prescription drug reforms amount to $200 billion in savings over 10 years, the White House said.

☆ Australia's Lee backs 'tough' PGA Tour changes
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

March 7 (Reuters) - Reduced fields and no cuts at designated events will be "tough" on players trying to make the grade on the PGA Tour but will ultimately reward good golf, according to Australian Min Woo Lee. The Tour has approved sweeping changes for 2024 in response to the threat posed by the Saudi-backed LIV Golf circuit, drawing a scathing reaction from lower-ranked players. Designated events were announced by the PGA Tour last August to get the best players competing against each other more often. Leading players, including world number three Rory McIlroy, have said the changes are necessary for the tour to be more competitive. "So I agree with it because, I mean, good golf, you got toplay good golf to play in the best tournaments.

☆ Asia stocks rally, bonds tense for U.S. rate tests
▼ + stars: | 2023-03-06 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

Japan's Nikkei (.N225) climbed 1.0% to a three-month top, while South Korean stocks (.KS11) added 0.6% helped by a softer reading on inflation. S&P 500 futures dipped 0.1% and Nasdaq futures 0.2%, after rallying on Friday as bond yields eased back a little. Futures imply a 72% chance the Fed will go by 25 basis points at its meeting on March 22. The BOJ jolted markets in December when it unexpectedly widened the allowed trading band for 10-year bond yields to between -50 and +50 basis points. Friday's pullback in bond yields helped gold recover some ground and it was trading at $1,855 an ounce .

☆ S.Korea inflation slowest in 10 months, bolsters views for no more hikes
▼ + stars: | 2023-03-06 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

The consumer price index rose 4.8% in February from a year before, Statistics Korea data showed on Monday, easing from January's 5.2%. By product category, prices of livestock products fell 3.2% from the previous month and petroleum products slid 1.3%, dragging the inflation rate lower. The inflation index rose 0.3% on a monthly basis, compared with 0.8% in the previous month and 0.5% expected by economists. The BOK held interest rates steady last month, after a year of uninterrupted hikes, and said the monetary tightening campaign would not resume if inflation followed an expected path towards moderation. Finance Minister Choo Kyung-ho separately said that the inflation slowdown would become clearer going forward, unless there were an external shock.

LOS ANGELES, March 5 (Reuters) - Novak Djokovic has formally withdrawn from the draw for the Indian Wells tournament, organisers said on Sunday in an indication that the world number one's application for a COVID-19 vaccine waiver to enter the U.S. might have failed. The Serbian, who is one of the most high-profile athletes unvaccinated against the virus, applied to the U.S. government last month for special permission to play at ATP Masters events at Indian Wells and Miami. Djokovic has not competed at the back-to-back ATP Masters events in Indian Wells and Miami, two of the biggest tournaments on the ATP calendar and known as the "Sunshine Double", since 2019. Indian Wells tournament director Tommy Haas, the United States Tennis Association and the U.S. Open were among those also hoping the 22-time Grand Slam champion would be allowed to enter. He would have been a heavy favorite to win his sixth Indian Wells title when the tournament kicks off in the Southern California desert on Wednesday.

☆ Asian stocks gain as prospects of China recovery, and Fed caution
▼ + stars: | 2023-03-03 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

HONG KONG, March 3 (Reuters) - Asian shares rose on Friday on prospects for a steady economic recovery in China, and after Wall Street reversed losses overnight following remarks by the Atlanta Federal Reserve chief that signalled a measured approach raising U.S. interest rates. Global markets have been buffeted by a raft of strong U.S. data over recent weeks, including U.S. jobless claims overnight, that suggested the Fed would need to keep rates higher for longer. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.7%, on track for its first weekly rise in five. U.S. stocks rose on Thursday, reversing earlier losses, as Treasury yields pulled back from earlier highs, following the rates comments from Atlanta Fed President Bostic. The two-year yield , which rises with traders' expectations of higher Fed fund rates, rose to 4.8879%compared with a U.S. close of 4.904%.

