59 minutes ago
Inflation in China is expected to come in in April at 0.3%, the lowest level since February 2021
China’s inflation rate for April is expected to fall further to 0.3%, according to a Reuters poll of 37 economists. The country will release its consumer price index on Thursday.
If the forecasts prove correct, it would be the third consecutive month of decline in the inflation rate, and the lowest reading since February 2021, when inflation was at -0.2%.
China’s inflation rate was 0.7% in March after declining from a peak of 2.1% in January.
– Lim Hwi Ji
3 hours ago
The minister said South Korea is “pursuing a variety of policy measures” to boost the venture capital sector
South Korea’s Ministry of Small and Medium Enterprises and Startups is pushing some measures to lift the flagging venture capital sector in the country.
In an exclusive interview with CNBC, Lee Young, South Korea’s minister for small and medium enterprises and startups, said the measures include an injection of 1 trillion won ($748.43 million) into a government-owned fund, which he estimates will create 2 trillion won in venture capital investments. . .
The ministry’s data showed that venture capital investment in South Korea decreased by 60.3% during the first quarter compared to last year. The ministry attributed the decline to factors such as a slowing economy and high interest rates, which led to a higher cost of capital.
“Second, we will provide comprehensive fund-raising support for innovative startups. We provide a lot of incentive programs for private capital to actively move through this difficult situation,” Li told CNBC’s Cherry Kang.
“Finally, we have constantly tried to establish a global joint fund. For example, President Yoon visited New York last year to discuss the establishment of a joint fund. Now we are talking with the government of Saudi Arabia. I am sure we will announce this soon,” he told me.
Saudi Arabia is making a series of investments in South Korean companies such as cocoa and petrochemical companies.
– Sheila Chiang
4 hours ago
The Australian Chamber of Commerce and Industry said Australia should focus on the impending deficit
According to Andrew McKellar, CEO of the Australian Chamber of Commerce and Industry, the Australian government should not rest on its laurels and instead work to improve the structural position of the budget over the medium term.
“If you look at what’s projected right now: In two years, we’re expected to be back to a deficit of $35 billion a year, so that needs to be addressed further,” ACCI CEO McKellar told CNBC in an interview Wednesday.
Late Tuesday, Treasury Secretary Jim Chalmers announced billions of dollars in cost-of-living relief aimed at lowering electricity bills and consumer prices, with another priority being defense and relations with Pacific neighbors as Australia looks to counter China’s growing strategic influence in the region, Reuters reported. .
In various interviews with Australian media on Wednesday morning, Chalmers and Prime Minister Anthony Albanese dismissed concerns that the budget would eventually exacerbate inflation.
Chalmers expects domestic growth to slow to just 1.25% in 2023/24 from 3.25% in the current financial year, due in large part to the RBA’s 375 basis point rate hikes.
“Our assessment is that it’s time to stop,” said ACCI CEO McKellar. “The real test of budget success: will the Reserve Bank see it stay away from inflation. If we see more rate hikes in the coming months, we may see the possibility of pushing monetary and fiscal policy against each other. This is a situation we want to avoid.”
– Clement Tan
5 hours ago
The CEO of Korean Air expects a full recovery by the third quarter
Korean Air CEO Walter Chu expects a full recovery by the third quarter. The airline’s operating profit has doubled compared to 2019, he told CNBC’s “Squawk Box Asia.”
Zhu added that passenger demand is “very strong at the moment” and its passenger traffic capacity has reached 90%.
Korean Air is seeing “very strong” demand from China but, Chu said, is currently only about 30% capacity. Zhu said the company expects to fully open its production capacity by the second half of the third quarter.
Chu said Japan showed strong traffic from the fourth quarter of last year and the first quarter of this year, which the airline expects to continue “throughout this year.”
– Audrey Wan
5 hours ago
Mitsubishi reports record first-quarter profit and announces 300 billion yen share buyback
Japanese conglomerate Mitsubishi recorded a record net profit 1.18 trillion yen ($8.72 billion) for the fiscal year ending in March net profit for the first time crossed the 1 trillion mark.
The figure of 1.18 trillion yen was 25.94% higher than in fiscal 2021, which saw a net profit of 937.5 billion yen. Earnings were led by gains in the natural gas, industrial materials and real estate sectors.
However, the company said net income for the current fiscal year is likely to decline at 920 billion yen due to higher market prices for resources.
Mitsubishi also announced an additional 200 billion yen worth of share buybacks for the 2022 fiscal year, bringing the total share buybacks to 370 billion yen. The company estimates share buybacks of 100 billion yen for the current fiscal year.
Mitsubishi shares rose 4.04 percent on Wednesday and were the top gainers on Topix in terms of index points.
8 hours ago
McConnell joins Democrats in ruling out a US debt default after the White House meeting
President Joe Biden and Democratic leaders, as well as Republican Senate Majority Leader Mitch McConnell, have all pledged that the United States will not default on its debt after a high-stakes meeting at the White House.
“I made it clear during the meeting that default is not an option,” Biden said in a hastily held news conference.
said McConnell, who attended the meeting with Republican House Speaker Kevin McCarthy of California, Democratic Senate Majority Leader Chuck Schumer, and House Minority Leader Hakeem Jeffries, both of New York.
Schumer said McCarthy was the only one present at the meeting who did not rule out default. “We expressly asked Speaker McCarthy if he would take the default off the table, but he refused,” Schumer said.
For his part, McCarthy told reporters that he did not see “any new move” in the negotiating positions. “Everyone in this meeting repeated the positions they had,” he said.
Although little progress has been made, the leaders will meet again on Friday. In the meantime, their aides will meet every day, Biden said.
– Christina Wiki
8 hours ago
Airbnb fell 11% on light guidance
Airbnb shares lost 11% in extended trading after sharing soft guidance for the current quarter.
Despite the after-hours losses, Airbnb reported its first quarter profits It beat analyst estimates on both the top and bottom lines.
Looking ahead, the company warned of tough comparisons in the second quarter. Last year, the company capitalized during this period of pent-up travel demand after the Omicron surge.
For the current period, Airbnb said it expects lower booking growth and average daily rates than last year.
Airbnb is disappointing
– Samantha Sobin, Ashley Cabot
8 hours ago
Twilio, confirmed among stocks that move after hours
Here are some of the names that made the biggest moves after the bell:
Twilio — Shares of Twilio fell nearly 14% after providing a lower-than-expected forecast for the current quarter. The company posted a slight win over revenue.
Rivian Electric Vehicles stock gained more than 5% in the extended trading period. Rivian reported a smaller-than-expected loss and revenue beat Wall Street expectations. The company also reaffirmed the goal of producing electric cars.
Confirmation – Shares of Buy Now Pay Later fell more than 9% despite better-than-expected revenue. Losses in the quarter tripled from a year ago, but were narrower than expected.
– Samantha Sobin
9 hours ago
Stock futures open lower
“Devoted student. Bacon advocate. Beer scholar. Troublemaker. Falls down a lot. Typical coffee enthusiast.”