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☆ Goldman Sachs executives to rally investors in New York
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +6 min

[1/2] A Goldman Sachs sign is seen above their booth on the floor of the New York Stock Exchange, January 19, 2011. REUTERS/Brendan McDermid/File PhotoNEW YORK, Feb 28 (Reuters) - Goldman Sachs Group Inc's (GS.N) Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. DAN DEES, CO-HEAD OF GLOBAL BANKING & MARKETS, 52Dan Dees is the co-head of Goldman's global banking and markets division. JULIAN SALISBURY, CHIEF INVESTMENT OFFICER OF ASSET AND WEALTH MANAGEMENT, 51Julian Salisbury is chief investment officer of Goldman's asset and wealth management unit. KIM POSNETT, CO-HEAD OF ONE GOLDMAN SACHS, 45Kim Posnett is co-head of One Goldman Sachs, the company's program to unify its approach to clients across divisions.

REUTERS/Florence Lo/Illustration/File PhotoHONG KONG, Feb 27 (Reuters) - JPMorgan (JPM.N) is proposing a new Asia credit index with slashed China weighting in parallel to its existing $85 billion Asia credit index, two sources said, amid growing geopolitical tensions and dimming appetite for Chinese property bonds. For the new index, JPMorgan has suggested the weighting of China be cut to close to 30% compared with a level of about 43% in its existing JPMorgan Asia credit index (.JPMACI) (JACI) in which China is the largest component, according to one person with direct knowledge of the matter. JACI is a premier Asia credit index, tracked by fund managers controlling more than $85 billion worth of assets, according to the January proposal. INDEX RESHUFFLEThe proposal to reduce China weighting came after some fund managers pushed JPMorgan to cut JACI's China debt exposure, two sources said, as its poor performance dragged down popularity of the passive products that track the index. Jane Cai, a fixed income portfolio manager at China Asset Management (Hong Kong), said at a media briefing this month that JPMorgan was also internally discussing an ex-China Asia credit index.

☆ Taiwan says 'Fab 4' chip group held first senior officials meeting
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Florence Lo/IllustrationTAIPEI, Feb 25 (Reuters) - The U.S.-led "Fab 4" semiconductor alliance of Taiwan, the United States, Japan and South Korea held its first video meeting of senior officials last week focused on supply chain resilience, Taiwan's Foreign Ministry said on Saturday. The United States last September convened the first meeting of the working group, colloquially called "Fab 4" or "Chip 4", to discuss how to strengthen the semiconductor supply chain, after a global chip crunch caused by the COVID-19 pandemic. The semiconductor shortage, which forced some carmakers to halt production, thrust chip powerhouse Taiwan into the spotlight and has made supply chain management a bigger priority for governments around the world. Taiwan's Foreign Ministry said the "U.S.-East Asia Semiconductor Supply Chain Resilience Working Group", or "Fab 4", had after many months of coordination held the first video meeting of senior officials from its working group on Feb. 16. The group's members are home to the world's largest contract chip maker Taiwan Semiconductor Manufacturing Co Ltd (2330.TW), South Korean memory chip giants Samsung Electronics Co Ltd (005930.KS) and SK Hynix (000660.KS), and key Japanese suppliers of semiconductor materials and equipment.

☆ Germany's Scholz committed for Free Trade deal between India, EU
▼ + stars: | 2023-02-25 | by ( ) www.cnbc.com time to read: +2 min

German Chancellor Olaf Scholz spoke at the World Economic Forum in Davos, the only G-7 leader to do so. German Chancellor Olaf Scholz said on Saturday that he and India's Prime Minister Narendra Modi were committed to sealing a free trade deal between India and the European Union (EU). The EU and India revived negotiations to forge a free trade agreement last year with the aim of completing talks by the end of 2023. For the EU, a free trade agreement with India would fit its strategy of increasing engagement with the Indo-Pacific region, where the bloc is targeting bilateral deals to take advantage of expected higher economic growth. Modi said India and Germany were committed to realizing their untapped potential in sectors such as security and defense cooperation.

1 EV maker worldwide in 2022, but China's BYD (002594.SZ) and others are closing the gap fast, according to a Reuters analysis of global and regional EV sales data provided by EV-volumes.com. In fact, BYD passed Tesla in EV sales last year in the Asia-Pacific region, while the Volkswagen Group (VOWG_p.DE) has been the EV leader in Europe since 2020. Reuters GraphicsThe most significant challenges to Tesla are coming from established automakers and a group of Chinese EV manufacturers. Tesla's vehicles offered features, such as the ability to navigate into a parking space or make rude sounds, that other vehicles lacked. IDRA, the Italian company that builds huge presses to form large one-piece castings that are the building blocks of Tesla vehicles, said it is now getting orders from other automakers.

