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☆ Analysis: Xi and Biden cool the heat, but China and the US are still on collision course
▼ + stars: | 2022-11-14 | by ( Stephen Collinson | ) edition.cnn.com time to read: +8 min

CNN —The world can breathe a little easier after US President Joe Biden’s talks with Chinese leader Xi Jinping on Monday. But they could also be read as the kind of lecture that Washington once delivered to Chinese leaders that Xi is now taking the opportunity to throw back at the US. Biden said after the talks that he didn’t find Xi “more confrontational or more conciliatory. Biden publicly told Xi that the US was ready to reengage in climate talks – at an opportune moment for the Egypt climate summit. Before he went to Asia, Biden suggested that China didn’t have that much respect for either Russian President Vladimir Putin or Russia itself.

☆ Germany's BioNTech says to set up mRNA vaccine facility in Singapore
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] Test tubes are seen in front of a displayed Biontech logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/IllustrationNov 14 (Reuters) - BioNTech SE (22UAy.DE), the German biotech that developed a widely used COVID-19 vaccine with Pfizer Inc (PFE.N), acquired a manufacturing facility in Singapore, its first in Asia, the company said on Monday. The facility, bought from a Novartis (NOVN.S) unit, will be its first messenger ribonucleic acid, or mRNA, facility in Singapore and support its vaccines production for the Asia Pacific region, BioNTech said in a statement, without disclosing financial details. The aim is to eventually expand production to other drug classes such as cell therapies, said BioNTech, which also plans to set up research and manufacturing centres in Australia. The Singapore facility is expected to be fully operational by 2023 and create more than 100 jobs by 2024.

☆ Biden in Cambodia as global leaders join Southeast Asian summit
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +3 min

[1/2] U.S. President Joe Biden is greeted upon his arrival at the Phnom Penh International Airport to attend the 2022 ASEAN summit in Phnom Penh, Cambodia, November 12, 2022. Cambodia is hosting the Association of Southeast Asian Nations (ASEAN) annual summit and a parallel East Asian Summit, with the regional bloc engaging with a host of leaders. Chinese Premier Li Keqiang and South Korean President Yoon Suk-yeol met ASEAN leaders on Friday. "President Trump didn't attend a single East Asian Summit during four years in office," said Greg Poling, head of the Southeast Asia programme at Washington’s Center for Strategic and International Studies. ASEAN leaders on Friday issued a "warning" to Myanmar to make measurable progress on a peace plan or risk being barred from the bloc's meetings, as social and political chaos escalates in the country.

☆ Biden says U.S.-ASEAN pact to address 'biggest issues of our time'
▼ + stars: | 2022-11-12 | by ( Nandita Bose | ) www.reuters.com time to read: +5 min

[1/8] U.S. President Joe Biden speaks at the 2022 ASEAN summit in Phnom Penh, Cambodia, November 12, 2022. In his first visit to Southeast Asia as president, Biden said the region was at the heart of his administration's Indo-Pacific strategy and Washington was committing resources, not just rhetoric, under a new Comprehensive Strategic Partnership. ASEAN is engaging a host of leaders, including Biden, Japanese Prime Minister Fumio Kishida, Australian Prime Minister Anthony Albanese and South Korean President Yoon Suk-yeol. At the gatherings, Biden will focus on the Indo-Pacific region and talk about U.S. commitment to a rules-based order in the South China Sea, a senior administration official said earlier this week. Biden on Saturday said the meetings would discuss Russia's "brutal" war against Ukraine and U.S. efforts to address the war's global impact.

☆ Factbox: G20 summit: Which leaders will attend Bali summit?
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +5 min

It will also mark the first face-to-face meeting between U.S. President Joe Biden and Chinese President Xi Jinping since Biden became president. CHINA'S PRESIDENT XI JINPINGXi's visit to Southeast Asia will be only his second foreign trip since the beginning of the COVID-19 pandemic. UKRAINE'S PRESIDENT VOLODYMYR ZELENSKIY (VIRTUAL)Indonesia invited Zelenskiy to attend the summit as an obsever, although the Indonesian foreign ministry has said he will appear at the summit virtually. INDIAN PRIME MINISTER NARENDRA MODIModi is due to symbolically take over the G20 presidency from current chair Indonesian President Joko Widodo in Bali. He also committed to work closely with the Indonesian president to help deliver a successful summit.

