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☆ Embattled Chinese property firm Evergrande up 20% after trading resumes in Hong Kong
▼ + stars: | 2023-10-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Evergrande's market valuation has been hovering around 5 billion Hong Kong dollars ($639.8 million), a fraction of its value prior to the developer's default in late 2021. The stock rose 20.31% after briefly touching 46 Hong Kong cents shortly after the open. Other Hong Kong listed property stocks were firmly in the red. Country Garden Holdings plunged 7.67%, while Longfor Group Holdings lost 4.82%. China's property market has faced faltering consumer confidence, with Evergrande and Country Garden steeped in debt problems.

Persons: Hui Ka Yan, Evergrande Organizations: Hong Kong, Company, Hong, Garden Holdings, Longfor, Holdings, Henderson Land Development Locations: Nanchuan, Xining, Qinghai province, China, Hong Kong

☆ Southeast Asia is set to drive up demand for natural gas — it’s where ‘all the action’ will be
▼ + stars: | 2023-10-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Southeast Asian countries are expected to be key demand drivers for the LNG market by 2030, industry watchers say. However, Europe's demand for LNG is expected to recede in a few years. Tony Regan, the Asia-Pacific gas lead from NexantECA, an energy and refining advisory, expects LNG demand from Europe to peak in 2027, before falling in 2030. "This is where I think all the action is actually going to be: Southeast Asia, particularly Vietnam, Thailand, Indonesia," said Regan. So that's going to create a strong pull on energy from Vietnam," said Regan.

Persons: Tony Regan, Regan Organizations: LNG Locations: Europe, Ukraine, Asia, NexantECA, Southeast Asia, Vietnam, Thailand, Indonesia

☆ Asia-Pacific stocks fall ahead of Australian central bank rate decision
▼ + stars: | 2023-10-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The full moon, otherwise known as a strawberry supermoon, is seen over the Skyline of the CBD in Sydney, Australia June 15, 2022. Asia-Pacific markets fell ahead of a rate decision by the Reserve Bank of Australia. In Australia, the S&P/ASX 200 was trading down 1.1% ahead of an RBA meeting, where the central bank is expected to hold rates at 4.10%, according to a Reuters poll. In Japan, the Nikkei 225 was down 0.63% in its first hour of trade. The Nasdaq Composite added 0.67% to close at 13,307.77— CNBC's Hakyung Kim and Alex Harring contributed to this report.

Persons: Hakyung Kim, Alex Harring Organizations: Skyline, Reserve Bank of Australia, Nikkei, Dow Jones, Nasdaq Locations: Sydney, Australia, Asia, Pacific, Japan, U.S

☆ Asia-Pacific stocks mixed as China's factory activity expands for the first time in six months
▼ + stars: | 2023-10-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

China's factory activity in September expanded for the first time April, data from the National Bureau of Statistics showed on Saturday. China's PMI climbed to 50.2 in September from 49.7 in the previous month, beating Reuters' expectations of 50.0. China's non-manufacturing PMI also inched up to 51.7 from a previous reading of 51. Similarly, a private-sector survey reflected an expansion in China's factory activity, albeit at a slowed pace. The Caixin/S&P Global manufacturing PMI dipped to 50.6 in September from 51.0., the survey showed on Sunday, missing forecasts of 51.2.

Persons: — Lee Ying Shan Organizations: National Bureau, Statistics, PMI, Reuters, P Global Locations: China

☆ Money managers are shifting their attitude to ESG as 'realism' sets in, says S&P's Dan Yergin
▼ + stars: | 2023-10-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

"If you're in a money management business, you do need returns," said Yergin. "And we've seen that with more North American funds that, yes, we want to do energy transition, we want to do ESG. But we actually need returns as well. In the second quarter of this year, investors have pulled $635 million from U.S. sustainable funds, according to funds research firm Morningstar. That racks up a total outflow of $11.4 billion from these sustainable funds in the past year.

Persons: Dan Yergin, Yergin, Morningstar Organizations: CNBC, Blackrock Locations: U.S

☆ Goldman Sachs says China's demand for oil and copper is 'booming'
▼ + stars: | 2023-10-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

China's demand for many major commodities has been growing at "robust rates," Goldman Sachs said in a recent note. The investment bank observed that China's demand for copper has risen 8% year on year, while appetite for iron ore and oil are up by 7% and 6%, respectively, all beating Goldman's full-year expectations. "This strength in demand has largely been tied to a combination of strong growth from the green economy, grid and property completions," the Goldman report observed. While China's embattled property sector is still struggling to recover, the investment bank noted that China's green economy has shown "significant strength" so far this year, resulting in a demand surge for metals related to the green transition, such as copper. Goldman's economists attributed China's green copper rush largely to its onshore solar installations, which in 2023 so far have "amounted to the level of all previous years' installations."

