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☆ Australia's Perpetual says 'tech outage' affected some funds in cyber incident
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Australian Perpetual (PPT.AX) on Wednesday confirmed an extended tech outage over an IT security incident, affecting some of its funds, though the fund manager reaffirmed that all its client investments and its own systems were unaffected and secure. "Perpetual's listed products, institutional mandates, Pendal, Perpetual Corporate Trust, Perpetual Wrap clients, and all of our international asset management businesses are not affected," a Perpetual spokesperson said. In Perpetual's case, one of its third-party unit registry systems was compromised, impacting clients' access to its main investor login portal myPerpetual, the company said in a statement. The outage impacted about 45,000 clients and was limited to its Asset Management and Wealth Management divisions' Investment Funds, WealthFocus, and select products distributed in Australia, it added. Reporting by Roushni Nair in Bengaluru; Editing by Varun H K and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Pendal, Roushni Nair, Varun Organizations: Wednesday, Trust, Medibank, Asset Management, Wealth Management, Investment Funds, Thomson Locations: Australia, Bengaluru

☆ HSBC cuts China's GDP forecast to 5.3% on weak property, business outlook
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: 1 min

June 20 (Reuters) - HSBC on Tuesday lowered China's economic growth forecast for this year, citing drag from the property sector, and tempered business and household confidence. The global bank now forecasts China's gross domestic product (GDP) to grow at 5.3% in 2023, from 6.3% expected earlier. Last week, brokerages including J.P. Morgan and BofA Global Research lowered the country's growth outlook after the country's May industrial output and retail sales growth missed forecasts. Reporting by Roshan Abraham in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Morgan, Roshan Abraham, Varun Organizations: HSBC, BofA, Research, Thomson Locations: Bengaluru

☆ Indian shares open lower ahead of Powell testimony
▼ + stars: | 2023-06-20 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: 1 min

BENGALURU, June 20 (Reuters) - India's Nifty 50 and Sensex stock indexes opened lower on Tuesday, tracking Asian peers, as caution prevailed across global equities a day ahead of U.S. Federal Reserve Chair Jerome Powell's congressional testimony. The blue-chip Nifty (.NSEI) index fell 0.10% to 18,739.10 as of 9:16 a.m. IST, while the benchmark S&P BSE Sensex (.BSESN) lost 0.07% to 63,123.17. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome, Bharath Rajeswaran, Sonia Cheema Organizations: U.S . Federal, BSE, Thomson Locations: BENGALURU, U.S, Bengaluru

☆ Another Chinese company scraps GDR plan as listing rules tighten
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI/SINGAPORE, June 20 (Reuters) - Bethel Automotive Safety Systems Co (603596.SS) scrapped plans to issue Global Depository Receipts (GDR), citing changes in domestic and overseas capital market conditions, after China tightened rules for GDR listings. The new GDR rules by China's securities regulator last month put curbs on the use of proceeds and made issuances liable to national security reviews, potentially dampening Chinese companies' interest in listing in Europe, bankers said. The Shanghai-listed automotive braking system manufacturer said on Monday it decided to terminate the GDR plan after considering its financial and operational situations. Earlier this month, Shenzhen-listed medical devices maker Jiangsu Yuyue Medical Equipment & Supply Co (002223.SZ) cancelled a proposed Swiss GDR offering plan, citing changes in market conditions. Reporting by Jason Xue in Shanghai and Tom Westbrook in Singapore; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Bethel, Jason Xue, Tom Westbrook, Varun Organizations: Bethel Automotive Safety Systems, SIX, SIX Swiss Exchange, Supply, Thomson Locations: SHANGHAI, SINGAPORE, Bethel, China, GDR, Europe, Shanghai, SIX Swiss, Shenzhen, Jiangsu, Swiss GDR, Zurich, London, U.S, Singapore

