Connect with us

Economic

Taiwan offers China help again to deal with coronavirus outbreak – Reuters

Avatar

Published

on

2/2

© Reuters. A worker wearing personal protective equipment (PPE) walks past people waiting outside a funeral home, as the coronavirus disease (COVID-19) outbreak continues, in Shanghai, China January 5, 2023. REUTERS/Staff

2/2

TAIPEI (Reuters) – Taiwan’s state media reported late Thursday that Taiwan has once again offered assistance to China to help it deal with a surge in COVID-19 cases, but Chinese authorities have yet to respond.

China scrapped its strict coronavirus controls last month after protests against it, abandoning a policy that had protected its 1.4 billion people from the virus for three years.

Victor Wang, head of Taiwan’s Central Command Center for Epidemic Control, told the official Central News Agency that he sent an email to Chinese authorities this week asking how Taiwan could help China’s surge in cases.

The rise in cases in China has raised concerns from the World Health Organization that Beijing is underreporting deaths from the virus.

Advertisement

Wang said Taiwan also sent an email to China in early December to “remind” authorities there of the community outbreak and severe cases among children.

China, which claims the island as its own despite the strong objections of the democratically elected government, views Taiwan President Tsai Ing-wen as a separatist and has refused to speak to her administration since taking office in 2016.

In a New Year’s speech earlier this month, Tsai offered for the first time to provide China with “necessary assistance” to help it deal with a surge in coronavirus cases, but said Chinese military activities near the island were not conducive to peace and stability.

Health Minister Hsueh Gui-yuan said Taiwan could offer medicine or a vaccine to China, but it was not clear if Beijing would accept it, according to the KCNA.

Taiwan and China have repeatedly quarreled over each other’s measures to control the spread of COVID.

Advertisement

China has been ramping up pressure on Taiwan to assert its sovereignty claims, including on near-daily Chinese Air Force missions near the island for the past three years.

Taiwan vows to defend itself, saying that only its people can decide their future and that Beijing’s claims are false because the People’s Republic of China never ruled the island.

Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Economic

Swiss National Bank records record losses of $143 billion in 2022 by Reuters

Avatar

Published

on

By


© Reuters. FILE PHOTO: A man walks past the Swiss National Bank building in Zurich on October 31, 2013. The Swiss National Bank reported a nine-month loss of CHF6.4 billion, due to a loss in the valuation of its gold holdings. Photograph: Arend Wegmann/Reuters

ZURICH (Reuters) – The Swiss National Bank said on Monday the Swiss National Bank posted an annual loss of 132 billion Swiss francs ($142.67 billion) in 2022, the largest loss in its 115-year history.

The central bank fell into the red as falling stocks and fixed-income markets hit the value of its share and bond portfolio, while a rally in the Swiss franc also had a negative impact.

Monday’s figure, a reversal of a profit of 26 billion francs in 2021, was larger than the previously largest loss of 23 billion francs in 2015. It equates to slightly more than Morocco’s annual gross domestic product.

($1 = 0.9252 Swiss francs)

Advertisement

Source link

Continue Reading

Economic

FirstFT: Brazilian police clear Congress of pro-Bolsonaro troublemakers

Avatar

Published

on

By

good morning. This article is an in situ version of our site FirstFT the news. Subscribe to our site AsiaAnd Europe/Africa or The Americas A release to send straight to your inbox every weekday morning

police collect from Brazil’s main government complex on Sunday night after thousands of supporters of former right-wing President Jair Bolsonaro stormed Congress, the Supreme Court and the presidential palace.

Footage on social media earlier showed crowds vandalizing the interiors of the three institutions in Brasilia, in scenes reminiscent of the invasion of the Capitol two years ago by supporters of former President Donald Trump.

Dressed in the yellow and green of the Brazilian flag, the demonstrators demanded that Lula’s election victory be annulled, that the left-wing be imprisoned and that a military coup d’état take place. Police said 300 people were arrested.

Although government buildings were unoccupied and Congress was not in session, the abuses are likely to raise doubts about the security of Brazil’s political and judicial institutions.

Advertisement

The incident also marks difficult choices for Lula, who assumed the presidency just a week ago promising to unite the nation but will come under pressure to crack down on Bolsonaro’s radical supporters.

Thank you for reading FirstFT Europe/Africa. I will take over this newsletter. Feel free to send feedback to firstft@ft.com – tee

1. Goldman Sachs is preparing to cut 3,200 jobs to curb costs Goldman Sachs will start Cutting up to 3,200 jobs in a matter of days It faces a slowdown in investment banking and re-analyzes the consumer bank. Those cuts are some of the deepest cuts Goldman has made in its recent history and are more drastic than many peers are currently planning.

