By Bart H. Meijer AMSTERDAM (Reuters) -Philips shares jumped 13% on Monday as the Dutch health technology company reported much better than expected first-quarter results and said it had set aside 575 million euros ($631 million) related to lawsuits over its recall of respiratory devices. Amsterdam-based Philips has been grappling with the fallout of the…
HONG KONG (Reuters) -Citigroup’s Asia wealth revenue surged 20% in the first quarter of 2023, backed by investment gains, insurance revenue and a jump in new private banking clients, according to a company spokesperson. The wealth market in Asia has been undergoing a shakeup as some rich clients fled Credit Suisse amid a banker exodus…
By Kitiphong Thaichareon and Orathai Sriring BANGKOK (Reuters) – Thailand’s economy is still seen growing at 3.6% this year, driven by tourism and domestic consumption, the central bank chief said on Monday, in spite of turbulence in the first half of the year and global financial uncertainty. As the country’s economic recovery remains intact, there…
TOKYO (Reuters) – Japanese electric motor maker Nidec Corp on Monday posted its first quarterly operating loss in a decade, hit by hefty restructuring costs and difficulty in procuring semiconductors and other components. The loss of 24.3 billion yen ($181.01 million) for the January-March quarter compared to an average estimate for a 11.75 billion yen…
By Neil Jerome Morales MANILA (Reuters) – The Philippines on Monday maintained its economic growth targets over the next five years, citing momentum from increased domestic demand and better labour conditions that would allow its economy to withstand external challenges. Gross domestic product (GDP) is targeted to grow by 6.0% to 7.0% this year, slower…
ZURICH (Reuters) -Switzerland’s UBS said on Monday it will retain Christian Bluhm as chief risk officer for the “foreseeable future” as it bolsters controls during the takeover of Credit Suisse. Chief Executive Sergio Ermotti is reshaping the ranks of UBS as it works on integrating Credit Suisse, the 167-year-old Swiss banking rival which it rescued…
ZURICH (Reuters) -Switzerland’s UBS said on Monday it will retain Christian Bluhm as chief risk officer for the “foreseeable future” as it bolsters controls during the takeover of Credit Suisse. Chief Executive Sergio Ermotti is reshaping the ranks of UBS as it works on integrating Credit Suisse, the 167-year-old Swiss banking rival which it rescued…
By Jamie McGeever ORLANDO, Florida (Reuters) -Even though it may surprise some that it’s positive at all, the risk premium on equity over bonds has hit historic lows – a key driver of the recent dash for fixed income. Wall Street has successfully fended off the continued rise in U.S. interest rates and drum beat…
SEOUL (Reuters) -The head of South Korea’s central bank said on Monday some short-term interest rates had fallen more than he had expected, adding it was probably due to a shift in funds en masse in search of quick profit. Bank of Korea Governor Rhee Chang-yong also told reporters the central bank’s monetary policy tightening…
By Ju-min Park (Reuters) – South Korea’s President Yoon Suk Yeol will be seeking U.S. assurances on deterring North Korea when he meets President Joe Biden this week, while the Americans will likely be looking for Yoon’s support for U.S. interests related to China and Russia. The conservative Yoon has made bolstering South Korea’s alliance…
