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☆ Factbox: Who's in and out in Credit Suisse's day of reckoning
▼ + stars: | 2022-10-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Oct 27 (Reuters) - Credit Suisse's (CSGN.S) latest shake-up has led to the promotion of some senior executives to more powerful roles while others are leaving. IN:MICHAEL KLEINA former Citigroup Inc (C.N) dealmaker, Klein has been named adviser to Credit Suisse CEO Ulrich Körner. He was hired by former Credit Suisse boss Tidjane Thiam in 2017 to run equity derivatives globally. A Spanish national, Lopez Lorenzo joined Credit Suisse in 2015 from JPMorgan (JPM.N) where he was a managing director in New York. The 47-year-old banker was part of a new crop of executives who had been tasked to restore Credit Suisse's reputation after a series of scandals.

☆ Linde's ability to manage inflation was on display in the industrial gas giant's strong quarter
▼ + stars: | 2022-10-27 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

The following is a look at third-quarter sequential sales growth numbers for each category. Operating profit of $974 million, up 13% over last year, was higher than estimates of $937 million. Sales growth was led by Electronics and Chemicals & Energy, while volume growth was equally split between base business and project startups. Operating profit of $429 million was up 12% from last year and roughly in line with the $424 million estimate. Linde management held a call Wednesday to explain the rationale behind its proposal to delist from the Frankfurt Stock Exchange.

☆ Edtech firm Classera raises $40 mln in round led by PIF's Sanabil
▼ + stars: | 2022-10-27 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

The Series A round was led by Sanabil Investments, fully owned by Saudi Arabia's sovereign Public Investment Fund (PIF). Other investors were Global Ventures, Endeavor Catalyst, 500 Global, Sukna Venture and Seedra Ventures. "The round additionally included a diverse set of investors from Silicon Valley, emerging markets, and global family offices," the company said in a statement, without naming them. "Many learning institutions, especially after the pandemic, are convinced they need the next generation of e-learning solutions," Classera co-founder and CEO Mohammad Almadani said in the statement. Sanabil said in the same statement it was "fully committed to enable Classera to further expand its reach to learners across all socio-economic backgrounds."

☆ Asia-Pacific will lead global economic growth in 2023, S&P says
▼ + stars: | 2022-10-27 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

Ed Jones | AFP | Getty ImagesEconomies in Asia-Pacific will dominate global growth in the upcoming year, according to S&P Global Market Intelligence. S&P predicts the region will achieve real growth of roughly 3.5% in 2023, while Europe and the U.S. will likely face recession. The firm trimmed its growth forecast for global real GDP by 0.6 percentage point from last month's forecast of 2% — and now expects to see 1.4% growth in 2023. That's a steep decline from 5.9% global growth in 2021 and even slower than the 2.8% growth S&P expects for 2022. "With moderate growth in Asia-Pacific, the Middle East, and Africa, the world economy can avoid a downturn, but growth will be minimal," said Sara Johnson, executive director of economic research, S&P Global Market Intelligence.

☆ How the mounting popularity of Formula 1 relies on continuous innovation in the live broadcast experience
▼ + stars: | 2022-10-26 | by ( Sponsor Post | Created Insider Studios With Tata Communications | ) www.businessinsider.com time to read: +8 min

The delivery and quality of the live broadcast experience are now more vital than ever. Broadcast connectivity partner Tata Communications leveraged its substantial expertise to rise to the challenge. "The brilliance of the F1 broadcast is that the viewer never has to think about the technology. Aside from F1, Tata Communications also partners with numerous other sports and entertainment franchises. Tata Communications' new broadcast model has delivered around a 34% reduction in the organization's travelling freight, which has lessened the environmental impact.

