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☆ UBS to cut 3000 Swiss jobs as it slashes costs by $10 bln
▼ + stars: | 2023-08-31 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS also announced it would be keeping Credit Suisse's domestic bank - and the ensuing job losses are expected to result in a backlash in Switzerland. Hanging on to existing Credit Suisse clients is seen as key if UBS is to successfully pull off the Herculean deal. Groupwide UBS results include just one month of Credit Suisse earnings as the deal only closed in June. The bumper profit is due to a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.

Persons: Denis Balibouse, Ermotti, Sergio Ermotti, Noele Illien, John O'Donnell, Edwina Gibbs Organizations: Credit Suisse, UBS, REUTERS, Suisse, Thomson Locations: Zurich Switzerland, Switzerland, ZURICH, Swiss

☆ Japan sees rare strike as workers at landmark department store protest sale
▼ + stars: | 2023-08-31 | by ( Mariko Katsumura 清水律子 | Mariko Katsumura | ) www.reuters.com time to read: +4 min

The slogan on the banner in the centre reads, 'Sogo & Seibu, strike solidarity'. 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. Other Seibu and Sogo department stores were open for business as usual. "Considering the industry's difficulties, the conditions at Sogo & Seibu are not unique." Sogo & Seibu has been in the red for the last four years and has some 300 billion yen in debt.

Persons: Satomi Saito, Isetan Mitsukoshi, Daimaru, Wakana Shuto, Ritsuko Shimizu, Mariko Katsumura, Kaori Kaneko, Rocky Swift, Chang, Ran Kim, Edwina Gibbs Organizations: Sogo, Seibu, company's, Kyodo, Workers, Fortress Investment Group, Yodobashi Holdings, Yodobashi, Hankyu Hanshin, Rikkyo, Thomson Locations: Tokyo, Japan, U.S, TOKYO, Ikebukuro, Sogo

☆ Factbox: Key figures for UBS, including Credit Suisse
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Groupwide UBS results include just one month of Credit Suisse earnings as the deal only closed in June. OUTFLOWSCredit Suisse reported net asset outflows of 39.2 billion Swiss francs ($44.6 billion) in the quarter. ASSETSInvested assets for the combined group were $5.53 trillion, while Credit Suisse managed assets of 1.213 trillion Swiss francs. Credit Suisse reported a net loss of 9.3 billion Swiss francs.

Persons: Denis Balibouse, Groupwide, Brenna Hughes, Edwina Gibbs Organizations: Credit Suisse, UBS, REUTERS, OUTFLOWS Credit Suisse, UBS headcount, NET, Thomson Locations: Zurich Switzerland, UBS's, OUTFLOWS

☆ Chinese banks should step up lending to private sector, central bank official quoted
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Aug 30 (Reuters) - An official at China's central bank urged banks to step up lending to private companies during a meeting on Wednesday with financial regulators, corporations and lenders, the state-owned Securities Times reported. The central bank will ask financial institutions to set annual targets for services to private firms and vigorously expand loans to companies that are borrowing for the first time, it said. Investment by private companies shrank 0.5% in the first seven months of the year, bigger than the 0.2% decline for the first half. The Shanghai and Shenzhen bourses, major banks including the Industrial and Commercial Bank of China (601398.SS) and China Construction Bank (601939.SS) as well as at least 11 private firms participated the meeting, according to Yicai financial news.