☆ Singapore's Grab plans biggest round of job cuts since pandemic - Bloomberg News
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, June 20 (Reuters) - Singapore-based Grab Holdings (GRAB.O) is preparing its biggest round of job cuts since the pandemic, Bloomberg News reported on Tuesday, citing people familiar with the matter. Southeast Asia's leading ride-hailing and food delivery app had in February forecast upbeat 2023 revenue and pulled forward its profitability timeline. In September it said it had no plans to undertake mass layoffs despite the weak market. There were 11,934 staff at Grab as of end 2022, according to its latest annual report. Reporting by Lavanya Ahire in Bengaluru, Chen Lin in Singapore; Editing by Varun H K, Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: payrises, Lavanya, Chen Lin, Varun H, Kanupriya Kapoor Organizations: Bloomberg, Thomson Locations: SINGAPORE, Singapore, Indonesia, Thailand, Bengaluru

☆ India's Nifty 50, Sensex open higher ahead of Powell's speech
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, June 19 (Reuters) - India's Nifty 50 and Sensex stock indexes extended gains from last week on Monday ahead of China's interest rate decision and U.S. Federal Reserve Chair Jerome Powell's speech on the central bank's rate trajectory. The blue-chip Nifty 50 (.NSEI) index was up 0.15% at 18,853.40 as of 9:15 a.m. IST, while the benchmark S&P BSE Sensex (.BSESN) rose 0.12% to 63,460.50. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell's, Bharath Rajeswaran, Varun Organizations: . Federal, BSE, Thomson Locations: BENGALURU, Bengaluru

☆ Exclusive: Mutual funds may not get holdings waiver post HDFC Bank - HDFC merger - sources
▼ + stars: | 2023-06-14 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

HDFC Bank and HDFC - both heavily owned by mutual funds - are set to conclude a merger in the next few weeks to create India's second-largest financial institution by assets after the State Bank of India. At least 60 equity mutual fund schemes will see their combined exposure to HDFC Bank and HDFC overshoot the 10% cap as of Wednesday. The matter has been referred to the Association of Mutual Funds in India (AMFI), according to two mutual fund executives. "HDFC Bank and HDFC are fairly liquid stocks and have a lot of demand. Shares of HDFC Bank have risen 6.5% since April 1, 2022, but have still underperormed the broader BSE Bankex, which is up 17%.

Persons: SEBI, Deven Choksey, Jayshree, Varun, Dhanya Ann Thoppil Organizations: HDFC Bank, Reuters, HDFC, State Bank of India, Securities and Exchange Board of India, Association of Mutual Funds, KRChoksey Holdings, Thomson Locations: MUMBAI, India

The pan-European STOXX 600 index (.STOXX) closed 0.6% higher, tracking the global market rally. The European Central Bank will hold its policy meeting on Thursday, where it is expected to hike rates by another 25 basis points to tame stubborn inflation. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Meanwhile, German consumer prices, harmonised to compare with other European Union countries, rose by 6.3% on the year in May, data showed. Shares of Admiral (ADML.L) slid 5.1% after traders said Citi downgraded the British motor and home insurer to "sell."

Persons: Steve Sosnick, Antonio Villarroya, Richemont, Denmark's, Shreyashi Sanyal, Siddarth, Rashmi Aich, Richard Chang Organizations: Miners, Citigroup, Reserve, Interactive Brokers, Traders, European Central Bank, Santander CIB, People's Bank of China, Union, Bank of England, Denmark's Maersk, Nvidia, Citi, Thomson Locations: China, U.S, South Korea, Denmark, Swedish, Bengaluru

The pan-European STOXX 600 index (.STOXX) rose 0.3%. The rate-sensitive tech sector index (.SX8P) added 1.6%, while miners (.SXPP) jumped 1.8% to a seven-week high. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Embracer (EMBRACb.ST) jumped 5.2% to the top of the STOXX 600, after the Swedish games group announced a restructuring programme to slash costs and investments, including development of new products. Shares of Admiral(ADML.L), meanwhile, slid 6.1% to the bottom of the STOXX 600 after traders said Citi cut its rating on the British motor and home insurer to "sell."

