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☆ Gold retreats as Middle East tensions ebb
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: +2 min

Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum in Munich. Gold prices dipped on Monday, as easing fears of a wider Middle East conflict lowered bullion's safe-haven appeal, while market participants awaited a key U.S. inflation reading due later this week for interest rate cues. Spot gold fell 0.9% to $2,369.97 per ounce, as of 0451 GMT. Asian stocks recovered some losses and bond yields rose as fears of a wider Middle East conflict ebbed, with investors gravitating back towards riskier assets. Among other precious metals, spot silver fell 2.3% to $27.99 per ounce, spot platinum rose 0.3% to $934.03, and palladium fell 0.3% to $1,023.17.

Persons: Kelvin Wong, Wong, Austan Goolsbee Organizations: Aurum, Asia Pacific, Treasury, Chicago Federal Locations: Munich, U.S, Tehran, Iran, OANDA, Israel, Hamas

☆ Hong Kong’s biggest stock is ready for a turnaround, analysts say
▼ + stars: | 2024-04-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The firm is overweight on Tencent shares, with a price target of 400 Hong Kong dollars ($51). Also helping analysts' optimism on the stock are Tencent's share buybacks. HSBC has a buy rating on Tencent, with a target price of 385 Hong Kong dollars. Pan said that low liquidity in Hong Kong has also affected share prices in that market, but he hopes that can improve with a new CEO. The Hong Kong exchange's co-COO Bonnie Chan is set to become head of the business in late May.

Persons: Morgan Stanley, Gary Yu, Morgan Stanley's Yu, Tencent, Prosus, Charlene Liu, HSBC's, Grant Pan, Noah Holdings, Pan, Hong Kong exchange's, Bonnie Chan, — CNBC's Michael Bloom Organizations: Hong, Jefferies, Naspers, Internet, Gaming Research, HSBC Locations: Hong, Hong Kong, Asia, Japan, Netherlands, Tencent, 1Q24, Asia Pacific, HKD500m, China

☆ Gold shines as geopolitical tensions offset easing U.S. rate-cut bets
▼ + stars: | 2024-04-18 | by ( ) www.cnbc.com time to read: +2 min

An employee holds one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices climbed on Thursday, as risks of a widening Middle East conflict raised bullion's safe-haven appeal, overshadowing pressures from higher-for-longer U.S. interest rates. Spot gold was up 0.6% at $2,374.97 per ounce, as of 0429 GMT, after hitting an all-time high of $2,431.29 last Friday. Although, "U.S. interest rates remaining higher for a longer may be adding some pressure to the ongoing boost for gold ... Higher interest rates reduce the appeal of holding non-yielding bullion.

Persons: Kelvin Wong, Benjamin Netanyahu, Wong, Jerome Powell, Mario Centeno Organizations: Co, Asia Pacific Locations: Bangkok, Thailand, OANDA, Israel, Iran

☆ Morgan Stanley has named its top global dividend stocks for this quarter
▼ + stars: | 2024-04-17 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

The unpredictability has led some analysts to reiterate their recommendation to buy dividend stocks. According to Morgan Stanley, the MSCI Asia Pacific ex-Japan High Dividend Index outperformed the MSCI Asia Pacific ex-Japan index in the first quarter of the year, albeit by only 0.58%. The cautious investors' sentiment also drives allocation toward Quality Dividend stocks," the investment bank's analysts wrote in an Apr. These translate into a higher UST bond yields and particularly favoring dividend stocks to outperform." The latter has a forward dividend yield of 8%, according to Morgan Stanley, comfortably higher than the average of 5.1% on the screen.

