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Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/ File Photo Acquire Licensing RightsBEIJING, Aug 20 (Reuters) - China will coordinate financial support to resolve local government debt problems, the central bank said in a statement on Sunday, as policymakers look to shore up an increasingly shaky economic recovery and reassure worried investors. Financial departments should coordinate support to resolve local debt risks, enrich tools to prevent and resolve debt risks, strengthen risk monitoring and firmly hold the line on avoiding systemic risk, according to the PBOC statement. Bloomberg reported on Aug. 11 that China will offer local governments a combined 1 trillion yuan ($137 billion) in bond issuance quotas for refinancing. "Financial support to the real economy must be strong enough" while major banks should increase lending, the statement said.
Persons: Jason Lee, Fitch, Pan Gongsheng, Xiao Yuanqi, Li Chao, PBOC, Ellen Zhang, Siyi Liu, Ryan Woo, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, Communist Party, Bloomberg, PBOC, National Financial Regulatory, China Securities Regulatory, Thomson Locations: Beijing, China, Rights BEIJING
And markets widely expect the PBOC to loosen monetary policy further. But the divergent monetary policy paths between the world's two largest economies widened the yield gap to 164 basis points between China's benchmark 10-year government bonds and U.S Treasuries s - the highest since February 2007. "More broadly, recent economic data releases in China have been disappointing, while those in the U.S. have surprised to the upside." The widening yield gap reduced foreign appetite in China's onshore yuan bonds, with latest official data showing overseas investors' holding declined in July. But the expectations for further monetary easing and capital outflow risks has pressure on the Chinese yuan to depreciate further.
Persons: Janet Yellen, Mark Schiefelbein, David Chao, Eugenia Victorino, SEB, Winni Zhou, Tom Westbrook, Simon Cameron, Moore Organizations: Rights, People's Bank of China, Asia, Thomson Locations: United States, Diaoyutai, Beijing, China, Rights SHANGHAI, SINGAPORE, Invesco, U.S, Asia
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Persons: Dow Jones
REUTERS/Paulo Whitaker/file photo Acquire Licensing RightsNEW YORK, Aug 15 (Reuters) - Private equity firm Bain Capital on Tuesday agreed to buy Fogo de Chão, in a deal people familiar with the matter said valued the Brazilian steakhouse chain at about $1.1 billion, including debt. The deal marks a win for private equity firm Rhone Capital, which took Fogo de Chão private for $560 million in 2018. The restaurant chain confidentially submitted paperwork for an initial public offering to regulators in late 2021, the sources said. Earlier in August, the Pollo Tropical restaurant chain was sold to Authentic Restaurant Brands for $225 million. Morgan Stanley & Co LLC is serving as financial adviser to Fogo de Chão and Rhône, while Sullivan & Cromwell served as legal counsel.
Persons: Paulo Whitaker, Rhône, Bain, Burger King, Dunkin, Ellis, Morgan Stanley, Sullivan, Cromwell, Abigail Summerville, Anirban Sen, Jonathan Oatis Organizations: Fogo de Chao, REUTERS, Bain Capital, Rhone Capital, Dunkin ’ Brands Inc, Brands Inc, Benihana, Deutsche Bank, Kirkland, Thomson Locations: Fogo de, Fogo de Chao Brazilian, Sao Paulo, Brazil, Chão, Fogo, Rhone, Southern Brazil, dealmaking, Sandwich, New York
Mitch McConnell said fighting for the future of the GOP is the most important thing he's doing now. McConnell told Politico that he does not want to "redefine" what it means to be a Republican. McConnell told Politico that he views this fight over the GOP's future as the most important thing happening right now that he may still be able to influence. "There are those who are trying to redefine what a Republican is — I'm not in that group," McConnell told Politico's Jonathan Martin. According to Politico, McConnell privately told Finnish President Sauli Niinistö that Trump "redefined narcissism" during a meeting last year.