Persons: Tingshu Wang, Ma Jianyang, Yicai, Ellen Zhang, Ryan Woo, Edwina Gibbs Organizations: People's Bank of China, REUTERS, Rights, Securities Times, Investment, Industrial, Commercial Bank of China, China Construction Bank, Titan Wind Energy, Longfor Group, HK, Seazen Holdings, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai, Shenzhen

☆ Inceptio sees big jump in China sales of driver-assist truck tech, plans overseas foray
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

A Dongfeng truck with autonomous driving system developed by Inceptio is showcased at Shanghai Centre in Shanghai, China August 29, 2023. REUTERS/Zoey Zhang Acquire Licensing RightsSHANGHAI, Aug 29 (Reuters) - Chinese startup Inceptio expects the number of trucks in China using its driver-assist technology will quadruple by mid-2024 from around 600 currently, and also plans to begin sales overseas next year. "This is a new 'blue ocean' market," he said, using a phrase that describes an underdeveloped market with few competitors. Over the next three to five years, Inceptio is looking at offering services to help manage truck fleets, Ma said. Inceptio eventually hopes that trucks will be eventually allowed to go fully autonomous, enabling it to build a robotruck fleet.

Persons: Zoey Zhang, Inceptio, Julian Ma, China's, Ma, Zhang Yan, Brenda Goh, Edwina Gibbs Organizations: Inceptio, Shanghai, REUTERS, Rights, Dongfeng Automobile, Nestle, Budweiser, Deppon Express, Reuters, East, Boston Consulting, Thomson Locations: Shanghai, China, U.S, CATL, Sequoia China, East Asia, East, Japan, Inceptio

☆ Binance sets up Polish entity for residents of Belgium after regulatory action
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBRUSSELS, Aug 29 (Reuters) - Binance, the world's largest cryptocurrency exchange, said it had set up a Polish entity to serve clients in Belgium, after Belgium's regulator ordered Binance to cease offering virtual currency services in the country. Binance said in a statement the new entity ensures that the company can comply "with its regulatory obligations and can continue to provide services to Belgian users". U.S regulators sued the crypto exchange and Zhao in June for allegedly operating a "web of deception". This month Mastercard (MA.N) said it had decided to end four crypto card partnerships with Binance in Argentina, Brazil, Colombia and Bahrain.

Persons: Dado Ruvic, Binance, Changpeng Zhao, Zhao, Sudip Kar, Edwina Gibbs Organizations: REUTERS, Rights, Mastercard, Binance, Thomson Locations: Belgium, Shanghai, Argentina, Brazil, Colombia, Bahrain

Sky-high food inflation after erratic monsoon rains damaged crops and disrupted supply chains. Food inflation for July hit a staggering 11.5%, far more than 4.6% in June and marking a three-year high. Even when customers do purchase fashion items, they buy far fewer than they once would have, some of the managers also said. The downturn in fashion spending has also been accompanied by a slide in spending at restaurant chains like Domino's. In some encouraging signs, tomato prices have eased off peaks and India's central bank chief last week said vegetable prices, which have begun to soften, will decline from September.

Persons: Zink London, Skechers, Kaushik Das, Madan Sabnavis, Anjali Mohanty, Tanvi Mehta, Riddhima, Dhwani Pandya, Jatindra, Saurabh Sharma, Aditya Kalra, Edwina Gibbs Organizations: NEW, Euromonitor, Reuters, Skechers USA, Deutsche Bank, Retail, Bank of Baroda, Dhwani, Thomson Locations: NEW DELHI, MUMBAI, New Delhi, Zink London, Mumbai, Bhubaneswar, Chennai, Lucknow

☆ China's Xpeng to acquire Didi's smart EV unit in deal worth up to $744 mln
▼ + stars: | 2023-08-28 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File photo Acquire Licensing RightsHONG KONG, Aug 28 (Reuters) - Chinese electric car company Xpeng (9868.HK) said it will acquire ride-hailing giant Didi's smart electric vehicle (EV) unit in a deal worth as much as $744 million and the two companies will form a strategic partnership. As part of the deal, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment with the car to be priced in the $20,000 price tier. "Project 'MONA' will accelerate the Company's production and sales growth and help achieve greater economies of scale," Xpeng said in a statement. The deal comes amid slowing demand and excess manufacturing capacity in China's EV industry that has made it hard for relative newcomers such as Didi to enter the market. Didi will acquire around 3.25% of Xpeng shares under the deal, which could increase depending on whether production and sales targets are fulfilled.

