Huawei controversy opens field for 5G challengers

TOKYO (AFP) – With growing pressure to keep China’s Huawei out of 5G network development, it could be time for firms like Japan’s NEC and South Korea’s Samsung to shine. Washington has pushed allies to bar Huawei, a Chinese telecom giant, from building next-generation 5G mobile networks, claiming its equipment can be used to spy for Beijing. Huawei denies the […]

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TREASURIES-Yields lower as COVID-19 cases surge in major states

(Updates with market activity, analyst comment, new state public health efforts) By Ross Kerber June 26 (Reuters) – U.S. Treasury yields fell on Friday as continuing public health concerns prevailed over a rebound in consumer spending and sent traders into risk-off mode. The benchmark 10-year yield was 3.3 basis points lower at 0.6413%, the lowest since June 1. The Commerce […]

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EMERGING MARKETS-Stocks, currencies up this week, but virus worries persist

June 26 (Reuters) – Emerging market stocks and currencies were set on Friday to end the week with modest gains, as concerns about a surge in coronavirus cases continued to weigh on hopes of a swift economic recovery. The MSCI’s index for emerging markets stocks and its currencies counterpart struggled for direction, but both indexes are currently set to post […]

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Former Wirecard COO Marsalek left Philippines this week, bound for China – minister

MANILA, June 26 (Reuters) – A former board member of collapsed German payments company Wirecard was briefly in the Philippines this week but left the country on Wednesday headed for China, Manila’s justice minister said on Friday. Marsalek, the former chief operating officer under suspicion in Germany over the firm’s accounting saga, arrived in the Philippines on Tuesday and left […]

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UPDATE 1-Proxy advisor Glass Lewis calls on Daimler investors to abstain from vote on boards

(Adds details on recommendation change) FRANKFURT, June 25 (Reuters) – Proxy advisor Glass Lewis on Thursday recommended Daimler shareholders abstain from this year’s vote over the business conduct of the carmaker’s executive and non-executive boards, citing ongoing investigations. Glass Lewis reports show that the advisory firm had previously recommended casting a vote of no confidence on both boards but later […]

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US layoffs stay high as weak demand lingers despite businesses reopening

WASHINGTON (REUTERS) – Weak demand is forcing US employers to lay off workers, keeping new applications for unemployment benefits extraordinarily high, even as businesses have reopened. This is buttressing views that the labour market could take years to recover from the Covid-19 pandemic. Initial claims for state unemployment benefits totalled a seasonally adjusted 1.480 million for the week ended June […]

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No country is an island in the Covid recession

WASHINGTON (BLOOMBERG) – Welcome to the first truly global recession of the modern era. The pandemic disrespects national borders and is contemptuous of differences between regions and levels of economic development. Unlike in the global financial crisis and the trough that followed the 2001 terrorist attacks in the US, all regions are suffering contractions. Asia’s policymakers need to remember that […]

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UPDATE 1-Brazil posts current account surplus for 3rd month in a row

(Adds detail) By Jamie McGeever BRASILIA, June 24 (Reuters) – Brazil posted a current account surplus for the third month in a row in May, the central bank said on Wednesday, while foreign direct investment rebounded slightly and the outflow from stocks and bonds slowed further from the record sell-off in March. This is the first time since 2007 that […]

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EMERGING MARKETS-Stocks touch 16-week highs on bets of economic recovery

* Investors remain stubbornly upbeat about growth * MSCI’s EM stocks index touches highest level since March * South African rand pressured ahead of budget speech * Russian stock markets closed on Wednesday By Shreyashi Sanyal June 24 (Reuters) – Stocks in the developing world touched a 16-week high on Wednesday, extending gains from the previous session as investors remained […]

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US development agency could loan billions for reshoring key supply chains, official says

WASHINGTON (REUTERS) – US government financing for projects to return critical supply chains to the United States as part of coronavirus response efforts could reach tens of billions of dollars and clients may include a US$12-billion (S$16.7 billion) Taiwanese semiconductor plant, the head of the agency managing the funds told Reuters. The US International Development Finance Corp (DFC) is talking […]

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