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☆ Sanctioned oil tanker floating free after stranding in Indonesia
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 10 (Reuters) - U.S.-sanctioned oil supertanker Young Yong is moving away from shallow waters in Indonesia after more tugboats were deployed on Thursday to free the stranded vessel, shipping data showed. The ten tugboats that had surrounded the ship were also dispersing, data on Refinitiv Eikon and MarineTraffic website showed. The United States has allowed some transactions necessary to dock and anchor the Young Yong safely and make repairs as part of the efforts to free the vessel. The Young Yong was among the vessels sanctioned through its ownership. The supertanker is filled with about 2 million barrels of Venezuelan fuel oil after receiving the cargo through ship-to-ship operations last month, according to vessel monitoring services.

The Indonesian navy has been trying to free the Djibouti-registered ship, Young Yong, which ran aground off Indonesia's Riau Islands on Oct. 26 near a gas pipeline. The Young Yong was among the vessels sanctioned. Capable of carrying 2 million barrels of crude oil, the stranded tanker is almost full, according to shipping data on Refinitiv Eikon. allows transactions to free sanctioned oil tanker, Young Yong, which has been stranded in Indonesian waters since Oct. 26CHALLENGESThere are operational challenges in refloating the ship like the risk of an oil spill and strong currents in the surrounding waters, said Jacob Hogendorp, managing partner of Global Salvage Consultancy. He added that part of the cargo onboard Young Yong would likely have to be transferred to another ship before refloating commences.

REUTERS/Carlos Garcia Rawlins/File PhotoHOUSTON, Nov 9 (Reuters) - A grounded oil supertanker under U.S. Treasury Department sanctions being refloated in Indonesia is filled with Venezuelan fuel, according to vessel monitoring services. Treasury's Office of Foreign Assets Control last week imposed sanctions on the stranded tanker, Young Yong, for its part in an international oil smuggling network that Washington said supports Hezbollah and Iran's Quds Force. Both tankers had departed between late July and early August carrying fuel oil supplied by Venezuela's state-run oil firm PDVSA, according to internal company documents seen by Reuters and TankerTrackers.com, which confirmed the vessels' identities. The Panama-flagged Eagle Brenda, identified on PDVSA shipping schedules as "Eagle I," also carried some 1 million barrels of Venezuelan fuel oil, the documents showed. The tanker was in Venezuelan waters at least twice since last year, where it loaded Venezuelan crude and fuel for exports, according to PDVSA's schedules and TankerTrackers.com.

☆ Shanghai bourse kicks off week-long conference to woo global investors
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 8 (Reuters) - The Shanghai Stock Exchange (SSE) kicks off on Wednesday a week-long global conference to promote China's capital markets, according to an official agenda, the latest in a flurry of activities by regulators to woo international investors. Participants at the annual SSE Global Investor Conference, to be held Nov. 9-16, and closed to the media, include Chinese regulators, executives from global banks and asset managers such as abrdn, Deutsche Bank and PIMCO. At the Global Financial Leaders' Investment Summit in Hong Kong last week, the country's senior financial regulators reaffirmed China's commitment to economic growth as a priority. Senior Chinese officials also sent similar messages at the China International Import Expo over the weekend. In the "fireside chat" section, senior officials from China's securities and foreign exchange regulators will talk about promoting the opening-up of China's capital market, and facilitating cross-border investment.

[1/3] Police officers stand guard near the scene of a crowd crush that happened during Halloween festivities, in Seoul, South Korea, November 2, 2022. REUTERS/Heo RanSEOUL, Nov 2 (Reuters) - As South Korea mourns the deaths of more than 150 people in a Halloween party crush, many people - even those not directly involved - are dealing with trauma and a search for answers that has at times blamed the victims, a psychiatry expert says. "It spread very quickly through news media and social media, leaving people directly and indirectly affected, and even those who aren't affected may feel distressed and frustrated, pretty much casting a sense of dread over the entire society," he said. The government sent a mobile clinic run by the National Center for Disaster Trauma to Itaewon, offering free counselling. "For example, when we had COVID-19 cases the first time in South Korea, there were a lot of blaming reactions like 'why did you go there?

