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☆ World Bank sees India's growth at 6.9% this year
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Rupak De Chowdhuri/FilesNEW DELHI, Dec 6 (Reuters) - India's economy is expected to grow 6.9% in the current fiscal year, the World Bank said on Tuesday, adding that it is well positioned to tackle global headwinds. The World Bank raised its forecast for India's growth to 6.9% for the current fiscal year from 6.5% earlier. However, the World Bank is confident that the global slowdown has a much lower impact on India, compared to other emerging economies. "We have no concerns about India's debt sustainability at this stage," World Bank economist Dhruv Sharma said, adding that public debt had declined. The report sees average retail inflation at 7.1% this year and warns that the fall in commodity prices could dampen inflationary pressures.

Goldman Sachs forecasts 16% index returns for MSCI China (.dMICN00000PUS) and CSI300 (.CSI300) next year and recommends an overweight allocation to China, while J.P.Morgan expects a 10% potential upside in MSCI China in 2023. Morgan Stanley upgraded its recommendation to overweight on Monday with an increase in exposure to consumer stocks as reopening prospects improve. Bank of America Securities turned bullish in November, with its China equity strategist, Winnie Wu picking internet and financial stocks to lead the short-term rebound. "We have experienced several rounds of policy back and forth in 2022," she added, referring to both COVID and property policies. UBS Global Wealth Management recommends a market-neutral allocation to Chinese stocks.

TOKYO, Dec 3 (Reuters) - Renault SA (RENA.PA) and Nissan Motor Co (7201.T) are set to forgo a Wednesday announcement of a deal to restructure their automotive alliance as they struggle to bridge their differences, three people familiar with the matter said. The French and Japanese carmakers remained apart on how to share intellectual property, the people, who declined to be named, said. Renault and Nissan declined to comment. The companies have been aiming to announce the new alliance structure as early as this month, Reuters reported this week. The question of how to share technology and intellectual property has proved to be a sticking point in the talks.

☆ Renault and Nissan forgo Wednesday announcement of alliance deal -media
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 3 (Reuters) - Renault SA (RENA.PA) and Nissan Motor Co (7201.T) are set to forgo a Wednesday announcement of a deal to restructure their automotive alliance as they struggle to bridge their differences, Japanese television network JNN reported. The French and Japanese carmakers remained apart on how to share intellectual property, JNN said late on Friday. There are no plans on when to make an announcement, the network said. The companies have been aiming to announce the new alliance structure as early as this month, Reuters reported this week. The question of how to share technology and intellectual property has proved to be a sticking point in the talks.

☆ World Cup 2022 Round of 16: qualified teams, schedule and how it works
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: +4 min

Dec 3 (Reuters) - With the World Cup knockout phase having begun, here is an overview of the teams advancing to the last 16 at the tournament in Qatar:HOW DOES THE KNOCKOUT STAGE AT WORLD CUP 2022 WORK? * In the knockout stage the teams will play each other once, with the winning team going to the next round. There are total of four rounds: Round of 16, quarter-finals, semi-finals and final, which will take place on Dec. 18. * Australia claimed a spot in the last 16 as Group D runners-up with 6 points from wins over Tunisia and Denmark. * Croatia joined the last 16 after two goalless draws with Morocco and Belgium and a 4-1 victory over Canada.

☆ Renault and Nissan forgo Dec. 7 announcement of new deal -JNN
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 3 (Reuters) - Automakers Renault and Nissan are set to forgo an announcement on Dec. 7 of a new deal on their restructured alliance as they struggle to bridge their differences, Japanese TV network JNN reported on Friday. Renault is looking to Nissan to invest in its EV business, while Nissan is seeking the sale of part of Renault's 43% stake in Nissan to put the two partners on a more equal footing. The two parties decided to forgo an announcement on Dec. 7 as they had not reached an agreement as of Friday on how to share intellectual property, JNN said. Neither Renault nor Nissan immediately responded to a request for comment. Reuters previously reported that both parties had raised Dec. 7 as a possible date for an announcement of the new alliance structure.

☆ Factbox: How many people might die, and why, if China loosens COVID restrictions
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas PeterSHANGHAI, Dec 3 (Reuters) - China has started taking steps to ease its zero-COVID policy, fuelling a mix of relief and worry as the public waits to see the health consequences, and impact on the medical system, of a full-blown exit. Researchers have analysed how many deaths the country could see if it pivots to a full reopening, with most pointing to the country's relatively low vaccination rates and lack of herd immunity as some of its most vulnerable spots. As of Friday, China reported 5,233 COVID-related deaths and 331,952 cases with symptoms. They forecasted that peak demand on intensive care would be more than 15 times capacity, causing roughly 1.5 million deaths, based on worldwide data gathered about the variant's severity. The company said it modelled its data on Hong Kong's BA.1 wave in February, which occurred after the city eased restrictions after two years.