Persons: Goldman Sachs, Goldman's, Goldman Locations: Daqing, Heilongjiang province, China

☆ Boeing CEO says travel demand recovery is 'more resilient' than he imagined
▼ + stars: | 2023-09-29 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

A Boeing 777x is displayed during the International Paris Air Show at the ParisLe Bourget Airport, on June 20, 2023. Calhoun said order books and demand for proposals to meet that demand are "as robust as [he's] ever seen in his career." Boeing CEO Dave Calhoun is optimistic about the recovery of travel demand, which he said is stronger than he expected. In May, the World Travel & Tourism Council had forecast that the global travel and tourism sector will not reach full recovery this year. And even if that was the case, it would not be the "worst thing," given travel demand.

Persons: Calhoun, CNBC's, Dave Calhoun, I'm Organizations: Boeing, International Paris Air, Airbus, Tourism Council Locations: ParisLe, China

☆ Oil prices surge to highest level in more than a year
▼ + stars: | 2023-09-28 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Andrey Rudakov | Bloomberg | Getty ImagesOil prices surged to their highest level in over a year during Asian trading hours, after crude stocks at a key storage hub fell to their lowest since July last year. The U.S. West Texas Intermediate futures touched $95.03 per barrel during Asia trading hours, marking the highest since August 2022. He forecasts that oil prices will continue to remain at "high level" for the rest of the year, with an upside risk if global oil cartel OPEC+ continues to keep supplies tight. In September, OPEC+ kingpin Saudi Arabia extended its 1 million barrel per day voluntary crude oil production cut until the end of the year. The refinery crude throughput refers to the volume of crude oil a refinery can produce during a given period of time.

Persons: Andrey Rudakov, Cushing, Bart Melek, Melek, Malek Organizations: Tuapsinsky, Rosneft Oil, Bloomberg, Getty, U.S . Energy Information Administration, U.S . West Texas, Brent, bbl, TD Securities, CNBC, OPEC, Securities Locations: Tuapse, Russia, Cushing , Oklahoma, U.S, Asia, Saudi Arabia

☆ This is the world's fastest growing economy, and it could grow an 'explosive' 100%
▼ + stars: | 2023-09-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The world's fastest growing economy may be on track to grow by more than 100% by 2028, largely fueled by profits from its oil production and export sector, according to one analysis. BMI, a Fitch Solutions research unit, is also of the view that "Guyana will see explosive growth this year," said Andrew Trahan, its head of Latin America country risk. He expects real GDP in Guyana to rise about 115% in the next five years. "The exact magnitude of the increase [is] dependent on how quickly additional oil production is brought online," he added. Guyana's Stabroek Block is a 6.6 million acre offshore oil reservoir off the country's Atlantic coast, and is estimated to hold 11 billion barrels of oil, according to ExxonMobil.

Persons: Andrew Trahan Organizations: International Monetary Fund, IMF, BMI, Fitch Solutions, ExxonMobil, Guyana's Locations: Guyana, South America, America

☆ Fixing China's property sector could take years — if not a decade, says economist
▼ + stars: | 2023-09-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

watch nowChina's urbanization drive may be drawing to a close — and that could further hurt the already ailing property sector, according to China economist Hao Hong. "Fixing the property sector may be a multi-year or even a decade's work in front of us. China's property market has been embattled by faltering consumer confidence, as property giants Evergrande and Country Garden are mired in debt problems. Not having an overbearing Chinese property sector actually is good for the Chinese economy going forward. Hong noted that 18 trillion yuan ($2.46 trillion) worth of Chinese property were sold two years ago.

Persons: Hao Hong, Hong, Hao, Qilai Shen, Keng, China's Organizations: Grow Investment, Hao Hong Grow Investment, Bloomberg, Getty Locations: China, Shanghai's, Shanghai

☆ 'Who should I hire? Will I get rich?' Fortune telling is a booming business in Singapore
▼ + stars: | 2023-09-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +7 min

To determine if a candidate was a good fit for his company, one CEO is said to have consulted a "feng shui" master. From who to hire to where to put their money and when is the best time to get married, more and more people are turning to fortune telling in Singapore. "Especially if it's a C-suite hire, or if it's a very important hire and the companies are unsure. said Chase Woo, managing partner at Hoseiki, a feng shui atelier which also does consultations. Jonathan Lok consulted a feng shui master before picking Jan. 27 to get married.