Persons: Didi, Brendan McDermid, HONG KONG, Xpeng's, Xpeng, MONA, robotaxis, Josh Ye, Edwina Gibbs Organizations: New York Stock Exchange, REUTERS, HK, EV, Thomson Locations: New York City, U.S, HONG

REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsAug 24 (Reuters) - Blackstone's (BX.N) newly established China unit has received regulatory approval to raise funds that will be invested overseas, joining other global asset managers in seeking to tap Chinese investor demand for foreign assets. Blackstone registered a fund management unit with the Asset Management Association of China under the qualified domestic limited partnership (QDLP) programme, a notice from the regulator showed. The unit, which was established in March, has seven full time employees, including five fund professionals, the notice said. The quota-based QDLP programme, first launched in 2012, allows foreign and domestic fund managers to raise money from Chinese high-net worth individuals and institutions which is then fed into offshore funds. The QDLP programme is generally more popular when the yuan is weaker.

Persons: Blackstone, Roxanne Liu, Selena Li, Edwina Gibbs Organizations: Blackstone Group, REUTERS, Asset Management Association of China, U.S, KKR KKR.N, BlackRock BLK.N, Investment, Thornburg Investment Management, Thomson Locations: New York City, U.S, China, Hong Kong, Shanghai

A currency trader counts Pakistani Rupee notes as he prepares an exchange of U.S dollars in Islamabad, Pakistan December 11, 2017. REUTERS/Caren Firouz/File Photo Acquire Licensing RightsKARACHI, Pakistan, Aug 22 (Reuters) - Pakistan's rupee closed at a record low of 299 rupees against the dollar in the interbank market on Tuesday following an easing in import restrictions that has lifted demand for the dollar, central bank data showed. Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves. Traders said the rupee fell 0.6% to an intraday low of 299 against the dollar. "The declining trend is mainly attributable to the ease off in the import restrictions coupled with clearance of backlog for goods and services," he said.

Persons: Caren, Imran Khan, Tahir Abbas, Arif Habib, Ariba Shahid, Edwina Gibbs, Conor Humphries Organizations: REUTERS, Rights, Monetary Fund, Traders, Thomson Locations: Islamabad, Pakistan, Rights KARACHI, Karachi

☆ Asia stocks snap losing streak, yields hit fresh peaks
▼ + stars: | 2023-08-22 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Benchmark 10-year yields climbed 2.5 basis points (bps) in early Tokyo trade to touch 4.366%, their highest level since 2007 and are up almost 40 bps for the month so far. European futures were last up 0.6% and FTSE futures rose 0.3%. At the same time, however, inflation expectations have hardly budged - meaning that "real" yields, which discount inflation expectations, have surged - a development likely to prompt investors to re-evaluate taking risks. The 10-year real rate breached 2% on Monday. Sovereign yields in Australia, Korea, New Zealand and Japan all rose on Tuesday, with 10-year Japanese yields hitting their highest since 2014 at 0.66%.

Persons: Issei Kato, BOJ's Ueda, Vishnu Varathan, Jerome Powell, Kazuo Ueda, Edwina Gibbs Organizations: REUTERS, SINGAPORE, Japan's Nikkei, Wall, Treasury, Mizuho Bank, Federal, Sovereign, BHP, Bank of Japan, New Zealand, Brent, Benchmark, Dalian, Nvidia, Thomson Locations: Tokyo, Japan, Asia, Pacific, Singapore, Australia, Korea, New Zealand, Hong Kong

☆ Arm IPO to put SoftBank's AI hard sell to the test
▼ + stars: | 2023-08-21 | by ( Anton Bridge | ) www.reuters.com time to read: +4 min

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. The billionaire also said he has spent months creating hundreds of inventions with AI-powered ChatGPT that he believes can be realised through Arm. Analysts also caution that Arm does not sit at the centre of the AI boom but is more AI-adjacent. Nvidia has developed a "superchip" for use in data centres - the GH200, which contains CPUs based on Arm architecture. Many SoftBank portfolio companies will embrace and apply generative AI but that does not make them AI companies," said Victor Galliano of Galliano's Latin Notes, who publishes on Smartkarma.