☆ Australia's PM says he's not in group of Australian MPs to visit Taiwan
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: +3 min

[1/2] Australian Prime Minister Anthony Albanese attends the APEC Leader's Dialogue with APEC Business Advisory Council during the Asia-Pacific Economic Cooperation (APEC) summit, Friday, Nov. 18, 2022, in Bangkok, Thailand. The group, which includes Australia's governing Labor Party and opposition Liberal-National coalition MPs, will fly to Taiwan on Sunday and is the first delegation of its type to visit there since 2019, The Australian newspaper reported on Saturday. Albanese on Saturday described the trip as a "backbench" visit to Taiwan, not a government-led one. "There remains a bipartisan position when it comes to China and when it comes to support for the status quo on Taiwan," Albanese told reporters in the town of Renmark, in South Australia state. The group will reportedly meet with Taiwan President Tsai Ing-wen and Foreign Minister Joseph Wu, with the visit having support from Taiwan's foreign ministry.

☆ China c.bank says to support growth, sees moderate inflation in 2023
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 2 (Reuters) - China's central bank will focus on supporting the slowing economy, People's Bank of China Governor Yi Gang said on Friday, adding that domestic consumer inflation is likely to stay moderate in 2023. The central bank's accommodative policy will help support China's economic recovery and employment, Yi said in a video speech to the Bank of Thailand-BIS conference in Bangkok. "Our focus is growth right now," Yi said, adding that China's economic growth is slower than expected due to the impact from the COVID-19 pandemic and other headwinds. Yi said advanced and emerging-market economies should improve policy collaboration to cope with challenges facing the global economy. Reporting by Kevin Yao; Editing by Tom Hogue & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

TOKYO, Dec 2 (Reuters) - Japan, Britain and Italy will announce a groundbreaking agreement as early as next week to jointly develop a new advanced jet fighter, two sources with knowledge of the plan told Reuters. The push to merge the British led Tempest jet fighter project with Japan's F-X fighter programme was first reported by Reuters in July. It will be the first time that Japan has collaborated with countries beyond the United States on a major defence equipment project. The announcement will come before Japan releases a new national security strategy and military procurement plan around mid December, the sources said. Reporting by Tim Kelly Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ China reports 34,980 new COVID cases for Dec 1 vs 36,061 a day earlier
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

That is compared with 36,061 new cases a day earlier – 4,150 symptomatic and 31,911 asymptomatic infections, which China counts separately. Excluding imported infections, China reported 34,772 new local cases, of which 4,233 were symptomatic and 30,539 were asymptomatic, down from 35,800 a day earlier. read moreChina's capital Beijing reported 942 symptomatic and 3,026 asymptomatic cases, compared with 1,023 symptomatic and 4,020 asymptomatic cases the previous day, local government data showed. Financial hub Shanghai reported 26 symptomatic cases and 209 asymptomatic cases, compared with 23 symptomatic cases and 174 asymptomatic cases a day before, the local health authority reported. Chongqing reported 189 new symptomatic locally transmitted COVID-19 infections and 6,347 asymptomatic cases, compared with 206 symptomatic and 6,433 asymptomatic cases the previous day, local government authorities said.

But she warned the outlook was "exceptionally" uncertain and dominated by risks, such as the fallout from Russia's war in Ukraine, global financial tightening and a slowdown in China's growth. But we need to rebuild and preserve buffers and be prepared to fully use our policy tool-kit," she told the same forum. The fallout from China's slowdown has been particularly painful in Asia, where factory activity slumped across the region in November. At the forum, Bank of Japan Governor Haruhiko Kuroda said he did not see a significant risk of Asia facing a sudden loss of confidence or a renewed financial crisis. "ASEAN policymakers must be vigilant" to risks and offer "clear, sufficient and timely communication to avoid unintended outcomes," he said.

☆ Exclusive: China to allow home quarantine for some infected with COVID
▼ + stars: | 2022-12-01 | by ( Julie Zhu | ) www.reuters.com time to read: +2 min

HONG KONG, Dec 1 (Reuters) - China will allow some people who test positive for COVID-19 to quarantine at home, among supplementary measures to be announced in coming days, two sources with knowledge of the matter told Reuters. Home isolation for the infected would be a significant change in China's quarantine protocols. Earlier this year, entire communities were locked down, sometimes for weeks, after even just one positive case was found. Last month, new and easier quarantine rules required just the lockdown of affected buildings. Vice Premier Sun Chunlan, who oversees China's counter COVID efforts, on Wednesday urged further "optimisation" of testing, treatment and quarantine policies.

