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☆ Ryanair sees record annual profit, first regular dividend as fares soar
▼ + stars: | 2023-11-06 | by ( Conor Humphries | ) www.reuters.com time to read: +2 min

SummaryCompanies Fares up 24% during summer seasonProfit up 59% in six months to end-SeptemberFirst regular dividend of 400 mln eur due next yearDUBLIN, Nov 6 (Reuters) - Ryanair (RYA.I) on Monday forecast a record annual profit and promised to pay investors a regular dividend for the first time after fares soared 24% during the summer season. Europe's largest airline by passenger numbers said it expects an after-tax profit of between 1.85 billion and 2.05 billion euros for the year to end-March, easily beating its previous record of 1.45 billion euros in 2018. "We're pleased to report strong half year results ... due to a very strong Easter, record summer traffic," Group Chief Executive Michael O'Leary said in a video presentation. A maiden ordinary dividend of 400 million euros will be split between an interim payment of 200 million euros in February and a final dividend of 200 million euros in September next year. For subsequent financial years Ryanair plans to return approximately 25% of the after-tax profit posted the previous year by way of an ordinary dividend, the airline said.

Persons: We're, Michael O'Leary, Neil Sorahan, Sorahan, Conor Humphries, Simon Cameron, Moore, Kirsten Donovan Organizations: Ryanair, Europe's, Irish, Boeing, MAX, Thomson Locations: DUBLIN, Europe

The dollar index declined more than 1% last week, its heaviest fall since mid-July and hit a six-week low. World stocks (.MIWD00000PUS) too had their strongest week in a year as expectations the Fed was done raising rates gathered steam. "So it's good then there is expectation for the Fed and other central banks to end the rate hike cycle sooner." Treasury yields slumped last week after softness in U.S. jobs and manufacturing data and after Fed Chair Jerome Powell spoke of 'balanced' risks. The drop in the dollar and yields helped underpin gold at $1,984 , within striking distance of the recent five-month peak of $2,009.

Persons: Dado Ruvic, Tina Teng, Jerome Powell, Teng, Shri Navaratnam, Simon Cameron, Moore, Lincoln Organizations: REUTERS, Rights, U.S, Federal, Aussie, CMC Markets, J.P.Morgan Securities, Treasury, European Central Bank, Bank of, CMC, Bank of Japan, Sterling, Thomson Locations: Rights SINGAPORE, Auckland, China, U.S, Bank of England, bitcoin

☆ Ryanair forecasts record annual profit, promises regular dividend as fares soar
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Nov 6 (Reuters) - Ryanair (RYA.I) on Monday forecast a record annual profit and promised to pay investors a regular dividend for the first time after fares soared 24% during its key summer season. Europe's largest airline by passenger numbers said it expects an after-tax profit of between 1.85 billion and 2.05 billion euros for the year to end-March, easily beating its previous record of 1.45 billion euros in 2018. The low-cost pioneer earned 2.18 billion euros in the six months to the end of September, the first half of its financial year, 59% ahead of its previous record for the period, set last year. The airline announced its maiden ordinary dividend of 400 million euros, split between an interim payment of 200 million euros in February and a final dividend of 200 million euros in September next year. For subsequent financial years under a new dividend policy, Ryanair plans to return approximately 25% of the after-tax profit posted the previous year by way of ordinary dividend, the airline said.

Persons: Conor Humphries, Simon Cameron, Moore Organizations: DUBLIN, Ryanair, Europe's, Thomson

☆ Dollar steady but stays vulnerable after Fed steer
▼ + stars: | 2023-11-06 | by ( Vidya Ranganathan | ) www.reuters.com time to read: +4 min

The dollar index declined more than 1% last week, its heaviest fall since mid-July and hit a six-week low. World stocks (.MIWD00000PUS) too had their strongest week in a year as expectations the Fed was done raising rates gathered steam. "So it's good then there is expectation for the Fed and other central banks to end the rate hike cycle sooner." Treasury yields slumped last week after softness in U.S. jobs and manufacturing data and after Fed Chair Jerome Powell spoke of 'balanced' risks. The drop in the dollar and yields helped underpin gold at $1,990 , within striking distance of the recent five-month peak of $2,009.