Persons: Dado Ruvic, Masayoshi Son, Son, SoftBank, Kirk Boodry, it's, Boodry, Rolf Bulk, Victor Galliano, Anton Bridge, Edwina Gibbs Organizations: REUTERS, Rights, SoftBank, Nasdaq, SoftBank Group, Vision Fund, Astris Advisory, Fund, Nvidia, New, Research, Qualcomm, Apple, Google, Thomson Locations: Astris Advisory Japan, Saudi

☆ Shares, dollar gains after moderate US CPI data
▼ + stars: | 2023-08-10 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

The consumer price index (CPI) gained 0.2% last month, the Labor Department said, lifting the annualized rate to 3.2% from 3% in June. The pace of core CPI, which strips out volatile food and energy prices, slowed to 4.7% in July from 4.8% the prior month. But investors remained cautious as another CPI report and jobs data await Fed policymakers before their next meeting in September. MSCI's gauge of stock performance across the globe (.MIWD00000PUS) gained 0.38%, while the pan-European STOXX 600 index (.STOXX) rose 0.79%. Gold prices ticked up after the U.S. inflation data on speculation the Fed is at the end of its rate hike cycle.

Persons: Brendan McDermid, Russell Price, Price, Brad Bechtel, Brad Conger, Callaghan, Brent, Herbert Lash, Samuel Indyk, Ankur Banerjee, Edwina Gibbs, Sam Holmes, Susan Fenton, Alexandra Hudson, Richard Chang Organizations: New York Stock Exchange, REUTERS, Global, Labor Department, Reuters, Fed, Ameriprise, FX, Jefferies, Co, Dow Jones, Nasdaq, Treasury, U.S, Thomson Locations: New York City, U.S, Troy , Michigan, Conshohocken , Pennsylvania, CHINA, China, Asia, Pacific, Japan, London

"We're going to see our first rise in headline inflation after 12 consecutive months of falling prices," said Ben Laidler, global markets strategist at eToro. The pan-European benchmark STOXX 600 (.STOXX) rose 0.5%, supported by gains in the luxury sector (.STXLUXP) after China lifted a ban on group tours in the United States and other key markets. In currency markets, the dollar index , which measures the U.S. currency against six peers, eased 0.4%. "We've got $1 trillion coming down the pipe over the next three months," eToro's Laidler said. "Any sign that markets are absorbing that well, which we got the first signs of yesterday, will be very well taken."

Persons: Ben Laidler, Laidler, Germany's DAX, Rodrigo Catril, We've, eToro's Laidler, Bond, Brent, Samuel Indyk, Ankur Banerjee, Edwina Gibbs, Sam Holmes, Susan Fenton, Alexandra Hudson Organizations: Silicon Valley Bank, Credit Suisse, Reuters, CAC, FTSE, Wall, National Australia Bank, U.S, Treasury, Alexandra Hudson Our, Thomson Locations: Frankfurt, Silicon, China, United States, Europe's, Europe, CHINA, U.S, Asia, Pacific, Japan, Beijing, Saudi Arabia, Russia

☆ Asian shares slip on China worries; U.S. inflation figures awaited
▼ + stars: | 2023-08-10 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

REUTERS/Kim Kyung-HoonSINGAPORE, Aug 10 (Reuters) - Asian stocks lost ground on Thursday, still hurting from China's slip into deflation, with investors particularly cautious ahead of a crucial U.S. inflation report that will likely influence the Federal Reserve's monetary policy path. The announcement of a U.S. ban on investments in sensitive technologies in the world's second-largest economy also weighed on sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.33% and it looked set to log a second straight week of losses. China is the first G20 economy to report a year-on-year decline in consumer prices since Japan's last negative headline CPI reading in August 2021. Investors have also been unwilling to place major bets this week ahead of a U.S. inflation report due later on Thursday.