☆ China's Guangzhou city relaxes COVID rules in several districts
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 30 (Reuters) - The Chinese city of Guangzhou relaxed COVID prevention rules in several districts on Wednesday in an effort to implement rules authorities announced this month aimed at easing the burden of the strict zero-COVID policy. read moreGuangzhou, China's manufacturing hub, has been hard hit in China's latest COVID-19 outbreaks and people in the southern city took to the streets to protest against the strict COVID-prevention rules on the weekend. The relaxation of curbs comes after the city of 19 million people recorded fewer coronavirus cases over the past few days. Authorities in city districts including Haizhu, Baiyun, Fanyu, Tianhe, Conghua, Huadu, Liwan, said in statements they were lifting temporary lockdowns. One district, Conghua, said it would allow in-person classes in schools to resume and would reopen restaurants and other businesses including cinemas.

☆ Trump ally Devin Nunes can sue NBCUniversal for defamation - judge
▼ + stars: | 2022-11-29 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

NEW YORK, Nov 28 (Reuters) - A U.S. judge on Monday said Devin Nunes, the former California congressman and an ally of former U.S. President Donald Trump, can sue NBCUniversal for defamation over a comment by Rachel Maddow concerning his relationship with a suspected Russian agent. Without ruling on the merits, U.S. District Judge Kevin Castel in Manhattan said Nunes "plausibly allege[d] actual malice" with respect to a statement from a March 2021 broadcast of MSNBC's "The Rachel Maddow Show." NBCUniversal, which is owned by Comcast Corp (CMCSA.O), and its lawyers did not immediately respond to requests for comment. Nunes left Congress last December to become chief executive of the social media venture Trump Media & Technology Group. The case is Nunes v NBCUniversal Media Inc, U.S. District Court, Southern District of New York, No.

☆ Ex-England player Barnes slams critics of World Cup hosts Qatar
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - Former England international John Barnes slammed critics who have questioned World Cup hosts Qatar's treatment of migrant workers, saying detractors of the country had turned a blind eye to their progress on human rights. Qatar, which was awarded hosting rights for the World Cup in 2010, has faced intense criticism from human rights groups over its treatment of migrant workers. "Qatar has invited 'everyone' to the World Cup, gay or straight, but demand 'everyone' be respectful of their ways, laws and culture...," Barnes said. "The rainbow colours and OneLove armband promote something that is illegal in Qatar, even if we think it shouldn't be. Barnes added that it was hypocritical for English critics to find fault with Qatar, pointing to the treatment of Black communities in Britain.

☆ Nomura CEO says U.S. becomes profit driver despite one-off losses
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 29 (Reuters) - Nomura Holdings Inc's (8604.T) U.S. wholesale business has emerged as a profit driver despite some large one-off losses in the region that had dragged down the bank's earnings in the past, Chief Executive Officer Kentaro Okuda said. Nomura's wholesale division consists of the global markets and investment banking arms. Japan's biggest brokerage and investment bank has had a long troubled history in its attempts to expand overseas, including the acquisition of assets from the collapsed Lehman Brothers in 2008 which it later wrote down. Okuda said the wholesale business overhaul in 2019, which included cost cuts and scaling back of lower growth segments, has helped turn the business leaner. To help the business become more resilient to market swings, Nomura plans to boost equity, private markets products as well as advisory and wealth management businesses, he said.

☆ Exclusive: South Korea's Yoon urges attention to any 'financial instability' as money market jolted
▼ + stars: | 2022-11-29 | by ( Soyoung Kim | ) www.reuters.com time to read: +3 min

SEOUL, Nov 29 (Reuters) - South Korea's government and the central bank should pay greater attention to addressing any financial instability, President Yoon Suk-yeol told Reuters, as the money market grapples with a steep selloff amid rising interest rates and a property slump. Yoon's comments come as the BOK last week signalled that it could be nearing the end of an unprecedented streak of policy tightening in Asia’s fourth-largest economy to curb inflation. South Korea's money market, especially at the short-end of the bill curve, has experienced one of the worst routs in Asia as investors sold-off in the wake of rising interest rates and a broader property market downturn. South Korea's household debt-to-GDP ratio stood at 102.2% in the second quarter, the highest level among 35 major economies tracked by the Institute of International Finance. The BOK's monetary policy committee unanimously agreed to hike interest rates by a quarter-percentage point to 3.25% at its Nov. 24 review - taking the benchmark rate to its highest since 2012.

