TAIPEI—China’s restrictive practices present fundamental problems for its application to join a major pan-Pacific free trade pact, and if it joins before Taiwan there is a risk it could block their application, the island’s economy minister said. Taiwan and China both applied last month to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),…
Taiwan Questions China’s Suitability for Pacific Trade Pact, Fears ‘Obstruction’
October 2, 2021
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Asia & PacificAsia-Pacific trade pactBusiness & EconomyChinaChina Business & EconomyEconomiesInternationalInternational RelationsPacific trade pactTaiwanWorld
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Gramercy Says It Added Evergrande Exposure as Bond Prices Crater
October 2, 2021
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Business & EconomyChinaChina Business & EconomyChina Evergrande GroupCompaniesEconomiesGramercyMarkets
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NEW YORK—Gramercy said on Thursday it “added a small position” in China Evergrande Group bonds as prices have fallen to where there is a “compelling risk/reward.” The emerging markets specialist investment manager said the decision was made given bond prices dropping to the 30 cents on the dollar area and Evergrande’s “substantial non-core assets ……
Irish Manufacturing Growth Slips to 6-Month Low: PMI
DUBLIN—Growth in Irish factory activity slipped to a six-month low in September but remained close to all-time highs with the sector showing signs of inflationary pressures, a survey showed on Friday. The AIB IHS Markit manufacturing Purchasing Managers’ Index (PMI) slipped to 60.3 in September from 62.8 in August and down from May’s record reading…
Japan’s August Household Spending Seen Falling on Pandemic Hit: Reuters Poll
TOKYO—Japan’s household spending likely slipped back into contraction in August, when the government expanded emergency curbs to contain the coronavirus, a Reuters poll showed on Friday. The government this week ended a state of emergency it had imposed to combat the pandemic, as the number of new cases and deaths has come down rapidly in…
Canada Factory Activity Sees Strong Growth Despite Supply Shocks
TORONTO—Canadian manufacturing activity grew in September at a pace that was little changed from the prior month’s robust level, while global supply shocks helped to lift measures of inflation to record highs, data showed on Friday. The IHS Markit Canada Manufacturing Purchasing Managers’ Index (PMI) dipped to a seasonally adjusted 57.0 in September from 57.2…
Japan’s Business Mood Improves on Solid Demand, Hopes of Post-COVID Recovery
TOKYO—Japan’s business mood improved for a fifth straight quarter in September with manufacturers perking up on robust global demand, a central bank survey showed on Friday, boding well for the next administration’s bid to pull the economy out of the doldrums. Steady progress in vaccinations and hopes of a reopening in economic activity also helped…
Los Angeles Cargo Ship Backlog Peaks, Supply Chain Issues to Last for Months
October 1, 2021
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Business & EconomycongestionEconomiesLocal NewsPort of Los AngelesRegional-Local NewsSouthern CaliforniaUS
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While the ports of Los Angeles and Long Beach saw record amounts of cargo volume and a record number of container ships waiting to unload in September, the worst of the backlog may be over. However, the effects on the global supply chain is expected to remain for months. On Sept. 30, 90 container ships were…
US Slightly Revises up Its GDP Estimate for Q2 to 6.7 Percent
WASHINGTON—The U.S. economy expanded at a 6.7 percent annual pace from April through June, the Commerce Department said Thursday, slightly upgrading its estimate of last quarter’s growth in the face of a resurgence of COVID-19 in the form of the delta variant. The government’s estimate of growth in the second quarter—its last of three—was up…
SEC Charges Ex-goldman Compliance Analyst With Insider Trading
October 1, 2021
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Business & EconomyCompaniesCrime and IncidentsEconomieseconomyEuropeGoldman SachsInsider TradingSecurities and Exchange CommissionUSUS NewsWorld
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NEW YORK—A U.S. regulator on Wednesday charged a former Goldman Sachs Group Inc. senior compliance analyst with insider trading, saying he made illegal trades involving banking clients while working in Warsaw, Poland. The U.S. Securities and Exchange Commission (SEC) said Jose Luis Casero Sanchez, 35, of Spain, learned material non-public information about his employer’s clients…
Boohoo’s Margins Dented by Higher Freight and Labour Costs
LONDON—British online fashion retailer Boohoo warned on Thursday that full year profit margins will be lower than its previous guidance due to a rise in freight costs in its supply chain and higher wages for its distribution centre workers. Shares in the group dropped 11 percent, extending year-on-year losses to 37 percent after it said…
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