☆ China's Yin Yong named acting Beijing mayor - state media
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Oct 28 (Reuters) - Beijing's Communist Party deputy chief, Yin Yong, has been named both deputy mayor and acting mayor of the Chinese capital, state media reported on Friday. Reporting by Ryan Woo; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Jay Y. Lee Formally Becomes Samsung’s Leader
▼ + stars: | 2022-10-27 | by ( Jiyoung Sohn | ) www.wsj.com time to read: 1 min

Jay Y. Lee had been serving as the de facto head of Samsung. SEOUL— Samsung Electronics Co. has officially appointed Lee Jae-yong as executive chairman, an elevation in title that formalizes the all-encompassing role he has played for years at South Korea’s largest business conglomerate. The 54-year-old Mr. Lee—who goes by Jay Y. Lee in the West—had previously held the title of Samsung Electronics vice chairman. He takes over a position previously held by his father, Lee Kun-hee, who died two years ago and had been incapacitated after a 2014 heart attack.

☆ Samsung’s De Facto Leader, Jay Y. Lee, Formally Takes the Top Job
▼ + stars: | 2022-10-27 | by ( Jiyoung Sohn | ) www.wsj.com time to read: 1 min

Jay Y. Lee had been serving as the de facto head of Samsung. SEOUL— Samsung Electronics Co. officially appointed Lee Jae-yong as its executive chairman, formalizing the all-encompassing leadership role he has long played at South Korea’s largest business conglomerate. The 54-year-old Mr. Lee—who goes by Jay Y. Lee in the West—had previously held the title of Samsung Electronics vice chairman. He takes over a position previously held by his father, Lee Kun-hee, who died two years ago after being incapacitated by a 2014 heart attack.

☆ Samsung Electronics names Jay Y. Lee executive chairman
▼ + stars: | 2022-10-27 | by ( ) www.cnbc.com time to read: +1 min

Samsung Electronics' de facto leader Lee Jae-yong during U.S. President Joe Biden's visit on May 20, 2022 in Pyeongtaek, South Korea. Samsung Electronics ' de facto leader Jay Y. Lee was named executive chairman on Thursday, a symbolic move confirming that South Korea's most valuable company will be officially run by the third generation of its founding family. The change reflects a role Lee, 54, has held since his father, the late patriarch and Samsung Group chairman Lee Kun-hee, was hospitalized in 2014, analysts said. Lee has been vice chairman of Samsung Electronics, the crown jewel of South Korea's biggest business conglomerate, since 2012. "The Board cited the current uncertain global business environment and the pressing need for stronger accountability and business stability in approving the recommendation," Samsung said in a statement.

Hong Kong/Seoul CNN Business —Samsung has appointed Jay Y. Lee, its longtime de facto leader, as executive chairman. It comes just months after Lee, the scion of one of South Korea’s most powerful families, was pardoned for crimes including embezzlement and bribery. The pardon ended a five-year ban on Lee holding a formal position at Samsung. It said revenue had reached 76.8 trillion won (nearly $54 billion) in the third quarter, despite “a challenging business environment,” and still forecast its full-year revenue to surpass that of 2021. Samsung shares ticked up nearly 1% in Seoul on Thursday following the announcements.

☆ South Korea, U.S. in 'intense conversation' over EV tax credits, trade ambassador says
▼ + stars: | 2022-10-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

SAVANNAH, Ga. – South Korean officials are working closely with the U.S. government to adjust restrictive regulations on electric vehicles under the recently passed Inflation Reduction Act, according to the county's trade ambassador Tuesday. "We are in very intense conversation at the moment," Cho said Tuesday following the groundbreaking of a $5.5 billion electric vehicle plant by Hyundai Motor Group near Savannah, Georgia. Under the IRA, plug-in electric vehicles much be produced in North America to qualify for the tax incentives. U.S. Deputy Secretary of Commerce Don Graves during the event on Tuesday called South Korea a strong trade partner, but did not comment on the Inflation Reduction Act. Last week, U.S. Trade Representative Katherine Tai spoke with Korea's Minister for Trade Ahn Dukgeun about the IRA.

China's strategy aims to win over "swing" countries to score United Nations votes, the diplomat said on Tuesday. Washington said it had taken note of the congress and stressed the importance of keeping open lines of communication. Like many up-and-comers, he is a former subordinate from Xi's days as party chief of the eastern province of Zhejiang. Other pro-reform policymakers excluded from the party's new central committee were outgoing economic czar Liu He, 70, and central bank party chief Guo Shuqing, 66. Also among the newcomers is Ding Xuexiang, who was Xi's chief of staff and named to the new Standing Committee.