☆ Exclusive: South Korea's Yoon: should pay attention to any 'financial instability'
▼ + stars: | 2022-11-29 | by ( Soyoung Kim | ) www.reuters.com time to read: +1 min

SEOUL, Nov 29 (Reuters) - South Korea's government and the central bank should pay greater attention to addressing any financial instability as the economy is headed for slower inflation, President Yoon Suk-yeol told Reuters. "There are increasing opinions that inflation has passed its peak and it's time to slow down the speed and reduce the breadth of the rate hikes. However we must still continue to closely monitor any possible financial instability," Yoon said during a broader interview in his office on Monday, when asked if it is time for the Bank of Korea to slow monetary tightening. Yoon's comments come as the BOK last week signalled that it could be nearing the end of an unprecedented streak of policy tightening in Asia’s fourth-largest economy to curb inflation. Writing by Cynthia Kim; Editing by Himani Sarkar & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

[1/2] Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. China's onshore yuan finished the domestic session around 0.5% lower at 7.199 per dollar, the lowest close since Nov. 10. The offshore yuan fell to a more than two-week low in Asian trading and was last down 0.1% at 7.201. The Australian dollar , often used as a proxy for the yuan, slid 0.7% to $0.671. China's stringent COVID restrictions have taken a heavy toll on its economy, and authorities have implemented various measures to revive growth.

☆ China's factory activity contraction likely deepened in Nov on COVID woes
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 28 (Reuters) - China's factory activity is expected to have contracted further this month, piling pressure on the economy as COVID restrictions hit production and exports fell despite a flurry of stimulus policies, a Reuters poll showed on Monday. China's economy is poised to miss the "around 5.5%" full-year government growth target with gross domestic product expanding just 3% in the first three quarters of this year. Chinese advisers say they will recommend a modest growth target for 2023 ranging from 4.5% to 5.5% to an annual policymakers' meeting in December. The official manufacturing PMI, which largely focuses on big and state-owned firms, and its survey for the services sector, will be released on Wednesday. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Thursday.

☆ Dollar rises, yuan slumps as China's COVID unrest spooks markets
▼ + stars: | 2022-11-28 | by ( Rae Wee | Ashitha Shivaprasad | ) www.reuters.com time to read: +3 min

[1/2] Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. The offshore yuan fell to an over two-week low in Asian trading, and was last roughly 0.4% lower at 7.2242 per dollar. The Australian dollar , often used as a liquid proxy for the yuan, slid more than 1% to $0.6681. China's stringent COVID restrictions have taken a heavy toll on its economy, and authorities have implemented various measures to revive growth. Against a basket of currencies, the U.S. dollar index rose 0.07% to 106.41, edging away from its recent three-month low of 105.30.

☆ Dollar gains, yuan slides as China's COVID unrest spooks markets
▼ + stars: | 2022-11-28 | by ( Rae Wee | Ashitha Shivaprasad | ) www.reuters.com time to read: +3 min

[1/2] Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. REUTERS/Florence Lo/Illustration/File PhotoSINGAPORE, Nov 28 (Reuters) - The dollar climbed on Monday as protests against COVID restrictions in China rattled financial markets, sending the yuan sliding and pushing nervous investors toward the safe-haven greenback. The offshore yuan fell to an over two-week low in Asian trading, and was last roughly 0.6% lower at 7.24 per dollar. The Australian dollar , often used as a liquid proxy for the yuan, slid more than 1% to $0.6687. The stringent COVID restrictions have taken a heavy toll on China's economy, and authorities have implemented various measures to revive growth.

☆ NZ faces 'shallow' recession as rates need to rise more - senior central banker
▼ + stars: | 2022-11-28 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

SYDNEY, Nov 28 (Reuters) - New Zealand is likely facing a "shallow" recession as interest rates need to rise further to tame inflation, a top central banker said on Monday, suggesting that a pause in the policy tightening streak was still a distant prospect. The recession during the global financial crisis lasted six quarters and led to a total fall in GDP of around 4 percentage points. Silk said higher rates were justified by rising inflation expectations in New Zealand and the strength of the labour market which is driving wages higher. "If you look at some of the peak indicators of peak rates, for the Fed for example, that's very similar to our latest OCR track as well. Fed members have generally projected rates could rise as far as 5.0 to 5.25%, with some even expecting a higher peak.

☆ Dollar rises broadly, yuan slumps as China's COVID unrest rattles sentiment
▼ + stars: | 2022-11-28 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

SINGAPORE, Nov 28 (Reuters) - The dollar gained broadly on Monday as protests against COVID restrictions in China stoked uncertainty and dented sentiment, sending the yuan sliding and pushing nervous investors toward the safe-haven greenback. Against the offshore yuan , the dollar rose 0.76% in early Asia trade to 7.2456. The Aussie , which is often used as a liquid proxy for the yuan, fell 0.61% to $0.6714, while the kiwi slumped 0.5% to $0.6216. "Companies are currently facing weaker retail sales from a higher number of COVID cases and falling home prices from unfinished home projects." Against a basket of currencies, the U.S. dollar index was down 0.08% at 106.25, but off its recent three-month low of 105.30.

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