Persons: Luis Acosta, it's, Benedict, Feng shui, Mark Tan, Tan, Jing, Chase Woo, she's, feng shui, Roslan Rahman, Woo, Jonathan Lok Organizations: Afp, Getty, SINGAPORE, Way, Singapore's Department of Statistics, Singapore's Ministry of Manpower, Tripartite, country's Association of Small, Enterprises, Fengshui, Nurphoto Locations: Singapore

☆ Singapore is now the world's freest economy, displacing Hong Kong after 53 years
▼ + stars: | 2023-09-22 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Singapore has dethroned Hong Kong to become the world's freest economy, according to a report released by Canadian think tank Fraser Institute. It measures the economic freedom of individuals — or their ability to make economic decisions on their own. New regulatory barriers to entry, increasing cost of business, and limits on employing foreign labor dented Hong Kong's ranking, the report stated. "These repressions, combined with the government's efforts to control the private sector, inevitably led to diminished economic freedom. Hong Kong's prosperity will likely suffer as a result," Mitchell said.

Persons: Hong Kong, Fraser Institute's, Matthew Mitchell, Mitchell Organizations: Fraser Institute, Hong Locations: Marina Bay, Singapore . Singapore, Hong, Canadian

The Old City of Jerusalem and its walls were inscribed on the UNESCO World Heritage List in 1981, but UNESCO doesn't list it under Israel or Palestine. Whereas other sites are listed by country, UNESCO lists the site separately, under "Jerusalem (Site proposed by Jordan)." Source: Screenshot from UNESCOIsrael, which joined UNESCO in 1949, has nine sites named to the list, including Masada, the Old City of Acre and the "White City" of Tel Aviv. A backdrop of political alliancesUNESCO's decision to add Tell es-Sultan/Jericho to its World Heritage Site has angered Israeli officials, with Israel's foreign ministry releasing a statement Sunday calling it a "cynical" ploy by the Palestinians to politicize UNESCO. Kyiv's Saint Sophia Cathedral is now on UNESCO's List of World Heritage in Danger.

Persons: Archivio J, Lange, De Agostini, Mounir, Jordan, Masada, Anastas, Saint Sophia Cathedral, Kyiv's, Kyiv's Saint Sophia, Pollex Organizations: UNESCO, Getty, Bank, Saudi Press Agency, The, City of, UNESCO Israel, politicize UNESCO, Saudi, U.S, Biden, United, UNESCO —, World, Saint Locations: Jericho, Palestine, Old City, Jerusalem, City, City of Jerusalem, Israel, Acre, Tel Aviv, Kingdom of Saudi Arabia, Saudi Arabia, Mecca, Medina, Saudi, United States, Ukraine, Lavra, Kyiv, Pechersk, Lviv, Kyiv's Saint

☆ Asian Development Bank trims growth forecast for region, dampened by Chinese property sector weakness
▼ + stars: | 2023-09-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The Asian Development Bank trimmed its 2023 growth forecast for the region to 4.7% on the back of China's embattled property sector and a persistently high interest rate environment. "The PRC's property market poses a downside risk and could hold back regional growth," ADB said in its outlook report released Wednesday. China's property sector has languished ever since Evergrande defaulted in 2021. ADB also lowered its China growth forecast from 5% to 4.9%. "Although inflation is coming down, prices are still somewhat elevated and we're seeing with high interest rates, cautious attitude by some investors in different parts of the region."

Persons: Evergrande, Albert Park, CNBC's, El Niño Organizations: Asian Development Bank, ADB Locations: China's, China, Southeast Asia

☆ Oil markets' decades-long dependence on China could be ending
▼ + stars: | 2023-09-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

China's demand for oil could peak by the end of the decade — and with its economic recovery still in limbo, can global oil markets continue to rely on China? "For 20 years, the oil market is dependent on China, China, China, supporting the markets. He predicted that China's demand for oil will peak in the next three to five years. "In the global [oil] markets, we have to look at countries like India, or other empires to create the resilience on the demand side," Fesharaki added. Similarly, Wood Mackenzie expects China's oil demand to peak by 2027, after which an extended fall in demand for crude will follow.

Persons: Fereidun Fesharaki, Fesharaki, Wood Mackenzie Organizations: Global, CNBC Locations: China, India

☆ Olive oil prices surge over 100% to record highs, sparking cooking oil thefts
▼ + stars: | 2023-09-19 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Bottles of olive oil and sunflower oil at a Mercadona SA supermarket in Barcelona, Spain. Bloomberg | Bloomberg | Getty ImagesOlive oil prices spiked to fresh records as severe droughts in major producing countries crimp supplies — and drive up thefts in cooking oil. Spain, the world's largest producer and exporter of olive oil, has been battered by an intense drought for months. Olive oil thievesPrices of olive oil in Spain's Andalusia soared to €8.45 ($9.02) per kilogram in September, Mintec's benchmark showed. Shortly before that, thieves made off with 6,000 liters of extra virgin olive oil worth €50,000 from Terraverne oil mill, Spanish newspaper El Munco said.