Persons: Stuart Cole, Shreyashi Sanyal, Rashmi Aich Organizations: Miners, U.S . Federal, People's Bank of China, Equiti, Traders, European Central Bank, Union, Nvidia, Citi, Thomson Locations: China, Swedish, Bengaluru

☆ Indian rupee poised to weaken after central bank pulls 2,000-rupee notes
▼ + stars: | 2023-05-22 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 22 (Reuters) - The Indian rupee is expected to open weaker against the U.S. dollar after the central bank said it will withdraw the highest value currency note from circulation. Non-deliverable forwards indicate rupee will open at around 82.80-82.84 to the dollar, compared to 82.66 in the previous session. On Friday, the Reserve Bank of India said it will withdraw its highest denomination 2,000-rupee note from circulation. "Rupee would come under pressure" alongside the fall in the cost of carry (the forward premiums), Goenka said. "Conducting sell/buy swaps (on USD/INR) would address cash dollar shortage and suck out rupee liquidity and could offer respite."

☆ Credit Suisse staff prepare to sue Swiss regulator over lost AT1 bonuses-FT
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

May 22 (Reuters) - Credit Suisse AG (CSGN.S) staff are preparing to sue the Swiss financial regulator over $400 million of bonuses that were canceled after the troubled lender's rescue by UBS Group AG (UBSG.S), the Financial Times reported on Monday. Quinn Emanuel and Pallas, law firms which are already suing Swiss regulator Finma on behalf of investors who owned AT1 bonds, have received multiple requests from senior managers at Credit Suisse to take legal action on their behalf, the report said. Credit Suisse declined to comment, while Law firms Quinn Emanuel, Pallas and Finma did not immediately respond to Reuters' request for comment. Following this, Switzerland's Federal Council instructed Credit Suisse to cancel or reduce all outstanding bonus payments for the top three levels of management and examine whether those already paid can be recovered. read moreUnder Swiss banking law, the Federal Council can impose bonus-related measures on a systemically important bank if it received state aid from federal funds.

☆ India exempts overseas card spends up to 700,000 rupees from 20% tax
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, May 19 (Reuters) - India will not impose a 20% tax on spending of up to 700,000 rupees ($8,559.55) through international debit and credit cards in a financial year, it said in a statement on Friday, partly reversing the rules within days after a public backlash. The finance ministry earlier this week had announced a tax of 20% on the spending for overseas travel and purchases using international debit and credit cards from July 1. A tax collected at source could be claimed by the payee at the time of filing of tax returns. ($1 = 81.7800 Indian rupees)Reporting by Nikunj Ohri and Nidhi Verma; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

May 18 (Reuters) - Equity markets in North Asia will outperform the broader region this year, buoyed by China's reopening and a post-pandemic recovery-led earnings rebound, investors and strategists said. Liquidity from easing monetary and fiscal policy, along with Asian central banks' early victory on inflation, is expected to defend against an incoming downtrend, keeping North Asian equities resilient. Grace Tam, chief investment officer-Asia at BNP Paribas Wealth Management, expects North Asia to outperform this year following a strong 2022 from South Asian equities. Goldman Sachs sees the north versus south disparity in Asia as a top investment theme in 2023. "China's growth recovery and North Asia's earnings rebound in 2024 remain our key investment themes and overweight areas," it said in its second-quarter outlook.

MUMBAI, May 17 (Reuters) - India's Supreme Court on Wednesday granted the country's market regulator additional time till August 14 to complete its investigation into possible violation of securities law and regulatory disclosures by the Adani group. Hindenburg Research had raised several governance concerns around the Adani group, leading to a loss of more than $100 billion in the market capitalisation of companies in the group founded by billionaire Gautam Adani. Following this, the Supreme Court had asked SEBI to probe some of the allegations made and submit a report to a court-appointed panel. Adani group companies are being probed for violation of this law. The Supreme Court directed the market regulator to place on record its findings so far relating to the investigation on violation of public float by the Adani group.

