China's Nanjing Iron & Steel Co Ltd said on Wednesday it has completed its first blockchain-backed trade in iron ore after booking a $16.87 million shipment of the steelmaking ingredient from a joint venture of miner Rio Tinto. Blockchain, a digital ledger that forms the backbone of many cryptocurrencies such as bitcoin, helps to boost efficiency and transparency. For the past several years, commodities groups have been seeking to save time and money by using blockchain to digitalise a sector that still relies heavily on paperwork, but have come up against obstacles.
The European Commission wants Italy to present a detailed economic plan to accompany the EU's planned Recovery Fund by October, EU Economy Commissioner Paolo Gentiloni told the La Stampa daily newspaper on Wednesday. "It will have to include specific proposals on investment and reforms, with very clear timetabled stages and it must include priorities shared at EU level, such as the Green deal and digital transition," Gentiloni told the newspaper. The comments come ahead of an EU summit next week to discuss the 27 member-bloc's overall budget as well as a multi billion euro Recovery Fund proposed by the Commission.
The dollar held onto gains on Wednesday as a resurgence of the coronavirus in the United States and the return of lockdowns in some countries boosted safe-haven demand for the U.S. currency. Risk sentiment was also undermined after Federal Reserve officials expressed concern that rising coronavirus cases could harm economic growth just as stimulus measures start to expire. Other Asian currencies straddled narrow ranges as a resurgence of coronavirus cases threatened a return of lockdown restrictions, leaving investors fretting about the mounting economic costs of the pandemic.
Orders for infrastructure materials and equipment have helped industrial output recover faster in China than most places emerging from COVID-19 lockdowns, but further expansion will be hard to attain without stronger broad-based demand and exports. Prices of copper <SCFcv1> and steel <SRBcv1> have surged and share prices for Chinese blue chips struck five-year highs, as state-funded infrastructure projects drove up production of cement, steel and non-ferrous metals. China's factory-gate prices, still in deflation territory this year, may have turned positive on a monthly basis in June, said Yating Xu, senior economist at IHS Markit, in a sign of recovering demand for manufactured goods.
The French economy is set to rebound sharply in the second half of the year after an unprecedented slump in the first half due to a lockdown to contain the coronavirus, the INSEE stats agency said on Wednesday. The euro zone's second-biggest economy likely contracted 17% in the second quarter from the previous three months, unchanged from a June forecast and already on the heels of a 5.3% slump in the first quarter, INSEE said. The economy was set to rebound 19% in the third quarter and a further 3% in the fourth quarter, leaving the economy down about 9% over the full year, INSEE estimated.
Malaysia's Sime Darby Plantation <SIPL.KL> on Wednesday said it will look into "serious allegations" of forced and child labour conditions in its estates after an activist group petitioned the U.S. Customs to ban imports of its palm oil. The world's largest palm oil company by landsize is the latest Malaysian palm giant to be hit with calls for an import ban following two similar petitions against FGV Holdings <FGVH.KL> in August last year. Sime Darby is seen as a leader in sustainably-produced palm oil.
Australian banks will extend the loan repayment deferral period to 10 months from six for borrowers struggling to service their debts due to the coronavirus, the main banking body said. The Australian Prudential Regulator Authority (APRA) in a separate statement on Wednesday said banks would be allowed to disregard the repayment moratoriums as a period of arrears in their capital adequacy and regulatory reporting processes. "This next phase of bank support will avoid a 'cliff' for customers in September and give them the breathing space they need to work with their bank and get back on their feet financially," the Australian Banking Association Chief Executive Anna Bligh said.
No change to text.) * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Indonesia's banking stocks drive gains on $40 bln bond scheme * Markets stuck in 'consolidative ranges' - Maybank By Nikhil Nainan July 8 (Reuters) - Indonesia bucked Asia's second day of stock losses on Wednesday on hopes extra funds pumped into the economy from the government and central bank would strengthen the financial sector and the coronavirus-hit economy. Elsewhere, rising global infections and an increasingly cautious outlook over U.S. growth hit investor appetite for risk, keeping currencies flat and pushing stock markets in the Philippines and South Korea on the retreat. Central banks across Asia have been acting aggressively to ease the pain for their economies, with Malaysia the latest to cut rates on Tuesday.
Credit Suisse <CSGN.S> wants to raise its China securities joint venture stake to 100% and increase its market share after getting the regulatory green light to take a majority holding, the head of its Asia business said. Switzerland's second-largest bank is also looking to hire more staff and invest in China, the world's second-biggest economy, as its most significant business opportunity in the world, its APAC boss Helman Sitohang told Reuters. China has gained in relevance for Credit Suisse and other international banks after Beijing fast-tracked the opening of its financial markets to foreigner investors.
