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☆ China's Huawei flags product launch, details about phones expected
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Sept 14 (Reuters) - China's Huawei Technologies (HWT.UL) said on Thursday it will launch new products on Sept. 25 without elaborating. The company will be releasing information about new mobile phones at the event, according to Chinese business daily Yicai which cited sources. Huawei started selling its latest high-end smartphones Mate 60 and Mate 60 Pro at end of last month and last week started presales for its Mate 60 Pro+ smartphone alongside a new foldable phone Mate X5. But it has not done much advertising about the phones to date and has been tight-lipped about the technologies deployed in the phones. Reporting by Liz Lee and Beijing newsroom; Editing by Jacqueline Wong and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Liz Lee, Jacqueline Wong, Edwina Gibbs Organizations: Huawei Technologies, Huawei, Thomson Locations: BEIJING, Beijing

☆ Binance.US says CEO Shroder to depart, 100 jobs will be cut
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

A logo on the Binance exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. Shroder will be replaced by general counsel Norman Reed, who joined the company in December 2021, on an interim basis. Binance and Binance.US have maintained that they operate separately. Its global head of product, Mayur Kamat, resigned early this month and its chief strategy officer, Patrick Hillmann, left in July. Reporting by Rishabh Jaiswal, Chandni Shah and Juby Babu in Bengaluru; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Brian Shroder, Norman Reed, Binance.US, Changpeng Zhao, Binance, Kamat, Patrick Hillmann, Rishabh Jaiswal, Chandni Shah, Juby Babu, Edwina Gibbs Organizations: Viva Technology, Porte de, REUTERS, U.S, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Porte, Paris, France, Bengaluru

A Reuters poll of 17 analysts show that 15 are forecasting a rate hike. An easing of import restrictions and the removal of subsidies - both conditions of the bailout - have fueled spikes in energy prices. Although overall inflation fell slightly to 27.4% in August, food inflation remain elevated at 38.5%. Pakistan's central bank said in July that it expects inflation to be on a downward path over the next 12 months. Analysts also noted that rises in cut-off yields in treasury bill auctions - the highest yield at which a bid is accepted - indicate that market participants expect a rate hike.

Persons: Shivaan Tandon, Ariba Shahid, Swati Bhat, Edwina Gibbs Organizations: State Bank of Pakistan, Capital Economics, Thomson Locations: KARACHI, Karachi

☆ New Zealand forecasts much larger budget deficit but improved economy
▼ + stars: | 2023-09-12 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

REUTERS/David Gray/File Photo Acquire Licensing RightsWELLINGTON, Sept 12 (Reuters) - New Zealand’s government on Tuesday predicted a larger budget deficit but better-than-expected economic conditions in the year ahead, as it updated forecasts heading into the October election. The government forecast a budget deficit of NZ$11.4 billion ($6.7 billion) for the year ending June 30, 2024, much larger than a deficit of NZ$7.6 billion estimated in May. The global economy has deteriorated since May, which is having a direct impact on New Zealand's economy while tax revenue is also falling, Finance Minister Grant Robertson said in a statement. "Treasury’s latest forecasts show the economy isn’t working for Kiwis," said National Party leader Christopher Luxon. ($1 = 1.6926 New Zealand dollars)Reporting by Lucy Craymer; Editing by Sam Holmes and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Grant Robertson, Robertson, ", Christopher Luxon, Lucy Craymer, Sam Holmes, Edwina Gibbs Organizations: REUTERS, Rights, Finance, Zealanders, Treasury, Kiwis, National Party, Reserve Bank of New, Zealand, Thomson Locations: Wellington , New Zealand, Reserve Bank of New Zealand

U.S. President Joe Biden attends a meeting with Vietnam's Communist Party General Secretary Nguyen Phu Trong, at the Communist Party of Vietnam Headquarters in Hanoi, Vietnam, September 10, 2023. Deals unveiled by the White House during the trip include Vietnam Airlines' purchase of 50 Boeing 737 Max jets, in an agreement that it said was worth $7.8 billion, in line with an earlier Reuters report. The White House also announced plans by Microsoft (MSFT.O) to make a "generative AI-based solution tailored for Vietnam and emerging markets." The White House also highlighted the number of chip-related investments by U.S. firms in Vietnam, including plans by Marvell and Synopsys (SNPS.O) to build chip design centres in the country. U.S. State Secretary Antony Blinken and Vietnam's investment minister Nguyen Chi Dung chaired the meeting, which was followed by discussions with Biden and Vietnam's Prime Minister Pham Minh Chinh.

