Today: October 12, 2024
Today: October 12, 2024

Latest From Reuters

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Swiss Competition Commission examining UBS takeover of Credit Suisse - media

– Switzerland’s Competition Commission is looking into UBS’s takeover of Credit Suisse, Swiss media reported on Monday. In March, authorities including the Swiss government and central bank rushed through a rescue deal for Credit Suisse, resulting in the country’s two largest banks merging. The commission is currently holding hearings on the matter and plans to send its findings to the financial regulator, FINMA, at the end of September, Swiss newspaper Handelszeitung reported. The Competition Commission could not immediately be reached for comment. (Reporting by Noele Illien, Editing by Friederike Heine)

Swiss Competition Commission examining UBS takeover of Credit Suisse - media
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US and China agree to export controls information exchange

– The United States and China agreed to launch an export control enforcement information exchange and a new working group on commercial issues, the U.S. Commerce Department said on Monday, giving Beijing a potential forum to express concerns. After meetings between U.S. Commerce Secretary Gina Raimondo and Chinese Commerce Minister Wang Wentao, the department said the exchange would provide a platform to reduce misunderstanding of U.S. security policies. The first in-person meeting will occur at the assistant secretary level at the Ministry of Commerce in Beijing on Tuesday, the statement said. China has sharply criticized U.S. efforts to block

US and China agree to export controls information exchange
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Vinfast rallies on after becoming world's third-most valuable automaker

– Shares of Vietnamese electric-vehicle maker Vinfast surged 30% in premarket trading on Monday, extending a rally from last week that more than quadrupled its market value to $160 billion. The company made a blowout debut on Wall Street this month and has quickly grown in valuation to become the third-most valuable automaker – only behind Tesla and Toyota. But Vinfast’s small amount of publicly available shares has made the stock prone to volatility, with shares jumping or slumping more than 14% in 11 of the past 12 sessions. The stock was on track to add nearly $50 billion

Vinfast rallies on after becoming world's third-most valuable automaker
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BOJ Ueda says China's slowdown adds to economic uncertainty

– Bank of Japan Governor Kazuo Ueda said the pace of economic activity in China has been a disappointment that could cloud Japan’s economic outlook, according to a text of his speech delivered at the weekend Jackson Hole Symposium. China’s July data, such as retail sales, business investment and industrial production were “on the weak side,” Ueda said, according to the text posted on the BOJ’s website on Monday. “The underlying problem appears to be the adjustment in the property sector and its spillover to the rest of the economy,” Ueda said on China, adding that the hit

BOJ Ueda says China's slowdown adds to economic uncertainty
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Powell signals no retreat, no surrender

– A look at the day ahead in U.S. and global markets by Amanda Cooper. One of the overarching market themes this year – aside from the hype around artificial intelligence – has been investors avidly building up bets on the Federal Reserve finally announcing an end to its cycle of rate hikes, only to have that optimism dashed. There’s no doubt that the U.S. central bank is nearing the end of its mission to wrestle down inflation. Headline consumer price pressures are rapidly abating, thanks to a wholesale retreat in food and energy prices. Headline inflation in July

Powell signals no retreat, no surrender
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Futures edge higher as focus shifts to inflation, jobs data

– U.S. stock index futures edged higher on Monday, with investor focus on key inflation data and employment readings that are due later this week for further clues on the Federal Reserve’s interest rate trajectory. Stocks ended a volatile session higher on Friday after Fed Chair Jerome Powell at the Jackson Hole meet said the U.S. central bank may need to raise interest rates further to ensure inflation is contained. However, with Powell acknowledging the progress made on easing price pressures as well as risks from surprising strength of the U.S. economy, the market’s focus will now pivot to

Futures edge higher as focus shifts to inflation, jobs data
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Japan improves view on exports for first time in three months

– Japan’s exports have been “picking up recently”, the government said in its latest monthly economic assessment, its first upward revision since May as easing supply issues boosted auto shipments and demand for semiconductor-related goods bottoms out. “The economy is recovering moderately”, the Cabinet Office said in its report issued on Monday, keeping the same assessment made in the previous month, but listed China’s troubled economic outlook and global monetary tightening among risks to the Japanese economy. Close attention should be paid to possible impacts from China’s stagnant real estate market as the country’s economic recovery appears to

Japan improves view on exports for first time in three months
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Renault looking at spring 2024 IPO for Ampere, CEO says

– French car maker Renault is looking to list its Ampere electric vehicle business on the stock market in the spring of 2024, CEO Luca de Meo said on Monday. De Meo told BFM TV that Renault was targeting Nov 1 of this year for the unit to be separated from the rest of the company as a preparatory step in the run-up to the initial public offering. “So we separate and then we see if we have the right conditions to enter the market,” he said, adding spring 2024 would be the likely window for a listing.