Persons: Dado Ruvic, Tina Teng, Jerome Powell, Teng, Shri Navaratnam, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, Federal, CMC Markets, J.P.Morgan Securities, Treasury, European Central Bank, Bank of, CMC, Bank of Japan, Sterling, Thomson Locations: Rights SINGAPORE, Auckland, China, U.S, Bank of England, bitcoin

☆ REVIEW Games-Pan Am Games come to predictable end but face uncertain future
▼ + stars: | 2023-11-06 | by ( Steve Keating | ) www.reuters.com time to read: +4 min

As the Games flame was extinguished and fireworks boomed Santiago handed the baton to Barranquilla, Colombia, who will host the next Pan Ams in 2027. Colombia will stage the 2027 Games but so far no country has expressed interest in bidding for 2031. Chile finished with a best ever total of 79 medals but just 12 were gold, one short of what was taken in Lima. The Games had looked ready to end on a golden high for soccer mad Chile with both the men's and women's teams playing in the championship matches. Brazil, the only other country to pass 200 total medals, finished on 205 with 66 gold followed by Mexico (52/142) and Canada (46/164).

Persons: Ivan Alvarado, Rights SANTIAGO, Pan, Jaime Pumarejo, Gabriel Boric, Thomas Bach, Santiago, Santiago Adolfo Ford, Steve Keating, Simon Cameron, Moore Organizations: Fiu, Pan, Rights, Pan American Games, Parque, Santiago, Pan Ams, ” Barranquilla, Olympic Committee, Olympic Games, Games, Pan Am Sports Organisation, Aires, Brazil, Pan Am Games, Thomson Locations: Cerrillos, Santiago, Chile, United States, Barranquilla, Colombia, El, Lima, Mexico, U.S, Brazil, Canada, Argentina, Cuba

☆ U.S. Treasury's Yellen to meet Chinese vice premier ahead of APEC summit
▼ + stars: | 2023-11-06 | by ( David Lawder | ) www.reuters.com time to read: +3 min

[1/2] U.S. Treasury Secretary Janet Yellen discusses "U.S.-China Economic Relationship" during a forum hosted by the Johns Hopkins University at the Nitze Building in Washington, U.S., April 20, 2023. REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsWASHINGTON, Nov 6 (Reuters) - U.S. Treasury Secretary Janet Yellen will meet with Chinese Vice Premier He Lifeng in San Francisco this week to try to deepen a fledgling economic dialogue between the world's two largest economies ahead of a U.S.-hosted summit of Pacific Rim leaders. The Treasury said the Nov. 9-10 meetings will also convene the new economic and financial forums launched in October by the Treasury and China's finance ministry and central bank. Yellen also is keen to discuss what steps Chinese officials are contemplating to support their flagging economic growth, and what circumstances might change their policy path. Instead, Yellen said she was "focusing on specific, high-priority economic topics on which we can make tangible progress."

Persons: Janet Yellen, Sarah Silbiger, Yellen, Joe Biden, Xi Jinping, David Lawder, Simon Cameron, Moore Organizations: . Treasury, Johns Hopkins University, REUTERS, Rights, Pacific Rim, Treasury, San, Biden, Asia Pacific Economic Cooperation, U.S, Washington Post, Thomson Locations: China, Washington , U.S, San Francisco, U.S, Beijing

GAZA, Nov 6 (Reuters) - Having rebuffed calls for a ceasefire, Israel was set to come under sustained pressure on Monday to avoid civilian casualties during its assault on Gaza, while a U.S. diplomatic blitz in the region sought to reduce risks of the conflict escalating. But after Blinken repeated U.S. concerns that a ceasefire could aid Hamas, Israeli Prime Minister Benjamin Netanyahu ruled that out unless hostages held by Hamas were released. "We demand that you stop them from committing these crimes immediately," Abbas told Blinken, urging an "immediate ceasefire" from Israel. "Stop in the name of God," he said, calling for humanitarian aid and help for the injured to ease the "very grave" situation in Gaza. Instead, the U.S. wants localized pauses in fighting to allow in humanitarian aid and for people to leave Gaza.