Persons: Joe Biden, Nguyen Phu Trong, Evelyn Hockstein, Joe Biden's, MoMo, Biden, Vietnam's FPT, Antony Blinken, Nguyen Chi Dung, Pham Minh Chinh, Dung, Phuong Nyugen, Nandita Bose, Francesco Guarascio @fraguarascio, Edwina Gibbs Organizations: Vietnam's Communist Party General, Communist Party of, REUTERS, Rights, Google, Intel, Marvell, Boeing, Innovation, Investment, Nasdaq, Vietnam Airlines, White, Max, Microsoft, Nvidia, Intel's, Honeywell, State, Vietnam's, Thomson Locations: Communist Party of Vietnam, Hanoi, Vietnam, Rights HANOI, chipmaking, Washington, China, Taiwan, U.S, United States

☆ Asia stock markets weaken amid ongoing retreat from Chinese property sector
▼ + stars: | 2023-09-11 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

A man walks past an electronic board showing Japan's Nikkei average and stock prices outside a brokerage, in Tokyo, Japan, March 17, 2023. Australian shares (.AXJO) reversed earlier losses to be up 0.12% and Japan's Nikkei stock index (.N225) slid 0.19%. The Hang Seng Property Index (.HSNP), a gauge of Hong Kong's top developers, shed almost 4% while the mainland property index (.HSMPI) was off 3.24%. "We need the property market to stabilize first in order for any meaningful kind of economic rebound to happen in China," said David Chao, Invesco's Asia Pacific market strategist. Those should put a floor under the property market some time soon."

Persons: Androniki, David Chao, Daniel Zhang, Brent, Scott Murdoch, Edwina Gibbs, Simon Cameron, Moore Organizations: Nikkei, REUTERS, Rights, Alibaba, HK, Index, Chevron, Thomson Locations: Tokyo, Japan, Asia, China, Pacific, Hong Kong, Asia Pacific, Beijing, Shanghai, Shenzhen, United States, Wells, Australia, Sydney

U.S. President Joe Biden attends a meeting with Vietnam's Communist Party General Secretary Nguyen Phu Trong, at the Communist Party of Vietnam Headquarters in Hanoi, Vietnam, September 10, 2023. Senior executives from Google (GOOGL.O), Intel (INTC.O), Amkor (AMKR.O), Marvell (MRVL.O), GlobalFoundries (GFS.O) and Boeing (BA.N) are attending the Vietnam-U.S. Newly unveiled deals by the White House include plans by Microsoft (MSFT.O) to make a "generative AI-based solution tailored for Vietnam and emerging markets." The White House also highlighted the number of chip-related investments by U.S. firms in Vietnam, including plans by Marvell and Synopsys (SNPS.O) to build chip design centres in the country. Vietnam Airlines will also purchase 50 Boeing 737 Max jets, the White House said, in an agreement that a source told Reuters was valued at about $7.5 billion.

Persons: Joe Biden, Nguyen Phu Trong, Evelyn Hockstein, Joe Biden's, MoMo, Antony Blinken, Nguyen Chi Dzung, Biden, Pham Minh Chinh, Vietnam's FPT, Phuong Nyugen, Francesco Guarascio @fraguarascio, Edwina Gibbs Organizations: Vietnam's Communist Party General, Communist Party of, REUTERS, Rights, Google, Intel, Marvell, Boeing, Innovation, Investment, Nasdaq, Vietnam Airlines, State, Vietnam's, White, Microsoft, Nvidia, Intel's, Max, Reuters, Honeywell, Thomson Locations: Communist Party of Vietnam, Hanoi, Vietnam, Rights HANOI, U.S, chipmaking, Washington, China, Taiwan . U.S