Persons: Kyle Holland, Marin Serrano El Lagar, El Munco Organizations: Mercadona SA, Bloomberg, Getty, United States Department of Agriculture, CNBC, International Olive Council Locations: Barcelona, Spain, Italy, Greece, Spain's Andalusia, Spanish

☆ The IPO market has 'lost a lot of relevance,' says Swiss asset manager Partners Group
▼ + stars: | 2023-09-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

watch nowThe IPO market has lost relevance in the real economy, but there are "absolutely enormous" opportunities in the health-care sector, according to the executive chairman of global private markets firm Partners Group. Private markets are switching places with public markets as the stewards of the real economy. "Private markets are switching places with public markets as the stewards of the real economy," said Partners Group. Partners' Group recorded $142 billion worth of assets under management as of the first half of 2023. Asked whether Partners Group will someday open up the window for retail investors to tap into the private equity market, Meister said it's already happening, marking a "democratization" of the private market industry.

Persons: Steffen Meister, CNBC's Chery Kang, Meister, it's Organizations: Partners, Milken Asia Summit, Bain & Company, Private, CNBC, McKinsey Locations: Singapore

☆ Taiwan slams Elon Musk, says it's 'not for sale' nor part of China
▼ + stars: | 2023-09-14 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Taiwan is "not for sale," and neither is it part of China, said Taiwan's Ministry of Foreign Affairs, in a rebuke to Elon Musk who called the island "an integral part of China." "Listen up, Taiwan is not part of the PRC and certainly not for sale!" PRC refers to the People's Republic of China, the official name of China. Taiwan has been governed independently of China since the island split from the mainland in a civil war in 1949. Musk, the CEO of X, SpaceX, as well as electric car maker Tesla , went on to say: China's policy "has been to reunite Taiwan with China.

Persons: Elon Musk, Tesla, Joseph Wu, Musk, I've Organizations: Senate, Artificial Intelligence, Capitol, Ministry of Foreign Affairs, Foreign, Twitter, SpaceX, CNBC Locations: Washington , DC, Taiwan, China, People's Republic of China, Los Angeles, Beijing, Hawaii

☆ Demand for the world's smelliest fruit has soared 400%, fueled by China’s ‘craze’
▼ + stars: | 2023-09-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Different varieties of durian fruits on display at a durian stall in Petaling Jaya, Selangor, Malaysia,. Global demand for polarizing fruit soared 400% year-on-year, according to HSBC which said it's largely bolstered by a "craze" for the fruit in China. "Bucking global trends, durian demand is surging by 400% year-on-year led solely by a craze in China," a report released by the bank on Monday said. Over the past two years, China imported $6 billion worth of durians — accounting for 91% of global demand, HSBC's ASEAN Economist Aris Dacanay said in the report. While the boom in China's durian demand started as early as 2017, the uptick in demand only picked up from late 2022, according to data from HSBC.

Persons: it's, Aris Dacanay Organizations: Global, HSBC, ASEAN Locations: Petaling Jaya, Selangor, Malaysia, China

☆ Thai hospitality magnate is 'very optimistic' about Thailand's tourism recovery
▼ + stars: | 2023-09-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

© Marco Bottigelli | Moment | Getty ImagesThailand's tourism recovery is poised for recovery as diplomatic relations with Saudi Arabia normalize and Chinese tourists return, according to American-born hotel tycoon William Heinecke. "We've seen the recovery of all Saudi tourism into Thailand. Now there's two flights a day from Saudi direct to Thailand," Heinecke, who is chairman of Thai hospitality company Minor International, said on the sidelines of the Forbes Global CEO Conference in Singapore. Return of Chinese tourists? Additionally, Heinecke said he expects Thailand to benefit when Chinese tourism is back in full swing.