Persons: Kim Kyung, Hong, HSI, Rodrigo Catril, Joe Biden, Brent, Ankur Banerjee, Edwina Gibbs Organizations: Yen, REUTERS, Hoon, Federal, Japan's Nikkei, National Australia Bank, Wednesday, Saxo Markets, U.S, CPI, Reuters, Treasury, Thomson Locations: Tokyo, Japan, Hoon SINGAPORE, U.S, Asia, Pacific, Shanghai, China, Beijing, Saudi, Russian

☆ Sony shares slide after earnings highlight concern about games, sensors
▼ + stars: | 2023-08-10 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

Operating profit slid 31% and comments by Sony executives over demand for its games and image sensors units also sparked concern. Despite an easing of those snarls, Sony said sales of were below expectations in the April-June quarter. It is targeting sales of 25 million units for the full year. Sony sold 3.3 million PS5 units in quarter. Adjustment to procurement by smartphone manufacturers is having a large impact in the second quarter, Sony said.

Persons: Issei Kato, Serkan Toto, Atul Goyal, Sam Nussey, Edwina Gibbs Organizations: Sony PlayStation, REUTERS, Sony, PlayStation, Kantan, Jefferies, Thomson Locations: Tokyo, Japan

Travellers walk past an installation in the shape of five stars, at Beijing Daxing International Airport in Beijing, China April 24, 2023. REUTERS/Tingshu Wang/file photoBEIJING, Aug 10 (Reuters) - China has lifted pandemic-era restrictions on group tours for more countries, including key markets such as the United States, Japan, South Korea and Australia in a potential boon for their tourism industries. Just how much outbound Chinese tourism will bounce back for the latest group of countries remains to be seen. Shares in firms in the latest group of countries with large exposure to Chinese travel demand jumped on the news. China has never publicly acknowledged limiting group tours to South Korea.

Persons: Tingshu Wang, Fumio Kishida, Don Farrell, Steve Saxon, Casey, Sophie Yu, Joyce Lee, Jamie Freed, Edwina Gibbs Organizations: Beijing Daxing International, REUTERS, Japanese, Trade, Tourism, Weibo, McKinsey & Co, South, Grand Korea, Reuters, Casey Hall, Thomson Locations: Beijing, China, BEIJING, United States, Japan, South Korea, Australia, Germany, Britain, Canada, Thailand, Russia, Cuba, Argentina, Nepal, France, Portugal, Brazil, Xinjiang, South Korean, U.S, Shanghai, Seoul

☆ Sony Q1 profit tumbles as movie business disappoints
▼ + stars: | 2023-08-09 | by ( Sam Nussey | ) www.reuters.com time to read: +1 min

REUTERS/Issei Kato/File PhotoTOKYO, Aug 9 (Reuters) - Japan's Sony (6758.T) on Wednesday said first-quarter profit tumbled due to weaker performances from its movies and financial businesses. In April-June, operating profit slid 31% to 253 billion yen ($1.8 billion), in line with estimates. Profit at its movies division plunged by two-thirds due to lower sales for television content as well as higher marketing costs after the company released more films in theatres. Once a consumer electronics giant, the conglomerate has transformed itself to focus more on entertainment, developing movies, music and games. Sony has said it expects to sell 25 million PlayStation 5 consoles this financial year, in what would be a record for a PlayStation device, following the easing of supply chain snarls.