Oct 24 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeeverChinese politics, Japanese policy. This was offered up for public consumption on Saturday when former President Hu Jintao was unexpectedly escorted out of the Party Congress's closing ceremony. Xi's cabinet reshuffle may also see central bank chief Yi Gang stepping down and being replaced by former deputy governor Yin Yong, according to sources. Meanwhile, Japan intervened in the FX market on Friday after the yen slumped to a new 32-year low close to 152.00 per dollar. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ South Korea expands corporate bond-buying program amid credit crunch concern
▼ + stars: | 2022-10-23 | by ( ) www.cnbc.com time to read: +1 min

South Korea Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho speaks with his staff attending the G-20 Finance Ministers Meeting in Bali, Indonesia on July 16, 2022. South Korea's government will expand its corporate bond-buying program among other liquidity supply measures amid growing worries about a credit crunch in bond and short-term money markets. The government will double the ceiling of its corporate bond-buying facility run by state-run banks to 16 trillion won ($11 billion), Minister of Economy and Finance Choo Kyung-ho said on Sunday. Commercial paper issued by securities firms will be included in the facility's purchase list, while an additional 3 trillion won of liquidity will be supplied by the Korea Securities Finance Corp for securities firms experiencing liquidity shortages, he said. The Bank of Korea's monetary policy board will also consider its own measures, such as reactivating a special purpose vehicle to purchase corporate bonds and commercial paper first introduced during the pandemic, Governor Rhee Chang-yong told reporters.

☆ Factbox: Who's in, who's out of China's new party Central Committee
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 22 (Reuters) - Over 2,000 delegates to a twice-a-decade congress of China's ruling Communist Party in Beijing elected a new 205-person Central Committee on Saturday that will set the course of Chinese policymaking for the next five years. Among the newly elected members of the Central Committee, the largest of the party's top decision-making bodies, was Xi Jinping, 69, who is widely expected to be named general secretary on Sunday, securing a precedent-breaking third term as its leader. Also on Sunday, the Central Committee will vote on its next Political Bureau, or Politburo, usually comprising 25 people, and its Politburo Standing Committee (PSC), the pinnacle of power in China, helmed by Xi. Under an unofficial "seven-up, eight-down rule," PSC members who are 68 or older retire during the party congress. However, Premier Li Keqiang, although 67, was also left out.

BEIJING/HONG KONG, Oct 22 (Reuters) - China's central bank chief Yi Gang is likely to step down after he was dropped from an elite body of the ruling Communist Party, with a former central banker a leading contender to succeed him, sources close to the central bank said. Yi is among pro-reform policymakers not named on Saturday as full or alternate members of the party's new Central Committee. Also excluded were outgoing Premier Li Keqiang, 67, economic czar Liu He, 70, and central bank party chief Guo Shuqing, 66. Yin Yong, deputy party chief in the capital Beijing who worked as a deputy central bank governor from 2016 to 2018, is a leading candidate to replace Yi, sources close to the central bank said. Xuan Changneng was named deputy central bank governor on Thursday.

☆ U.S. Treasury's Adeyemo heads to APEC meeting with focus on trade, 'resilience'
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Adeyemo, who has led work on U.S. sanctions over Russia's invasion of Ukraine, will represent the United States when the Asian Economic Cooperation (APEC) finance ministers meet in Bangkok on Wednesday and Thursday, Treasury said. He will also meet with Thailand's Finance Minister Arkhom Termpittayapaisith. The newly relaunched G7 Partnership for Global Infrastructure and Investment (PGII) and U.S. efforts to build up supply chains with trusted partners were also on the agenda. "While the U.S. economy remains resilient in the face of these headwinds, the Deputy Secretary will work with partners to increase resilience in their economies," it said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: G7 fails to reach intervention deal to ease pain of soaring dollar
▼ + stars: | 2022-10-16 | by ( Leika Kihara | ) www.reuters.com time to read: +7 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. With a strong push from Japan, finance leaders of the Group of Seven advanced economies included a phrase in a statement on Wednesday saying they will closely monitor "recent volatility" in markets. "Many countries saw the need for vigilance to the spill-over effect of global monetary tightening, and mentioned currency moves in that context. "I've said on many occasions that I think a market-determined value for the dollar is in America's interest. "It's impossible to reverse the yen's downtrend with solo intervention," said Daisaku Ueno, chief forex strategist at Mitsubishi UFJ Morgan Stanley Securities.