☆ Asian stocks up on hopes Fed will adopt slow approach to more hikes
▼ + stars: | 2023-03-03 | by ( Julie Zhu | ) www.reuters.com time to read: +3 min

HONG KONG, March 3 (Reuters) - Asian shares rose on Friday after Wall Street reversed losses on signals of a measured policy tightening approach from the U.S. Federal Reserve as well as on prospects of a solid economic recovery in China. Australian shares (.AXJO) were up 0.36%, helped by gains in miners and financials, while Japan's Nikkei stock index (.N225) rose 1.42%. U.S. stocks rose on Thursday, reversing earlier losses, as Treasury yields pulled back from earlier highs, following the rates comments from Atlanta Fed President Bostic. read moreThe yield on benchmark 10-year Treasury notes touched 4.0556% compared with its U.S. close of 4.073% on Thursday. The two-year yield , which rises with traders' expectations of higher Fed fund rates, rose to 4.8913%compared with a U.S. close of 4.904%.

☆ Australian pension fund client queries GQG about Adani investment
▼ + stars: | 2023-03-03 | by ( Lewis Jackson | ) www.reuters.com time to read: +2 min

SYDNEY, March 3 (Reuters) - An Australian pension fund client of GQG Partners has asked the U.S. boutique investment firm for more information about its nearly $1.9 billion investment in the embattled Indian Adani group. GQG Partners bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since a short-seller's critical report sparked a stock rout. Cbus Super, with A$71 billion under management, has a A$243 million emerging markets mandate with GQG Partners. The $258 billion fund had no investments in Adani Group companies as of June 2022, according to a review of the most recent holdings disclosures. Shares of Australia-listed GQG Partners closed down 3% on Friday after news of the investment was made public.

☆ Dollar squeezed as inflation drives up euro
▼ + stars: | 2023-03-02 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Euro zone inflation data is due later in the day. The yen hardly budged but the dollar made broad falls on Asian currencies as it retreats from recent highs. On Thursday the yen was a tad stronger at 136.04 to the dollar in early trade while the Australian dollar held Wednesday gains made despite softer-than-expected growth data and some hints that inflation may have peaked. "We consider the Australian dollar can increase materially in the weeks after China's Two Sessions meetings," he said. Besides European inflation, euro zone employment and central bank minutes are due later in the day, as is U.S. jobless claims data.

☆ Ex-BOJ gov Shirakawa urges re-examination of monetary framework, inflation targets
▼ + stars: | 2023-03-02 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

TOKYO, March 2 (Reuters) - Former Bank of Japan (BOJ) Governor Masaaki Shirakawa called on policymakers to reconsider central banks' monetary framework based on inflation targets, given their limits that became apparent from the recent spike in prices seen in many countries. By allowing inflation to overshoot their targets, central banks "forgot the difficulty of taking away the monetary punch bowl" and failed to tighten policy soon enough, he said. "Inflation targeting itself was an innovation that came about in response to the severe stagflation of the 1970s and early 1980s. "Now that we know its limitations, the time is ripe to reconsider the intellectual foundation on which we have relied for the past 30 years and renew our framework for monetary policy," he added. Shirakawa, who was BOJ governor before incumbent Haruhiko Kuroda, also criticised the central bank's current forward guidance committing to keep interest rates ultra-low.

☆ Goldman warns of possible pre-election currency market turmoil in Turkey
▼ + stars: | 2023-03-02 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

LONDON, March 1 (Reuters) - Goldman Sachs has warned of the potential for foreign exchange market instability in the run up to Turkey's elections following years of currency reserve depletion and other costly measures. While not its base case, the Wall Street bank said problems could be triggered if savers and firms became worried that a shift to more orthodox economic policies under a new government would fuel short-term FX market turbulence. "The current market uncertainty poses significant risks, in our view," Goldman said in a research note published on Wednesday. If problems do take hold the lira would fall, especially given the sharp depletion of Turkey's currency reserves in recent years. That compares to a combined short FX position - or exposure - of the central bank and treasury of $260 billion.

☆ Exclusive: China increasingly ambitious with 2023 growth target, may aim for up to 6%
▼ + stars: | 2023-03-02 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

Four of the sources said China was likely to aim for growth up to 6%, while three others said China was targeting 5%-5.5%. "This year's growth target could be 5-6%," said one of the people involved in the discussions. "We need to achieve an economic recovery, boost employment, and confidence, these are the key factors we need to consider." It was also the biggest ever miss of a growth target. Yu said a growth target of above 6% would help "boost morale and stimulate China's economic growth potential."