Persons: Morgan Stanley, Morgan, CNBC's Michael Bloom Organizations: MSCI Asia, Asia, UST, U.S . Treasury, China Overseas Property Holdings, China Medical System Holdings, Bank of China Locations: Japan, Asia, Pacific, China, Taiwan

☆ Google restructures finance team as a part of AI shift, CFO tells employees in memo
▼ + stars: | 2024-04-17 | by ( Jennifer Elias | ) www.cnbc.com time to read: +2 min

"The tech sector is in the midst of a tremendous platform shift with Al," Porat wrote in the memo, obtained by CNBC, that was sent to employees in finance. The restructuring will impact finance teams domestically and abroad, including in the Asia Pacific region and Europe, the Middle East and Africa, Porat noted. "Over the past year, we have talked about creating hubs of Fin'ooglers around the world that are vibrant and have a strong culture," Porat wrote. "As we've said, we're responsibly investing in our company's biggest priorities and the significant opportunities ahead," a Google spokesperson told CNBC in an email. WATCH: Google Cloud CEO says company is monetizing AI in a variety of ways

Persons: Ruth Porat, Porat, Sundar Pichai, we've Organizations: Google, CNBC, San Francisco Bay Area Locations: Asia, Europe, East, Africa, Bangalore, Mexico City, Dublin, Chicago, Atlanta, San Francisco Bay, Fin'ooglers

☆ World’s busiest airports: There’s a new No. 2
▼ + stars: | 2024-04-15 | by ( Marnie Hunter | ) edition.cnn.com time to read: +6 min

CNN —Globe-trotters are on the move again in a big way, boosting the rankings of a handful of international aviation hubs on the list of the world’s busiest airports. With 104.7 million passengers in 2023, Dubai’s not nipping at its heels just yet. Tokyo International Airport, commonly known as Haneda Airport, leapt up from No. Tokyo Haneda, Japan (HND): 78.7 million passengers; up 55.1% from 20226. Los Angeles, California (LAX): 75.1 million passengers; up 13.8% from 20229.

Persons: Atlanta’s, ”, Luis Felipe de Oliveira, de Oliveira, Dubai’s, Kamran Jebreili, Issei Kato, Indira, ” de Oliveira Organizations: CNN — Globe, Atlanta’s Hartsfield, Jackson International, “, ACI, Asia Pacific, Atlanta, Chicago, London Heathrow, Tokyo International Airport, Haneda Airport, Reuters, Indira Gandhi International, Air India, IndiGo, Boeing, Aircraft, Hartsfield, Jackson, United Arab Emirates, London, Tokyo, Chicago O’Hare Locations: Dubai, “ Dubai, East, Asia, Atlanta, United States, Dallas, Fort Worth, Denver, Los Angeles, London, Tokyo, Japan, Haneda, Reuters Istanbul’s, New Delhi, India, Jackson Atlanta , Georgia, United Arab, Fort Worth , Texas, DFW, London Heathrow, United Kingdom, Tokyo Haneda, Denver , Colorado, Istanbul, Turkey, Los Angeles , California, Chicago O’Hare , Illinois, ORD, Delhi

☆ Goldman Sachs just added stocks to its top Asian picks, giving one over 45% upside
▼ + stars: | 2024-04-12 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Goldman Sachs has refreshed its conviction list of top stocks in Asia Pacific this month, adding some names and removing others. Here are two additions to Goldman Sachs' Asian conviction list, and two removals: China Resources Beer Goldman analyst Leaf Liu said he was positive on the outlook for Chinese beer manufacturer and distributor China Resources Beer . Goldman Sachs has a 12-month price target of 51 Hong Kong dollars ($6.51) on the stock, giving it potential upside of around 46%. NTPC India's power generation company NTPC — formerly the National Thermal Power Corporation — was another addition to Goldman's conviction list. Shionogi, China Medical System Meanwhile, the Wall Street bank removed two pharmaceutical players — Japan's Shionogi and the China-headquartered China Medical System — from its conviction list.