Persons: Antony Blinken, Blinken, Mahmoud Abbas, Benjamin Netanyahu, Netanyahu, WAFA, we're, Jonathan Conricus, Conricus, William Burns, Burns, Lloyd Austin, Yoav Gallant, Austin, Kamala Harris, King Abdullah, Mohammed Shia, Al Sudani, Jonathan Ernst, Saeed al, Abbas, Israel, Mohammed al, Pope Francis, Nidal al, Ali Sawafta, Simon Lewis, Dan Williams, Costas Pitas, David Lawder, Lincoln, Simon Cameron, Moore Organizations: Sunday, West Bank, Palestinian, Israeli, Hamas, Paltel, CNN, U.S, CIA, Israel, New York Times, Times, Reuters, . Defense, Pentagon, U.S . Central Command, Baghdad International, REUTERS, Israel Defense Forces, United Arab Emirates, Thomson Locations: GAZA, Israel, Gaza, U.S, Ankara, Turkey, Gaza City, Palestinian, Jordanian, Ohio, Iran, Baghdad, Iraq, LEBANON, Lebanon, Kiryat Shmona, Qatar, Saudi, Egypt, Jordan, Amman, Ramallah, Jerusalem, Los Angeles, Washington

☆ Indian States Vote in Key Test for Modi and Rivals Ahead of 2024 General Election
▼ + stars: | 2023-11-06 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

By Rupam JainNEW DELHI (Reuters) - Two of five Indian states due to elect new legislatures this month began voting on Tuesday, a big test of Prime Minister Narendra Modi's chances of winning a third term in a national election due by May. Modi and leaders of the main opposition Congress party headed by Rahul Gandhi have criss-crossed the five states, addressing campaign rallies and promising cash doles, farm loan waivers, subsidies and insurance covers, among others, to woo voters. But surveys suggest Modi remains popular after a decade in power and will likely win a third term. Votes in all five states will be counted on Dec. 3 and results expected the same day. The elections in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram states are mainly a contest between BJP and Congress.

Persons: Narendra Modi's, Modi, Rahul Gandhi, Gandhi, Raman Singh, Singh, Sachin, YP Rajesh, Simon Cameron, Moore Organizations: DELHI, Modi's Bharatiya Janata Party, Developmental Inclusive, BJP, Congress, Reuters, YP Locations: Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana, Mizoram

While freezing temperatures are not uncommon for the time of year, the sudden change is unusual. A few days ago, uncharacteristically warm weather saw parts of northern China post record high temperatures exceeding 30C. Winter this year, however, could be warmer due to a moderate El Nino, Jia Xiaolong, deputy director of China's National Climate Centre, told a press conference on Friday. El Nino is a natural climate pattern associated with warming of the ocean surface temperatures in the central and eastern Pacific. But statistics showed that winter temperatures could fluctuate greatly during El Nino, Jia warned.

Persons: REUTER, Tingshu Wang, Doksuri, El, Jia Xiaolong, El Nino, Jia, Ethan Wang, Ryan Woo, Simon Cameron, Moore, Robert Birsel Organizations: Business, Rights, El, China Meteorological Administration, CMA, Authorities, El Nino, Climate Centre, 0.5C, Thomson Locations: China, Rights BEIJING, El Nino, Mongolia, Xinjiang, Beijing, Tianjin, Hebei, Mohe, Pacific, El

☆ US destroyer, Canadian frigate transit Taiwan Strait -US military
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 2 (Reuters) - The U.S. destroyer USS Rafael Peralta and a Royal Canadian Navy frigate HMCS Ottawa transited the Taiwan Strait on Wednesday, the U.S. 7th Fleet said in a statement, making their third joint transit in the region since June. Taiwan's defence ministry said the two warships sailed through the Taiwan Strait in a northerly direction on Wednesday night, adding it monitored the movement and the situation was "normal." The U.S. and Canadian navies made a similar transit in September. In June, the U.S. navy released a video of what it called an "unsafe interaction" in the Taiwan Strait in which a Chinese warship crossed in front of a U.S. destroyer. The U.S. destroyer USS Chung-Hoon and Canadian frigate Montreal were conducting a "routine" transit of the strait in June.

Persons: Rafael Peralta, Hoon, Albee Zhang, Ryan Woo, Mou Lee, Simon Cameron, Moore Organizations: Royal Canadian Navy, U.S . 7th Fleet, People's Liberation Army Eastern Theater Command, U.S ., Montreal, Thomson Locations: BEIJING, U.S, Ottawa, Taiwan Strait, Taiwan, China, Canadian, Beijing

☆ China Set for Abrupt Switch From Warm to Freezing Weather in Year of Extremes
▼ + stars: | 2023-11-02 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

BEIJING (Reuters) - Temperatures in northern China are set to plunge as much as 20 degrees Celsius (68 Fahrenheit) after summer-like conditions in the final days of autumn, state forecasters said on Friday, extending a year-long trend of unusual swings in the weather. Parts of northern China posted record high temperatures of more than 30C earlier this week, while also suffering widespread smog. Extreme weather has become more pronounced in China this year, destroying urban infrastructure as well as farmland, leading to hefty economic losses. In the summer, typhoons dumped historic rainfall in parts of inland China less used to tropical storms. Earlier in spring, northern China basked in unseasonal heat with temperatures reaching summer-levels.