Persons: Mitch McConnell, McConnell, Trump, Donald Trump's, , Politico's Jonathan Martin, Martin, Ron DeSantis, Tucker Carlson, Sauli Niinistö, Elaine Chao Organizations: GOP, Politico, Republican, Service, Reagan, Ukraine, Trump, Trump , Florida Gov, Republican House, NATO Locations: Ukraine, Wall, Silicon, Trump , Florida, Finland, Sweden
Morning Bid: China trade data disappoints, again
  + stars: | 2023-08-08 | by ( ) www.reuters.com   time to read: +3 min
U.S. equity markets saw their first positive day in August on Monday, but then along came Chinese trade data. Parsing the export data, David Chao, global market strategist at Invesco, says the miss was driven by lower prices rather than lower volumes, and that Chinese export volumes remain surprisingly robust. Though, he says, "looking at other export-related data such as export orders, the outlook appears weak." Even Chinese imports from Russia fell year-on-year in July, the first fall since Feb 2021. Tuesday looks quiet on the U.S. data front, but traders are bracing for the big one - Thursday's CPI data.
Persons: Alun John ., David Chao, Hong, Intesa, Banca, Banks, Moody's, Fed's Harker, Alun John, Barbara Lewis Organizations: Shipping, cnsphoto, REUTERS, Nasdaq, BPER Banca, Bank of New York Mellon, US Bancorp, Truist, Thomson, Reuters Locations: Shanghai, China, U.S, Hong Kong, Russia, Europe
Visitor numbers at Hangzhou Zoo have gone up by 30 percent to around 20,000 a day since a video of the Malayan bear, named Angela, became a trending topic on Chinese social media over the weekend, Zhejiang province-based Chao News reported. It was when Angela was standing up that some netizens said she looked like someone wearing a bear suit. The zoo has sought to refute the rumour in posts on its official WeChat account and in interviews with local media, saying that Angela is "definitely not a human". "Our zoo is government-run, so that kind of situation would not happen," a member of staff said, according to local media. Reporting by Martin Quin Pollard; Additional reporting by Jiawei Wang; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.
Persons: Angela, Chao, Qian Ming, netizens, Martin Quin Pollard, Jiawei Wang, Raju Gopalakrishnan Organizations: Hangzhou Zoo, Chao News, Hangzhou TV, Weibo, Thomson Locations: BEIJING, China's Zhejiang, Zhejiang province, Suzhou, Hangzhou
TAIPEI, July 28 (Reuters) - Six years after the #MeToo movement rose to global prominence and toppled powerful perpetrators of sexual abuse, Taiwan is racing to reform laws and provide training and support as it reckons with its own wave of complaints. The drama mirrored reality two months ago when an allegation of sexual abuse surfaced that was linked to Taiwan's ruling party. Her criticism of the then-head of the Democratic Progressive Party's women's affairs department for dismissing her complaint went viral. COMPANIES RESPOND TOOBusinesses are also responding by investigating complaints and training staff in preventing abuse. Hsieh said he hoped exposure to the movement at a young age would help his daughters develop a sense of equality.
Persons: Lai Pei, Lai, Chen Chien, jou, Tsai Ing, Chen Chao, Lee Yen, jong, Lee, Peng Yen, Liu Jung, jen, Liu, Yu Mei, Yu, Johnson Hsieh, Hsieh, Sarah Wu, John Geddie, Robert Birsel Organizations: Netflix, Facebook, Democratic Progressive, National Taiwan University, Women's Foundation, Reuters, Taiwan Bar Association, Thomson Locations: TAIPEI, Taiwan, Asia, Taipei
In many ways, Taiwan’s a nice place to live. We have laws in place for sexual harassment on campuses and in the workplace. On July 13, Taiwan’s cabinet proposed harsher penalties for perpetrators of sexual harassment and increased support for survivors under the three existing gender equality laws. The movement has grown far beyond politics, with dozens of men and women from a variety of backgrounds coming forward with their own stories of being victimized. People are expected to respect and yield to their elders and superiors — in short, the powers that be.