Persons: Goldman Sachs, China Resources Beer, Leaf Liu, CRB, —, National Thermal Power Corporation —, Apoorva Bahadur, Bahadur, Goldman, — Japan's Shionogi, — CNBC's Michael Bloom Organizations: MSCI Asia, China Resources, China Resources Beer Goldman, China Resources Beer, Brands, Star, Heineken, Hong, Franklin FTSE, National Thermal Power Corporation Locations: Asia Pacific, Japan, China, ,, Tianjin, premiumization, Hong Kong, Franklin FTSE China, Shionogi

☆ AI is revolutionizing industries. Here's what that means for consumer trust.
▼ + stars: | 2024-04-12 | by ( Sponsor Post | Created Mastercard With Insider Studios | ) www.businessinsider.com time to read: +6 min

It is therefore no surprise that the advent of big data, data analytics, and disruptive technologies such as generative AI have brought in sweeping changes and opportunities to reinvent critical business areas. When customers trust a business, it empowers the organization to pioneer groundbreaking initiatives, embracing risk to craft new products and refine existing ones. While the balance between trust and innovation emerges as a critical lever for progress, the role of transparency in cultivating and maintaining this trust cannot be overstated. Earned, not givenAs we recognize transparency's pivotal role in building trust, it becomes clear that trust in the digital age is earned, not given. Safeguarding consumer trust in an era increasingly dominated by sophisticated algorithms and artificial intelligence is more critical than ever.

Persons: Matthew Driver, we've Organizations: Services, Asia, Mastercard, Trust, Harvard, Mastercard Singapore, Insider Studios Locations: Asia Pacific

☆ China will remain the world's No. 1 growth driver, says the Asian Development Bank
▼ + stars: | 2024-04-11 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Flag of China on dark blue background Da-kuk | E+ | Getty ImagesChina will remain the largest growth engine for the world economy in spite of its slowdown, the Asian Development Bank said. ADB forecasts China to post annual GDP growth of 4.8% in 2024, lower than the government's target of "around 5%." watch nowEven with slower growth, ADB data estimated China will account for 46% of growth in developing Asia in 2024-2025. China currently accounts for 18% and 48% of global and Asian GDP, respectively, based on purchasing power parities exchange rates, a metric used by the ADB, World Bank and International Monetary Fund. ADB expects the country's growth to be the highest in the region, at 7% in 2024 and 7.2% in 2025.

Persons: Albert Park, … it's Organizations: Getty, Asian Development Bank, ADB, World Bank, International Monetary Fund, CNBC Locations: China, Asia, India

☆ Gold hovers near record high with focus on U.S. data, Fed minutes
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: +2 min

One kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Spot gold was up 0.3% at $2,345.09 per ounce, as of 0621 GMT, after hitting a record high of $2,353.79 on Monday. The minutes of the Fed's March policy meeting and the U.S. Consumer Price Index, or CPI, data are due on Wednesday. "Inflation data this week poses a risk if the readings come out on the hotter side of the ledger. Spot silver rose 0.2% to $27.90 per ounce, after hitting its highest levels since June 2021 earlier in the session.

Persons: Tim Waterer, Waterer, Kelvin Wong Organizations: Co, Federal, KCM Trade, U.S . Consumer, Fed, Asia Pacific, OANDA Locations: Bangkok, Thailand, ., U.S

☆ NATO should recruit new members from Asia that share 'the alliance's vision of freedom,' former NATO commander says
▼ + stars: | 2024-04-09 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Stavridis suggested recruiting countries like Australia, Japan, New Zealand, and South Korea. AdvertisementThe NATO military alliance should consider broadening its membership to include Asia-Pacific nations like Japan and New Zealand, said a former NATO supreme allied commander. AdvertisementIn his op-ed, Stavridis suggested recruiting Asia-Pacific countries "that share the alliance's vision of freedom, democracy, liberty and human rights." Advertisement"I'd say the challenges and the benefits feel roughly balanced, but given the practical and political hurdles, it is probably too soon to consider a global NATO," Stavridis wrote. AdvertisementThe military alliance's overtures to Asia appear to have drawn the ire of countries like China, whose defense ministry has accused NATO of being a "walking war machine."