☆ India's top court overhauls election commissioner appointment in 'historic' judgment
▼ + stars: | 2023-03-02 | by ( Sakshi Dayal | ) www.reuters.com time to read: +2 min

Joseph, delivering the order of a constitution bench that heard several petitions calling for an independent committee to appoint election commissioners. "The election commission of India is to perform the arduous and unenviable task of remaining aloof from all forms of subjugation by and interference from the executive." "They have said the independence of the election commission is absolutely essential for democracy, and for that independence to be assured, you cannot have a system where the government alone appoints the election commissioners," he told reporters outside the court. India's former chief election commissioner, S.Y. Good for the perception of neutrality of the Election Commission."

☆ Apple supplier Foxlink says working to resume production after India fire
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

TAIPEI, March 1 (Reuters) - Taiwanese Apple Inc (AAPL.O) supplier Foxlink (2392.TW) said on Wednesday it is working hard to resume production following a fire at a plant in southern India that halted operations at the maker of iPhone charging cables. Foxlink was engulfed in a massive fire on Monday that led part of the building to collapse, but there were no casualties. Foxlink, in a statement to the Taiwan stock exchange, said it is investigating the cause of the fire and "working hard to resume production". The company will coordinate with customers and suppliers to "discuss solutions for the production capacity affected before resuming work". The company's stock was down more than 2% in early morning trade Wednesday, compared to a 0.5% fall for the broader market (.TWII).

☆ Japan factory activity shrinks the most in 2-1/2 years
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

TOKYO, March 1 (Reuters) - Japan's factory activity shrank in February at the fastest pace in over two years, a private survey showed, highlighting companies' struggles amid a global economic slowdown, raw material inflation and policymakers' calls for higher wages. The final au Jibun Bank Japan Manufacturing Purchasing Managers' Index released on Wednesday fell to 47.7 in February from January's 48.9. Manufacturing output and new orders contracted for an eighth consecutive month and at the fastest rates in 31 months, the survey showed. On the brighter side, supplier delivery delays were the least prevalent in two years, the survey showed. The Bank of Japan remains an outlier in the current global monetary tightening phase, committing to maintaining ultra-low rates to shore up its COVID-ravaged economy.

☆ Japan's lower house of parliament passes record budget
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Feb 28 (Reuters) - The lower house of Japan's parliament passed on Tuesday a record 114.4 trillion yen ($839.3 billion) budget for the next fiscal year that begins in April, a ruling party lawmaker said, a move that would further strain the industrial world's heaviest debt burden. The fiscal 2023 budget featured record military and welfare spending to cope with threats from mighty China and North Korea, and welfare spending for catering to a fast-ageing population. The budget passage in the powerful lower chamber makes it almost certain of its approval by the upper house by the current fiscal year end in March. Kishida's controversial plan to double Japan's defence spending to 2% of gross domestic product by 2027 contributed to a record 6.8 trillion yen increase in spending. ($1 = 136.3000 yen)Reporting by Tetsushi Kajimoto; Editing by Tom Hogue & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's factory output posts biggest fall in 8 months on weak autos, chips sectors
▼ + stars: | 2023-02-28 | by ( Kantaro Komiya | ) www.reuters.com time to read: +4 min

In contrast, retail sales posted their fastest growth in nearly two years, separate data showed, highlighting the divergent paths between soft manufacturing and robust service-sector activity. Factory output fell 4.6% in January from a month earlier on a seasonally adjusted basis, government data showed on Tuesday. Separate data showed Japanese retail sales rose 6.3% in January from a year earlier, beating a median market forecast for a 4.0% gain and posting an eleventh consecutive month of expansion. Despite the production cuts, retail sales of autos rose 19.3% year-on-year, suggesting strong pent-up demand among domestic consumers caused by delivery delays. Compared with the previous month, retail sales expanded 1.9% in January, following a 1.1% rise in December, the data showed.

☆ Japan's factory output suffer biggest fall in 8 months
▼ + stars: | 2023-02-28 | by ( Kantaro Komiya | ) www.reuters.com time to read: +1 min

Summary Jan output -4.6% m/m vs forecast -2.6%Manufacturers see Feb output +8.0%, Mar +0.7%Jan retail sales +6.3% y/y vs f'cast +4.0%Retail sales +1.9% m/mTOKYO, Feb 28 (Reuters) - Japan's factory output shrank at the fastest pace in eight months in January as shrinking overseas demand amid a global economic slowdown took a heavy toll on business activity. Factory output fell 4.6% in January from a month earlier on a seasonally adjusted basis, government data showed on Tuesday. The contraction was much larger than economists' median forecast of a 2.6% decline and followed an upwardly-revised 0.3% increase in December. Separate data showed Japanese retail sales rose 6.3% in January from a year earlier, beating a median market forecast for a 4.0% gain and posting an eleventh consecutive month of expansion. Compared from the previous month, retail sales expanded 1.9%, the data showed.