2. The US military deepens relations with Asian allies against the threat of China The American and Japanese armed forces are Rapidly integrating their command structure and expanding joint operations to prepare for a possible conflict with China over Taiwan, mimicking the basis that enabled Western countries to support Ukrainian resistance to Russia, the commander of the Marine Corps in Japan told the Financial Times.

Lieutenant General James Berman
Lieutenant General James Berman warned that ‘the Chinese adversary. . . She will possess a starting gun and will have the ability to initiate hostilities’ © Kyodo News / Getty Images

3. Sanak health unions warn of new strikes unless wage supply is strengthened Leaders of the Royal College of Nursing and three ambulance workers’ unions – some of which are due to strike on Wednesday – said yesterday that without a new pay offer for the current year, any talks today It will be in vain. British Prime Minister Rishi Sunak proposed the talks after weeks of deadlock between ministers and unions.

4. Macron prepares to fight over French pension reform French President Emmanuel Macron will press ahead with his efforts The long-promised and unpopular plan To reform his country’s costly pension system. The bill, which would require citizens to work for two or three years after the current retirement age of 62 to qualify for a full pension, could renew street protests and a backlash from political opponents.

Advertisement

5. Women pass 40% in European Financial Services Boards EY report mentioned women 42 percent of the seats in boardrooms among financial services firms as of January, up from 37 percent in June. The data underscores the important path ahead for employers seeking to improve female representation, which campaigners said is only part of the process for a fairer financial sector.

next day

Economic data Germany releases industrial production data for November, and France releases trade figures for the same month.

Emmanuel Macron hosting Fumio Kishida The French President and the Japanese Prime Minister meet for a working dinner at the Elysee Palace – Kishida His first stop on his five-country tour across France, Italy, Britain and Canada. (artifacts)

International Conference on Climate Resilience in Pakistan Prime Minister Mohammad Shahbaz Sharif and United Nations Secretary-General António Guterres Co-hosting the conference in Geneva After the deadly floods in Pakistan last year. (guardian)

North American summit in Mexico President Andrés Manuel López Obrador host the trilateral summit With US President Joe Biden and Canadian Prime Minister Justin Trudeau at the National Palace in Mexico City. (Reuters)

Advertisement

Cornwall satellite launch Virgin Orbit will run The launch of the first space satellite From mainland Britain today when nine satellites will be launched into orbit using a rocket launched from a Boeing 747. (Guardian)

Returning to its regular January schedule, the World Economic Forum’s 2023 annual meeting will bring together global leaders in Switzerland next week. Join FT Live in Davos for in-person and digital events from 16th to 20th January. View events and register for free here.

What else do we read

North Korea’s evolving nuclear threat Despite tough international sanctions and severe self-imposed isolation during the coronavirus pandemic, experts warn North Korea has made such rapid progress with its military objectives that the current arrangements for the defense of South Korea, Japan and the United States could soon become obsolete.

“I think there is a serious risk that there could be a crisis in North Korea while we are all focused on the possibility of China invading Taiwan.” Sue Mi Terry, director of the Wilson Asia Center Program

Diagram showing North Korea's escalating nuclear missile test program.  The numbers show the number of missile launches, by type, from 1984 to 2022.

From obscurity to a $240 billion valuation in 3 years The international holding company’s extraordinary transformation has gone largely unnoticed outside the UAE – and little understood, even by bankers based in the region. IHC’s CEO insists there are simple reasons for the company’s growth, however His account only explains part of the story.

Ukrainian engineers struggle to maintain the power grid As Moscow unleashes a relentless barrage of cruise missiles and drones aimed at destroying Ukraine’s power grid and plunging millions of civilians into the bitter darkness of winter, Ukraine has developed A three-pronged strategy to keep the lights on.

Investor’s Guide 2023: From Peak Dollars to Better TV The end of the easy money era and the return of inflation shook the global financial system last year, paving the way for new winners to emerge. Ruchir Sharma picks the 10 trends that will shape 2023.

Advertisement

The Southwest fiasco shows that hyper-efficiency is bad business The economical carrier stranded thousands of passengers during the last ten days of 2022, which indicates that management in numbers has gone too far, Written by Rana Forouhar.

Take a break from the news

Align your chakras in the light and sound therapy room, lock yourself away in the private Longevity Garden for a 75-minute exfoliation with volcanic pumice stones and lie on an infrared bed shaded by banana trees. Explore these four spa hotels for 2023.