Persons: James Stavridis, Stavridis, —, Emmanuel Macron, Wu Qian Organizations: NATO, US, Service, Bloomberg, US Southern Command, Asia, Business Insider Locations: Asia, Pacific, Australia, Japan, New Zealand, South Korea, NATO, Russia, Ukraine, Latin America, US, China, South China, Philippines, Thailand, Singapore

☆ Why diversity, equity and inclusion is more than just a corporate buzzword to this finance exec
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +1 min

This appreciation for different cultures and beliefs would come in handy throughout his career, where he worked in three continents and six countries. "It was this foundation of appreciating the diversity of perspectives and including different people from different backgrounds into the team that allowed me to be successful," he told CNBC's My Biggest Lessons. He believes diversity, equity and inclusion are crucial factors in attracting and retaining talent and engaging employees. "(It] helps create a healthy workplace where each individual is comfortable in who they are, and they're comfortable to bring their real self to the workplace. It helps reduce unconscious biases and it helps fuel innovation," he said.

Persons: Vinay Surana, CNBC's Organizations: Asia Pacific, Allianz Partners Locations: Middle East, Africa

☆ Natural disasters caused an estimated $65 billion in losses last year for Asia-Pacific
▼ + stars: | 2024-04-04 | by ( Vivien Soo | ) www.cnbc.com time to read: +1 min

Economic losses in the Asia Pacific region soared to $65 billion due to natural disasters, mainly fueled by floods in China and droughts in India, as reported by insurance company Aon. Of the total losses, only 9%, or $6 billion, were covered by insurance, falling short of the 21st-century average of $15 billion. The report found that floods remained the most costly threat in Asia-Pacific for the fourth consecutive year, representing over 64% of total losses in 2023. China suffered the heaviest losses in Asia-Pacific with $32.2 billion in flood-related losses, or over half of total losses in the region, the report said. The South Asia floods in particular, resulted in nearly 2,900 deaths.

Persons: Aon Locations: Asia, China, India, Pacific, Hong Kong, South Korea, Pakistan

Post's price target increase is in line with his move on the GAAP price-to-earnings multiple to 22 from 21. — Alex Harring 6:39 a.m.: Melius moves to sidelines on Boeing Boeing has too many areas of concern, Melius Research warned. Analyst Robert Spingarn downgraded the plane maker to hold from buy and slashed his price target by $71 to $209. Analyst Filippo Falorni upgraded the cosmetics stock to buy from neutral and hiked his price target by $15 to $175. Analyst Brennan Hawken downgraded the investment asset manager to neutral from buy and cut his price target by $5 to $135.

Persons: Grinder, Justin Post, Meta, — Alex Harring, Eli Lilly, Andrew Baum, Baum, Novo, Robert Spingarn, Spingarn, LSEG, Alex Harring, Filippo Falorni, Falorni, Estee Lauder, Lauder, Tom Ford, Le, Blackstone, Brennan Hawken, Hawken, JMP, Nicholas Jones, Jones, Grindr, Christopher Dendrinos, Dendrinos, — Fred Imbert Organizations: CNBC, RBC, GE, of America, Citi, Indianapolis, Boeing Boeing, Melius, Boeing, Dow Jones, Coca, Cola, Beverage, Travel, UBS, GE Vernova, New York Stock Exchange Locations: Monday's, Asia Pacific, Asia

☆ Black box recovered from cargo ship that crashed into Baltimore bridge could help uncover what went wrong
▼ + stars: | 2024-03-27 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

A black box has been recovered from the ship that crashed into a Baltimore bridge. The Dali, a Singapore-flagged cargo ship, hit Baltimore's Francis Scott Key Bridge early Tuesday. AdvertisementWhat exactly went wrong to cause the Baltimore bridge collapse this week? Officials on Wednesday recovered the ship's black box data recorder, which could help investigators piece together what caused the crash. The Singapore-flagged Dali cargo ship crashed into the Francis Scott Key Bridge in Baltimore, Maryland, early Tuesday morning, causing it to collapse.