Persons: , Chen Chien, Hsueh Chao, Tsai Ing, Hsueh Organizations: Democratic Progressive Party Locations: Taiwan
Still, money market traders are split on the odds of another increase later in the year.FEDWATCH"The 25 basis point rise is a done deal. "The risk is that the Fed, looking at market bullishness, may not want to sound too dovish - they may want to keep the door open for more rate hikes." The MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, was flat. In Hong Kong, the Hang Seng index (.HSI) was down 0.3% and China's blue chip CSI300 index (.CSI300) was off 0.2%. Positive sentiment had returned to China's market on Tuesday, when the CSI 300 Index snapped a six-day losing streak.
Persons: Luca Paolini, Alison Rose, Nigel Farage's, We're, David Chao, Tom Wilson, Scott Murdoch, Jamie Freed, Kim Coghill Organizations: Fed, Federal, Pictet Asset Management, NatWest, BBC, Lloyds, CSI, ECB, Brent, Thomson Locations: SYDNEY, U.S, Germany, France, Britain, CHINA, Asia, Pacific, Japan, Hong Kong, London, Sydney
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere are 'pockets of opportunity' in Asia for investors, says InvescoDavid Chao of Invesco discusses which Asian markets and asset classes he finds attractive as the Fed approaches the end of its tightening cycle.
Persons: Invesco David Chao, Invesco Organizations: Fed Locations: Asia
Eileen Chao works with people who, for any number of reasons, are less than comfortable with sex. She also works with people whose religious upbringing has complicated their relationship with sex or taught them “that their body is not to be trusted.”Ms. Chao is a surrogate partner in San Francisco. Unlike in more traditional forms of therapy, in which practitioners are usually careful to keep clients at arm’s length, a surrogate partner “enters into a temporary relationship” with a client on an intimate level, she said. “It’s really for clients to learn relationship skills and also develop a relationship with their own sexual selves,” she said. Ms. Chao, 42, described her office as a “relationship laboratory” in which she initiates different experiments to help clients identify whatever their barriers to emotional and physical intimacy might be.
Persons: Eileen Chao, Ms, Chao, , “ It’s, Locations: San Francisco
Here’s What Buy Side Staffers Are Buying on Sale for Prime Day
  + stars: | 2023-07-11 | by ( ) www.wsj.com   time to read: +13 min
Here are products on sale that our team members are buying themselves—or already own and can highly recommend—during this year’s two-day Prime event. I’ve set goals to cook more than I eat out or order in to save money and for my health goals, so I’ll be purchasing this All-Clad cookware set this Prime Day for all my cooking needs. The 8-inch version is on sale for Prime Day, coming in at less than $300. Reviewers note that they’re ideal for larger hands.” —Leslie Yazel, editor, head of contentSalon-level styling tool“I bought the Revlon One Step Volumizer styling brush last Prime Day, and it has been a favorite all year. My partner always steals them when we travel, so this Prime Day, I’ll be buying him his own pair while they’re $100 off ahead of our fall wedding-season travels.” —Chao Li, head of product
Persons: what’s, juicer “ I’ve, , Nick Guy, I’ve, ” — Ian Salisbury, AirTag, Brittany Nguyen, Madeline Diamond, Emily Schwartzberg, It’s, ” — Emily Welsh, it’s, ” — Alix Milne, Rina Stone, I’ll, — Caroline Wernecke, Hydrating, — Irma Sahinovic, Astrid Stawiarz, ” — Leslie Yazel, Jessica Woodbury, I’d, Caroline Wernecke, ” — Bellamy Richardson, Bissell, ” — Chao Li Organizations: Side, Timex Men’s Expedition, Revlon, Altos, Colgate, Sony WH, 1000XM4, Sony Locations: France
Courtesy CoteArgentinian maestro Mauro Colagreco was the first ever non-French chef to earn three Michelin stars in France, at Mirazur on the famed French Riviera. Gastronomic restaurant Plénitude by chef Arnaud Donckele marked an extraordinary debut by being awarded the pinnacle of three Michelin stars just six months after opening. Since 2021, they have held three Michelin stars for their cuisine, which celebrates peerless produce from their sustainable farm just seven miles away. Lung King Heen, Four Seasons Hong KongLung King Heen was the first Chinese restaurant to hold three Michelin stars. Capella Hotels & ResortsFinally to Vietnam, where Michelin published its first ever guide in June 2023.