Persons: Issei Kato, Zelda, Sam Nussey, Edwina Gibbs Organizations: Sony PlayStation, REUTERS, Sony, Nintendo, Thomson Locations: Tokyo, Japan

☆ Piedmont Lithium's plans to supply Tesla face skeptical North Carolina officials
▼ + stars: | 2023-08-09 | by ( Ernest Scheyder | Thomson Reuters | Ernest Scheyder Is An Award-Winning Senior Correspondent Covering The Green Energy Transition | ) www.reuters.com time to read: +4 min

Aug 8 (Reuters) - Piedmont Lithium (PLL.O) on Tuesday drew skepticism and anger at a key meeting with local North Carolina officials about its plans for a lithium mine that would supply the electric vehicle battery metal to Tesla (TSLA.O). Piedmont said it would be open to helping its neighbors in those situations dig deeper wells or connect to municipal water supplies. Piedmont first signed a deal to supply lithium to Tesla in 2021 from North Carolina. "We've not heard from Piedmont Lithium in over two years," said Warren Snowdon, whose land shares an 8,000-foot-border with the proposed site. "So I don't know if they don't care and I don't know if they're concerned about us."

Persons: Keith Phillips, Allen Fraley, Phillips, We've, Warren Snowdon, Ernest Scheyder, Edwina Gibbs Organizations: North, Thomson Locations: North Carolina, United States, Gaston County, Charlotte, U.S, China, Piedmont, Quebec, Gaston, Australia

TOKYO, Aug 8 (Reuters) - Japan's SoftBank Group (9984.T) reported a surprise loss but saw its Vision Fund unit return to the black for the first time in six quarters, helped by an increased valuation for Arm, the chip designer slated for an initial public offering later this year. The Vision Fund unit booked an investment gain of about 160 billion yen ($1.1 billion) for the April-June. Without the fillip from Arm, the picture was less rosy with the company's Vision Funds reporting a combined loss of 13 billion yen. Overall, SoftBank reported a third consecutive quarterly loss, hit by declines in valuations for major investments such Alibaba Group (9988.HK), Deutsche Telekom (DTEGn.DE), and T-Mobile U.S. (TMUS.O). Its net loss came to 477.6 billion yen ($3.3 billion), smaller than its loss of 3.16 trillion yen for the same period a year earlier but a stark contrast to market expectations for a 75 billion yen net profit.

Persons: SoftBank, Anton Bridge, Sam Nussey, Miyoung Kim, Edwina Gibbs Organizations: Vision Fund, HK, Deutsche Telekom, Mobile U.S, Thomson Locations: TOKYO

☆ US tech groups back TikTok in challenge to Montana state ban
▼ + stars: | 2023-08-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File PhotoWASHINGTON, Aug 7 (Reuters) - Two tech groups on Monday backed TikTok in its lawsuit seeking to block enforcement of a Montana state ban on use of the short video sharing app before it takes effect on Jan. 1. TikTok, which is owned by Chinese tech giant ByteDance, filed a suit in May seeking to block the first-of-its-kind U.S. state ban, arguing it violates the First Amendment free speech rights of the company and users. TikTok says it "has not shared, and would not share, U.S. user data with the Chinese government, and has taken substantial measures to protect the privacy and security of TikTok users." The law does not impose penalties on individual TikTok users. TikTok estimates 380,000 people in Montana use the video service, or more than a third of the state's 1.1 million people.

Persons: Mike Blake, TikTok, Donald Trump, David Shepardson, Muralikumar Anantharaman, Edwina Gibbs Organizations: REUTERS, Thomson Locations: U.S, Culver City , California, Montana

Logo of China Life Insurance is seen on a door at a branch in Beijing, China, March 24, 2016. REUTERS/Jason Lee/File PhotoHONG KONG, Aug 7 (Reuters) - China Life Insurance (Overseas) Hong Kong has mandated banks for its 10-year subordinated bond offering, according to a preliminary term sheet seen by Reuters on Monday. China Life did not respond to an email from Reuters seeking comment on the deal. The last time China Life tapped the bond market was in March 2019, when it issued 35 billion yuan's worth in China's interbank bond market. Reporting by Georgina Lee in Hong Kong and Scott Murdoch in Sydney; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Lee, HONG KONG, Georgina Lee, Scott Murdoch, Edwina Gibbs Organizations: China Life Insurance, REUTERS, Reuters, P Global, Thomson Locations: Beijing, China, HONG, Hong Kong, Sydney