Persons: Dali, Baltimore's Francis Scott Key, —, Jennifer Homendy, Guy Platten —, Francis Scott Key, Wes Moore, James Wallace, Shannon Gilreath Organizations: Baltimore's Francis Scott Key Bridge, Service, Transportation Safety Board, CBS News, International Chamber of Shipping, Bloomberg, Bloomberg Radio, Baltimore, Maritime, Port Authority, Synergy Marine, Baltimore Fire Department, US Coast Guard Locations: Baltimore, Singapore, Baltimore , Maryland, Colombo, Sri Lanka, Maryland, Asia Pacific

☆ The Dali, the ship that brought down the Baltimore bridge, ran into a problem with its propulsion system months before the crash
▼ + stars: | 2024-03-27 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

The ship that struck a key bridge on Tuesday was reported to have an issue with its propulsion in June. The Dali lost propulsion on Tuesday, but it's unclear if this was related to the June issue. AdvertisementThe 984-foot container vessel that lost power and crashed into the Francis Scott Key Bridge on Tuesday had issues with its propulsion system just months before, records show. AdvertisementClay Diamond, the executive director of the American Pilots' Association, told The Washington Post that the Dali lost power at around 1:20 a.m., around eight minutes before the crash. AdvertisementThe Francis Scott Key Bridge was Baltimore's biggest bridge, and the loss of such critical infrastructure will likely cause supply chain issues across multiple industries.

Persons: Dali, —, Francis Scott Key, Wes Moore, it's, Clay Diamond, Diamond, We've, BI's Dominic Reuter, BI's Erin Snodgrass Organizations: Service, Port Authority, Synergy Marine, American Pilots ' Association, Washington Post, USA, REUTERS Authorities, Business, Maryland Transport Authority, Port, Maersk Locations: Singapore, Patapsco, Baltimore, Maryland, Asia Pacific, San Antonio, Chile, Harford County, Antwerp, Port, Port of Baltimore, Danish, Copenhagen

☆ CNBC Daily Open: No 'cracks' in U.S. strong jobs growth
▼ + stars: | 2024-03-25 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The blue-chip Dow slipped 0.77%, but gained just under 2% for its best week since December, nearing the 40,000 level. Overall, total deal value in the region plunged last year to its lowest since 2014 amid a fundraising slowdown. "We really believe in style diversification and feel that remaining diversified with value and growth stocks remains prudent," Benson said.

Persons: Dow, Joe Biden, Biden, Aaron Benson, Baird, Benson Organizations: CNBC, Nasdaq, Bain & Company, Biden, Saturday Locations: U.S, Japan, Asia Pacific, China

☆ Meet the executive who found his calling in Singapore restoring hearing for millions
▼ + stars: | 2024-03-25 | by ( Sponsor Post | ) www.businessinsider.com time to read: +6 min

He runs manufacturing operations at WS Audiology, a global leader in the hearing aid industry. During my recent visit to WSA's regional headquarters in Singapore, I met with Marcin Dabrowski, director of manufacturing. In 2019, he jumped at the opportunity to join hearing aid manufacturing at the WSA Singapore headquarters, where he also relocated with his family. Starting as a senior manager, he quickly rose to a position overseeing manufacturing operations at the Singapore facility, where he manages WSA's global product volume. He's immensely proud of the awareness his work and WSA's mission have brought to the millions of people worldwide facing hearing loss.