Persons: Marco Bottigelli, William Heinecke, We've, Heinecke, Prayut Chan, Mohammad bin Salman Organizations: Minor International, Forbes Global, Conference, Thai, Saudi Arabia's Crown, Minor, Emirates, Qatar Airways Locations: Thailand, Saudi Arabia, American, Saudi, Singapore, Eastern Europe, Russia, Ukraine, China

☆ Steve Forbes says the Fed's not going to cut rates soon
▼ + stars: | 2023-09-12 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Steve Forbes doesn't expect the Federal Reserve to raise rates in upcoming meetings, but the Forbes Media chairman doesn't see cuts in the near term either. "I think the Federal Reserve is not going to increase interest rates in the next few months. I think they're going to pause," Forbes said, citing the slew of contradictory U.S. economic data. The Federal Open Market Committee's next meeting is scheduled for Sept. 19 to 20. There's a 92% chance the central bank will leave rates unchanged after its September meeting, according to the CME's FedWatch tool.

Persons: Steve Forbes doesn't, doesn't, Forbes, CNBC's Chery Kang, There's Organizations: Federal Reserve, Forbes Media, Forbes Global, Fed Locations: Singapore

☆ Western sanctions on Russia could push the BRICS alliance closer
▼ + stars: | 2023-09-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Michele Spatari | Afp | Getty ImagesSINGAPORE — Sanctions imposed by the West on Russia are pushing the BRICS nations closer, said oil executives at the recent APPEC conference in Singapore. "Looking at the oil markets today ... the Western sanctions on Russia are working. The BRICS alliance includes Russia, as well as Brazil, India, China and South Africa. The BRICS nations have had different brushes in their relationships with the West. BRICS is the candidate," Fereidun Fesharaki, chairman of energy consultancy Facts Global Energy, said at a panel discussion during the event.

Persons: Michele Spatari, Russell Hardy, Hardy, Argentina —, Fereidun Fesharaki, Moscow leapfrogging, Fesharaki Organizations: Afp, Getty, SINGAPORE —, West, European Union, UAE, U.S ., U.S, Treasury, Global Energy Locations: South Africa, Brazil, Russia, India, China, Sandton, Johannesburg, SINGAPORE, Singapore, Ukraine, European, Western, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, Moscow

☆ India's 'massive expansion' set to be a key driver of global economic growth
▼ + stars: | 2023-09-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Frank Bienewald | Lightrocket | Getty ImagesSINGAPORE — India's stellar economic trajectory alongside strong forecasts for some Southeast Asian countries will be important drivers for global growth, said S&P Global Insights. Asia-Pacific is a "key driver" for global economic growth not just in the near term, but over the longer run as well, S&P Global's Asia-Pacific chief economist Rajiv Biswas said at the annual energy APPEC conference. India's very robust actually… the momentum in the economy looks really quite strong at the moment. Rajiv Biswas Global Asia-Pacific Chief Economist at S&P GlobalAs a region, Asia-Pacific's growth is expected to strengthen from 3.3% last year to 4.2% this year, according to S&P's projections. "Over the next decade, we expect that about 55% of the total increase in [the] world's GDP will come from the Asia-Pacific region," he said.

Persons: Frank Bienewald, Rajiv Biswas, Biswas Organizations: Lightrocket, Getty, SINGAPORE, Southeast Asia —, Rajiv Biswas Global, Pacific Locations: India, Asia, Pacific, Indonesia, Philippines, Vietnam, Southeast Asia, Rajiv Biswas Global Asia, China

☆ Asia's ultra-rich population records largest drop in the world. Here's how North America and Europe did
▼ + stars: | 2023-09-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Asia's ultra-high-net-worth population declined by about 10.9% last year, marking the largest regional drop in the world, a report by data firm Altrata showed. Ultra-high-net-worth (UHNW) individuals are those with a net worth of more than $30 million, according to the study. The combined net worth of Asia's super rich population was at $12.13 trillion compared with Europe's $11.73 trillion, the report showed. Europe recorded the second-worst regional performance, with a 7.1% fall to 100,850 high-net worth individuals. Inflationary shocks from Moscow weaponizing energy supplies, which Europe is reliant on, heightened risk aversion and the disruption of supply chains all led to the decline.

Persons: Altrata Organizations: Tech Locations: Ukraine, South Korea, Taiwan, Europe, Moscow

☆ Asian Development Bank says the world faces 'immense' funding challenges
▼ + stars: | 2023-09-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Asia and the rest of the world face "immense" challenges, and the Asian Development Bank must work with others to address those issues, its director general told CNBC on Friday. "The challenge that we are facing in this region and also globally, are immense, including climate change. "So this is a limitation for different countries to take more debt for their sustainable development and climate change." He said multilateral development banks "can and must take bold action to help address the challenges." "First of all, we need to ramp up our lending capacity ... but also, we need extra efforts to mobilize more money from private sector," he said.

Persons: Tomoyuki Kimura, CNBC's Tanvir Gill, Covid Organizations: Asian Development Bank, CNBC, ADB Locations: Asia, New Delhi

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