Persons: Winston Churchill, Albert Einstein, it’s, Heiko Nieder, carne ”, Ben Benoliel, Alex Nietosvuori, Ally Thompson, Hjem, morel, Cigliutti Enrico Crippa, Piazza, Crippa, Ferran Adrià, Mauro Colagreco, Côte, Raymond Blanc, Paul Wilkinson Chef Raymond Blanc, Lady Gaga, Queen Elizabeth II, , ” Blanc, Luke Selby, Plénitude, Cheval Blanc, France Plénitude, Sylvie Becquet, Blanc Paris, chef Arnaud Donckele, Chopin, Maxime Frédéric –, Aled Williams, Gareth Ward, Il Ristorante Niko Romito, Ristorante Niko Romito, Niko Romito, Romito, Giacomo Amicucci, Kyle, Katina, Michel Bras, Le Saint, Martin, Château Saint, France Le Saint, Chef Jean, Luc Lefrançois, Saint, , sommelier Vincent Arhuro, King Heen, Hong Kong Lung King Heen, Heen, who’s, Chan Yan Tak, Rome Cavalieri, Pergola, Heinz Beck, Hatta, Ushikubo, Raby Hunt, Raby Hunt's Michelin, James Close, Maria, Chef Maria, Lorenz Adlon Esszimmer, Germany Lorenz Adlon Esszimmer, Lorenz, Young, Reto, Thomas Edison, Henry Ford, John D, Waku, Ghin, Tetsuya Wakuda, There’s, Tetsuya, they’re, kinome, It’s, Denmark There's, Jean Marchal, Maria Coppy, Jakob de Neergaard, iberico, Sven Wassmer, , Lumnezia, Douglas, Koki, Hiroshi Yamaguchi, Bill Bensley, Chris Dwyer Organizations: CNN, Michelin, Duomo, Capella, Rosewood, of, Notre Dame, Resorts, Dubai Michelin, Resort Dubai, Reale, peerless, , Le Saint, Hong, Hong Kong Lung, Seasons Hong, Rockefeller, Sands, Royal Suite, Royal, Swiss, Koki, Capella Hotels, Capella Hanoi Locations: Bangkok, Piedmont, Hanoi, Tokyo, Zurich, Switzerland, Northumberland, Hadrian's, Swedish, England, Wall, Piazza Duomo, Alba, Italy, Japan, Spanish, Capella Bangkok, Thailand, France, Mirazur, Thai, Rosewood Hong Kong, Hong Kong, Chaat, Oxfordshire, , Cheval Blanc Paris, of Light, City of, Powys, Wales, Bulgari, Dubai, UAE, Italy’s Abruzzo, SingleThread, California, Healdsburg, Sonoma, Toya, Le, Provence, French, Vence, Marseille, Seasons Hong Kong, Yunnan, Peking, La, Rome, Eternal, County Durham, Darlington, romaine, Berlin, Germany, Brandenburg, Young Swiss, Europe, Marina, Sands, Singapore, Australia, Shizuoka, Hokkaido, d’Angleterre, Copenhagen, Denmark, Marchal, Hibana, Capella Hanoi, Vietnam
CNN —The replacement for a crumbling underwater tunnel connecting New York City and New Jersey that carries up to 200,000 people daily just received the largest-ever federal transportation grant, according to Senate majority leader Chuck Schumer. In all, some 24 trains per hour and 200,000 people daily (at pre-pandemic levels) pass through the tunnel, according to Amtrak. Gardner said the rail line and others have applied for $10 billion in federal grants, including for the Gateway project. “A future of rail transportation for passengers really across the entire east coast, and our connections to the west.”The project has political complications. President Donald Trump opposed spending so much federal funding on the project – back when it was expected to cost only $13 billion – according to the then-Transportation Secretary, Elaine Chao.