☆ Tapestry deepens push into China, undeterred by luxury market slump
▼ + stars: | 2022-10-25 | by ( Casey Hall | ) www.reuters.com time to read: +6 min

It also follows some 60 Tapestry store openings in China over the last two years. Research from real estate firm Savills also shows 55% of the world's luxury store openings last year took place in China. It saw China sales slide 32% for the quarter ended July 2 from the same period a year earlier. China sales generally account for around a fifth of its overall sales. Coach's luxury market share in China is also more than double that of Michael Kors and more than triple that of Ralph Lauren and Tory Burch, according to Euromonitor data.

☆ Mubadala, KKR to invest about $1 bln in Asia
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - KKR & Co (KKR.N) and Abu Dhabi state fund Mubadala Investment Co (MUDEV.UL) said they had entered into an agreement to invest about $1 billion in Asia. The agreement, announced on Sunday, will see the two firms investing across performing private credit opportunities in the Asia Pacific region. Mubadala, which manages $243 billion in assets, said in a joint statement it would deploy its capital alongside KKR’s existing pools of capital, including capital from the KKR Asia Credit Opportunities Fund, a $1.1 billion credit investment vehicle KKR closed in May. In APAC, KKR has deployed nearly $3 billion in credit capital since 2019. The credit business in the region is part of KKR’s about $178 billion global credit platform.

☆ Reaction to China's 20th Communist Party Congress
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

Oct 23 (Reuters) - China's Xi Jinping secured a precedent-breaking third leadership term on Sunday and introduced a new Politburo Standing Committee stacked with loyalists, cementing his place as the country's most powerful ruler since Mao Zedong. I can imagine that zero-COVID policy is likely more entrenched and there’s going to be further push on this issue of common prosperity and the like.”CHRIS MILLER, PROFESSOR AT TUFTS UNIVERSITY, MASSACHUSETTS“The party congress has reaffirmed Xi's decisive role in ruling the Communist Party, marking a continued shift away from collective leadership of party elites toward a personalized dictatorship. It also appears to have confirmed the downgrading of economic growth as a key party goal, relative to other agenda items such as zero-COVID and the party's political and ideological control. On tech, the key theme was self-sufficiency in science and technology, which is to be expected given the increasing decoupling of the U.S. and Chinese tech sectors.”GARY NG, SENIOR ECONOMIST, ASIA PACIFIC, NATIXIS, HONG KONG“The new inner circle will extend and heighten the current policy stance, and generally it seems that most of the newly appointed officials seem to be Xi’s key allies. So I guess this is also a move of the further consolidation of power, or maybe in the future, of course, performance is important, but also loyalty is increasingly a key concern when picking officials.”Register now for FREE unlimited access to Reuters.com RegisterReporting by Rae Wee in Singapore and Xie Yu in Hong Kong; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ IPG Joins Ad Holding Companies in Raising 2022 Organic-Growth Forecast
▼ + stars: | 2022-10-21 | by ( Katie Deighton | ) www.wsj.com time to read: +4 min

Organic revenue growth, which removes the effects of currency fluctuations, acquisitions and disposals, was at 5.6%. Mr. Krakowsky told investors that the media planning-and-buying group IPG Mediabrands had seen double-digit organic growth. IPG’s more traditional advertising business, which includes its healthcare marketing agency IPG Health, fared better with organic growth of 6.7%. Its communications and experiential businesses, including agencies Weber Shandwick and Golin, posted organic growth of 7.8%. IPG’s organic growth was the weakest in the U.S., the company’s largest market, where it reached 4.4%.

☆ Sterling dips after Truss resigns, fragile yen weakens past 150 level
▼ + stars: | 2022-10-21 | by ( ) www.cnbc.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are arranged for a photograph in Tokyo, Japan. The U.S. dollar pushed to a fresh two-decade high versus major peers on Thursday, propelled by the Federal Reserve's hawkish outlook for interest rates. The euro fell 0.15% to $0.97725, after tracking the move in sterling to an overnight high of $0.98455. Meanwhile, the yen last bought 150.20 per dollar, after hitting a fresh 32-year low of 150.29 overnight. U.S. Treasury yields extended their climb overnight, with the two-year Treasury yield hitting a 15-year high of 4.623%, while the benchmark 10-year Treasury yield peaked at 4.243%, its highest level since June 2008.