☆ Biden faces scrutiny about America's future as he heads abroad
▼ + stars: | 2022-11-11 | by ( Peter Nicholas | Peter Nicholas Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +8 min

For the world leaders meeting with Biden over the next week, there’s no assurance that he'll be the president they’ll be dealing with for the next six years. The U.S. is unnerved by Chinese military exercises that threaten Taiwan and raise the specter of a future invasion. “Tuesday was a good day for America, a good day for democracy,” Biden said Thursday at a Democratic National Committee event. Another reason that Biden might find the trip more gratifying is that he averted the midterm wipeout that sitting presidents normally endure. Biden’s midterm test went much better.

The maker of IWC and Piaget watches surprised to the upside by reporting sales and operating profit from continuing operations rising by a quarter during the six months to the end of September. Jewellery sales rose by 24% in the period, with customers snapping up collections such as Cartier's Clash and Trinity rings and necklaces. The figures also showed the quality of the group's brands, "particularly its best in class jewellery business", Cox added. But from continuing operations, which removed the impact of the write-down and YNAP's losses, Richemont's profit increased by 40% to 2.1 billion euros. The latest results showed "excellent sales growth, profit and cash flow results", he added.

☆ Luxury group Richemont sounds cautious note on cost-of-living pressures
▼ + stars: | 2022-11-11 | by ( John Revill | ) www.reuters.com time to read: +2 min

Still, from its continuing operations, which removed the impact of the write-down and the contribution from YNAP, Richemont's profit increased by 40% to 2.1 billion euros and profit margins improved. Sales increased by 24% to 9.67 billion euros, helped by a recovery in the Asia Pacific region and double-digit percentage sales growth in all other regions as previously locked-down customers returned to its luxury boutiques. Chairman Johann Rupert described the figures as "another set of strong results," but added a note of caution about the future. "Richemont is well known for giving cautious guidance, which this time is to the point, considering the ongoing tough environment," Bertschy said. ($1 = 0.9785 euros)Reporting by John Revill, Editing by Miranda Murray & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

He'll hold his first face-to-face meeting with Chinese counterpart Xi Jinping at the G20, where he hopes to explore Xi's "red lines", talk to allies about punishing Russia for its Ukraine invasion and discuss containing North Korea after a barrage of missile tests. On Wednesday, Biden said U.S. aid for Ukraine will continue uninterrupted and any territorial compromise between the two countries is up to Ukraine. Putin will not attend the G20 summit in person but is due join one of the meetings virtually, an Indonesian government official said. They will address North Korea's "unlawful weapons of mass destruction and ballistic missile programs," the official said. Biden will "continue to urge the Egyptian government to release political prisoners and undertake human rights related legal reforms," said one of the officials.

☆ Biden to attend summit of Southeast Asian leaders as Myanmar looms
▼ + stars: | 2022-11-09 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

BANGKOK — Southeast Asian leaders convene in the Cambodian capital Thursday, faced with the challenge of trying to curtail escalating violence in Myanmar while the country’s military-led government shows no signs of complying with the group’s peace plan. U.S. President Joe Biden will be on hand for the Phnom Penh summit of the Association of Southeast Asian Nations, which comes as Washington and Beijing are increasingly jockeying for influence in the Asia-Pacific region. In addition to Myanmar, the four-day meetings are expected to focus on ongoing disputes in the South China Sea, pandemic recovery issues, regional trade and climate change. Neither Xi nor Putin is expected to attend the ASEAN talks or the parallel East Asia Summit, though both China and Russia are thought to be sending high-level delegations. “For Southeast Asia it’s really important to physically show up, and I think the Americans are very aware of this,” Daniel said.

☆ Peloton co-founder John Foley launches business selling custom rugs directly to consumers
▼ + stars: | 2022-11-07 | by ( Sarah Belle Lin | ) www.businessinsider.com time to read: +3 min

Peloton co-founders are starting Ernesta, a direct-to-consumer business selling custom rugs. The business is launching in spring 2023 and entering a global market anticipated to reach $130 billion by 2030. The company will be entering a global carpets and rugs market anticipated to reach $130 billion by 2030. Foley is Ernesta's CEO, with fellow Peloton founders Hisao Kushi serving as chief legal officer and Yony Feng as chief technology officer. He relinquished his executive chairman title in September, following months of controversy and reduced global demand at the beleaguered company.