Persons: Doksuri, Ethan Wang, Ryan Woo, Simon Cameron, Moore Organizations: National Meteorological Administration, CMA Locations: BEIJING, China, Mongolia, Xinjiang, Beijing, Tianjin, Hebei province, Mohe

People wearing face masks wait at an intersection in Beijing's Central Business District (CBD), as the city is shrouded in smog, in China November 1, 2023. The weather in many parts of China had stayed stubbornly warm entering November, with cities in eastern and central provinces such as Shandong, Anhui, Jiangsu and Henan still logging temperatures above 30C. In tandem with the warm weather, smog has also shrouded Beijing and its surrounding areas for days. In coming days, temperatures across northern China are expected to drop sharply. Other cities such as Beijing, Zhengzhou, Jinan, Xian and Shijiazhuang will see a sudden decline of 10C to 15C.

Persons: REUTER, Tingshu Wang, Ethan Wang, Ryan Woo, Simon Cameron, Moore Organizations: Business, Rights, Beijing Daily, Xinhua, National Meteorological Center, Shanghai, Thomson Locations: China, Rights BEIJING, Beijing, Shandong, Anhui, Jiangsu, Henan, Hebei province, Shenyang, Changchun, Harbin, Zhengzhou, Jinan, Xian, Shijiazhuang

But areas of the market dominated by small stocks and frequented by the country's retail investors have done surprisingly well. Scores of retail investors are dabbling in micro-cap stocks - stocks whose market capitalisation is tiny - operating under the radar of big funds and investors and their massive market-moving flows. Strategies such as Cui's stand out this year in a stock market depressed by China's wobbly economy, heightened geopolitical risks and surging overseas interest rates. Some brokerages are starting to recommend micro stocks to clients. GF Securities said in an October strategy report that buying micro stocks is part of a new investment paradigm in a stock market suffering from anaemic growth, and global decoupling risks.

Persons: Aly, horribilis, Joseph Cui, Cui, Yuan Yuwei, Helen Wu, Wu, Yi Huiman, Lu Deyong, Seres, Lu, Huang Yan, Jason Xue, Samuel Shen, Summer Zhen, Vidya Ranganathan, Simon Cameron, Moore Organizations: REUTERS, Rights, Huawei Technologies, Regulators, Wisdom Asset, China Securities Regulatory Commission, Huawei, Security Technology, TRS Information Technology, Automotive, Seres, Securities, Shanghai QiuYang, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONG KONG, United States, ChatGPT, Ningbo, Summer, Hong Kong

☆ German court orders Zverev to pay fine in physical abuse case - lawyers
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

The Guardian reported that the Tiergarten District Court in Berlin fined Zverev 450,000 euros ($476,000). In January, the Association of Tennis Professionals (ATP) closed an investigation that was launched after another ex-girlfriend, tennis player Olga Sharypova, accused Zverev of domestic abuse. The ATP cited insufficient evidence as its reason for dropping the case. Zverev, 26, is currently playing at the Paris Masters, where he beat Marton Fucsovics 4-6 7-5 6-4 on Tuesday. Reporting by Chiranjit Ojha in Bengaluru; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Germany's Alexander Zverev, Hungary's Marton Fucsovics, Stephanie Lecocq, Alexander Zverev, Brenda Patea, Olga Sharypova, Marton Fucsovics, Ugo Humbert, Chiranjit, Simon Cameron, Moore Organizations: Paris, Hungary's Marton Fucsovics REUTERS, Guardian, Association of Tennis Professionals, Paris Masters, Thomson Locations: Paris, France, Berlin, Tiergarten, Bengaluru

☆ Turkey to toughen law on crypto assets - minister
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. The Financial Action Task Force (FATF) downgraded Turkey to a so-called grey list in 2021. Addressing a parliamentary commission late on Tuesday, Finance Minister Mehmet Simsek said a FATF report found Turkey fully compliant with all but one of the watchdog's 40 standards. "The only remaining issue within the scope of technical compliance is the work related to crypto assets," Simsek said. After that, there will be no reason for Turkey to stay in that grey list, if there are no other political considerations."

