World

Asia shares pare losses as China GDP pips forecasts
9Feb By Desk TeamNo Comments
Asia, China, Market, World

Asia shares pare losses as China GDP pips forecasts

Asian share markets retreated from highs on Monday as disappointing news on U.S. consumer spending tempered risk sentiment ahead of a closely-watched reading on the health of the Chinese economy. SYDNEY: Asian share markets pared early losses on Monday as data confirmed China's economy had bounced back last quarter as factory output jumped, helping offset recent disappointing news on U.S. consumer spending. Chinese blue chips edged up 0.4per cent after the economy was reported to have grown 6.5per cent in the fourth quarter, on a year earlier, topping forecasts of 6.1per cent. Industrial production for December also beat estimates, though retail sales missed the mark. MSCI's broadest index of Asia-Pacific shares outside Japan trimmed losses and were off 0.2per cent, having hit a st...
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Market is at ‘speculative peak’ as Reddit traders fuel GameStop, money manager says
9Feb By Desk TeamNo Comments
Market, World

Market is at ‘speculative peak’ as Reddit traders fuel GameStop, money manager says

Speculation in the stock market is soaring. Retail investors have been piling into equities at a rapid rate in the new year, building on 2020's rush and squeezing short sellers in stocks such as GameStop, up a staggering 685% for the month as of Tuesday's closing bell. The GameStop frenzy even caught the attention of billionaires CEOs Chamath Palihapitiya and Elon Musk. Both referenced the action Tuesday on Twitter, with Palihapitiya saying he made an options bet on the stock and Musk sharing a link to r/wallstreetbets, a Reddit page popular with traders. Also Tuesday, the hedge fund Melvin Capital closed out its short position after taking a huge loss, the manager of the fund told CNBC's Andrew Ross Sorkin. Shares of other popular names including Apple have also been seesawing this we...
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‘Let’s each manage our own business’: Top Chinese diplomat on US’ remarks on human rights abuses
7Feb mmBy Mike TrudellNo Comments
China, World

‘Let’s each manage our own business’: Top Chinese diplomat on US’ remarks on human rights abuses

In a sharp response to US Secretary of State Antony Blinken calling out Beijing for its gross human rights violations in Xinjiang and Hong Kong, the top foreign policy aide to Chinese leader Xi Jinping, Yang Jiechi has said “let’s each manage our own business.”Yang told Blinken during their Friday call that the US should “correct recent mistakes, and work with China to promote the healthy and stable development of China-US relations by upholding the spirit of non-conflict, non-confrontation, mutual respect and win-win cooperation,” according to a statement released by the Chinese Foreign Ministry.Yang said that both sides should respect the other’s core interests, as well as political systems and developmental paths of their own choosing, according to the statement.“Each side should focus ...
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Quad countries working to arrange first meeting amid China’s growing influence
7Feb mmBy Mike TrudellNo Comments
Asia, China, World

Quad countries working to arrange first meeting amid China’s growing influence

Amid China’s growing influence, members of the Quad countries - the US, India, Japan and Australia - are working to arrange the first meeting of their leaders, according to media reports.This comes as the US President Joe Biden’s new administration has expressed its eagerness to build on renewed attention to the grouping of the four major Indo-Pacific democracies. National security adviser Jake Sullivan even called it “a foundation upon which to build substantial American policy in the Indo-Pacific”.According to a source, the US has already proposed to other countries the idea of holding an online meeting of the Quad leaders.During the envisioned meeting, the Quad members are expected to discuss cooperation for the realisation of a “Free and Open Indo-Pacific” amid concerns over China’s ma...
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Shares rally, retail surge drives silver to 8-year high
6Feb By Desk TeamNo Comments
Asia, Market, World

Shares rally, retail surge drives silver to 8-year high

LONDON: Global shares bounced and silver markets surged on Monday (Feb 1) as retail investors expanded their social media-fuelled battle with Wall Street to drive the precious metal to an eight-year high. Stock markets were roiled last week after a spike in retail demand to buy the stocks most bet against by hedge funds drove huge gains in companies such as GameStop, and prompted fresh concern that COVID-19 monetary and fiscal support measures were fuelling a market bubble. With chatrooms abuzz with talk that silver was the new target, silver-exposed stocks, funds and coins jumped, helping push spot silver up more than 11 per cent, before gains were trimmed and it last traded up around 9 per cent. The bullish spirit helped London-listed miners post strong gains, including one of mor...
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Thailand reports 819 new COVID-19 cases, 1 additional death
6Feb By Desk TeamNo Comments
Asia, World