Anwar said the government would support the development of the rare earths industry in Malaysia and that a ban would "guarantee maximum returns for the country". The rare earth industry is expected to contribute as much as 9.5 billion ringgit ($2 billion) to the country's gross domestic product in 2025 and create nearly 7,000 job opportunities, Anwar said in parliament. "Detailed mapping of rare earth element sources and a comprehensive business model that combines upstream, midstream and downstream industries will be developed to maintain the rare earth value chain in the country," he said. The curbs triggered fears that China could also limit exports of other critical minerals including rare earths. Australia's Lynas Rare Earths Ltd (LYC.AX), the biggest producer of rare earths outside China, has a plant in Malaysia to process concentrate that it gets in Australia.

Persons: Anwar Ibrahim, Yasuyoshi, Anwar, David Merriman, Merriman, Mai Nguyen, Rozanna, Melanie Burton, Amy Lv, Edwina Gibbs, David Holmes Organizations: Malaysia's, China, ASEAN Summit, United States Geological Survey, Thomson Locations: ASEAN, Jakarta, Indonesia, KUALA LUMPUR, Malaysia, China, midstream, Malaysian, Australia, Kuala Lumpur, Mai, Hanoi, Melbourne, Beijing

Reliance, whose interest in making semiconductors has not been previously reported, did not respond to repeated requests for comment. India's IT ministry and Prime Minister Narendra Modi's office also did not respond to requests for comment. The country does not as yet have any chip manufacturing plants, although India's Vedanta (VDAN.NS) and Taiwan's Foxconn (2317.TW) are both looking at building facilities. India's government has forecast the domestic chip market will be worth $80 billion by 2028 compared with $23 billion currently. But chip manufacturing is an industry that has historically been beset with boom and bust cycles and requires much expertise.

Persons: Amit Dave, Mukesh, Narendra Modi's, Modi, Vedanta, Taiwan's Foxconn, Arun Mampazhy, –, Foxconn, Munsif Vengattil, Aditya Kalra, Edwina Gibbs Organizations: Reliance Industries, Gujarat Global Trade, REUTERS, Reliance, Google, U.S, Vedanta, Ventures, Semiconductor, Intel, Orbit Ventures, Thomson Locations: Gujarat, Gandhinagar, India, DELHI, Abu Dhabi

☆ Toronto film festival kicks off with Miyazaki's 'The Boy and the Heron', few stars
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] Cast members Camila Morrone, Willem Dafoe and director Patricia Arquette attend the world premiere of "Gonzo Girl" at the Toronto International Film Festival (TIFF) in Toronto, Ontario, Canada September 7, 2023. REUTERS/Mark Blinch Acquire Licensing RightsTORONTO, Sept 7 (Reuters) - The Toronto International Film Festival opened on Thursday with "The Boy and the Heron" by famed Japanese director Hayao Miyazaki, the first time an animated feature has taken the coveted spot. Studio Ghibli executive Junichi Nishioka said it was an honour for "The Boy and the Heron" to have been chosen as the opener for the festival. The film, a semi-autobiographical story of a young boy struggling with the death of his mother, is expected to Miyazaki's swan song. "Gonzo Girl" stars Arquette, Camila Morrone and William Dafoe were among the few actors gaining union approval to promote their films.

Persons: Camila Morrone, Willem Dafoe, Patricia Arquette, Mark Blinch, Hayao Miyazaki, Craig Gillespie's, Lee, Kate Winslet, Taika, Kristin Scott Thomas, Junichi Nishioka, Arquette, William Dafoe, Morrone, Duncan Crabtree, Divya Rajagopal, Nivedita Balu, Jenna Zucker, Edwina Gibbs Organizations: Toronto, Film, REUTERS, Rights, Hollywood, Ghibli, Guild of America, Screen, American Federation of Television, Radio Artists, Reuters, SAG, Thomson Locations: Toronto , Ontario, Canada, United States, Ireland

☆ Oil falls on concerns about China, winter demand
▼ + stars: | 2023-09-07 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. Brent crude futures fell 36 cents to $90.24 a barrel by 0645 GMT, after a nine-session winning streak. U.S. West Texas Intermediate crude (WTI) futures fell 37 cents to $87.17 a barrel after seven sessions of gains. Concerns about rising oil output from Iran and Venezuela, which could balance out a portion on cuts from Saudi and Russia, kept a lid on the market as well. Helping support prices, U.S. crude oil inventories were projected to have fallen by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures.