☆ Hong Kong to scrap COVID mask mandate from March 1
▼ + stars: | 2023-02-28 | by ( Farah Master | ) www.reuters.com time to read: +2 min

The special administrative region of Hong Kong is one of the last places globally that still imposes a mask mandate. Hong Kong and Macau both followed China's zero-COVID policy for much of the past three years. Hong Kong started unwinding its stringent COVID rules last year but mask-wearing has remained constant since 2020. People wearing face masks walk through Wan Chai during the coronavirus disease (COVID-19) pandemic in Hong Kong, China, April 14, 2022. Reporting by the Hong Kong newsroom; Writing by Farah Master; Editing by Shri Navaratnam and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ India's Adani plans to repay up to $790 million share-backed loans by March - sources
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Feb 28 (Reuters) - India's Adani Group plans to prepay or repay share-backed loans worth between $690 million and $790 million by end of March this year, two people with knowledge of the matter said, as it seeks to burnish its credit profile after a short-seller attack. Adani Green Energy (ADNA.NS) also plans to refinance its 2024 bonds via a $800 million, three-year credit line, said the sources, who declined to be named as they were not authorised to speak to the media. Those plans were presented by the Adani management to the group's bondholders in Hong Kong on Tuesday. Adani has already held calls with bondholders earlier this month in attempts to assuage investor concerns, where group executives revealed refinancing plans at some of its units and also plans to completely pre-pay all loans against shares. Reporting by Xie Yu in Hong Kong; Editing by Sumeet Chatterjee & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Insurer AXA sells off most of its shares in Monte dei Paschi at 2.33 euros/share
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 28 (Reuters) - French insurer AXA (AXAF.PA) said on Tuesday that it had successfully sold off most of its shares in Italian bank Banca Monte dei Paschi di Siena (BMPS.MI), divesting the stocks at a price of 2.33 euros per share. Following this sale, AXA will hold 0.0007% of the Italian bank's share capital. Reporting by Sudip Kar-Gupta Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Asia stocks feel rate pain, dollar on a roll
▼ + stars: | 2023-02-27 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

China has manufacturing surveys and the National People's Congress kicks off at the weekend and will see new economic policy targets and policies, as well as a reshuffling of government officials. S&P 500 futures were flat, while Nasdaq futures edged up 0.1%. Fed futures now have rates peaking around 5.42%, implying at least three more hikes from the current 4.50% to 4.75% band. Markets have also nudged up the likely rate tops for the European Central Bank and the Bank of England. Ten-year Treasury bonds also yield more than twice the estimated dividend yield of the S&P 500 Index, and with much less risk.

☆ Dollar advances as traders consider higher-for-longer rates view
▼ + stars: | 2023-02-27 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.8% last month, according to the Commerce Department. The market is now pricing U.S. interest rates to peak at 5.4% in July and remain above 5% through the end of the year. The Fed is expected to raise rates by 25 basis points at its March 21-22 meeting, though some analysts see the possibility of a 50 basis points hike if inflation stays high and growth remains strong. "We now believe it is a much closer call that officials hike by 50 basis points in March than our earlier 25 basis points assumption," said Kevin Cummins, chief economist at NatWest Markets. The Australian dollar rose 0.12% to $0.673, while the kiwi advanced 0.13% versus the greenback to $0.617.

☆ World Bank's IFC to provide Sri Lanka with $400 mln financing
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

COLOMBO, Feb 27 (Reuters) - The International Finance Corporation (IFC), the World Bank's investment arm, said it will provide Sri Lanka a $400 million cross-currency swap facility to help fund essential imports. Three private banks, which together deal with over 30% of Sri Lanka's remittances and exports, will receive the facility to fund essential imports, including medicine, food and fertiliser, the IFC said in a statement on Monday. The funds will provide a much needed foreign exchange cushion for Sri Lanka, which is grappling with its worst financial crisis in over seven decades partly triggered by a severe shortage of dollars. IFC is also working on further plans to support client banks with other long-term funding and advisory services in the future, the statement added. Sri Lanka signed a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout last September but has to put its debt on a sustainable repayment track before the funds can be disbursed.

Search resuls for: "Shri Navaratnam"

25 mentions found