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Exclusive-Ericsson CEO to double down on China as 5G tussle rumbles on By Reuters

By Supantha Mukherjee STOCKHOLM (Reuters) - Ericsson (BS:ERICAs)'s top executive vowed to double down on efforts to regain market share lost in China after Sweden blocked Chinese suppliers from its 5G roll-out, a move that antagonised Beijing and has hit the equipment maker's business. China accounted for about 10% of Ericsson's revenue last year, but that fell sharply after the company's home country of Sweden banned https://www.reuters.com/article/sweden-huawei-int-idUSKBN2750WA Huawei from its 5G networks, citing security risks - a charge that Huawei has strongly denied https://www.reuters.com/article/sweden-5g-huawei-idUKKBN28H1L0. Ericsson was awarded https://www.reuters.com/article/ctech-us-china-5g-nokia-idCAKBN2EP17O-OCATC about 2% of China Mobile's 5G contract, down...

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Swiss group SIX to buy out Clearstream stake in REGIS-TR trade repository By Reuters

ZURICH (Reuters) - Swiss financial infrastructure group SIX will acquire a 50% stake in European trade repository REGIS-TR from joint venture partner Clearstream, SIX said in a statement https://www.six-group.com/en/newsroom/media-releases/2021/20210903-six-acquires-regis-tr.html on Friday, giving no financial terms for the deal. "The transaction is expected to close in the first half of 2022. The acquisition allows for a full consolidation and integration of the REGIS-TR business within SIX," it said. The joint venture between BME's Iberclear and Deutsche Boerse (DE:DB1Gn)'s Clearstream was founded in 2010 and processed more than 3.2 billion trade messages in 2020, SIX said. ...

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China to draw foreign investors into commodities futures trading By Reuters

SHANGHAI (Reuters) -China will launch more futures contracts, including a shipping futures contract, and accelerate efforts to bring in more overseas investors to trade in its futures market, the State Council, or cabinet, said on Friday. China will also establish an international, yuan-denominated commodity futures market, it said in a statement on promoting trade and investment in its free-trade zones. The cabinet announcement comes amid China's increasing efforts to become a global commodities pricing power, with the country gradually opening up more commodities derivative contracts to overseas participants for trading. Foreign companies and investors...

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China’s new stock exchange plans fuel fears of a bourse war By Reuters

SHANGHAI (Reuters) - China's plans to launch a new exchange in Beijing, announced by President Xi Jinping on Thursday, boosted shares in Chinese brokerages but knocked down Shenzhen start-up board ChiNext and shares of Hong Kong's bourse amid fears of rising competition. Although China's securities regulator said the planned Beijing stock exchange is based on the city's existing New Third Board, and complements Shanghai and Shenzhen bourses, some fear a rivalry for listing resources is inevitable. "The Beijing stock exchange has equal footing with Shanghai and Shenzhen bourses. If it prospers, the three will share the...

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Zloty set to pace FX gains with rate hike back in sight- Reuters poll By Reuters

By Miroslava Krufova and Jason Hovet PRAGUE (Reuters) - The zloty has further space to climb after a rally this week as chances grow that Poland's central bank will begin lifting interest rates sooner rather than later, a Reuters poll showed on Friday. The Polish currency has lagged peers in central Europe in 2021 with the Hungarian forint and Czech crown leading as their respective central banks have started tightening cycles amid a post-pandemic economic recovery and rising inflation pressures. While Poland's central bank has resisted turning too quickly to interest rate rises, a spike in...

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Cargill opens new Brazil pectin factory, first outside Europe By Reuters

By Ana Mano SAO PAULO (Reuters) - The Brazilian unit of U.S. commodities trader Cargill has finished building a new facility to produce pectin, a fruit by-product used in jams, beverages, dairy products and confectionery, the company said on Friday. The plant is Cargill's only pectin facility outside of Europe, where it owns three such units. It will make Cargill the world's second largest producer of the food ingredient, Laerte Moraes, Cargill's director for starches and sweeteners in South America, said in an interview. Located close to Brazil's orange belt - where Cargill...

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Australia’s bumper earnings get Delta reality check By Reuters

By Paulina Duran SYDNEY (Reuters) - An Australian earnings season bonanza for shareholders has masked a more uncertain outlook for the corporate sector as the Delta COVID variant threatens to tip an economy that was surging only months ago back into its second recession in as many years. Australian-listed companies delivered a record A$38 billion ($28 billion) in promised dividends to investors in the season that ended this week, driven by banks and mining companies. However, when it came to the corporate outlook, companies had much less cheer to offer. "Companies really pulled back on...

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Ida’s record rain floods New York-area homes, subways; at least 44 dead By Reuters

By Barbara Goldberg and Nathan Layne MAPLEWOOD, N.J. (Reuters) -Flash flooding killed at least 44 people in four Northeastern states as remnants of Hurricane Ida unleashed torrential rains that swept away cars, submerged New York City subway lines and grounded airline flights, officials said on Thursday. Across large swaths https://graphics.reuters.com/STORM-IDA/RAINFALL/akvezzlbzpr of New York, New Jersey, Pennsylvania and Connecticut, residents spent the day coping with water-logged basements, power outages, damaged roofs and calls for help from friends and family members stranded by flooding. At least 13 people lost their lives in New York City, along with...

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Britain to raise taxes to pay for social care – The Telegraph By Reuters

(Reuters) - Britain is expected to announce a tax hike for about 25 million people, in a move that would cap social-care costs for individuals and increase funding for the National Health Service, the Telegraph newspaper reported on Thursday. UK Prime Minister Boris Johnson next week will reveal the rise in National Insurance, a type of tax paid to fund government benefits programs, the report said. The prime minister's office favours a 1% rise in the tax, while the Treasury is possibly looking at a higher rate of up to 1.25%, according to the report. In...

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Japan’s Aug service sector activity shrinks at fastest pace since May 2020 – PMI By Reuters

TOKYO (Reuters) - Japan's services sector activity contracted at the fastest pace in over a year in August as a resurgence of COVID-19 cases dealt a blow to the world's third-largest economy's recovery. Activity and new business inflows shrank at the fastest pace since May last year, with businesses hit by a resurgence of COVID-19 infections and expanded emergency curbs. The final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) plummeted to a seasonally adjusted 42.9 from July's 47.4, worse than a 43.5 flash figure. "Japanese service sector businesses signalled an accelerated deterioration in business...

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