Reported 29 days ago
A Bank of Japan board member, Junko Nakagawa, indicated that policy adjustments are likely if the economy meets expectations, causing the yen to rise against the dollar. While she acknowledged the need to manage market volatility following a recent rate hike, she suggested that upside inflation risks could compel future rate increases. Although many expect the BOJ to maintain current rates in the short term, discussions hint at potential hikes in alignment with economic performance.
Source: YAHOO
Reported 29 days ago
The Swiss franc has reached its highest value in nearly a decade, suggesting the likelihood of the Swiss National Bank implementing significant interest rate cuts. Economists predict that during its meeting on September 26, the bank may reduce rates by a quarter point, with increasing talk of a potential half-point cut. As the strong franc impacts exports and keeps inflation low, exporters are pressing for decisive action from the SNB to prevent further strengthening of the currency.
Source: YAHOO
Reported 29 days ago
Source: BARRONS
Reported 29 days ago
Suntory Holdings CEO Takeshi Niinami stated that Seven & i's response to Alimentation Couche-Tard's $38.5 billion takeover bid was justified, deeming it too low. Niinami, highlighting the rising concerns among Japanese executives regarding potential foreign acquisitions, emphasized improvements in corporate governance and the need for Japanese companies to enhance value, especially amidst the pressures of a weak yen.
Source: YAHOO
Reported 29 days ago
Asian stock markets predominantly declined on Wednesday after a mixed finish on Wall Street, with key indices reflecting investor apprehensions surrounding the upcoming U.S. presidential debate. The Japanese yen weakened against the U.S. dollar, while the Nikkei 225 and other major Asian benchmarks registered losses. The market sentiments are closely tied to expectations of U.S. interest rate adjustments amid inflation reports and economic slowdown concerns.
Source: YAHOO
Reported 29 days ago
Larsen & Toubro Ltd. has announced plans to invest over $300 million in establishing a fabless semiconductor company in India, joining the country's efforts to enhance its local semiconductor industry. The investment aims to develop 15 products by the end of 2024 and to start sales by 2027. This initiative comes as India seeks to reduce its reliance on imports and boost its semiconductor capabilities amid global supply chain shifts and the ongoing US-China trade tensions.
Source: YAHOO
Reported 29 days ago
Sino-Ocean Group Holding Ltd. received a temporary pause in its liquidation hearing in Hong Kong as it seeks to bolster creditor support for its debt restructuring plan. A Hong Kong court has adjourned the case until September 23, allowing Sino-Ocean time to demonstrate progress amid rising tensions with a group of bondholders. The company, facing significant debt and a challenging real estate market, aims to restructure $5.6 billion into $2.2 billion of new debt, while navigating complex negotiations with its creditors.
Source: YAHOO
Reported 29 days ago
Mainland Chinese investors have turned their attention to Alibaba Group as its Hong Kong-listed stock became accessible to them through the Stock Connect program, culminating in an impressive HK$8.5 billion ($1.1 billion) in shares purchased on the first day. Following this surge, Alibaba shares rose 4.2% in Hong Kong, and analysts predict that inflows could reach $20 billion, giving mainland investors approximately a 10% stake in the company.
Source: YAHOO
Reported 29 days ago
Despite urging over 200 cities to purchase unsold homes to address a housing crisis, only 29 have acted on the plan due to unfavorable economic conditions and concerns over local finances. As housing prices are projected to drop significantly, local governments face the dilemma of rising costs against potential returns, causing delays and skepticism about the feasibility of the initiative. The slow progress may necessitate more aggressive measures from the government as the country deals with an alarming surplus of housing inventory.
Source: YAHOO
Reported 29 days ago
Zhongzhi Enterprise Group, a prominent player in China's shadow banking sector, declared insolvency last year after it was found to have engaged in aggressive and potentially illegal sales practices. The company's strategy involved using funds from new investors to pay returns to existing investors, all while hiding its financial troubles amidst a deepening property crisis. Experts noted that such actions likely violated regulatory guidelines, and the fallout has resulted in significant financial losses for its investors.
Source: YAHOO
Reported 29 days ago
In a highly anticipated showdown, former President Donald Trump and Vice President Kamala Harris faced off in their first presidential debate at the National Constitution Center in Philadelphia. The candidates exchanged heated arguments on key issues including abortion, immigration, and the economy, while moderators fact-checked their claims live. Trump declared the debate a personal victory, calling it his best ever, while Harris emphasized her vision for a progressive future. Following the debate, Taylor Swift endorsed Harris, adding to the event's media buzz as both candidates called for a second debate.
Source: YAHOO
Reported 29 days ago
Japan's online securities firms are rapidly increasing their share of the investment trust market, surpassing 20% for the first time, thanks to the popularity of tax-free investment accounts like NISA. Traditional banks and brokerages, which once dominated the market, have seen their market shares diminish as younger investors shift to trading via smartphones and laptops. The net asset value of publicly offered trusts reached a record high amid a growing trend towards long-term investments.
Source: YAHOO
Reported 29 days ago
Vice President Kamala Harris argues that former President Donald Trump's policies left the U.S. with the worst unemployment rate since the Great Depression during their recent debate.