Persons: Chuck Schumer, Sandy, Stephen Gardner, , Gardner, , Donald Trump, Elaine Chao Organizations: CNN, Amtrak, US Transportation Department, Development Commission, Transportation Locations: New York City, New Jersey, New York, America,
HONG KONG, June 27 (Reuters) - China's new offshore listing rules for domestic companies have left bankers and lawyers who work on listings unsure how to take on liabilities and avoid breaching tightened confidentiality rules, Asia's largest financial lobby group said on Tuesday. China's long-awaited rules for offshore stock exchange listings came into effect on March 31 as part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. Chao said the concept of such papers is vaguely defined, and also gave rise to disputes among investment banks and law firms over which side was primarily responsible for storing the documents. It's not good for Chinese companies who need to seek capital from the world," Chao said. The slowing Chinese economy, dimming offshore fundraising prospects, and heightened geopolitical tensions have prompted Wall Street and European banks to layoff investment bankers working on China deals in the last few months.
Persons: China's, Lyndon Chao, ASIFMA, Chao, Goldman Sachs, It's, Hong, Wall, Selena Li, Scott Murdoch, Kane Wu, Sumeet Chatterjee, Susan Fenton, Himani Organizations: China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, JPMorgan, UBS, Thomson Locations: HONG KONG, Beijing, New York, Hong Kong, China
SHANGHAI/HONG KONG, June 27 (Reuters) - China should allow cross-border sharing of information by financial firms operating in the country, a leading financial lobby group said, as authorities tighten control of data generated within its borders in a national security drive. Last July, China unveiled cross-border data review measures that require a security review for "important" offshore data transfers - a move that triggered confusion and concern among foreign financial firms operating in the country. The financial sector lobby group said cross-border transfer of data such as investment outlooks, portfolio analysis, shareholding information and anti-money laundering information should be allowed. However, ASIFMA said the data security rules have made operating in China "very painful" for some of its members. One major complaint from firms operating in China is that Chinese data rules are ambiguous, the lobby group said.
Persons: Alice Law, Lyndon Chao, ASIFMA, Chao, Neuberger Berman, They've, Law, Samuel Shen, Selena Li, Sumeet Chatterjee, Sonali Paul Organizations: Asia Securities Industry, Financial Markets Association, BlackRock, Fidelity International, Thomson Locations: SHANGHAI, HONG KONG, China, Beijing, U.S
At the midpoint this would raise $298 million, with a fully diluted market value of $2.1 billion, according to Renaissance Capital. At the midpoint of the proposed range, that would raise $328 million with a market value of $1.5 billion. "The IPO market is definitely opening up," he said. Goldman Sachs' David Kostin has also noted an improved IPO market. The bad news: the stock dropped the day after the IPO to roughly $38 and has remained in that range.
Persons: IPOs, Matt Kennedy, Goldman Sachs, David Kostin, Kostin, Lynn Martin, That's, Santosh Rao, Rao Organizations: NYSE, Insurance, Renaissance, Kodiak Gas Services, Renaissance Capital, Goldman, Foods, CNBC, Manhattan Venture Partners Locations: Renaissance Capital, U.S, Canada, Cava, Fogo, Chao
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRestaurants like Panera and Fogo de Chao joining CAVA with upcoming IPO offeringsCNBC's Kate Rogers and Bob Pisani join 'The Exchange' to discuss what is next for the IPO market, expectations for Gen restaurant groups upcoming IPO filing, and the state of the IPO market in general.
Persons: Chao, CAVA, Kate Rogers, Bob Pisani Locations: Fogo
Baier reminded Trump he said he was going to hire the "best" people to his administration in 2016. He then pointed out much of Trump's former administration doesn't support his 2024 White House bid. Look, we had the best economy we've ever had, the world has ever seen." This week, you called your White House Chief of Staff John Kelly 'weak and ineffective' and 'born with a very small brain.' You called your acting White House Chief of Staff Mick Mulvaney a 'born loser.'