Persons: Dado Ruvic, Mehmet Simsek, Simsek, Nevzat Devranoglu, Huseyin Hayatsever, Simon Cameron, Moore Organizations: REUTERS, Rights, Thomson Locations: Rights ANKARA, Turkey

Overall, China's 2023 imports are likely to reach around 12 million tons, two Singapore-based traders said, topping 2022's record 9.96 million tons, and the avid buying is expected to continue into 2024. read moreBeijing has not provided a crop quality assessment. MORE TO COMEChina's January-September wheat imports jumped 53.6% to 10.17 million metric tons, customs data showed, including 6.4 million tons from Australia and 1.8 million tons from Canada. Chinese wheat purchases have stabilised global wheat prices, one of the Singapore traders said. Given lower output in Australia, traders and analysts said China is likely to import significantly higher volumes of French wheat in the coming months.

Persons: China's, Muyuan, Stefan Meyer, Ma Wenfeng, Price, Rosa Wang, Jeffrey McPike, Naveen Thukral, Dominique Patton, Peter Hobson, Gus Trompiz, Julie Ingwersen, Tony Munroe, Simon Cameron, Moore Organizations: Traders, Russia, Reuters, El, Beijing Orient, Shanghai JC Intelligence Co, U.S, WASDEA Commodities, Thomson Locations: China, SINGAPORE, BEIJING, Chicago, Singapore, Australia, Beijing, Sydney, StoneX, Canada, Indonesia, Japan, North America, U.S, Canberra, Paris

☆ Yen tumbles after BOJ stands pat, introduces some flexibility to yield cap
▼ + stars: | 2023-10-31 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. That sent the yen sliding nearly 0.7% against the dollar , past the 150 per dollar threshold to hit an intraday low of 150.12, before steadying to 149.93 per dollar. The euro similarly jumped roughly 0.5% against the yen following the decision . Spain's 12-month inflation in October was unchanged from the previous month at 3.5%, preliminary data also out on Monday showed. The figures come ahead of euro zone inflation data due later on Tuesday.

Persons: Yen, Dado Ruvic, Thierry Wizman, Sterling, Rae Wee, Shri Navaratnam, Simon Cameron, Moore Organizations: REUTERS, Rights, Bank of Japan, Nikkei, Federal Reserve, U.S ., Bank of England, Australian, New Zealand, Thomson Locations: Rights SINGAPORE, steadying, U.S, Germany

☆ China's semiconductor state fund invests $2 billion in memory chip firm
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Florence Lo/Illustration//File Photo Acquire Licensing RightsBEIJING, Oct 31 (Reuters) - China's state-backed chip investment fund has invested 14.56 billion yuan ($1.99 billion) in a memory chip company called Changxin Xinqiao, records showed. According to company registration website Qichacha, Changxin Xinqiao was founded in 2021 in Hefei city, in the eastern Anhui province. Its general manager is Zhao Lun, who is the general manager of ChangXin Memory Technologies, one of China's leading memory chip companies. Changxin Xinqiao and the Big Fund did not immediately respond to Reuters' requests for comment. The organization raised 138.7 billion yuan for its first fund, and 204 billion yuan for its second fund.

Persons: Florence Lo, Changxin Xinqiao, Zhao Lun, YMTC, Changxin, Yelin Mo, Roxanne Liu, Brenda Goh, Simon Cameron, Moore Organizations: REUTERS, Rights, China Integrated Circuit Industry Investment Fund, National Enterprise, Technologies, Big Fund, Memory Technologies, Huawei Technologies Co, Big, Reuters, Thomson Locations: China, Rights BEIJING, Changxin, Hefei city, Anhui, United States, Changxin Xinan, Hefei Xinyi, Taiwan, South Korea, Beijing, Shanghai

☆ Indian deputy IT minister investigated over social media post after attack on Jehovah's Witnesses
▼ + stars: | 2023-10-31 | by ( Jose Devasia | ) www.reuters.com time to read: +2 min

