SHANGHAI/HONG KONG (Reuters) – Chinese investors are rushing offshore to make dollar deposits and buy Hong Kong insurance in a signal domestic confidence is languishing and that the ailing yuan faces more pressure. The outflows highlight deep-seated concern about the state of China’s economy as its much-awaited pandemic recovery stalls. Consumer spending is flagging, the…
By Joyce Lee SEOUL (Reuters) -Samsung Electronics’ June-quarter profit is expected to plunge 96% on-year to the lowest for any quarter in more than 14 years, as a chip glut continues to drive large losses in the tech giant’s cash cow business despite a supply cut. Operating profit for the world’s biggest maker of memory…
By David Shepardson WASHINGTON (Reuters) -TikTok Inc on Wednesday asked a U.S. judge to block enforcement of a Montana state ban on use of the Chinese-owned app before it takes effect on Jan. 1. TikTok, which is owned by China’s ByteDance and filed suit in May, asked U.S. District Judge Donald W. Molloy to issue…
MANILA (Reuters) – The Philippines on Wednesday accused China’s coast guard of harassment, obstruction and “dangerous manoeuvres” against its vessels, after another incident near a strategic feature of the South China Sea that has become a flashpoint between them. Philippine coast guard boats were assisting a naval operation on June 30 when they were “constantly…
By John O’Donnell and Alexandra Schwarz-Goerlich VIENNA (Reuters) – Raiffeisen Bank International is delaying plans to leave Russia, three people familiar with its position said, as Austria steps up its defence of long-standing ties with Moscow. Raiffeisen (RBI), the largest of the Western banks in Russia, had intended to spin off its Russian business, which…
By Lewis Jackson SYDNEY (Reuters) – Two lawmakers on Thursday called on PwC Australia to name all the companies it sought to advise on the basis of leaked government tax plans, after a report linked Google to the national scandal first exposed in January. Citing two sources, Reuters reported on Wednesday that Google had received…
(Reuters) – Australian retailers are in for a sombre period this fiscal year as high interest rates squeeze household budgets, especially for discretionary spending, Citigroup said on Thursday, with expected further rate hikes likely to dent confidence even more. The brokerage cut its fiscal 2024 earnings forecast for electronics retailer JB Hi-Fi, fashion retailer Premier…
By Vuyani Ndaba JOHANNESBURG (Reuters) – Emerging market currencies will hold on to gains into next year provided their respective central banks hold or only moderately prune already-high interest rates that have boosted carry trades, a Reuters poll found on Thursday. The June 30-July 5 poll of 52 currency strategists found as long as most…
By Rishav Chatterjee (Reuters) -Shares of Bubs Australia pared most of their early losses on Thursday after opening about 9% lower, as the embattled baby formula maker launched a five-point plan to reduce operating expenses and cash burn. Bubs has been focussing on streamlining its businesses locally, in China and the West and said it…
BEIJING/SHANGHAI (Reuters) -China’s export controls on metals used in semiconductors are “just a start”, an influential Chinese trade policy adviser said on Wednesday, as Beijing ramps up a tech fight with Washington days before a visit from U.S. Treasury Secretary Janet Yellen. Shares in some Chinese metals companies rallied for a second session as investors…
