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WASHINGTON, May 18 (Reuters) - China’s commerce minister will visit the United States next week for meetings with the commerce secretary and Washington’s top trade official, the spokesperson for China's embassy in Washington said on Thursday, as the U.S. seeks engagement with Beijing to salve damaged ties. A source familiar with planning for the meetings said that Chinese Commerce Minister Wang Wentao will meet with Commerce Secretary Gina Raimondo in Washington next week before traveling to Detroit for a meeting of Asia Pacific Economic Cooperation (APEC) trade ministers. He will meet with U.S. Trade Representative Katherine Tai on the sidelines of that gathering, scheduled for May 25-26. Washington has expressed eagerness for high-level meetings with China in an effort to keep increasingly tense relations from veering toward conflict. Blinken, Raimondo, and U.S. Treasury Secretary Janet Yellen have all expressed interest in visiting China.
COLOMBO, May 15 (Reuters) - The International Monetary Fund (IMF) mission in Sri Lanka will evaluate progress made on reforms so far and complete an exercise to improve governance in key areas of the economy, an IMF official said on Monday. An IMF team is in Colombo until May 23 as part of regular consultations ahead of the first review mission later this year. "It is now essential to continue the reform momentum," said Krishna Srinivasan, Director of Asia Pacific Department at IMF. Sri Lanka, with the help of a $2.9 billion bailout from the global lender, is trying to recover from its worst financial crisis since gaining independence in 1948 and turn around its battered economy. Peter Breuer, IMF Senior Mission Chief for Sri Lanka, Asia and Pacific Department said the lender will be looking at whether the government's macro framework is still appropriate or whether it requires revisions.
New York CNN —Dire warnings about the economic chaos and catastrophe that will ensue if the US debt ceiling isn’t lifted soon abound. The debt ceiling crisis of 2011 caused Standard and Poor’s to downgrade US debt for the first time in history. Schwenkler says to expect “a lot more volatility” if debt ceiling issues don’t appear resolved by the last week of the month. By contrast, recovery from a debt-default crisis would likely start the day Congress, belatedly, suspended the debt ceiling,” he added. “A misstep over the debt ceiling would subject businesses and consumers to an economic shockwave,” he added.
Airbnb forecasts slower bookings in Q2, shares fall
  + stars: | 2023-05-09 | by ( ) www.reuters.com   time to read: +2 min
May 9 (Reuters) - Airbnb Inc (ABNB.O) said on Tuesday it expects bookings growth and average daily rates to decline in the current quarter, signaling a reverse in demand trends and sending the vacation rental firm's shares down 9%. Revenue rose about 20% to $1.82 billion from a year earlier, compared with the average analyst estimate of $1.8 billion. The company said earlier this year that average daily rates (ADRs) will remain pressured as vacationers return to lower-cost urban rentals. Its first-quarter average daily rates (ADRs) remained flat at $168 compared with a year earlier. It forecast second-quarter revenue between $2.35 billion and $2.45 billion, largely in line with analysts' expectations.
Alibaba Cloud, in partnership with Tata Communications, is developing digital solutions for a sustainable future. Alibaba Cloud's partnership with Tata Communications is built on a mutual understanding of the critical importance of sustainability for everyone. The partnership between Alibaba Cloud and Tata Communications has helped build a robust and elastic cloud infrastructure. "Seamless and intelligent hyperconnected ecosystems are how we power cloud giants like Alibaba Cloud to do what they do best." Together, Alibaba Cloud and Tata Communications are creating a futuristic vision for how businesses and people can live, work, and communicate.
How to build a world that looks after everyoneThe conference highlighted the need to embrace equity in all walks of life. Tata Communications’ Genius Wong pledges to build a more inclusive digital economy and work with Georgette Tan (pictured) and the team at United Women Singapore to bridge the digital divide. Adopting Tata Communications' remote broadcast solution helped his organization reduce its normal on-site staff count by over 30% without compromising content delivery. Tata Communications leadership along with SMS Tan Kiat How stand together to build a secure and inclusive digital economy. Find out how Tata Communications is hyperconnecting Formula 1 fans globally to the world-class track-side F1 experience.