The BPLA's growth owes much to Maung Saungkha's skills in building bridges with other armed groups, according to a key ally and two analysts. It says armed groups that oppose it are "terrorists" who sow chaos and kill civilians. It has charged Maung Saungkha with sedition as it has done with most opponents of its rule. Some armed ethnic groups have long relied on drug trafficking for funds, according to the United Nations Office on Drugs and Crime. Some soldiers have run away, homesick, bored and tired after two years of war, said Maung Saungkha, who declined to disclose how many members are in his group.

Persons: Maung Saungkha, Bamar, Maung, Aunt Min, Richard Horsey, Nicola Williams, General Nyo Tun Aung, Tun Aung, We've, Shoon Naing, Poppy McPherson, Edwina Gibbs Organizations: Liberation Army, REUTERS, Poet, People's Defense Forces, National Unity Government, Strategy, AK, Karen National Union, Arakan Army, Myanmar Resistance, Myanmar Research, United Nations Office, Drugs, Reuters, UN, Thomson Locations: Myanmar, country's, Thailand, Myanmar's, Bamar, China, Russia

☆ Exclusive: TikTok in talks to gain Indonesian payments licence
▼ + stars: | 2023-08-04 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +3 min

A spokesperson for TikTok confirmed on Friday that the talks were taking place, adding that an Indonesian payments licence would help local creators and sellers on its platform. A representative for the central bank, Bank Indonesia, did not respond to a request for comment. A payments licence would enable TikTok to benefit from transaction fees and put it more directly in competition with Southeast Asian e-commerce giants, Sea's (SE.N) Shopee and Alibaba's (9988.HK) Lazada. Douyin, the Chinese counterpart to TikTok that is also owned by ByteDance, obtained a Chinese payments licence in 2020. It was not immediately clear if TikTok has obtained a payments license elsewhere in the world.

Persons: Dado Ruvic, TikTok, Shou Zi Chew, Stefanno Sulaiman, Josh Ye, Edwina Gibbs Organizations: REUTERS, Reuters, TikTok, Bank Indonesia, HK, Lazada, ByteDance, Momentum, Thomson Locations: JAKARTA, Indonesia, U.S, Southeast Asia, Europe, TikTok, China, United States, Montana, Australia, Canada, Hong Kong

☆ Mitsubishi UFJ to invest $936 mln in U.S. Bancorp
▼ + stars: | 2023-08-03 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +1 min

People queue inside a branch of the Mitsubishi UFJ (MUFJ) Financial Group's bank of Tokyo-Mitsubishi UFJ in Tokyo, Japan, February 1, 2016. In return, MUFG's stake in the fifth largest U.S. bank will rise to 4.4% from 2.9%. MUFG sold its U.S. retail banking unit MUFG Union Bank to U.S. Bancorp for $8 billion last year. As part of the deal, U.S. Bancorp received $3.5 billion in additional cash held by MUFG Union Bank which it is required to repay within five years. The Minneapolis-based bank will also help MUFG with U.S. dollar liquidity support, allowing the Japanese bank to diversify dollar funding sources in case of contingencies.

Persons: Yuya, MUFG's, MUFG, Makiko Yamazaki, Muralikumar Anantharaman, Edwina Gibbs Organizations: Mitsubishi, REUTERS, Bancorp, Union Bank TOKYO, Mitsubishi UFJ Financial, U.S . Bancorp, U.S, MUFG, Bank, MUFG Union Bank, Thomson Locations: Tokyo, Japan, U.S, Minneapolis

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