People stand outside the Zamra International Convention and Exhibition Centre where multiple blasts occurred during a religious gathering of Jehovah's Witnesses, a Christian group, in Kochi, India, October 29, 2023. REUTERS/Sivaram V/File photo Acquire Licensing RightsTHIRUVANANTHAPURAM, India Oct 31 (Reuters) - Police in Kerala opened an investigation against India's deputy minister of Information Technology on Tuesday for allegedly stirring religious hatred on social media after bomb blasts at a Jehovah's Witnesses convention in the southern state. More than 2,000 people were attending the convention in the state, where the Jehovah's Witnesses have a strong presence. Police arrested a man after he posted a video claiming responsibility for the attack, accusing the religious group of being anti-national. Chandrashekhar's aide told Reuters the criminal case filed by the Kerala police would be addressed by the minister's lawyer.

Persons: Sivaram, Rajeev Chandrashekhar, Narendra Modi's, Kerala's, Chandrashekhar, Hillary Clinton's, Khaled Mashal, Pinarayi Vijayan, Vijayan, Israel, Rupam Jain, Simon Cameron, Moore Organizations: Exhibition, REUTERS, Rights, Police, Information Technology, Communist, Reuters, Thomson Locations: Zamra, Kochi, India, Rights THIRUVANANTHAPURAM, Kerala, Gaza

Panama's President Laurentino Cortizo Cohen addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. "I've respectfully listened to those who oppose the contract with Minera Panama," Cortizo said, using the name of First Quantum's local unit. Neither First Quantum nor Minera Panama immediately responded to requests for comment. On Saturday, Minera Panama voiced concern after protesters on boats approached the international Punta Rincon port where it operates. After Cortizo's announcement, Panama's main workers' union said its members will keep protesting in the streets until the contract is annulled.

Persons: Laurentino Cortizo Cohen, Eduardo Munoz, Laurentino Cortizo, Cortizo, I've, Minera, Valentine Hilaire, Elida Moreno, Daina Beth Solomon, Christian Schmollinger, Simon Cameron, Moore Organizations: General Assembly, REUTERS, PANAMA CITY, Sunday Panama, Minera, Central, Protesters, Critics, Punta Rincon, Thomson Locations: New York City, U.S, PANAMA, Panama, Central American, Minera Panama

☆ Africa unlikely to follow East Asia's manufacturing growth path -study
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +3 min

The study's authors say that China will continue to dominate global manufacturing, moving into higher-value segments. The study projects global growth through the year 2050 and models changes in the economies of 59 countries accounting for about three quarters of the world’s GDP and population. Across all low-income countries, manufacturing jobs are projected to hold steady at below 8% of total employment, the study finds. It projects the share of manufacturing jobs in high-income countries will continue to fall, to 8.3% by 2050 from 11.4% currently. It said that private service sector jobs will make up roughly 37% of global jobs by 2050, and 26% in today’s low-income countries, up from about 12% currently.

Persons: CGD, Charles Kenny, Ranil, that’s, Kenny, David Lawder, Simon Cameron, Moore Organizations: Center for Global Development, Thomson Locations: China, Africa, Southeast Asia, Latin America, Agriculture, Bangladesh, Ethiopia, Asia

☆ Team by team analysis of the Mexico City Grand Prix
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +3 min

Oct 30 (Reuters) - Team by team analysis of Sunday's Mexico City Grand Prix, the 19th race of the 22-round Formula One season (teams listed in championship order):RED BULL (Max Verstappen 1, Sergio Perez retired)Verstappen lined up third and made a great getaway to take the lead into the first corner. Perez tried to pass Ferrari's Leclerc at the first corner, collided and retired from his home race. He has been second to Verstappen in Mexico for three years in a row now. Piastri let Norris past for seventh place on lap 56, getting a thank you from his team mate. Sargeant was retired on the last lap to avoid damaging the car's power unit due to a fuel pump issue.