Renault looking at spring 2024 IPO for Ampere, CEO says
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Malaysia's domestic banks have limited exposure to Country Garden -cbank

– Malaysia’s central bank said on Monday that banks incorporated in the Southeast Asian nation faced limited financial stability risk arising from exposure to China’s largest property developer, Country Garden. Such banks’ exposure to Country Garden Real Estate Sdn Bhd (CGRE), the developer’s wholly-owned subsidiary in Malaysia, amounted to less than 0.1% of total banking system loans and bonds by June 2023, the bank told Reuters in an email. “CGRE is servicing their loans promptly and the local group of companies have adequate funds to meet their payment obligations,” Bank Negara Malaysia added. On Monday, the Chinese firm

Malaysia's domestic banks have limited exposure to Country Garden -cbank
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Head of France's Medef business lobby: seeing some signs of business slowdown

– There are signs of a slowdown in business activity in France and interest rates are also weighing on businesses, Patrick Martin, the head of France’s Medef business lobby group, said on Monday. France’s economic growth was resilient in the second quarter, Martin told France 2 TV, but he added that there were nevertheless indications of slower activity. “But we see things are slowing down, investment is slowing down, consumption is slowing down” he said. “The issue of high interest rates is also weighing on business activity”, he added. Recent business surveys showed that the euro zone’s second-largest

Head of France's Medef business lobby: seeing some signs of business slowdown
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Country Garden says $100 billion Malaysia project on track

Embattled Chinese developer Country Garden said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, amid concerns over its financial strength. The comment by China’s largest private developer came after it missed two dollar coupon payments this month totaling $22.5 million, fuelling fears that the country’s growing property debt crisis could hamper a broader economic recovery. “Our company’s projects in Malaysia are operating normally and the sales performance is strong,” the developer’s Singapore and Malaysia unit said in a statement, adding that its overall operation in the region was “safe

Country Garden says $100 billion Malaysia project on track
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South Korea clears path for Hyundai Motor strike -union

– Hyundai Motor’s unionised workers have won permission to go on strike, the union said on Monday, raising the probability of the company’s first wage-related industrial action in five years. The National Labor Relations Commission, a South Korean government organisation that handles labour disputes, cleared the way for strike action at the country’s top car maker, the Hyundai Motor union said in a statement. The commission recognised large differences in positions between the company’s management and union, Yonhap News Agency said on Monday. A commission spokesperson was not available for comment. The union said it would gather on

South Korea clears path for Hyundai Motor strike -union
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Chinese carmaker BYD to buy US firm Jabil's mobility business for $2.2 billion

– Electric vehicle maker BYD Co Ltd said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc’s Singaporean division to buy its mobility business in China for 15.8 billion yuan ($2.17 billion). The deal will expand BYD Electronic (International) Co’s (BE) customer base, product portfolio, and its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector. BYD’s Hong Kong-listed shares were trading 2.5% higher at HK$229.2, while those in Shanghai were up 3.1% at 239.8 yuan, as of 0328 GMT. Jabil’s shares on the NYSE

Chinese carmaker BYD to buy US firm Jabil's mobility business for $2.2 billion
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Malaysia offers new incentives for Country Garden's $100 billion project

– Malaysia will create a “special financial zone” in embattled Chinese developer Country Garden’s $100 billion project in the Southeast Asian nation and offer incentives to attract investments, Prime Minister Anwar Ibrahim said. The massive Forest City project is being build across four reclaimed islands in Malaysia’s Johor state near Singapore, and aims to house 700,000 people by 2035. It will include office towers, malls and schools in addition to residential buildings. The planned incentives for Forest City come at a time when Country Garden is facing deep financial woes. Forest City is its largest overseas development,

Malaysia offers new incentives for Country Garden's $100 billion project
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Chinese carmaker BYD to buy US firm Jabil's mobility business for $2.2 billion

– Electric vehicle maker BYD Co Ltd said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc’s Singaporean division to buy its mobility business in China for 15.8 billion yuan ($2.17 billion). The deal will expand BYD Electronic (International) Co’s (BE) customer base, product portfolio, and its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector. BYD’s Hong Kong-listed shares were trading 2.5% higher at HK$229.2, while those in Shanghai were up 3.1% at 239.8 yuan, as of 0328 GMT. Jabil’s shares on the NYSE

Chinese carmaker BYD to buy US firm Jabil's mobility business for $2.2 billion
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Thailand's Siam Cement puts chemical unit's IPO on hold

– Thailand’s largest industrial conglomerate Siam Cement said on Monday it has decided not to proceed with the initial public offering (IPO) of its unit SCG Chemicals due to unfavorable market conditions. Siam Cement said in a stock exchange filing that “it may not be appropriate to proceed with the IPO at this time”. (Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman)

Thailand's Siam Cement puts chemical unit's IPO on hold
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Marketmind: Beijing tries new ways to lift moribund markets