☆ India's Sterlite Tech swings to profit in Q4 on optical networking boost
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, May 17 (Reuters) - Indian networking solutions provider Sterlite Technologies Ltd (STTE.NS) swung to a fourth-quarter profit on Wednesday, aided by strong growth in its mainstay optical networking business. The company's consolidated net profit stood at 650 million rupees ($8 million) for the quarter ended March 2023, compared to a net loss of 220 million rupees a year ago, it said in an exchange filing. Consolidated revenue from operations jumped 25% to 18.72 billion rupees, the company said. Optical networking business, which contributed a hefty 80% of the company's topline, grew 40% to 15.05 billion rupees. Additionally, the company declared a final dividend of 1 rupee per share and approved fundraise of up to 10 billion rupees.

☆ US DOJ to crackdown on crypto exchanges, NCET director says - FT
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

May 15 (Reuters) - The U.S. cryptocurrency enforcement tsar has said that the country was stepping up scrutiny of crypto exchanges to target illicit behavior on the platforms, the Financial Times reported on Monday. "And so we hope that by focusing on those types of platforms, we’re going to have a multiplier effect." The DOJ in March charged Vietnamese national Minh Quoc Nguyen with money laundering and identity theft in connection with crypto platform ChipMixer's operations, claiming that Nguyen openly flouted financial regulations. The NCET director, without naming any specific entity, said that a company's size "is not something that the department will countenance" while weighing potential charges. Reporting by Rahat Sandhu in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ Indian rupee headed higher on weak dollar, fall in US yields; Fed awaited
▼ + stars: | 2023-05-03 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 3 (Reuters) - Indian rupee is expected to open higher on Wednesday, boosted by a broad decline on the U.S. dollar and plunge in yields amid worries over the U.S. banking sector. Non-deliverable forwards indicate the rupee will open at around 81.76-81.80 to the dollar compared to 81.88 in the previous session. The rupee reached 81.7225 on Tuesday, before dollar bids by public sector banks, probably for the Reserve Bank of India, prompted it to reverse course. The U.S. Federal Reserve will most likely raise rates by 25 basis points later in the day, interest rate futures indicate. Investors will be eyeing the U.S. central bank's forward guidance to assess the path ahead for interest rates.

☆ Major Gulf markets mixed in early trade
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Major stock markets in the Gulf were mixed in early trade on Wednesday amid rising recession fears in the United States, with the Saudi index on course to end five-day winning streak. U.S. Consumer confidence fell to a nine-month low in April, a survey showed, intensifying concerns of a potential recession. Saudi Arabia's benchmark index (.TASI) dropped 0.3%, on course snap a five-session gains, hit by a 1.1% drop in oil giant Saudi Aramco (2222.SE). Dubai's main share index (.DFMGI) retreated 0.6%, weighed down by a 3.2% slide in Emaar Properties PJSC (EMAR.DU). U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday.

☆ INDIA RUPEE Rupee to weigh robust US activity data, support at 82.25/USD
▼ + stars: | 2023-04-24 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, April 24 (Reuters) - The Indian rupee is likely to open little changed to the U.S. currency on Monday, amid upbeat U.S. data and expectations that the local currency will manage to hold a near-term support level. Non-deliverable forwards indicate the rupee will open nearly unchanged to the previous session's level of 82.09. The local currency declined last week, halting a four week winning streak and was in a 81.88 to 82.25 range. "The U.S data may have dampened thoughts about Fed rate cuts later this year," ING Bank said in a note. There is a slew of data this week to help investors assess the likely direction for U.S. rates.