Persons: Agustin Marcarian, Brent, Leon Li, Li, Trixie Yap, Stephanie Kelly, Jacqueline Wong, Muralikumar Anantharaman, Edwina Gibbs Organizations: REUTERS, . West Texas, Markets, U.S, American Petroleum Institute, U.S . Energy, Administration, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, SINGAPORE, China, Saudi Arabia, Russia, Shanghai, Iran, Venezuela, Saudi, OPEC, Caracas, Singapore, New York

☆ Three major China banks to lower rates on existing first-home mortgages
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Sept 7 (Reuters) - Three of China's major state banks said on Thursday they will start to lower interest rates on existing mortgages for first-home loans. Interest rates on existing first-home loans will be cut to the level in place when a home was purchased, the Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), Agricultural Bank of China (601288.SS) and Bank of China Ltd (BOC) (601988.SS) said in statements. China's home loans totalled 38.6 trillion yuan ($5.3 trillion) at the end of June, representing 17% of banks' total loan books. ($1 = 7.3232 Chinese yuan)Reporting by Ziyi Tang and Ryan Woo; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Ziyi Tang, Ryan Woo, Edwina Gibbs Organizations: Industrial, Commercial Bank of China, REUTERS, Rights, Commercial Bank of China Ltd, Agricultural Bank of China, Bank of China Ltd, BOC, Thomson Locations: Beijing, China, Rights BEIJING

☆ Google reaches tentative settlement in US Play Store lawsuit
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Steve Marcus/File Photo Acquire Licensing RightsSept 6 (Reuters) - Alphabet's (GOOGL.O) Google on Tuesday tentatively settled a class action suit alleging that its U.S. Play Store had violated U.S. federal antitrust rules by overcharging customers, according to a court filing. Google, which had denied wrongdoing, declined to comment on the proposed settlement. Google is facing similar lawsuits which allege that it has generated enormous profit margins from its Play Store by engaging in illegal tactics to preserve monopolies in selling Android apps and in-app goods. The case is In re Google Play Store Antitrust Litigation, U.S. District Court, Northern District of California, No.

Persons: Steve Marcus, Tim Sweeney, Anirudh, Mike Scarcella, Kanjyik Ghosh, Jamie Freed, Edwina Gibbs Organizations: REUTERS, Google, U.S, District of Columbia, Epic, Court, Northern District of, Thomson Locations: Las Vegas , Nevada, U.S, Utah, Northern District, Northern District of California, Bengaluru

[1/2] A view shows packets of snacks on the shelves inside a Haldiram's restaurant in Mumbai, India, September 6, 2023. Tata Consumer shares surged and closed nearly 4% higher in Mumbai trade after Reuters reported news of the talks. The potential acquisition represents an exciting opportunity for Tata, the person said, adding: "Tata (Consumer) is seen as a tea company. A spokesperson for Tata Consumer Products said it "does not comment on market speculation". The $10 billion valuation sought by Haldiram's for the deal translates to 6.6 times its annual revenue of $1.5 billion, sources said.