SYDNEY, March 14 (Reuters) - Canute Dalmasse, Goldman Sach's (GS.N) co-head of Asia Pacific equities distribution and execution, will retire after nearly 21 years with the bank, according to a memo seen by Reuters. Dalmasse joined Goldman Sachs in 2002 as an international sales trader in New York and relocated to Hong Kong in 2006, the memo said. He was previously the head of Hong Kong equities sales trading and later became the co-head of execution services in the Asia Pacific region. The memo said he was named managing director in 2009 and appointed in 2016 as a partner, the most senior position in Goldman Sachs. A Goldman Sachs spokesperson confirmed the contents of the memo.
"We see a lot of supply coming out from lithium mines ... We are expecting 38% lithium supply growth this year. That's why 2023 is likely to turn into a surplus year for lithium," Zhao told CNBC. She also said she expects China's electric vehicle demand growth to slow from 95% last year to 22% this year. In the two years ending December 2021, lithium carbonate spot prices rose 5% to stand at 277,500 yuan per ton. But subsequently surged to a record high of almost 600,000 yuan per ton in November 2022, more than 12 times January 2021 prices.
Hotel rates are at an "all-time high," Alan Watts, Hilton's Asia-Pacific president, told "Squawk Box Asia" on Thursday. In parts of Asia Pacific, hotel rates are climbing even higher. Rates in Asia are skyrocketingThe travel boom in Asia Pacific has been "phenomenal," said Watts. Average hotel rates across Southeast Asia have gone up more than 10% since 2022, according to data from the travel booking company Traveloka. Ctrip, the leading travel booking website in China, also told CNBC that average hotel booking prices in Bangkok jumped by around 70% in late January.
Figures from the Australian Bureau of Statistics out on Wednesday showed its wage price index rose 0.8% in the December quarter from the previous quarter, under forecasts of a 1.0% increase. Markets had been braced for an upside surprise and quickly reacted by pushing the Australian dollar down 20 ticks to $0.6847 , while futures scaled back slightly the likely future peak for interest rates. As a result, markets had wagered interest rates could peak as high as 4.35%, but that tempered toward 4.1% following the wages news. The RBA had forecast wage growth of 3.5% for last quarter, so the actual outcome should be a pleasant surprise. "Wage growth was weaker than the RBA had expected last quarter and we think it won’t accelerate as rapidly as the RBA anticipates," said Marcel Thieliant, head of Asia Pacific economics at Capital Economics.
TikTok stirs up Starbucks workforce solutions
  + stars: | 2023-02-21 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, Feb 21 (Reuters Breakingviews) - Starbucks (SBUX.O) is embracing the buzz. The coffee chain filed a new patent for a machine to help customize complicated beverages, according to a Business Insider report on Monday. Incoming Chief Executive Laxman Narasimhan faces staffers increasingly eager to unionize just as U.S. labor shortages hover at highs. It is therefore hardly surprising that $123 billion Starbucks wants to streamline drink-making processes. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Asia stocks fall, dollar stands firm after sticky U.S. CPI
  + stars: | 2023-02-15 | by ( Xie Yu | ) www.reuters.com   time to read: +2 min
Fed funds futures now imply a peak above 5.2% by mid-year and rates above 5% at year's end. U.S. stocks finished flat on Tuesday but S&P 500 futures dropped 0.4% in Asia. By mid-morning Hong Kong time, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 1.3%, led by drops bigger than 1% in Australia (.AXJO) and Hong Kong (.HSI), and analysts were bracing for further falls. The dollar touched a six-week high of 133.30 Japanese yen overnight and hovered at 132.80 yen on Wednesday. It had a bumpier ride against other currencies following the CPI data, but seems to be pausing following a January slide.
The company sold 10 million American depository receipts (ADRs) at $19 apiece, according to its regulatory filings, and shares closed at $21.05. The deal is the biggest from a Chinese company selling shares in New York since LianBio (LIAN.O) raised $334 million in October 2021, according to Refinitiv data. Chinese company listings in the United States ground to a halt in 2021 after the debut of ride hailing giant Didi Global Inc (92Sy.MU) in June of that year. As a result, Chinese listings in the United States dwindled and mainland regulators also moved to draw up new guidelines governing companies selling shares overseas. Chinese companies raised nearly $230 million in U.S. listings in 2022, according to Refinitiv data, representing a massive drop from $12.85 billion a year earlier.