Oil companies are being forced to cut spending due to a fall in global oil prices, threatening funds earmarked to dismantle dated off-shore rigs, despite environmental risks. A drastic drop in revenue caused by the coronavirus outbreak has seen majors such as Total, Royal Dutch Shell and BP having to cut or defer expenditure by billions of dollars. Decommissioning platforms is not "one of their top priorities", according to Sonya Boodoo, an analyst at Rystad Energy.
In an unqualified audit opinion on the airline's earnings results for 2019 issued late on Tuesday, Ernst & Young PLT said the financial statements were prepared on a going concern basis - which is dependent upon a recovery from the COVID-19 pandemic and the success of fundraising efforts. AirAsia on Monday posted a 803.3 million ringgit ($188 million) loss for the three months ending March 31, its biggest first-quarter loss since its listing in November 2004. AirAsia representatives did not immediately respond to a request for comment.
White House aides are considering undermining the Hong Kong dollar's peg to the greenback as part of efforts to punish China over its new security law in the city, a report said Wednesday. Bloomberg News said the idea from some officials to put a strain on the 37-year-old peg -- possibly by limiting local banks' access to US dollars -- was one of a number of measures flagged as Washington looks at ways to respond to the controversial law. Other measures being discussed included cancelling a US-Hong Kong extradition treaty and no longer cooperating with the city's police force, Bloomberg said.
Indian shares struggled to find firm ground on Wednesday after a five-session rally as coronavirus infections continued to surge, with losses in IT stocks offsetting gains in metals and private-sector lender IndusInd Bank Ltd. India, the third most affected country by the virus, reported 22,752 new infections as of Wednesday morning, taking the total to 742,417 including 20,642 deaths, health ministry data showed. The NSE Nifty 50 index was down 0.09% at 10,790.03 by 0457 GMT, while the benchmark S&P BSE Sensex slipped 0.11% to 36,635.24, snapping five sessions of gains.
The killing of jihadism expert Hisham al-Hashemi has stirred fears Iraq is entering a dark and violent phase, as boiling tensions between pro-Iran factions and the government reach new heights. Hashemi, 47, was gunned down outside his home in east Baghdad late Monday by masked assailants on motorcycles. "Armed forces of various affiliations have killed protesters and others willing to publicly criticise the government and armed forces with impunity," said Belkis Wille of Human Rights Watch.
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Adrien Rabiot and Cristiano Ronaldo had given Juventus the lead but Milan struck three times in five second-half minutes to stun the league leaders, who dropped their first points since the season restarted last month after the COVID-19 stoppage. Zlatan Ibrahimovic scored a penalty in the 62nd minute and Franck Kessie equalised four minutes later before Rafael Leao put them ahead one minute after that.
Indonesia's retail sales tumbled 20.6% in May on the year for their biggest fall since October 2008, and accelerating from the previous month's contraction, a central bank survey showed on Wednesday. There were steeper falls in purchases of clothes and recreational spending in May than the previous month, the survey showed. Retail sales fell 16.9% on an annual basis in April.
In an announcement posted by the Western District of Washington’s US Attorney’s Office, authorities have identified fxmsp as a 37-year-old Kazakhstan citizen named Andrey Turchin.
Asian markets stuttered again Wednesday following the previous day's sharp drop, with optimism about the reopening of economies clouded by concerns about fresh spikes in infections around the world. A string of positive indicators from China to the US in recent weeks -- as well hopes for a vaccine and the easing of lockdowns around the world -- has added fuel to a global rally that has lifted equities out of the March depths. Adding to the unease are ongoing tensions between China, the US and several other nations over Beijing's imposition of a security law in Hong Kong.