A look at the day ahead in European and global markets from Wayne Cole Chinese blue chips were enjoying a rare rally on Monday after Beijing rolled out more measures to support the market. These included halving the stamp duty on stock trading, slowing the pace of new offerings and approving the launch of 37 retail funds to invest in stocks. All of which followed Friday’s steps to support housing. While hardly the sort of massive fiscal stimulus investors crave, it was welcome that Beijing at least understood that assistance was needed, and stocks gained around 2.5%. If sustained that

Marketmind: Beijing tries new ways to lift moribund markets
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China's Xpeng to acquire Didi's smart EV unit in deal worth up to $744 million

Chinese electric car company Xpeng said it will acquire ride-hailing giant Didi’s smart electric vehicle unit and the two companies will form a strategic partnership. Xpeng’s shares surged around 16% in early Monday trade. As part of the deal, which could be worth as much as $744 million, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment. “Project ‘MONA’ will accelerate the Company’s production and sales growth and help achieve greater economies of scale,” Xpeng said in a statement. Didi will support the launch

China's Xpeng to acquire Didi's smart EV unit in deal worth up to $744 million
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Singapore's OCBC bank says it is facing technical problems

– Singapore’s second-biggest lender Oversea-Chinese Banking Corp (OCBC) said on Monday it is facing technical problems with its systems impacting various banking channels. Mobile and online banking, PayNow, ATMs, Velocity and cards services are impacted. The bank gave the notice on its social media accounts on Monday. (Reporting by Lavanya Ahire in Bengaluru; Editing by Kim Coghill)

Singapore's OCBC bank says it is facing technical problems
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Chinese carmaker BYD to buy US firm Jabil's mobility business for $2.2 billion

Electric vehicle maker BYD Co Ltd said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc’s Singaporean division to buy its mobility business in China for 15.8 billion yuan ($2.17 billion). The deal will expand BYD Electronic (International) Co’s (BE) customer base, product portfolio, and its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector. BYD’s Hong Kong-listed shares were trading 2.5% higher at HK$229.2, while those in Shanghai were up 3.1% at 239.8 yuan, as of 0328 GMT. Jabil’s shares on the NYSE ended

Chinese carmaker BYD to buy US firm Jabil's mobility business for $2.2 billion
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China's Xpeng to take over Didi's smart EV unit, eyeing 2024 launch

– Chinese electric car company Xpeng said it will acquire ride-hailing giant Didi’s smart electric vehicle unit and the two companies will form a strategic partnership. Xpeng’s shares surged around 15% in early Monday trade. 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. “Project ‘MONA’ will accelerate the Company’s production and sales growth and help achieve greater economies of scale,” Xpeng said in a statement. Didi will support the launch by “providing access to its mobility market” and

China's Xpeng to take over Didi's smart EV unit, eyeing 2024 launch
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China's Xpeng to take over Didi's smart EV unit, shares soar

– Chinese electric car company Xpeng said it will acquire ride-hailing giant Didi’s smart electric vehicle unit and the two companies will form a strategic partnership. Xpeng’s shares surged around 15% in early Monday trade. 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. “Project ‘MONA’ will accelerate the Company’s production and sales growth and help achieve greater economies of scale,” Xpeng said in a statement. Didi will support the launch by “providing access to its mobility market” and

China's Xpeng to take over Didi's smart EV unit, shares soar
Uncategorized

China's Xpeng to take over Didi's smart EV unit, shares soar

– Chinese electric car company Xpeng said it will acquire ride-hailing giant Didi’s smart electric vehicle unit and the two companies will form a strategic partnership. Xpeng’s shares surged around 15% in early Monday trade. 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. “Project ‘MONA’ will accelerate the Company’s production and sales growth and help achieve greater economies of scale,” Xpeng said in a statement. Didi will support the launch by “providing access to its mobility market” and

China's Xpeng to take over Didi's smart EV unit, shares soar
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Thailand's employment growth drops in Q2 as economy slows

– Thailand’s employment in the second quarter rose 1.7% from a year earlier, slowing from a 2.4% increase in the previous three months, the state planning agency said on Monday, as economic growth slowed. Southeast Asia’s second-largest economy grew 1.8% in the April-June period year-on-year and 0.2% quarter-on-quarter, slowing sharply from the first quarter as weaker exports and investment undercut tourism strength. Thailand’s jobless rate was at 1.06% in the April-June period versus 1.05% in January-March, the National Economic and Social Development Council (NESDC) said in a statement. The jobs growth was mainly in the tourism and construction

Thailand's employment growth drops in Q2 as economy slows
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Australia retail sales rebound after fall, annual rate slows further

– Australian retail sales rebounded in July after a sharp fall the previous month, but the annual rate slowed further, a result that should not upset the outlook for interest rates as high borrowing costs work to slow consumer spending. Data from the Australian Bureau of Statistics (ABS) on Monday showed nominal retail sales rose 0.5% in July from June. Analysts had looked for a rise of 0.3% after a tumble of 0.8% in June. Sales of A$35.4 billion ($22.8 billion) were up 2.1% from a year earlier, the lowest since August 2021, and a world away from

Australia retail sales rebound after fall, annual rate slows further

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