Persons: Marcin Dabrowski, Kris LeBoutillier, he's, Dabrowski Organizations: WS Audiology, WSA, WSA Singapore, Changi, ExploreAI, Insider Studios, Singapore Economic Development Board Locations: Poland, Singapore, Asia, Denmark, Germany, Asia Pacific, Philippines

☆ Japan bucks private equity slowdown in Asia-Pacific with deal value soaring 183% last year
▼ + stars: | 2024-03-24 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +1 min

An editorial picture of the Japan flag set against an economic trend graph and images associated with the stock market, finance and digital technology. Japan though, was an outlier, with deal value jumping 183% in 2023 from a year earlier, making it the largest private equity market in Asia Pacific for the first time, according to Bain's 2024 Asia-Pacific Private Equity Report released Monday. Overall, deal value in the Asia-Pacific region declined more than 23% to $147 billion from a year earlier. Greater China accounted for 89% of the IPO exit value in Asia Pacific, with a vast majority listing in Shanghai and Shenzhen. Excluding Greater China IPOs, the total Asia-Pacific exit value was $65 billion.

Persons: Bain Organizations: Asia Pacific, Bain & Company, Pacific, Equity, Japan Inc, China IPOs Locations: Japan, Asia, Asia Pacific, Pacific, Greater China, Shanghai, Shenzhen, China

☆ Nike shares slide on lackluster outlook, slowing China sales
▼ + stars: | 2024-03-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +6 min

The Nike logo is displayed at a Nike Well Collective store on February 16, 2024 in Glendale, California. In North America, where demand has been unsteady, sales rose about 3% to $5.07 billion, compared with estimates of $4.75 billion, according to StreetAccount. In China, sales reached $2.08 billion, just below the $2.09 billion analysts had expected. In China, sales grew 5% to $2.08 billion, just below the $2.09 billion analysts had expected. Sales in Asia Pacific and Latin America rose 3% to $1.65 billion, below the $1.69 billion analysts had expected, according to StreetAccount.

Persons: Matthew Friend, Friend, Nike, Jordan, Brooks, Devin Booker, Jane Hali, Jessica Ramirez, She's, it's, They've, Ramirez Organizations: Nike, LSEG, Asia, StreetAccount, Associates, CNBC Locations: Glendale , California, China, North America, Europe, East, Africa, Asia Pacific, Latin America

The BOJ will now look to utilize its short-term interest rate as its primary policy tool. It will employ an interest rate of 0.1% to current account balances held by financial institutions at the central bank from March 21, while encouraging the uncollateralized overnight call rate (another interest rate used as a policy lever by the bank) to remain at around 0 to 0.1% — effectively raising interest rates from -0.1% previously. It would resort to "nimble responses" in the form of increased Japan government bond purchases and fixed-rate purchases of JGBs, among other things, if there is a rapid rise in long-term interest rates. Japanese investors have looked elsewhere for better returns given years of artificially depressed interest rates in their home market. The Fed is due to announce its own interest rate decision on Wednesday.

Persons: Japan Alexander Spatari, Kazuo Ueda, Rob Carnell, BOJ, Ueda, Michael Brown, —, JGBs, Vishnu Varathan, Hayden Briscoe, Briscoe Organizations: Japan's, Japan Inc, Asia, ING, CNBC, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Mizuho Financial Group, Bank of America, Barclays, U.S . Federal, UBS Asset Management Locations: Dotonbori, Japan, Japan's, U.S, Mizuho's, Asia

☆ I visited the ExploreAI summit in Singapore. Here's how AI is helping businesses solve real-world problems.
▼ + stars: | 2024-03-14 | by ( Sponsor Post | ) www.businessinsider.com time to read: +7 min

I attended the ExploreAI summit on January 29, which marked the successful conclusion of the AI Trailblazers initiative. Minister Josephine revealed AI Trailblazers 2.0 to advance Singapore's National AI Strategy 2.0 and deepen AI use across Singapore. The event marked the successful conclusion of the AI Trailblazers initiative — an effort to help Singapore-based organizations develop 100 generative AI (GenAI) solutions over 100 days. Minister Teo announced plans to build on the success of the first AI Trailblazers program with AI Trailblazers 2.0. This collaboration between AI Trailblazers and Google exemplifies Singapore's dedication to using AI for the betterment of everyone, from residents to businesses.