☆ Canada Goose cuts revenue, profit forecast as China business takes hit
▼ + stars: | 2022-11-02 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

Nov 2 (Reuters) - Luxury parka maker Canada Goose Holdings Inc (GOOS.TO), cut its full-year revenue and profit forecast on Wednesday, with persistent COVID-related lockdowns and store closures in China hurting its business. The company did not disclose how much revenue it specifically earns from China, but said 20.3% of the revenue in the second quarter came from the Asia-Pacific region. Canada Goose cut its fiscal 2023 sales expectation to C$1.2 billion ($882.74 million)-C$1.3 billion, from C$1.3 billion-C$1.4 billion. The company earned second-quarter adjusted profit of 22 Canadian cents, on a revenue of C$277.2 million, beating analysts' estimates per Refinitiv data. ($1 = 1.3594 Canadian dollars)Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Estee Lauder cuts forecasts on China curbs, tightening inventories
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

The New York-based company's shares were down about 12% in premarket trade after the company also forecast second-quarter sales and profit below estimates. Sales growth of many U.S. companies such as Estee and Canada Goose have been impacted in China, with the country implementing a zero-COVID policy to fight rising infections. Estee generated about 31% of its sales from the Asia-Pacific region in fiscal 2022, according to a regulatory filing. However, European peers Kering (PRTP.PA) and cosmetics group L'Oreal (OREP.PA) had posted strong quarterly sales last month as robust demand in Europe and the United States helped them offset disruptions in China. Estee now expects 2023 net sales to decrease between 6% and 8%, compared with the prior forecast of a 3% to 5% growth.

☆ Bentley's profit gets a lift from niche, personalised cars
▼ + stars: | 2022-11-02 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

LONDON, Nov 2 (Reuters) - Luxury British carmaker Bentley said on Wednesday that its operating profit for the first nine months of 2022 more than doubled, as global economic uncertainty failed to dent customer interest for niche models and increased car customisation. The unit of German carmaker Volkswagen (VOWG_p.DE) posted an operating profit for the first three quarters of 2022 of 575 million euros ($568 million), more than the 275 million euros in the same period of last year. Bentley said global sales were up 3% at 11,316 units, while revenue jumped 28% to 2.49 billion euros from 1.95 billion a year earlier. Sales in the Americas, Bentley's biggest region by sales, were up 7%. ($1 = 1.0128 euros)Reporting By Nick Carey; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ Despite 'not fully positive results,' Evercore ISI still thinks Airbnb is one of the best fundamental stories
▼ + stars: | 2022-11-02 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

There are still several reasons to own Airbnb 's stock despite its latest quarterly numbers, according to Evercore ISI. Analyst Mark Mahaney reiterated the stock as an outperform with a price target of $150, which implies a 37.7% upside. Airbnb dropped 5% in premarket trading after the company reported "not fully positive results," though he said the travel platform's performance was "more of an Expectations Correction than a Fundamentals Correction." He also pointed to the 15% supply growth disclosure which countered arguments that supply has peaked, which would in turn stunt growth. Revenue growth, in turn, is expected to slow down to 20% in 2023 from 39% in 2022.

☆ IMF cuts Asia's economic forecasts as China's slowdown bites
▼ + stars: | 2022-10-28 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

"Asia's strong economic rebound early this year is losing momentum, with a weaker-than expected second quarter," said Krishna Srinivasan, director of the IMF's Asia and Pacific Department. "Further tightening of monetary policy will be required to ensure that inflation returns to target and inflation expectations remain well anchored." The IMF cut Asia's growth forecast to 4.0% this year and 4.3% next year, down 0.9% point and 0.8 point from April, respectively. Among the biggest headwinds is China's rapid and broad-based economic slowdown blamed on strict COVID-19 lockdowns and its worsening property woes, the IMF said. The IMF expects China's growth to slow to 3.2% this year, a 1.2-point downgrade from its April projection, after an 8.1% rise in 2021.

☆ EXCLUSIVE KKR raises $6 bln for biggest Asia infrastructure fund -sources
▼ + stars: | 2022-10-28 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

HOTBED FOR DEALSLike the debut infrastructure fund that made more than a dozen investments, KKR's latest one will target renewables, telecom towers, power, utilities and transportation infrastructure, among others, the sources said. This year alone, funds backed by the likes of KKR, Macquarie, infrastructure investors DigitalBridge (DBRG.N) and Stonepeak have struck deals for tens of thousands of telecom towers in the Philippines. Earlier this month, a top executive at Permodalan Nasional Bhd, Malaysia's largest asset manager, told Reuters that it plans to add infrastructure assets into its portfolio from 2023. Last year, 19 Asia Pacific-focused infrastructure funds raised a total of $10.3 billion, Preqin data showed. Last month, Neil Arora, a veteran infrastructure dealmaker from Macquarie, joined KKR as the head of its energy transition team for Asia Pacific.