Expands ASEAN Ecosystem, Recruits Strategic Partners SINGAPORE - Media OutReach \- 8 July 2020 - Infor, a global leader in business cloud software specialized by industry, today shared its Asia Pacific (APAC) partner momentum in the region in FY20 with the strategic addition of 35 new channel and alliance partners across the region. These partners are specially recruited according to their focused industry-specific expertise and solution areas mapped and aligned to Infor's go-to-market strategy. Of these, nearly 35% of new partners are located in Southeast Asia, including 3MWorks Corp., novaHEALTH, Phitomas, and KMS Solutions who will bolster Infor's go-to-market presence in Singapore, Malaysia, Vietnam, Indonesia and the Philippines. With these appointments, the Infor partner network expands to over 200 across the APAC market, including: * 3MWorks Corp an addition to the Philippines network, is a consultant on Infor Warehouse Management Systems (WMS) * novaHEALTH is an expert in healthcare focusing on Infor Cloverleaf, Infor Workforce Management and Infor SunSystems solutions with operations in Singapore, Malaysia and the Philippines * Phitomas is the leading Malaysian enterprise software solutions provider across industries, that recently signed on Upeca Aerospace and will help their customers realize the benefits of Infor CloudSuite Industrial. * KMS Solutions, is a strategic Infor partner focused on helping clients modernize two key areas - Financial & Accounting Management and Warehouse Management. * Zyllem is a strategic Infor technology partner focused on helping clients to seamlessly integrate their supply chain, providing total end-to-end visibility and control. The recent additions to its partner network has contributed to the adoption of Infor CloudSuite Industrial by Indonesia customer Ismaya Group, a leader in building lifestyle brands in hospitality and lifestyle industry. "At Infor we are committed to continued innovation and providing deep verticals-based functionality of applications in the cloud. APAC is our fastest-growing region globally and we are witnessing an increasing appetite for industry-specific SaaS solutions in Southeast Asia," said Fabio Tiviti, Vice President of Infor ASEAN. "The growing momentum of our partner network brings us closer to our customers and we are confident that we will remain the trusted partner of choice in this region." Partner Quotes"The Infor -- KMS partnership is a powerful combination. Infor's world-class, industry-specific solution suite and understanding of complex digital processes, combined with KMS' leading management consulting services for next-generation services will support our clients through successful transformations," said Duy Le, General Director, KMS Solutions. "It is a sheer delight to team up with Infor. We believe the breadth and depth of Infor's innovative solutions portfolio is exactly what our customer base in Vietnam is looking for." "As a global robotics technology leader specializing in smart logistics solutions, it is extremely important to Geek+ that we can offer our customers a comprehensive Warehouse Management System with a broad industry support to meet their business demands. Together with Infor, we will build a deep product integration between Infor Warehouse Management System and Geek+ Robot Management System. In the end, we will take what otherwise to be a custom solution to become a standardized product supported by both companies. Combining the strength of Infor and Geek+, we will provide the best-of-breed yet integrated solution to our customers. It allows users to implement robotics automation and artificial intelligence solutions with remarkable ease. We are thrilled by the new potential value that Infor and Geek+ can together bring to our customers," said Mo Shen, Vice President -- Platform Engineering of Geek+. Zyllem's CEO Noam Berda said, "With the fast-changing distribution and commerce industry, more and more enterprises are doing the inevitable--digitizing their distribution networks. Zyllem's partnership with Infor brings a truly promising solution for enterprises to not only keep pace, but be one step ahead of these changes. Together, we are bringing a fully-integrated solution beyond warehouse management, encompassing end-to-end supply chain management at a lower TCO and faster." novaHEALTH's CEO Lai Teik Kin said, "We were on the lookout for robust business solutions to match pace with the dynamics in the healthcare sector. With next-generation solutions such as Infor Cloverleaf and Infor SunSystems, Infor became a natural choice. We endeavor to bring greater value to our clients and to enhance our current portfolio by partnering with Infor." "Infor has a strong suite of solution and proven capabilities that are aligned to our customers' needs. With this partnership, we hope to achieve accelerated business growth in the market," said Gemma Garcia, President, 3MWorks Corp. Media Contact:Phyllis TanInfor Asia Pacific+65 email@example.com About InforInfor is a global leader in business cloud software specialized by industry. With 17,300 employees and over 68,000 customers in more than 170 countries, Infor software is designed for progress. To learn more, please visit www.infor.com. Infor customers include: * The top 20 aerospace companies * 9 of the top 10 high tech companies * 14 of the 25 largest U.S. healthcare delivery networks * 19 of the 20 largest U.S. cities * 18 of the top 20 automotive suppliers * 14 of the top 20 industrial distributors * 13 of the top 20 global retailers * 4 of the top 5 brewers * 17 of the top 20 global banks * 9 of the 10 largest global hotel brands * 7 of the top 10 global luxury brands
Philippine President Rodrigo Duterte said he will “have to be very circumspect in reopening the economy” given the recent spike in coronavirus cases.
Spot gold was little changed at $1,794.04 per ounce by 0459 GMT, after hitting its highest since November 2011 at $1,796.93 on Tuesday, just a few dollars away from the key level of $1,800. U.S. gold futures eased 0.2% to $1,806.90. "The main focus continues to be on the U.S.," said Stephen Innes, chief market strategist at financial services firm AxiCorp.
National General's shareholders will receive $32 per share in cash and closing dividends of $2.50 per share for each share held. This would imply a total deal value of $3.92 billion and a premium of about 69% to National General's Tuesday close, Reuters calculations showed. Allstate, one of the largest U.S. auto insurers, said the deal is expected to close in early 2021 and will add to its adjusted earnings per share and return-on-equity beginning the first year.
Britain's National Gallery reopens on Wednesday, with masks recommended and social distancing and advance booking mandatory, as the country continues to emerge from three months of coronavirus lockdown. The central London venue is the first major art museum in the British capital to open its doors after closing in late March along with the rest of the hospitality, tourism and cultural sectors. Gallery director Gabriele Finaldi told reporters he hoped initially for around a quarter of the usual number of visitors -- or 3,000 to 4,000 people per day.