Healing Village Resort at Four Seasons Bali at Jimbaran Bay
Healing Village Resort at Four Seasons Bali at Jimbaran Bay

Thank you for reading and remembering that you can Add FirstFT to myFT. You can also choose to receive a FirstFT push notification every morning on the app. Send your recommendations and feedback to firstft@ft.com

asset management – Discover the inside story on the movers and shakers behind a multi-billion dollar industry. Participation here

next week Start each week by reviewing what’s on the agenda. Participation here


Source link

Advertisement
Continue Reading

Economic

Column Funds Start 2023 Short Dollars, Eye Peak US: MacGyver via Reuters

Avatar

Published

on

By

© Reuters. FILE PHOTO: US dollar and euro banknotes are shown in this illustration taken on July 17, 2022. REUTERS/Dado Rovic/Illustration/File photo/File photo

Written by Jimmy MacGyver

ORLANDO, Fla. (Reuters) – Hedge funds are betting in 2023 that U.S. interest rates are close to peaking, that the Federal Reserve will keep them higher for longer, and that the dollar will weaken slightly.

Judging by the economic data, financial market volatility and talk from US policymakers in the first week of the year, this seems like a reasonable macro strategy – and a reasonable consensus – to use.

At least for now.

Advertisement



CFTC data shows that speculators closed out 2022 with one of the smallest short positions in the three-month SOFR futures rate of the year, a light short dollar position, and large short positions across the US Treasury curve.

A short position is essentially a bet that the price of an asset will go down, and a long position is a bet that it will go up. In bonds and interest rates, implied yields and rates go down when prices go up, and go up when prices go down.

CFTC speculators increased their net short positions in the three-month Guaranteed Overnight Funding Rate (SOFR) futures contract to 175,218 contracts in the week ended Jan. 3, but that’s still one of the smallest net short positions in a turbulent year.

Chart: CFTC 3-Month Position “SOFR” https://fingfx.thomsonreuters.com/gfx/mkt/xmvjklgxapr/CFTC2.png

Funds’ US interest rate expectations peaked in August and September last year when their net short positions exceeded 1 million contracts.

Advertisement



A quick reversal since then shows that they are more neutral on the rate and inflation outlook this year and believe that the Fed is nearing the end of the trolling cycle, or that it has cashed in on a very profitable trade. or both.

“The bottom line is that the Fed and the consensus are right to expect a decline in inflation over time to 2023,” estimates Torsten Slok, partner at Apollo Global Management (NYSE:) in New York.

Float bond capitalization?

Hedge funds are on track for their worst returns in 14 years in 2022, but macro strategies have fared much better. The industry data provider HFR macro index is up 8.15% in the first 11 months of the year, and the currency index is up 12.58%.

HFR is expected to release its December and full-year 2022 revenue numbers this week, with industry peer Preqin to follow later in the month.

Advertisement



The CFTC’s speculators’ slim bet on short-term US interest rates contrasts with the large bets they still hold on two-year and 10-year Treasuries, despite the end of the Fed’s hike cycle and economic slowdown alike.

Chart: CFTC’s US Treasury Futures Locator https://fingfx.thomsonreuters.com/gfx/mkt/myvmogmwdvr/CFTC3.jpg

In a 10-year period, the funds finished 2022 with their third largest net short position for the year, at 383,602 contracts. Funds have been short in these futures contracts since October 2021, and the selling bias has strengthened recently — and the pullbacks were soon followed by weeks of larger bearish bets.

Since hitting a 15-year high of 4.30% in October, the 10-year yield has fallen; It closed at 3.57% on Friday. The inversion of the yield curve around that time also deepened, meaning that the 10-year yield fell further to below the two-year mark.

But the funds held their large net short positions. If this is the year to buy bonds because they are cheap — direct and stock-based — money may have to turn around.

Advertisement



Funds trimmed their net short exposure to two-year Treasury futures contracts in the week ended Jan. 3 — but only slightly — to 521,508 contracts, still one of the largest ever.

Funds have been short two-year futures all year, and any notion of a positioning for the Fed’s pivot vanished in October when they raised their bearish bets to record highs.

Chart: CFTC Dollar Position vs. https://fingfx.thomsonreuters.com/gfx/mkt/zjvqjeqgbpx/CFTC1.png

In foreign exchange, funds cut their net short dollar positions by about a third, closing the year with a $6.8 billion bet that the dollar will weaken against its G10 peers.

This is driven by a large EUR long position. Funds betting on the euro rally against the dollar – near the biggest in two years – is worth $17 billion and beats the $4.5 billion and $1.5 billion long dollar bets against the yen and pound sterling respectively.

Advertisement



(The opinions expressed here are those of the author, a Reuters columnist.)

(Writing by Jimmy MacGyver; Editing by Bradley Perrett)

Source link

Continue Reading
Advertisement

Trending