Thailand reports 819 new COVID-19 cases, 1 additional death

BANGKOK: Thailand on Wednesday (Jan 27) reported 819 new COVID-19 cases, taking its total infections to 15,465. One additional death was reported, bringing total fatalities to 76. More than 700 of the new infections were in Samut Sakhon province, the epicentre of the most recent outbreak, the Thailand COVID-19 task force said at a briefing. On Tuesday, Thailand's health minister called for understanding and sought to explain the country's coronavirus vaccine procurement plan, following criticism that the government has lacked transparency and been too slow in securing supplies. The strategy came under scrutiny last week when banned opposition politician Thanathorn Juangroongruangkit said the government had been too reliant on a company owned by King Maha Vajiralongkorn to produce va...
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SAP sees flat 2021 revenue after fourth-quarter beat
5Feb By Desk TeamNo Comments
Market, World

SAP sees flat 2021 revenue after fourth-quarter beat

Business software group SAP forecast flat revenue and a decline in operating profit in 2021, as it released preliminary annual results that came at the high end of guidance slashed last autumn. BERLIN: Business software group SAP forecast flat revenue and a decline in operating profit in 2021 after reporting fourth-quarter results that beat market expectations, sending its shares up in early trading on Friday. Giving an early view of 2020 results and setting 2021 guidance, SAP said adjusted revenue, at constant currency, would be unchanged to up 2per cent this year, while adjusted operating profit was seen falling by 1per cent-6per cent. "This update should trigger a modest relief rally," said Citi analyst Amit Harchandani, adding, however, that the overall level of near-term uncert...
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Japan eyes use of robots to boost COVID-19 testing as Olympics loom
5Feb By Desk TeamNo Comments
World

Japan eyes use of robots to boost COVID-19 testing as Olympics loom

TOKYO: Japan's health minister watched a demonstration on Tuesday of a prototype automated COVID-19 testing machine that uses a robotic arm to take a sample from a person's nose and can deliver the results in about 80 minutes. The robot system, built by Kawasaki Heavy Industries Inc, fits in a standard shipping container that can be transported by truck and set up at stadiums, theme parks and other mass gatherings, the company said. "Looking at the global trend, we need to increase the number of people receiving tests, and the demand for preventive testing is rising," Health Minister Norihisa Tamura told reporters at the demonstration. Prime Minister Yoshihide Suga's administration has attracted criticism for Japan's paucity of testing. His government is under pressure to show it ha...
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Taiwan accuses China of ‘bullying’ after Guyana calls off agreement
5Feb mmBy Mike TrudellNo Comments
China, World

Taiwan accuses China of ‘bullying’ after Guyana calls off agreement

Taipei has lashed out at China for “bullying” and “suppression” after Guyana terminated an agreement with Taiwan to set up a representative office in the South American country.Taiwan’s remarks come after the Guyanese Foreign Ministry issued a statement announcing the termination of the agreement soon after China called the accord a “mistake”.On Thursday, Chinese Foreign Ministry spokesperson Wang Wenbin responded to the “agreement,” urging Guyana to “earnestly take steps to correct their mistake.”There is only one China in the world and Taiwan is an inalienable part of China, said Wang.“We hope the relevant party will abide by the one-China principle, refrain from any form of official exchanges and establishment of official institutions with Taiwan, take concrete actions to correct the er...
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India a major player in the Indian Ocean Region: Madagascar Defence Minister
5Feb mmBy Mike TrudellNo Comments
Asia, World

India a major player in the Indian Ocean Region: Madagascar Defence Minister

India is a major player in the Indian Ocean Region (IOR) and the neighbouring countries rely on India to play its part in ensuring peace and prosperity in that region, said Madagascar Minister of Defence, General Richard Rakotonirina on Thursday.He was speaking at the IOR Defence Minister’s Conclave on the sidelines of Aero India 2021, Asia’s largest Aero show held at Bengaluru.At the Conclave, Indian Defence Minister Rajnath Singh said that India was ready to supply various types of missile systems, Light Combat Aircraft (LCA) and other weapons systems including missiles, helicopters, tanks and artillery guns to friendly foreign countries in the IOR.He also pointed out that India’s approach and vision to tackle the global challenge in IOR is highlighted by Prime Minister Narendra Modi’s d...
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