Feb 23 (Reuters) - Europe's biggest hotel group Accor (ACCP.PA) on Thursday forecast higher revenue per available room (RevPAR) for 2023 as Chinese travelers are expected to return, after its annual core profit beat expectations on strong December activity. Hotel chains were hit hard by China's strict pandemic restrictions and are now hoping for a recovery in the Asia-Pacific region, Accor's second biggest market pre-pandemic. Boosted by demand for shorter trips, European hotel chains have seen bookings recover to levels comparable to those in 2019 before the COVID-19 pandemic grounded international flights. Accor's RevPAR, a key gauge of performance for the hotel industry, last year exceeded the 2019 pre-pandemic level by 2%. It posted core profit of 675 million euros ($716.72 million) for 2022, while analysts in a Refinitiv poll had expected 640.3 million euros.

Feb 23 (Reuters) - Europe's biggest hotel group Accor (ACCP.PA) on Thursday forecast higher revenue per available room (RevPAR) for 2023 as Chinese travelers are expected to return, after its annual core profit beat expectations on strong December activity. Hotel chains were hit hard by China's strict pandemic restrictions and are now hoping for a recovery in the Asia-Pacific region, Accor's second biggest market pre-pandemic. The group, which runs chains such as Sofitel, Pullman and Ibis, said it expected 2023 RevPAR to increase by between 5% and 9% from the previous year. Boosted by demand for shorter trips, European hotel chains have seen bookings recover to levels comparable to those in 2019 before the COVID-19 pandemic grounded international flights. It posted core profit of 675 million euros ($716.72 million) for 2022, while analysts in a Refinitiv poll had expected 640.3 million euros.

☆ Bausch Health's stock soars on solid quarterly results, but we have concerns about the recovery
▼ + stars: | 2023-02-23 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

Bottom line The Canadian specialty pharmaceuticals company reported solid results for the fourth quarter, along with favorable forward guidance. Bausch management on Thursday did not offer additional information, other than to reiterate its confidence in the strength of the company's patents. Bausch Health previously started the separation process via an initial public offering of Bausch + Lomb in May 2022. Results at the diversified products division — which includes neurology pharmaceutical products, generics and dentistry products — were hampered by generic competition. Notably, as Bausch Health owns most of Bausch + Lomb, the latter's financials still appear on Thursday's results.

☆ Ray-Ban maker EssilorLuxottica's sales rise on solid European growth
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Luxury eyewear maker EssilorLuxottica (ESLX.PA) on Thursday reported a rise in fourth-quarter revenues, citing sound growth amid a challenging environment, but its performance in China declined because of COVID-19 restrictions. The maker of Oakley and Ray-Ban sunglasses posted a 9.4% rise in revenues to 6.11 billion euros ($6.49 billion) in the final quarter of the year at current exchange rates. The French-Italian eyewear group said Europe, Middle East, and Africa (EMEA) was its best performing region in the quarter due to solid sales growth in France, Italy, Spain, the UK and Scandinavia. Sales in the region grew 6.2% at constant exchange rates to 2.09 billion euros. ($1 = 0.9416 euros)Reporting by Jagoda Darlak; editing by Shri Navaratnam and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Not if or when but how fast?
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kai PfaffenbachA look at the day ahead in European and global markets from Anshuman Daga:Is it really good news? Probably yes, probably not. Fed funds futures traders are now pricing for the Fed's benchmark overnight interest rate to reach 5.36% in July and end the year at 5.18%. Asian stock markets floated in a sea of red on Wednesday following an ugly sell-off on Wall Street. Inflation data from Germany and Italy due later on Wednesday will offer clues on price pressures.

Indonesia's Foreign Minister Retno Marsudi met with Chinese counterpart Qin Gang in Jakarta, ahead of a round of negotiations on the code starting in March. Qin added that China and ASEAN will jointly safeguard peace and stability in the strategic trade corridor, through which about $3.4 trillion of goods pass each year. China would work with ASEAN countries to accelerate consultations on the code, he said. Beijing claims much of the South China Sea and has built islands from which it is capable of deploying advanced weaponry. China and ASEAN countries agreed in 2002 to work towards creating a code of conduct and it was 15 years before moves were underway to create a framework for negotiations.