☆ Asia's energy supply looks secure — even as Europe scrambles
▼ + stars: | 2022-10-21 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +4 min

On Tuesday, the EU steered away from a proposed price cap on Russian gas as it laid out new measures to tackle high energy prices. Overall LNG imports fell 7% year-on-year. Overall LNG imports fell 7% year-on-year. The decrease in LNG imports for Japan, Pakistan and India were 17%, 73% and 22% respectively, the IEA said. However, there is a clear increase month on month of coal power generation," IEEFA energy finance analyst Ghee Peh said.

☆ Deliveroo warns on sales growth as consumers tighten belts
▼ + stars: | 2022-10-21 | by ( Sarah Young | ) www.reuters.com time to read: +2 min

SummarySummary Companies Sees sales growth at 4-8%, from previous range of 4-12%Upgrades adjusted earnings margin forecastShares rise 4%LONDON, Oct 21 (Reuters) - British food delivery company Deliveroo (ROO.L) warned sales growth would be at the lower end of its previous guidance, as households cut back on take-aways due to rising prices. Despite the worsening outlook, Deliveroo, which competes with Just Eat Takeaway (TKWY.AS) and Uber Eats (UBER.N), also slightly upgraded its adjusted earnings (EBITDA) margin guidance on Friday, helped by lower marketing spend. The group is aiming for adjusted earnings (EBITDA) breakeven in late 2023 to early 2024 and said that it was confident it could adapt to the worsening economic outlook where consumers are grappling with higher food and energy bills. In its biggest UK and Ireland market, Deliveroo posted GTV growth of 11%, boosted by the addition of McDonalds to its offering, while its performance in its international markets in Europe, the Middle East and Asia Pacific dragged. Deliveroo announced on Wednesday it would pull out of the Netherlands on Nov. 30 after it failed to gain sufficient local market share.

☆ China, 'factory of the world,' is losing more of its manufacturing and export dominance, latest data shows
▼ + stars: | 2022-10-20 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

The container ship Emma Mærsk docked at the Dapukou container terminal of Ningbo-Zhoushan Port on August 21, 2022 in Zhoushan, Zhejiang Province. Teodoro said Vietnam's close proximity to China and cheap labor are reasons why Vietnam is considered a suitable alternative. Vietnam has taken the lion's share of the manufacturing trade away from China with an almost 360% increase in far-distance trade since 2014 — the year the country started to invest in its maritime and manufacturing sector. Malaysia and Bangladesh have taken apparel manufacturing away from China, according to MDS Transmodal, while Taiwan has seen a marginal uptick in metal manufacturing. Ningbo port hit by Covid policiesThe Port of Ningbo, the world's largest port and the third-largest container port, is the latest Chinese trade hub to see an impact from the government's "Zero Covid" policies.

☆ Netflix adds more than 2.4 million subscribers, reveals details about password-sharing crackdown
▼ + stars: | 2022-10-18 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

The streamer also reported the addition of 2.41 million net global subscribers, more than doubling the adds the company had projected a quarter ago. Revenue: $7.93 billion vs $7.837 billion, according to Refinitiv survey. $7.93 billion vs $7.837 billion, according to Refinitiv survey. Expected global paid net subscribers: Addition of 2.41 million subscribers vs. an addition of 1.09 million subscribers, according to StreetAccount estimates. The majority of Netflix's net subscriber growth during the quarter came from the Asia Pacific region, which accounted for 1.43 million subscribers.

☆ China delayed the release of key economic data to avoid distraction amid the Communist Party Congress, not to conceal data, analysts say
▼ + stars: | 2022-10-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China delayed the release of key economic data, including third-quarter GDP, scheduled for this week. The postponement of the data — GDP in particular — has raised speculation that the numbers are deliberately being hidden. "Beijing just wants everyone and the media coverage to focus on the Congress, not on economic data." While delays in monthly statistical data release are indeed "quite unusual," they are not unprecedented, according to Zhuang. However, it's the first time Beijing is delaying GDP data release.