☆ TSMC seeks up to $15 bln from US but objects to certain conditions- WSJ
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

April 19 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd (2330.TW) is pushing back on some of the conditions the United States has attached to chip-factory subsidies as it seeks up to $15 billion from the U.S. government, the Wall Street Journal reported on Wednesday. TSMC, which in December more than tripled its planned investment at its new Arizona plant to $40 billion, is concerned about rules that could require it to share profits from the factories and provide detailed information about operations, WSJ reported, citing people familiar with the matter. TSMC declined to comment when contacted by Reuters. Reporting by Jose Joseph in Bengaluru; Editing by Varun H K and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Britain's De La Rue warns on profit as demand for cash tumbles
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Struggling British banknote printer De La Rue Plc (DLAR.L) warned its fiscal 2023 profit was set to miss market expectations and next year's outlook was uncertain, as demand for cash hit its lowest in over two decades, sending shares to a record low. De La Rue shares, which have lost more than half of their value so far this year, fell more than 30% to 33 pence on Wednesday to a record low. The company said it expected adjusted operating profit for the year ended on March 25 to undershoot market expectations by a mid-single digit percentage. It expected adjusted operating profit to be in the low 20 million pound ($24.84 million) range for its fiscal 2024. The banknote printer said the downturn in demand for currency was also causing significant uncertainty in its outlook for 2024.

☆ Shares of China's SenseTime jump after it unveils new AI products
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of SenseTime is seen at SenseTime office, in Shanghai, China December 13, 2021. REUTERS/Aly Song/File PhotoHONG KONG, April 11 (Reuters) - Shares of Chinese artificial intelligence (AI) company SenseTime (0020.HK) surged as much as 11% on Tuesday, a day after it unveiled a series of new AI-powered products as it joins a global race to dominate the sector. China's Alibaba Group Holdings (9988.HK) and Japan's Softbank Group Corp (9984.T) are both invested in the Chinese AI company. SenseTime's shares rose to as high HK$3.70, up 11.1% from its previous close but below its initial public offering price of HK$3.85 in December 2021. Alibaba's shares rose as much as 3.8%, while Softbank climbed 0.5%.

☆ Global PC shipments slide in first quarter, Apple takes biggest hit, IDC says
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

In separate reports published on Monday, market research firms IDC and Canalys blamed weak demand, excess inventory and a bleak economic outlook for the shipment declines of 29% and 33%, respectively. Of the top five PC makers analysed in the reports, Apple saw the largest drop with a fall of more than 40%. Both the research firms also predicted the market could start to recover later this year and gather momentum in 2024 if the economic outlook improves. "We expect significant market upside as consumers look to refresh, schools seek to replace worn-down Chromebooks, and businesses move to Windows 11," IDC said. Reporting by Bharat Govind Gautam and Tiyashi Datta in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

"One has to step back and look at a bigger picture than just these week-to-week market battles over data. ET, Dow e-minis were down 122 points, or 0.36%, S&P 500 e-minis were down 21.5 points, or 0.52%, and Nasdaq 100 e-minis were down 107.75 points, or 0.82%. Shares of regional banks slipped after Fed data on Friday showed overall credit from U.S. banks declined by a record of more than $120 billion in the latest week, on a nonseasonally adjusted basis. Semiconductor stocks such as Micron Technology Inc (MU.O) and Western Digital Corp (WDC.O) gained 5.5% and 4.7%, respectively, following Samsung Electronics Co Ltd's (005930.KS) plans to cut chip production. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Additional reporting by Medha Singh; Editing by Varun H K and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures muted after jobs data raises odds of more rate hikes
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +3 min

U.S. employers maintained a strong pace of hiring in March, data released on Friday showed, pushing the unemployment rate down to 3.5% and raising odds of the Fed hiking rates one more time next month. While nonfarm payrolls increased by 236,000 jobs last month, slightly weaker than economists' expectations, investors focused on the overall data which signaled labor market resilience. "We see a disconnect between markets presuming much easier Fed policy on "softer" data and how the Fed will actually see the data," Citi economists said in a note. Citi expects three 25 basis point rate hikes at the coming Fed meetings with a policy rate reaching 5.50-5.75%. ET, Dow e-minis were up 12 points, or 0.04%, S&P 500 e-minis remained unchanged, and Nasdaq 100 e-minis were down 31.75 points, or 0.24%.

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