By Kirsty Needham SYDNEY (Reuters) – The United States Coast Guard is in talks with Pacific Island countries to expand its maritime law enforcement role by allowing U.S. officers to board and search vessels suspected of illegal activity within their economic zones, officials said. The push to expand the role of U.S. Coast Guard across…
By Nell Mackenzie and Carolina Mandl LONDON/NEW YORK (Reuters) – Property markets knocked by high interest rates and the end of cheap financing have caught the eye of hedge funds. U.S. and European commercial property markets face lingering office vacancies, diminished retail activity and higher refinancing costs, while investors are wary of highly indebted Chinese…
By Tom Sims and Matthias Inverardi FRANKFURT (Reuters) -Deutsche Bank on Wednesday posted a 27% fall in second-quarter profit as investment banking revenue slumped and warned of the need for cost cuts even though higher interest rates fuelled gains at its retail division. The German lender downgraded its outlook for the investment bank, saying it…
By Joyce Lee and Ju-min Park SEOUL (Reuters) -South Korea’s LG Display reported a fifth consecutive quarterly loss on Wednesday but forecast a return to profit in the last quarter of the current year, driven by an expansion of mobile panel shipments and other made-to-order business. LG Display expects “a rise in demand for panels”…
BANGKOK (Reuters) -Thailand’s finance ministry has lowered the country’s 2023 economic growth outlook to 3.5% from 3.6% projected earlier, as tourism maintains strength but tepid global demand crimps exports, officials said on Wednesday. Exports, a key driver of the Thai economy, are forecast to contract 0.8% this year, compared with a previous forecast for a…
TAIPEI (Reuters) – Taiwan’s export-dependent economy likely returned to growth in the second quarter thanks to resilient domestic consumption although exports remained weak, a Reuters poll showed on Wednesday. Gross domestic product (GDP) likely expanded 0.8% in the April-June period versus a year earlier, the poll of 22 economists showed. GDP had contracted 2.87% year-on-year…
By Stella Qiu SYDNEY (Reuters) -Australian inflation slowed more than expected in the second quarter thanks to falls in the cost of domestic holidays and petrol, suggesting less pressure for another hike in interest rates and sending the local dollar sharply lower. Investors reacted by lengthening the odds on the Reserve Bank of Australia (RBA)…
By Yew Lun Tian and Laurie Chen BEIJING (Reuters) -China named veteran diplomat Wang Yi its new foreign minister on Tuesday, removing former rising star Qin Gang after a mysterious one-month absence from duties barely half a year into the job. Qin, 57, a former aide to President Xi Jinping and envoy to the United…
By Michael Martina and David Brunnstrom WASHINGTON (Reuters) – China’s decision to reappoint its top diplomat Wang Yi as foreign minister one month after former rising star Qin Gang disappeared from public view means Washington will be dealing with a familiar face in its bid to steady relations with its main strategic rival. But Wang’s…
HONG KONG (Reuters) – China’s leadership pledged at a key Communist Party meeting this week to support the economy through a “tortuous” post-pandemic recovery, but offered very little detail on specific measures, causing mixed feelings among investors and economists. ADDITIONAL STIMULUS ALMOST GUARANTEES CHINA WILL REACH ITS 2023 GROWTH TARGET. SO WHY ARE MANY ECONOMISTS…