Persons: Max Verstappen, Sergio Perez, Verstappen, Alain Prost, Perez, Ferrari's Leclerc, Lewis Hamilton, George Russell 6, Hamilton, Russell, Norris, Charles Leclerc, Carlos Sainz, Leclerc, Sainz, Aston Martin's Alonso, MCLAREN, Lando Norris, Oscar Piastri, Piastri, AlphaTauri's Tsunoda, ASTON MARTIN, Lance, Fernando Alonso, Alonso, Esteban Ocon, Pierre Gasly, Ocon, Hulkenberg, WILLIAMS, Alex Albon, Logan Sargeant, Albon, Sargeant, Daniel Ricciardo, Yuki Tsunoda, Ricciardo, ALFA ROMEO, Zhou, Valtteri, Alfa, Bottas, HAAS, Nico Hulkenberg, Kevin Magnussen, Magnussen, Haas, Alan Baldwin, Simon Cameron, Moore Organizations: Grand Prix, FERRARI, Ferrari, Bottas, McLaren, Thomson Locations: Mexico, Texas, London

Chinese Vice Premier He Lifeng attends a joint press conference following the 10th China-EU High-Level Economic and Trade Dialogue at the Diaoyutai State Guesthouse in Beijing, China September 25, 2023. REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Oct 30 (Reuters) - China's economy tsar He Lifeng has been appointed director of a key ruling Communist Party economic body, matching his high-profile predecessor Liu He with a particularly powerful portfolio covering economic policy, the financial sector and trade ties with Washington. He, who had previously headed the state planning agency, became one of China's four vice premiers in March when he replaced Liu He, who retired. He has now also replaced Liu as director of the office of the Central Finance and Economic Affairs Commission, a party body headed by President Xi Jinping. He could emerge as head of the resurrected Central Financial Work Commission, when state leaders, regulators and top bankers gather for a quinquennial, closed-door national financial work conference.

Persons: Lifeng, Florence, Liu, Liu He, Xi Jinping, Xi, Li Qiang, Janet Yellen, Valdis Dombrovskis, Joe Cash, Simon Cameron, Moore Organizations: REUTERS, Rights, Communist Party, Washington, Central Finance, Economic Affairs Commission, U.S, Treasury, EU Trade, Harvard, Financial Work Commission, Bloomberg News, Thomson Locations: China, EU, Diaoyutai, Beijing, Rights BEIJING, Shanghai, China's, U.S

☆ Caixabank sees higher lending income in 2023 after beating forecasts
▼ + stars: | 2023-10-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

SummaryCompanies Q3 net profit beats market forecastsNII 2023 growth guidance lifted to 10 bln vs 9.25 blnTargets stable NII performance in 2024MADRID, Oct 27 (Reuters) - Caixabank (CABK.MC) reported third-quarter net profit on Friday which beat forecasts, helped by higher lending income, which the Spanish bank said would rise more than 50% in 2023 compared to 2022. The bank's net interest income, earnings on loans minus deposit costs, rose 71% year-on-year in the three-months ending Sept. 30 to 2.74 billion euros ($2.89 billion), above the 2.53 billion euros analysts expected. Against that background, Caixabank revised its 2023 guidance for lending income to equal or above 10 billion euros from previously 9.25 billion euros, implying a rise of more than 50% against an net interest income (NII) of 6.55 billion euros in 2022. Broker JP Morgan welcome an "impressive" NII performance and revised guidance for lending income though noted that customer deposits were down 1.3% quarter-on-quarter. Its net profit rose 70% year-on-year to 1.52 billion euros, more than the 1.38 billion euros analysts forecast in a Reuters poll.

Persons: Caixabank, Morgan, Jesús, Inti Landauro, Simon Cameron, Moore Organizations: Thomson Locations: MADRID

☆ China's Huawei reports modest revenue growth for first three quarters
▼ + stars: | 2023-10-27 | by ( David Kirton | ) www.reuters.com time to read: +2 min

Huawei posted revenues of 456.6 billion yuan ($62.4 billion)for the first three quarters of the year, up 2.4% from a year earlier. In contrast to the modest rise in revenue, profit rose 177.8% in the period to 73.05 billion yuan, according to Reuters calculations. For the third quarter, revenue rose 1.5% to 145.7 billion yuan, according to Reuters calculations. Counterpoint said Huawei ranked as the sixth-largest smartphone brand in China during the quarter with a share of 12.9%, up from 9.1% from the same period a year ago. However, the Huawei spokesperson attributed the third-quarter revenue growth to increases in the digital power, cloud and auto parts businesses, while the Mate 60 series was released relatively late in the quarter.

Persons: Ken Hu, Richard Yu, Huawei's, David Kirton, Christian Schmollinger, Simon Cameron, Moore Organizations: Huawei Technologies, Huawei, Research, U.S, Huawei's Smart, Thomson Locations: SHENZHEN, China

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