Source: YAHOO
Reported 29 days ago
Oil prices rebounded after concerns over Tropical Storm Francine potentially disrupting supply outweighed demand worries. Brent crude rose to $69.58 a barrel while U.S. crude increased to $66.19, despite both benchmarks suffering significant declines earlier. The storm has already led to a suspension of some production facilities, impacting 24% of crude and 26% of natural gas output in the Gulf of Mexico. Meanwhile, OPEC downgraded its global demand forecasts, adding to market apprehension about future demand.
Source: YAHOO
Reported 29 days ago
Japanese trading firm Mitsui & Co. has announced it will double its share buyback plan to 400 billion yen (approximately $2.8 billion) in an effort to enhance shareholder returns and improve capital efficiency. The buyback period has been extended to February 28, 2025, from the original September 20, 2024. Following the announcement, Mitsui's shares rallied, gaining up to 4.7%.
Source: YAHOO
Reported 29 days ago
At a recent investor conference, JP Morgan Chase's Daniel Pinto warned that the bank's net interest income for 2025 could be lower than expected due to anticipated rate cuts, leading to a significant drop in JP Morgan's stock and affecting the Dow Jones Industrial Average.
Source: YAHOO
Reported 29 days ago
In a pivotal first debate on September 10, 2024, former President Trump and Vice President Harris clashed on major issues like abortion, immigration, and the economy at the National Constitution Center in Philadelphia. Despite interruptions during their exchange, both candidates made their cases, with Harris advocating for a forward-looking agenda while Trump criticized Harris's record as vice president. The debate ended with calls for a second round from Harris's team, amid reactions from notable endorsers like Taylor Swift.
Source: YAHOO
Reported 29 days ago
Asian markets experienced volatility following the U.S. presidential debate between Kamala Harris and Donald Trump, leading to a slip in U.S. stock futures and a decline in the dollar. Investors are cautious as they await U.S. inflation data that could impact Federal Reserve decisions, with markets currently predicting a 66% chance of a 25 basis point rate cut. Oil prices remain near a three-year low due to revised demand forecasts from OPEC+.
Source: YAHOO
Reported 29 days ago
The yen is close to a five-week high as traders anticipate a key inflation report that may influence US monetary policy. As the first debate between presidential candidates Kamala Harris and Donald Trump approaches, market participants are cautious, aware that a Trump victory could strengthen the dollar. Current market sentiment is mixed, with expectations of a possible interest rate cut by the Federal Reserve next week amidst fluctuating inflation data.
Source: YAHOO
Reported 29 days ago
European firms have expressed significant doubt regarding the Chinese government's strategy to revive its struggling economy, according to a recent report from the European Union Chamber of Commerce in China. The businesses are concerned that the promised reforms remain unfulfilled and that challenges in the Chinese market are outweighing potential returns, leading to a notable decrease in investment. With decreased profit margins and increased competition from subsidized local firms, many companies are reconsidering their commitment to investing in China.
Source: YAHOO
Reported 29 days ago
Asian markets fell on Wednesday due to concerns about economic growth as traders monitored the US presidential debate and upcoming inflation reports. The yen strengthened following comments from a Bank of Japan board member regarding potential interest rate hikes. Declines were particularly noticeable in Japan and Hong Kong, with investors anxious about the impact of US policy debates on global trade and exports.
Source: YAHOO
Reported 29 days ago
Boeing's Chief Operating Officer asserted that the company negotiated in good faith with the International Association of Machinists and Aerospace Workers for a new labor contract. The proposed deal includes a 25% wage increase, but many workers are dissatisfied, seeking a higher 40% raise and the reinstatement of a previous pension plan. The outcome of a union vote could lead to a strike, impacting the new CEO's objectives for safety and production.
Source: YAHOO
Reported 29 days ago
Tyrese Haspil, a personal assistant who murdered and dismembered his boss, Fahim Saleh, has been sentenced to 40 years to life in prison. Haspil, who was convicted of murder and grand larceny, had stolen approximately $400,000 from Saleh before killing him out of fear of being discovered. The crime occurred in July 2020, and Haspil was arrested days later after a family member found Saleh's dismembered body.
Source: YAHOO
Reported 29 days ago
Britain's leading real estate portal, Rightmove, has turned down a £5.6 billion ($7.32 billion) takeover offer from Australia's REA Group, stating that the bid undervalues its future prospects. The board of Rightmove unanimously deemed the proposal opportunistic, while shares of REA, which is largely owned by Rupert Murdoch's News Corp, fell by 2.5%.
Source: YAHOO
Reported 29 days ago
REA Group, led by Rupert Murdoch, offered £5.6 billion ($7.3 billion) to acquire Rightmove, the UK's largest property portal; however, this proposal was swiftly rejected. The deal included a cash-and-stock option, providing a 27% premium on Rightmove's share price before the proposal was made public. Instantly after the news, Rightmove's shares responded negatively, while REA must decide by September 30 on its next steps regarding the offer.
Source: YAHOO