☆ This pandemic consumer trend is still going strong. How to get behind it
▼ + stars: | 2022-10-16 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +4 min

As CNBC Pro has previously reported, pet ownership in the U.S . is booming, and will help sustain a higher level of sales in the coming years. However, that 4% increase in pet ownership has resulted in an 11% gain in pet spending, it said. "Despite now being [circa] 30 months away from the start of the pandemic, pet care is still going strong," AllianceBernstein analysts wrote. That pace is faster than 8% global growth rate from 2021 to 2022 predicted by Euromonitor and Bernstein analysis, the report said. It owns Diana Pet Foods, and is the leading pet food ingredients company.

☆ Deutsche Bank names former Credit Suisse banker as new APAC head of private bank
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: 1 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd WiegmannSINGAPORE, Oct 12 (Reuters) - Deutsche Bank (DBKGn.DE) said on Wednesday it was replacing its Asia Pacific head of international private banking with a senior hire from embattled Swiss bank Credit Suisse (CSGN.S). Singapore-based Jin Yee Young, who had resigned from her role as the deputy head of Credit Suisse's Asia Pacific wealth management business, was appointed as the Asia Pacific head of the international private bank of Deutsche Bank. The veteran banker's appointment comes into effect from January, Deutsche Bank said in a statement on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Xinghui Kok; Editing by Anshuman Daga and Kim COghillOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank names ex-Credit Suisse banker as new APAC head of private bank
▼ + stars: | 2022-10-12 | by ( Xinghui Kok | ) www.reuters.com time to read: +1 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd WiegmannSINGAPORE, Oct 12 (Reuters) - Deutsche Bank (DBKGn.DE) said on Wednesday it was replacing its Asia Pacific head of international private banking with a senior hire from embattled Swiss bank Credit Suisse (CSGN.S). Singapore-based Jin Yee Young, who resigned from her role as the deputy head of Credit Suisse's Asia Pacific wealth management business, was appointed as the Asia Pacific head of the German lender's international private bank. read moreThe veteran banker's appointment comes into effect from January, Deutsche Bank said in a statement. "Wealth management continues to be a cornerstone of our offering for clients in the Asia Pacific region, and a critical growth driver for our platform," said Alexander von zur Muehlen, Deutsche Bank's Asia Pacific CEO.

☆ PepsiCo hikes forecast after third-quarter earnings, revenue top expectations
▼ + stars: | 2022-10-12 | by ( Jack Stebbins | ) www.cnbc.com time to read: +1 min

PepsiCo hiked its forecast for the year Wednesday morning after reporting third-quarter earnings and revenue that beat analyst expectations. Revenue: $21.97 billion vs. $20.84 billion expected. For its Frito-Lay North America division, the company said revenue rose 20% in the quarter despite a dip in volume. PepsiCo Beverages North America's revenue increased 4% on slightly higher volume. Total revenue rose to $21.97 billion, up 9% from $20.19 billion a year ago.

☆ Buffet-backed BYD taps India as latest market amid global push
▼ + stars: | 2022-10-11 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

BYD's Atto 3 electric SUV car is displayed during its launch in New Delhi, India, October 11, 2022. REUTERS/Adnan AbidiNEW DELHI, Oct 11 (Reuters) - Warren Buffet-backed Chinese electric carmaker BYD (002594.SZ) launched its first passenger car in India on Tuesday, an electric sport-utility vehicle (SUV), marking its entry into the mainstream market amid a broader global expansion. BYD launched the Atto 3 electric SUV, fitted with its renowned Blade battery technology, with a plan to corner 40% of the country's electric car market by 2030. "India will be one of the key markets in BYD's global portfolio," Sanjay Gopalakrishnan, senior vice president of electric passenger vehicles at BYD India, told Reuters. BYD's India push comes amid tight scrutiny of investments from bordering nations, including China.