Persons: Donald Trump, Bret Baier, Baier, Trump, , Bret Baier's, Mike Pence, Nikki Haley, she's, Mike Pompeo, he's, John Bolton, He's, Bill Barr, Barr, John Kelly, Mick Mulvaney, Rex Tillerson, James Mattis, Kayleigh McEnany, you've, Elaine Chao, Mitch McConnell's, I'm Organizations: Fox News, Service, White, United Nations, State, Getty, ISIS Locations: Mitch McConnell's China
China seen cutting key lending benchmarks as economy slows
  + stars: | 2023-06-19 | by ( ) www.reuters.com   time to read: +3 min
The People's Bank of China (PBOC) lowered short- and medium-term policy rates last week, signalling it is about to embark on another round of loosening in monetary settings in a push to rev up the recovery. In a poll of 32 market watchers, all participants predicted cuts to both the one-year loan prime rate (LPR) and the five-year tenor . "However, the biggest risk is that rate cuts can be ineffective when households and businesses are excessively conservative, busy deleveraging and paying off debt." China's cabinet met on Friday to discuss measures to spur growth in the economy and pledged to roll out more policy support. Despite strong consensus of cuts to the LPR on Tuesday, market participants are divided on the size of the reductions.
Persons: David Chao, Chao, Li Hongwei, Zhou, Tom Westbrook, Sam Holmes Organizations: People's Bank of China, Reuters, Asia Pacific, Citi, Thomson Locations: SHANGHAI, SINGAPORE, China, Invesco
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Persons: Dow Jones, 260dd49b
As Cava prepares to make its public market debut Thursday, other restaurant companies will be watching closely while they decide whether to follow in the Mediterranean restaurant chain's footsteps. The last 18 months have marked the slowest initial public offering market since the financial crisis. Cava's IPO could help break that drought, as a handful of restaurants watch to see how the chain fares as they mull whether to jump into the public market themselves. "A successful IPO from Cava should open the door to more restaurant IPOs," said Matt Kennedy, senior strategist at Renaissance Capital. That bodes well for the restaurant companies waiting in the wings to go public.
Persons: Cava, Matt Kennedy, Kennedy, Kevin McCarthy, Neuberger Berman Organizations: U.S, Renaissance, Cava, New York Stock Exchange, CNBC, Group, Brands Locations: Ukraine, U.S, Cava, Chão
A banner for the Mediterranean restaurant chain Cava is displayed outside of the New York Stock Exchange (NYSE) as the company goes public on June 15, 2023 in New York City. The stock trades on the New York Stock Exchange under the ticker symbol "CAVA." The company sold 14.4 million shares, raising nearly $318 million and initially valuing the restaurant chain at roughly $2.45 billion. Shares of Mediterranean restaurant chain Cava soared as much as 107% in its market debut Thursday morning before giving up some of those gains. Sector leader Chipotle made its public market debut back in 2006 and has seen its market value grow to $56.9 billion.
Persons: Zoes, It's, Brett Schulman, Chipotle Organizations: New York Stock Exchange, Group, Brands Locations: Cava, New York City, Chao
"We do see a light at the end of the tunnel," Matt Kennedy, Senior IPO Market Strategist for Renaissance Capital, told CNBC's Bob Pisani on "ETF Edge" on Monday. Kennedy's firm runs the Renaissance Capital IPO ETF (IPO), which tracks the performance of newly public company stocks. According to Renaissance Capital, holdings in the IPO ETF cycle out three years after being listed on the market. The 10-year average of capital raised for new initial public offerings is $55 billion, but only $7.7 billion was raised last year, according to Renaissance Capital. Nearly the same amount has already been raised so far this year ($7.3 billion), fueling anticipation that the market is finally getting back on track.
Persons: Matt Kennedy, CNBC's Bob Pisani, Kennedy, They're Organizations: Renaissance Capital, Capital, Renaissance, ARM, Foods Locations: Snowflake, Airbnb, Cava, U.S, Fogo de Chao, Klarna
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