Despite headline misses, Apple gave us a lot to like under the hood in its fiscal 2023 first quarter. The worst appears to be behind us — and as a result, we reiterate our 1 rating and continue to believe that Apple stock is something to own for the long-term, not trade quarter to quarter. In its December quarter, Apple returned $19 billion via the repurchase of 133 million shares and another $3.8 billion in dividends. Moreover, nearly two-thirds of Apple Watch buyers in the quarter were new to the product. Within Services, we also saw all-time revenue records for cloud services, payment services and music and December quarter records for the App Store and AppleCare.
watch nowAnother wave of Covid infections in China is the biggest fear for supply chain managers, but those whose companies were impacted by the first pandemic wave are optimistic the impact will be short-lived. Reduction in workforce is a major factor in the CNBC Supply Chain Heat Map for China, with heavy congestion at the ports. ContainerX, a major platform for container logistics, said its data shows 73% of supply chain officials expect a disruption after Lunar New Year. One of the biggest lessons learned during the pandemic by manufacturers and supply chain executives was to understand tier two, three, and four suppliers at a deeper level. CNBC's Supply Chain Heat Map shows how the weaker global economic conditions are influencing U.S.- China shipping routes.
Asia shares slip ahead of expected weak China economic data
  + stars: | 2023-01-17 | by ( Kane Wu | ) www.reuters.com   time to read: +4 min
HONG KONG, Jan 17 (Reuters) - Asia shares mostly slipped on Tuesday ahead of Beijing's expected release of weak fourth-quarter economic data, although investor sentiment about China's rebound remained positive even as the global economy edges closer to recession. MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) was down 0.18% at 0127 GMT. "I think investors will look through the Q4 GDP prints and focus on 2023," said Redmond Wong, Greater China market strategist at Saxo Markets Hong Kong. Hong Kong's Hang Seng Index (.HSI) opened down 0.3% while China's benchmark CSI300 Index (.CSI300) remained flat. Reporting by Kane Wu in Hong Kong; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.
"Global investors, sovereign funds and other institutions are looking to raise exposure to India in their emerging markets portfolios. The world-beating stocks performance has helped India to double its weight in MSCI's emerging markets index to 16% from 2019, but overseas investors have missed out in the local rally. Foreign portfolio investors sold a net $18 billion this year of Indian assets but turned buyers in November and December. The IPO came after the government offloaded its decades-old, debt-laden flag carrier Air India to Tata Sons for $2.4 billion in enterprise value. Apple said it will manufacture iPhone 14 in India, while a key supplier Foxconn (2317.TW) plans to quadruple the workforce at its Indian plant, Reuters has reported.
MUMBAI, Dec 21 (Reuters) - At least 100 ethnic Rohingya are stranded in a boat off India's Andaman Islands and as many as 16-20 may have have died of thirst, hunger or drowned, said two Myanmar Rohingya activist groups. Each year many Rohingya, members of a Muslim minority, risk their lives boarding rickety vessels to escape violence in Myanmar and squalor in Bangladesh refugee camps. A spokesperson for the Indian Navy said he did not have any details to share. Asia Pacific Refugee Rights Network’s Rohingya Working Group said the group had been adrift for more than two weeks. "We hope that the Indian Navy or Coastguard will manage to rescue and disembark the boat as soon as possible.
[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 29, 2022. REUTERS/StaffLONDON, Nov 30 (Reuters) - World equity markets rallied on Wednesday and focus turned to Jerome Powell, who speaks later in the day in what will be the U.S. Federal Reserve chief's last opportunity to steer sentiment ahead of the Fed's December meeting. European stock markets rallied (.STOXX) and U.S. equity futures pointed to a firm start for Wall Street , . MSCI's broadest gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) rallied more than 1% to its highest since September. Hong Kong's Hang Seng Index rallied more than 2% (.HSI), although Japan's blue-chip Nikkei fell 0.2% (.N225).