Persons: Sriram, Tata, Mukesh Ambani's, Tetley, Haldiram's, Krishan Kumar Chutani, Bain, Ankur Bisen, Manohar Lal Agrawal, Aditya Kalra, Chris Thomas, Edwina Gibbs, Alexandra Hudson Organizations: REUTERS, India Tata, Tata, Pepsi, Bain Capital, Tata Consumer Products, Starbucks, Tata Consumer, Reuters, Haldiram's, Euromonitor International, Tata Group, CNBC TV18, Bikaji Foods, Alexandra Hudson Our, Thomson Locations: Mumbai, India, MUMBAI, DELHI, Singapore, United States, Bikaji

☆ Former CEO of Brazil's Americanas denies knowledge of accounting fraud
▼ + stars: | 2023-09-05 | by ( Carolina Pulice | ) www.reuters.com time to read: +2 min

Allegations that Gutierrez and other executives were involved in accounting fraud were first made in June. Several former Americanas directors have testified before the congressional committee in the past few weeks. LTS said his comments "do not provide any proof of his allegations or refute evidence of his participation in the fraud". The holding company described what happened at Americanas as "cunning fraud". ($1 = 4.9373 reais)Reporting by Carolina Pulice Editing by Edwina Gibbs and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Miguel Gutierrez, Gutierrez, Americanas, Jorge Paulo Lemann, Carlos Alberto Sicupira, Marcel Telles, LTS, Sergio Rial, Edwina Gibbs, David Goodman Organizations: Reuters, Carolina, Thomson Locations: Americanas

☆ China's 360 and iFlytek release AI models to public
▼ + stars: | 2023-09-05 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBEIJING, Sept 5 (Reuters) - China's 360 Security Technology (601360.SS) and iFlytek (002230.SZ) on Tuesday became the latest tech firms to release their artificial intelligence (AI) models to the public. Unlike other countries, China requires companies to submit security assessments and receive clearance before AI products can be available for anyone to use. Authorities have recently accelerated efforts to support companies developing AI as the technology increasingly becomes a focus of competition with the United States. Hefei-based iFlytek, best known for it voice recognition technology, said it was launching its "Spark" AI model while Beiing-based 360 Security Technology, best known for its antivirus software, launched its its AI model "Zhinao", according to the state-backed Securities Times.

Persons: Dado Ruvic, Josh Ye, Jacqueline Wong, Edwina Gibbs Organizations: REUTERS, Rights, Security Technology, Authorities, Securities Times, Baidu Inc, HK, SenseTime, Thomson Locations: Rights BEIJING, China, United States, Hefei, Hong Kong, Beijing

It is likely to be the biggest of three funds launched by the China Integrated Circuit Industry Investment Fund, also known as the Big Fund. Its target of 300 billion yuan ($41 billion) outdoes similar funds in 2014 and 2019, which according to government reports, raised 138.7 billion yuan and 200 billion yuan respectively. China's finance ministry is planning to contribute 60 billion yuan, said one person. Backers of the Big Fund's previous two funds include the finance ministry and deep-pocketed state-owned entities such as China Development Bank Capital, China National Tobacco Corporation and China Telecom. INVESTMENT MANAGERSThe Big Fund is considering hiring at least two institutions to invest the new fund's capital, said the three people.

Persons: Xi Jinping, Florence Lo, China's, Julie Zhu, Kevin Huang, Yelin Mo, Roxanne Liu, Sumeet Chatterjee, Edwina Gibbs Organizations: U.S, China Integrated Circuit Industry Investment Fund, Big Fund, Washington, Information Office, Ministry of Industry, Information Technology, REUTERS, China Development Bank Capital, China National Tobacco Corporation, China Telecom, Big, Semiconductor Manufacturing International Corporation, HK, Hua Hong Semiconductor, Memory Technologies, IC, China Aerospace Investment, China Aerospace Science, Technology Corporation, Thomson Locations: HONG KONG, BEIJING, China, Beijing, U.S, Japan, Netherlands

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. She noted that Country Garden and other developers face payments for sizeable maturities this year. In the deal reached after a vote on its proposal late on Friday, Country Garden is now allowed to repay the onshore debt in instalments over three years, instead of meeting its obligations by Sept. 2. After that, the creditors said they expect Country Garden to enter into restructuring negotiations for its entire offshore debt to avoid a "hard default", similar to what it did with the onshore creditors. Country Garden did not immediately respond to a request for comment.