☆ Canada trade minister says trade talks with Taiwan are part of a larger Indo-Pacific strategy
▼ + stars: | 2023-02-21 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

Canada's decision to enter formal bilateral trade talks with Taiwan is part of a broader strategy for the Indo-Pacific region, its minister of international trade told CNBC Tuesday. The two sides agreed on Feb. 7 to begin formal negotiations on a trade agreement in order to strengthen trade and investment. Bilateral trade between Canada and Taiwan reached $5.82 billion in 2022, according to Taiwan's official statistics. Taiwan is Canada's 13th largest trading partner globally, and its 5th largest trading partner in Asia. Taiwan's exports to Canada amounted to $3.3 billion last year, and Canada exports to Taiwan amounted to $2.52 billion in the same period, according to that data.

☆ Putin tells business elite: Don't beg for Western money, invest in Russia
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

Summary This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine. "Trying to run around with your hand outstretched, grovelling, begging for money, is pointless," Putin said in a televised address to Russia's political, military and business elite. "Launch new projects, make money, invest in Russia," he said. Either way, those estimates are a far cry from Moscow's early fears of a double-digit drop as Western sanctions hit. Putin extolled Russia's limited economic contraction last year as evidence of the country's resilience.

☆ Pentagon's top China official travels to Taiwan, sources say
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +3 min

[1/2] Flags of Taiwan and U.S. are placed for a meeting in Taipei, Taiwan March 27, 2018. Speaking earlier, Taiwan Defence Minister Chiu Kuo-cheng said he was "not very certain" about a report that the trip would take place. Chase would be the most senior U.S. defence official known to have visited the island since 2019. China, which views Taiwan as its own territory, has repeatedly demanded that foreign officials not visit the democratically governed island. In 2020, a two-star Navy admiral overseeing U.S. military intelligence in the Asia-Pacific region made an unannounced visit to Taiwan.

Ten years ago, he quit his job at the bank to live off dividends. May was his record month last year; he earned over 35,000 euros in dividends, Jonen said. "If you want to live off dividends, you have to start in your mid-20s. Exchange Traded Funds, or ETFs, are investment trusts that investors trade on the stock exchange in a way similar to regular stocks. Moving forward, Jonen said he wants to increase his positions, especially in the dividend ETFs, as they don't require much effort.

☆ U.S. tries to woo India away from Russia with display of F-35s, bombers
▼ + stars: | 2023-02-17 | by ( Krishn Kaushik | ) www.reuters.com time to read: +3 min

BENGALURU, Feb 17 - The United States brought its most advanced fighter jet, the F-35, to India for the first time this week alongside F-16s, Super Hornets and B-1B bombers as Washington looks to woo New Delhi away from its traditional military supplier, Russia. The American delegation to the week-long Aero India show in Bengaluru, which ends on Friday, is the biggest in the 27-year history of the show and underlines the growing strategic relationship between the United States and India. Its state-owned weapons exporter Rosoboronexport had a joint stall with United Aircraft and Almaz-Antey, displaying miniature models of aircraft, trucks, radars and tanks. "Even if weapons sales aren't the cornerstone of the relationship, there is a cooperation and collaboration at the military level between India and the U.S.," he added. The United States is selective about which countries it allows to buy the F-35.

☆ Starbucks doubles down on Asia Pacific with biggest expansion in five years
▼ + stars: | 2023-02-16 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Starbucks will open more than 400 stores across Asia Pacific in 2023, marking its biggest expansion in the region in five years. “We are seeing headwinds shifting to tailwinds across markets around the world, including the Asia Pacific region, and continued recovery coming out of the pandemic,” he said in the statement. The metric refers to sales at stores open at least 13 months. The company’s locations elsewhere proved to be bright spots during the quarter, with revenue jumping by more than 20% year-on-year for Asia Pacific, Conway said during the presentation. Drive-thrus are becoming more popular, as customers look for more convenience, according to Emmy Kan, the firm’s Asia Pacific president.

☆ Twitter mistakenly filtered the accounts of Chinese activists following layoffs in Asia, report says
▼ + stars: | 2023-02-15 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

Over 30 prominent human rights activists in China saw their accounts hidden from search, per the NYT. Twitter's automated filter for spam and misinformation mistakenly restricted the activists, the Times said. Twitter's staff has been cut by around two-thirds since Elon Musk took over last October. Twitter's automated system intended to filter out spam and disinformation campaigns from governments mistakenly restricted the Chinese activists as well, four people with knowledge of the system told the Times. The Times also reports that Twitter's top staffer in the Asia-Pacific region, who had oversight of handling Chinese activist accounts, was laid-off early this year.

☆ U.S.’s Asia Allies See New Threat From Balloons Amid China Spying Row
▼ + stars: | 2023-02-14 | by ( Alastair Gale | Joyu Wang | ) www.wsj.com time to read: 1 min

America’s allies in Asia are raising their vigilance against high-altitude balloons after Washington accused Beijing of using them in a global spying program, ending years in which unannounced incursions by balloons have largely been tolerated in the region. Balloons of undeclared origin are seen each year around the Asia-Pacific region. One military officer in Taiwan with access to daily intelligence reports said suspected Chinese balloons are spotted by Taipei roughly once every quarter, mostly over Taiwan’s outlying islands near the Chinese coast.

