(Reuters) – China nudged banks this month to cut deposit interest rates further, seven people with knowledge of the matter said, in the latest effort to channel the country’s vast savings pool into spending and more productive investments. Members of China’s “interest rate self-regulatory mechanism,” mostly banks, met this month and were urged to reduce…
(Reuters) – Russian lender Sberbank said on Monday it had released technology called GigaChat as a rival to ChatGPT, initially in an invite-only testing mode, joining the artificial intelligence chatbot race. The release last year of ChatGPT, a chatbot from the Microsoft-backed startup OpenAI, has caused a sprint in the technology sector to put AI…
By Giuseppe Fonte ROME (Reuters) – Italy plans contested legislation that will make it easier for firms to hire workers on short-term contracts, as part of a set of measures aimed at boosting jobs and families’ purchasing power, including tax cuts for middle- and low- income workers. Prime Minister Giorgia Meloni has convened a cabinet…
By Hyunsu Yim SEOUL (Reuters) – Throngs of people have been milling seemingly aimlessly around the forecourt of a museum in central Seoul, brushing silently past each other with heads bent toward smartphones while fingers frantically tap screens – in the latest money-making trend. Walking 10,000 steps, completing tasks such as subscribing to social media,…
HONG KONG (Reuters) – Hong Kong’s seasonally adjusted unemployment rate eased to 3.1% in the January to March period, improving for the eleventh consecutive quarter as economic activity continued to pick up, the government said on Monday. In the December to February period, the unemployment rate stood at 3.3%. “The labour market should improve further…
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…
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…