Asia stocks rebound despite disappointing China data
  + stars: | 2022-11-30 | by ( Kane Wu | ) www.reuters.com   time to read: +3 min
MSCI's broadest gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) reversed morning losses to gain 0.67%. "Despite the surge in cases and recent protests, China has not hardened its COVID approach and is continuing to fine-tune its policy, which is encouraging to investors." "Headlines from China regarding COVID restrictions and protests are causing jitters among investors. A series of U.S. data concerning manufacturing, inflation and jobs will also be released this week. Oil prices posted gains of more than 1% in Asian trade on Wednesday on falling U.S. crude inventories and a lower greenback, but concerns OPEC+ will leave output unchanged at its upcoming meeting and weak China data limited gains.
HONG KONG, Nov 30 (Reuters) - Asian shares wobbled on Wednesday as investors remain cautious about China's path to reopening its economy after it released disappointing manufacturing data, with China and Hong Kong stocks wiping out strong gains from the previous day. MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) was up 0.02% at 0201 GMT, paring earlier losses. The losses in Hong Kong and China reversed positive sentiment from Tuesday, when Chinese officials said the country would speed up COVID-19 vaccinations for elderly people. "Headlines from China regarding COVID restrictions and protests are causing jitters among investors. A series of U.S. data concerning manufacturing, inflation and jobs will also be released this week.
Asian stocks shaken by blast in Poland, dollar gains
  + stars: | 2022-11-16 | by ( Xie Yu | ) www.reuters.com   time to read: +2 min
HONG KONG, Nov 16 (Reuters) - Asian stocks dropped and the dollar gained on Wednesday after blasts in Poland that Ukraine and Polish authorities said were caused by Russian-made missiles. The potential for a further ratcheting up of geopolitical tensions saw MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) lose 0.6%. Australian shares (.AXJO) fell 0.5%, while Japan's Nikkei stock index (.N225) dropped 0.76%. NATO member Poland said on Wednesday that a Russian-made rocket killed two people in eastern Poland near Ukraine, and it summoned Russia's ambassador to Warsaw for an explanation after Moscow denied it was responsible. read moreThe dollar rose against major peers, led by a 0.3% advance versus the yen .
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEscalatory spiral of rhetoric coming out of a divided US government should be a concern: J.P. MorganJames Sullivan, Head of Asia Pacific Equity Research at J.P. Morgan, discusses the market impact of the U.S. midterm elections.
HONG KONG, Nov 8 (Reuters) - Asian shares rose on Tuesday as U.S. stocks increased overnight before midterm elections and investors clung on to hopes that China would eventually relax its strict pandemic curbs even after the government reaffirmed its commitment to the zero-COVID policy. Wall Street ended sharply higher Monday as investors focused on Tuesday's midterm elections that will determine control of Congress, while shares of Meta Platforms jumped on a report of job cuts at the Facebook parent. Hong Kong's Hang Seng index (.HSI) and China's benchmark CSI300 Index (.CSI300) were up 0.3% and 0.14%, respectively. Investors are hoping China will gradually ease its zero-COVID policy and reopen to the world, even after health officials reiterated their commitment to the policy on Saturday at a press conference. Analysts said U.S. mid-term elections on Tuesday could impact markets.
Asian stocks mixed as caution reigns ahead of U.S. midterms
  + stars: | 2022-11-08 | by ( Kane Wu | ) www.reuters.com   time to read: +3 min
MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) narrowed gains to rise 0.12% at 0517 GMT. "The thing to watch ... will be the U.S. midterms today and the CPI data tomorrow," said Redmond Wong, Saxo Markets' market strategist for Greater China, in a note on Tuesday. Japan's Nikkei 225 (.N225) gained as much as 1.44%, hitting an eight-week high, as investors scooped up chips and other technology stocks. Analysts said U.S. mid-term elections on Tuesday could impact markets. Brent crude fell 0.32% to $97.61 a barrel by 0526 GMT, while U.S. crude fell 0.38% to $91.44 a barrel.
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