☆ Asia-Pacific airline traffic recovery to accelerate as rules ease -IATA
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Oct 11 (Reuters) - Passenger airline traffic in the Asia-Pacific region should recover to around 73% of 2019 levels by year-end as travel restrictions relax, up from 53% in August, the Asia-Pacific head of airline industry group IATA said on Tuesday. "There is no mistaking I think the momentum is very strong especially with all major markets in the Asia-Pacific now open except for China," IATA Regional Vice President, Asia Pacific, Philip Goh told reporters on a webinar. Register now for FREE unlimited access to Reuters.com RegisterThe year-end traffic estimate is based on China opening its borders soon, though the actual date remains unclear, Goh said. International passenger traffic in the region was at 35% of 2019 levels in August, according to IATA, which estimates it will take until 2025 to reach pre-pandemic levels. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jamie Freed; Editing by Tom Hogue, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Morgan Stanley appoints Badalia as Southeast Asia M&A head
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Oct 11 (Reuters) - Morgan Stanley (MS.N) has named Rikhit Badalia, a member of its Asia Pacific mergers and acquisitions team, as the M&A head for Southeast Asia with immediate effect, according to a memo seen by Reuters. Hong Kong-based Badalia takes over from Jonathan Pflug, who is joining U.S. investment bank Raine Group to lead its coverage in Southeast Asia, Reuters reported last month. Badalia, who has been with Morgan Stanley since 2010, started out as an analyst in its Mumbai office before taking up roles in Singapore and Hong Kong with a focus on the tech, media and telecoms sector. Badalia will remain the M&A operations officer for Asia Pacific, the memo said. A Morgan Stanley spokesperson confirmed the contents of the memo.

☆ Chilean lawmakers approve Trans-Pacific Partnership
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

Chile's Sub Secretary of International Economics Relations Jose Miguel Ahumada shakes hands with Senator Ivan Moreira after the final discussion to vote on the Trans-Pacific Partnership at the National Congress in Valparaiso, Chile October 11, 2022. REUTERS/Rodrigo GarridoSANTIAGO, Oct 11 (Reuters) - Chile's congress voted to approve the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade deal on Tuesday after four years of legislative debate. Twenty-seven senators voted for the world's largest copper producer to join the 11-country trade deal while 10 voted against and one senator abstained. The government had said the CPTPP was not part of its program and it would not promote or hinder its passage. The trade deal had become a source of political debate, and protesters against the CPTPP gathered outside the Senate building on Tuesday to oppose the deal.

☆ Hong Kong wins over Goldman Sachs and other bank CEOs after lifting strict Covid rules
▼ + stars: | 2022-09-29 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN Business —Hong Kong has finally secured commitments from some of the world’s biggest banks to participate in a long-awaited summit, as it seeks to reaffirm its status as a global financial hub. Under the current rules, travelers are free to move around, although they may not be allowed into restaurants or bars during the first three days of their stay. The summit was announced by Hong Kong Financial Secretary Paul Chan in February. Hong Kong is the base for JPMorgan’s Asia Pacific headquarters, as well as those of many other financial firms. Now, the conference will be an important part of the city’s efforts to show that it’s truly reopened for global business.

☆ Australia's house prices fall, interest rates soar but analysts say there's no crash yet
▼ + stars: | 2022-09-29 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +10 min

Mortgage rates have fallen to below 2% in recent years, but interest rates are rising rapidly in Australia. Home prices fallNational house prices have fallen for a fourth straight month as demand for homes start to slide due to higher costs of borrowing, according to Corelogic. In Sydney, Australia's biggest city, home prices have fallen over 7% since prices started unwinding at the start of the year, just before interest rates lifted. Since hitting peak prices earlier this year, house prices in Melbourne have fallen nearly 5%. Since hitting peak prices earlier this year, house prices in Melbourne have fallen nearly 5%.

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