Persons: Aly, Tara Hariharan, haven't, Qi Wang, Xie Yu, Joe Cash, Sumeet Chatterjee, Edwina Gibbs Organizations: Shanghai Country Garden, REUTERS, HONG KONG, HK, Management, Thomson Locations: Shanghai, China, HONG, New York, Hong Kong, Carolina, Beijing

☆ Jabeur holds off Bouzkova to reach U.S. Open fourth round
▼ + stars: | 2023-09-03 | by ( Amy Tennery | ) www.reuters.com time to read: +2 min

She will next play China's Zheng Qinwen, who beat Italian Lucia Bronzetti 6-3 4-6 6-4, in the round of 16. "It's a very tough match from both of us," said Jabeur, last year's runner-up. The Tunisian broke back with a nice backhand slice in the ninth game but handed Bouzkova another break with a double fault on set point. Jabeur said she expects a big challenge from fourth-round foe Zheng, against whom she retired in their last meeting in Toronto in 2022. Reporting by Amy Tennery in New York; Editing by Lincoln Feast and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Colombia's Camila Osorio, Mike Segar, Czech Marie Bouzkova, Arthur Ashe, China's Zheng Qinwen, Italian Lucia Bronzetti, Bouzkova, Jabeur, nodded, Zheng, Amy Tennery, Lincoln, Edwina Gibbs Organizations: Tunisian, Wimbledon, ESPN, Thomson Locations: Flushing Meadows , New York, United States, Czech, U.S, Tunisian, Italian, Cincinnati, Toronto, New York

☆ Typhoon Haikui prompts Taiwan to evacuate thousands, cancel flights
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +2 min

[1/4] A lifesaver keeps watch next to a red flag designating the prohibition of swimming as Typhoon Haikui approaches the region, at Sunset Beach in Chatan, Okinawa prefecture, Japan September 1, 2023. Haikui is forecast to make landfall in the mountainous and sparsely populated far southeast of Taiwan late Sunday afternoon. Counties and cities in the east and south cancelled classes and declared a day off for workers. Haikui is expected to be only a Category 1 or 2 typhoon when it hits Taiwan, according to Tropical Storm Risk. After passing across southern Taiwan, Haikui is forecast to cross the Taiwan Strait into China.

Persons: Haikui, Issei Kato, Tsai Ing, Ben Blanchard, Jonathan Oatis, Edwina Gibbs Organizations: REUTERS, Rights, UNI Air, Mandarin Airlines, Sunday, Civil Aeronautics Administration, Thomson Locations: Sunset, Chatan, Okinawa prefecture, Japan, Rights TAIPEI, Taiwan, Haikui, Hong Kong, Chinese, Guangdong, Taiwan Strait, China

☆ Japan capex growth weakens with companies wary about China slowdown
▼ + stars: | 2023-09-01 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

Capital expenditures climbed 4.5% from a year earlier and fell 1.2% on a seasonally adjusted quarterly basis, finance ministry data showed. If that spreads to bigger cities, that will cool demand for China-bound shipments and capex," said Takeshi Minami, chief economist at Norinchukin Research Institute. If Europe and America, which have held firm so far, cave to inflation pressure, that would further sap Japanese corporate appetite for investment." The capex data will be used to calculate revised gross domestic product figures due on Sept. 8. Corporate recurring profits surged 11.6% during the second quarter from the same period a year ago to hit a record 31.6 trillion yen, while corporate revenues rose 5.8%.

Persons: Takeshi Minami, Minami, Tetsushi Kajimoto, Tom Hogue, Edwina Gibbs Organizations: Norinchukin Research, Thomson Locations: TOKYO, China, Japan, U.S, Europe, America

The Chinese national flag is seen in front of the financial district Central on the Chinese National Day in Hong Kong, China October 1, 2022. Most were on the fund's private equity team and were informed early last month, according to two of the people. CPP, which employs more than 150 people in Hong Kong, its Asia hub, declined to comment. The Ontario Teachers' Pension Plan (OTPP) closed down its China equity investment team based in Hong Kong in April, Reuters has reported. There have been $3.2 billion worth of acquisitions of firms in China by private equity so far this year.