NBC News, in collaboration with the International Consortium of Investigative Journalists, The Washington Post, and Arab Reporters for Investigative Journalism, interviewed more than 40 current and former employees of contractors at military bases. According to an NBC News analysis, at least 10 companies with substantiated trafficking violations since 2007 have received billions in new government contracts. ‘Mad scramble’Foreign workers are crucial for the more than 700 military bases with U.S. service members around the world. One company that continues to get work at Middle East bases despite past violations documented in an Army compliance agreement is Tamimi, Abdulla’s employer. Lusambu Karim, a 50-year-old Ugandan, told NBC News about trafficking violations he said he encountered working for Aegis in Afghanistan from 2018 to 2020.

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

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

☆ Heineken cautious as Europe's beer drinking starts to slow
▼ + stars: | 2022-10-26 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

The maker of Europe's top-selling beer Heineken, along with Sol and Tiger lagers said beer volumes rose by 8.9% on a like-for-like basis in the third quarter, with the strongest increase in Asia, but compared with the 12.0% average market expectation. RBC Capital Markets, which has an 'underperform' rating for Heineken, said Europe's 1.3% sales increase clearly missed expectations. Heineken reported a 68% increase in its beer sales in the Asia-Pacific region in the July-Sept period, a year on from COVID-19 lockdowns, notably in its main Asian market Vietnam. Unlike in other regions, beer sales in Europe remain below 2019 levels. Heineken said pressure on disposable income was in part to blame for a decline in sales in Nigeria, although its premium beer sales rose by more than a third.

☆ Puma confirms operating profit, sales outlook after Q3 results
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 26 (Reuters) - German sportswear maker Puma (PUMG.DE) reiterated its full-year operating result and currency-adjusted sales outlook on Wednesday, despite uncertainty on the global market, after what it said was its best third quarter in the company's history. The company said its earnings before interest and taxes (EBIT) rose by 12.6% on the year to 258 million euros ($257 million) while third-quarter sales rose a currency-adjusted 16.9% to 2.35 billion euros ($2.34 billion). Despite continued effects of COVID-19-related lockdown measures in China, Puma saw sales growth in the Asia/Pacific region for the first time this year in the third quarter, it said. "We expect continued volatility in the market during the fourth quarter but are confident that we can deliver according to our full-year outlook," he added. The company expects currency-adjusted sales growth of around 15% and an EBIT between 600 and 700 million euros for 2022.

☆ Biden: China's Xi knows we are not seeking conflict
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Oct 26 (Reuters) - President Joe Biden, meeting his top military advisers, said on Wednesday that the United States does not seek conflict with China and that Chinese President Xi Jinping knows this. U.S.President Joe Biden attends a meeting with Defense Department leaders in the State Dining Room at the White House in Washington, U.S. October 26, 2022. REUTERS/Jonathan ErnstBiden said the United States would continue to lead ona number of issues, from Russia's aggression in Ukraine to climate change to the Indo-Pacific region. "We do not seek conflict with them," he said of the Chinese. Reporting by Trevor Hunnicutt and Steve HollandOur Standards: The Thomson Reuters Trust Principles.

☆ Companies Focus On Constant-Currency Metrics to Soothe Investors’ Nerves
▼ + stars: | 2022-10-24 | by ( Kristin Broughton | ) www.wsj.com time to read: +6 min

Reporting results on a constant-currency basis can be beneficial to global companies whose results have been hit by swings in foreign-exchange rates. To report on a constant-currency basis, companies must have a full understanding of their exposure to foreign-exchange rates, Mr. Koester said. Revenue was $4.43 billion, up 13% year-over-year on a reported basis and 15% on a constant-currency basis. Ralph Lauren Corp. said in August that its fiscal first-quarter revenue grew 8% on a reported basis and 13% on a constant-currency basis. Ralph Lauren said it expects, on a constant-currency basis, to report fiscal 2023 revenue growth in the high-single-digit percentages, around 8%, compared with 2022.

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

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

☆ Australia's Albanese, Japan's Kishida meet for defence, energy talks
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

Oct 22 (Reuters) - Australian Prime Minister Anthony Albanese met with his Japanese counterpart Fumio Kishida on Saturday for talks expected to cover defence and energy deals amid China's push for greater influence in the Asia-Pacific region. The summit is the fourth for the leaders, since Albanese took office in May. Locating the meeting in Perth, 3,700 km (2,300 miles) from the national capital Canberra, was meant to showcase Western Australia's importance in supplying Japan's energy needs, including renewable energy. In May, Kishida and Albanese pledged to work toward a new bilateral declaration on security cooperation. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sam McKeith in Sydney; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

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