Persons: Josephine, Kris LeBoutillier, he's, I'm, Mark Micallef, John Ang, Temus, Ang, Tan, Keow, —, Long Yin, What's, Josephine Teo, Teo Organizations: Google Asia Pacific, Singapore's Ministry of Communications, Information, MCI, Digital Industry Singapore, Smart Nation Group, Enterprise Singapore, Google, Southeast, of Information Technology, Nanyang Polytechnic, People's Association, AI, Ministry of Communications, Insider Studios, Singapore Economic Development Board Locations: Singapore, Asia, ExploreAI, Southeast Asia, Temus

☆ Goldman Sachs just added — and removed — stocks on its 'conviction list' of top Asian picks
▼ + stars: | 2024-03-13 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Goldman Sachs has refreshed its "conviction list" of top picks in Asia Pacific for March, adding some key stocks and removing others. Here are two of the latest additions to Goldman Sachs' conviction list: Xero Goldman analyst Kane Hannan said he was positive on the outlook for New Zealand-headquartered accounting software company Xero . Goldman Sachs has a price target of $152 on the stock, giving it potential upside of around 12%. Hyundai Motor Another addition to Goldman's conviction list is South Korean automobile manufacturer Hyundai Motor . Meanwhile, the Wall Street bank removed Singapore-headquartered bank OCBC and Japanese conglomerate Sony from its conviction list as it no longer deems them "a top investment idea."

Persons: Goldman Sachs, Xero Goldman, Kane Hannan, Hannan, Intuit's Quickbooks, Sage, Kota Yuzawa, Yuzawa, Goldman, Michael Bloom Organizations: Asia, Hyundai, South, Hyundai Motor, Won, Sony Locations: Asia Pacific, U.S, Mar, New Zealand, Australia, South Korean, Singapore

☆ U.S. companies to announce over $1 bln of investments in the Philippines, Commerce Secretary Raimondo says
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: +1 min

U.S. Commerce Secretary Gina Raimondo speaks during a Senate hearing in Washington, D.C., on May 16, 2023. American companies are set to announce investments amounting to more than $1 billion in the Philippines, U.S. Commerce Secretary Gina Raimondo said during an official visit to Manila on Monday. Raimondo is heading a two-day trade and investment mission, the first of its kind for the Philippines. The delegation includes executives from 22 companies including United Airlines , Alphabet's Google , Visa , KKR Asia Pacific, and Microsoft . United said last week it would launch new flights from Tokyo-Narita to Cebu, Philippines starting July 31.

Persons: Gina Raimondo, Raimondo, United, Joe Biden, Ferdinand Marcos Jr Organizations: Commerce, Washington , D.C, U.S . Commerce, United Airlines, Google, Visa, KKR Asia Pacific, Microsoft, U.S, Philippine Locations: Washington ,, Philippines, U.S, Manila, Tokyo, Narita, Cebu, China, South, Taiwan

☆ Amer Sports losses narrow as China sales fuel holiday-quarter revenue growth
▼ + stars: | 2024-03-05 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

In fiscal 2023, the company lost $208.8 million, but its losses narrowed from $230.9 million in fiscal 2022. Between 2020 and 2022, Amer grew sales in the region from 8.3% of total revenue to 14.8%. Sales in Greater China jumped by 45% and all three of the company's segments saw "solid growth." In 2023, sales in Europe, the Middle East and Africa represented about 33% of total revenue, down from 36% in 2022. North America made up about 39.5% of sales in 2023, down from 42.4% of sales in 2022.

Persons: Wilson, Amer, Salomon, Sellers, China's, Amer's, James Zheng, Zheng, it's Organizations: Amer Sports, New York Stock Exchange, Lousiville Slugger, CNBC, Wall, FountainVest Partners, Anamered Investments, Revenue Locations: Amer, New York City, U.S, China, Wilson, Louisville, Helsinki, Finnish, Greater China, Asia, Europe, East, Africa, North America, APAC

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