Persons: Tyrone Siu, Gina Raimondo, Canada's, Michel Leduc, Julie Zhu, Kane Wu, Edwina Gibbs Organizations: REUTERS, Investments, U.S, . Commerce, The Ontario Teachers, Reuters, Caisse, Financial Times, Thomson Locations: Central, Hong Kong, China, HONG KONG, Asia, Canada, U.S, Washington, Shanghai

In a memo to staff Ermotti said that 3,000 Swiss jobs would go, while more people would leave of their own accord, for example, through retirement. With a market value of 77 billion Swiss francs, UBS also struck an optimistic note about its short-term outlook. With Credit Suisse in Switzerland intact and independent, as some politicians had hoped, fewer jobs would have been hit. [1/2]Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Reuters GraphicsThe bumper profit results from a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.

Persons: Ermotti, Sergio Ermotti, Denis Balibouse, Jefferies, Brenna Hughes, John O'Donnell, Noele, Edwina Gibbs, Tomasz Janowski, Alexander Smith Organizations: UBS, Credit Suisse Swiss, Credit Suisse, UBS grapples, REUTERS, Swiss Bank Employees Association, Analysts, Deutsche Bank, Reuters, Credit, Thomson Locations: Switzerland, ZURICH, Swiss, Zurich Switzerland, Zurich, London

[1/2] Union workers of Sogo & Seibu hold banners which read 'on strike' in front of the company's flagship Seibu Ikebukuro store in Tokyo, Japan August 31, 2023. In a statement, Fortress said it would work with Seven & i to support Sogo & Seibu's management to maintain its workforce "to the extent possible." It plans to invest more than 20 billion yen with partner Yodobashi to renovate Sogo & Seibu's stores, it said. Sogo & Seibu's workers had the support of labour groups from rival department stores including Takashimaya and Isetan Mitsukoshi (3099.T). The Seibu Ikebukuro store is Japan's third-largest department store by sales, according to media reports, but its owner Sogo & Seibu has been in the red for the last four years.

Persons: Irene Wang, Fortress, Yodobashi, it's, Yasuhiro Teraoka, Isetan Mitsukoshi, Wakana Shuto, Stephen Givens, Ritsuko Shimizu, Mariko Katsumura, Kaori Kaneko, Rocky Swift, Chang, Ran Kim, Edwina Gibbs, Stephen Coates, Miral Organizations: Union, Sogo, Seibu, company's, REUTERS, Workers, Fortress Investment Group, Yodobashi Holdings, Rikkyo, Japan Inc, Thomson, & & ' Locations: Tokyo, Japan, U.S, TOKYO, Ikebukuro, Sogo, Seibu Ikebukuro

[1/2] Union workers of Sogo & Seibu hold banners which read 'on strike' in front of the company's flagship Seibu Ikebukuro store in Tokyo, Japan August 31, 2023. Some 900 workers at the flagship Seibu store in the bustling district of Ikebukuro are protesting the sale of Sogo & Seibu, a unit of retail giant Seven & i (3382.T), to U.S. fund Fortress Investment Group. This one-day strike - the first at a major Japanese department store in 61 years - followed months of negotiations between Sogo & Seibu management and the workers' union, and comes amid a labour shortage in Japan. Other Seibu and Sogo department stores were open for business as usual. The Seibu Ikebukuro store is Japan's third-largest department store by sales, according to media reports, but its owner Sogo & Seibu has been in the red for the last four years.

Persons: Irene Wang, Isetan Mitsukoshi, Wakana Shuto, Stephen Givens, it's, Ritsuko Shimizu, Mariko Katsumura, Kaori Kaneko, Rocky Swift, Chang, Ran Kim, Edwina Gibbs, Stephen Coates, Miral Organizations: Union, Sogo, Seibu, company's, REUTERS, Workers, Fortress Investment Group, Yodobashi Holdings, Rikkyo, Japan Inc, Thomson Locations: Tokyo, Japan, U.S, TOKYO, Ikebukuro, Sogo, Seibu Ikebukuro

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