☆ With China looming, U.S. signs MoU with another Pacific island state
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +2 min

The State Department announcement means Washington has now signed MoUs on future assistance with three key Pacific island countries as it negotiates cooperation agreement renewals that gives the United States access to huge swaths of the Pacific for defense purposes. Washington said it signed MoUs last month with the Marshall Islands and Palau and reached consensus on terms of U.S. economic assistance, but Washington has not provided details. The U.S. move comes as Washington and its allies are concerned about China's military ambitions in the Indo-Pacific region. Under Compacts of Free Association (COFA) first agreed in the 1980s, Washington retains responsibility for the defense of the three island nations while providing them with economic assistance. Though the island nations still enjoy close ties to Washington, critics warn that a failure to finalize economic aid could spur them to look to China for funding or increased trade and tourism.

☆ With eye on China, U.S. Democrats want more resources for Indo-Pacific
▼ + stars: | 2023-02-09 | by ( Patricia Zengerle | ) www.reuters.com time to read: +3 min

WASHINGTON, Feb 9(Reuters) - Washington must commit more diplomatic and security resources to the Indo-Pacific to push back against China as Beijing seeks to create a regional sphere of influence and become the world's most influential power, U.S. Senate Democrats said on Thursday. The committee's chairman, Senator Robert Menendez, is expected to discuss the report at a hearing on Thursday where senior diplomat Wendy Sherman will testify on China policy. The Senate report says that vision is "commendable," but gives recommendations as to how the U.S. government should sharpen the aims of the strategy and do more to ensure there are enough resources available to back up its efforts. The report said the Biden administration must significantly increase funding for diplomacy and development across the U.S. government and dedicate a larger portion of the Department of State operating budget and foreign assistance to the Indo-Pacific. Its recommendations include working closely with Congress, including providing a detailed list of its plans for implementing the Indo-Pacific Strategy and advancing economic integration with countries in the region, including prioritizing a meaningful trade program with Taiwan.

"The good news is that renewables and nuclear power are growing quickly enough to meet almost all this additional appetite, suggesting we are close to a tipping point for power sector emissions," IEA director Faith Birol said. The share of wind and solar in the power generation mix is seen rising to 35% in 2025 from 29% in 2022. The largest gains in renewable power expected in the Asia Pacific region, with an 11.6% yearly average growth rate, followed by Europe with a 9.4% yearly growth rate, and the Americas, with a 5% growth rate average per year. The IEA's forecast for renewable growth globally from 2022 to 2025Asia also dominates demand growth, with more than 70% expected from China, India and south-east Asia, although trends in China are uncertain, the report said. Production from gas-fired power plants in Europe is forecast to fall, but significant growth in gas-fired production in the Middle East is likely to limit the decrease, the report said.

☆ We're really excited about the Asia-Pacific region, real estate firm says
▼ + stars: | 2023-02-08 | 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 EmailWe're really excited about the Asia-Pacific region, real estate firm saysRaymond Lawler of Hines discusses its $1 billion mixed use development in Busan, South Korea, and explains why it's interested in the region.

☆ European markets head for positive open but global sentiment remains choppy
▼ + stars: | 2023-02-07 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a positive open Tuesday, although global sentiment remains mixed. U.S. stock futures rose slightly early Tuesday morning as investors braced themselves for the latest commentary due Tuesday from Federal Reserve Chairman Jerome Powell. Markets interpreted as dovish a slew of his comments during last week's press conference following the Fed's monetary policy meeting and stocks rallied. His appearance today could see Powell offer more clarity on where rates are headed, or clarify some comments made after last week's 25 basis point rate hike. Stocks in the Asia-Pacific region traded mixed overnight as investors digested the Reserve Bank of Australia's interest rate hike.

☆ Wall Street rewards Linde for a quarter that exemplifies why we own the stock
▼ + stars: | 2023-02-07 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

The stock popped nearly 4% as Wall Street showed appreciation for what we've been saying all along about the durability of the company's businesses even in tough times. Excluding foreign exchange (forex) fluctuations, this marks the ninth quarter in a row of 20% or better annual earnings growth —especially remarkable during multi-decade high inflation. Linde's stock is about 5.7% from its intraday all-time high of $352.18 on Jan. 5, 2022. Although about two-thirds of Linde's sales are in more cyclical end markets, Linde's business model is very defensive. The table above is a look at Q4 sales growth numbers for each category.

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