☆ Bank of Korea governor says policy guidance harder with won's weakness
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +2 min

SEOUL, Oct 15 (Reuters) - South Korea's central bank governor said on Saturday external factors, such as aggressive U.S. policy tightening buoying the dollar and driving the won currency sharply down, made providing forward guidance on policy difficult. The Bank of Korea delivered its second-ever 50-basis-point rate hike on Wednesday and made clear the won's 6.5% slide in September that drove up import costs played a key role in the decision. "I have learned that communication with the public is not easy when transitioning from the traditional strategic ambiguity to forward guidance," Rhee said. He said that while the central bank was not targeting a specific level for the exchange rate, "it has to consider how a sharp rise in the exchange rate would affect financial stability conditions, such as capital outflow pressures." Register now for FREE unlimited access to Reuters.com RegisterReporting by Jihoon Lee Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's Sept unemployment rate rises from record low
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 14 (Reuters) - South Korea's unemployment rate rose in September from a record low set in August while employment fell slightly, data showed on Friday, a sign that a year-long policy tightening campaign and slowing exports have begun to cool the economy. The country's seasonally adjusted unemployment rate rebounded to 2.8% in September from 2.5% in August, which was the lowest since the data series began in June 1999. However, it was still far below an average of 3.6% set in all of 2021. The employment rate edged down 0.1 percentage point to 62.2% in September from August after adjusting for seasonal factors, the Statistics Korea data showed. Bank of Korea Governor Rhee Chang-yong said after the rate decision on Wednesday that Asia's fourth-largest economy has begun softening, although economists expect it to raise the rate further in the coming months.

Joo and Shin voted for a smaller hike in the rate, Rhee said in news conference, but did not elaborate on their views. Twenty-three of 26 analysts expected the bank to go for a half-point hike in a Reuters poll, while the remaining three expected a quarter-point hike. The median forecast in the poll showed the BOK's base rate going to 3.25% by year-end and then peaking at 3.50% in the first quarter of 2023. Almost half of respondents in the Reuters poll expected the base rate to reaching 3.75% in the first quarter of next year. After Wednesday's rate hike, the Korea Federation of Small- to Medium-sized Enterprises expressed "serious concern" about higher rates.

The Bank of Korea (BOK) raised its benchmark policy rate (KROCRT=ECI) by 50 basis points to 3.00% on Wednesday, bringing total rates hike since August last year to 250 basis points. Twenty-three of 26 analysts expected the bank to go for a half-point hike in a Reuters poll, while the remaining three expected a quarter-point hike. "The 50 bp hike today was the BOK's response to the sinking won, it seems." South Korea's three-year treasury bond futures fell after the BOK's statement on the decision. The median forecast in the poll showed the BOK's base rate going to 3.25% by year-end and then peaking at 3.50% in the first quarter of 2023.

☆ World stocks head back towards 2-year lows as mood sours
▼ + stars: | 2022-10-11 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +4 min

There was a modest respite for Britain's battered bond market after the Bank of England said it would start purchasing inflation-linked debt. And MSCI's world stock index was down 0.5% -- moving back towards roughly two-year lows hit last week (.MIWD00000PUS). Emerging market stocks hit their lowest level since April 2020 and are on track for a near-30% tumble year-to-date, its worst year since the 2008 global financial crisis. GILT RESPITEBritish government bond or gilt yields edged lower, having soared on Monday, following the BoE's latest efforts to shore up the battered bond market. The Aussie dollar fell to a 2-1/2-year low of around $0.6248 and the kiwi dollar hit a low of $0.5536.

☆ Samsung, SoftBank Chiefs Set to Discuss Potential Partnership Involving Chip Designer Arm
▼ + stars: | 2022-09-22 | by ( Jiyoung Sohn | ) www.wsj.com time to read: 1 min

SEOUL— Samsung de facto chief Lee Jae-yong and SoftBank Group Chief Executive Masayoshi Son are set to meet in Seoul next month to discuss a potential partnership involving chip designer Arm Ltd., in what could become a powerhouse union between two of the world’s semiconductor giants. Son said Thursday that he would visit South Korea to meet with Samsung Electronics Co. about a strategic alliance with Arm, which is owned by SoftBank, the Japanese conglomerate. That confirmed similar remarks of a visit by Mr. Son from the prior day by Mr. Lee, whose signoff is required for any major move made by the South Korean conglomerate.

☆ SoftBank CEO Masayoshi Son seeking 'strategic alliance' between chipmaker Arm and Samsung
▼ + stars: | 2022-09-22 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Masayoshi Son, CEO of SoftBank, has been weighing up various options for chipmaker Arm after Nvidia walked away from buying the company. There were no further details provided by SoftBank on what a strategic alliance would entail, but it could mark a big shift in strategy for Son and his vision for Arm. I'd like to talk with Samsung about a strategic alliance with Arm," Son said in a statement. SoftBank CEO Masayoshi Son said he is seeking a "strategic alliance" between chipmaker Arm, which is owned by the Japanese giant, and South Korean tech conglomerate Samsung . Since then, SoftBank tried to sell arm to chipmaker Nvidia but the deal fell through in February.

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