China imposes further sanctions on Taiwan’s de facto ambassador to the US
China has imposed further sanctions on Taiwan’s de facto ambassador to the US Hsiao Bi-khim for allegedly “counting on the US to pursue Taiwan’s independence”, state news agency Xinhua reported reportedciting China’s Taiwan Office.
The measures bar Hsiao and her members of the family from entering mainland China, Hong Kong and Macau. It also prohibits Hsiao-affiliated investors and firms from “cooperating with mainland organizations and individuals,” the report said.
The measures were introduced after Taiwanese President Tsai Ing-wen met with the Speaker of the US House of Representatives Kevin McCarthy during a stopover in California earlier this week.
— Jihye Lee
China imposes further sanctions on Taiwan’s de facto ambassador to the US
China has imposed further sanctions on Taiwan’s de facto ambassador to the US Hsiao Bi-khim for allegedly “counting on the US to pursue Taiwan’s independence”, state news agency Xinhua reported reportedciting China’s Taiwan Office.
The measures bar Hsiao and her members of the family from entering mainland China, Hong Kong and Macau. It also prohibits Hsiao-affiliated investors and firms from “cooperating with mainland organizations and individuals,” the report said.
The measures were introduced after Taiwanese President Tsai Ing-wen met with the Speaker of the US House of Representatives Kevin McCarthy during a stopover in California earlier this week.
— Jihye Lee
Currency control: the Korean won weakens and the Japanese yen strengthens
Asian currencies traded mixed on Friday dollar index it increased by 0.12% to 101.95 in the morning session.
The Japanese yen traded at barely stronger levels of 131.75 against the dollar while Korean Won it weakened barely to 1,319.80 against the US dollar.
The foreign yuan it also saw some strengthening to six.8855 against the dollar.
The australian dollar has been volatile and recently stood at 0.6673 per US dollar.
— Jihye Lee
Household spending in Japan is growing lower than expected
All household spending in Japan rose 1.6% in February in comparison with the previous yr, government data showed.
The reading was lower than expected at 4.3% forecast in a Reuters poll, though it was up from a 0.3% fall recorded in January.
Month-on-month, all household spending fell by 2.4%, reversing the 2.7% increase recorded in the previous month.
Individually, the economy of Japan saw additional time pay in February a rise of 1.7% in comparison with the previous yr, which is a rise from the previous reading of 1.1%.
— Jihye Lee
Samsung Electronics reports operating profit down 96% in the first quarter
Samsung Electronics estimated that its first-quarter operating profit likely fell to 600 billion won ($455 million), in keeping with the company’s latest figures. earnings suggestions released Friday.
That is down 95.7% from the operating profit of 14.12 trillion won reported in the report in the same quarter of 2022.
Revenue is anticipated to fall nearly 20% from last yr’s 63 trillion won, Samsung said in a statement.
Samsung Electronics shares surged 3.2% at the opening, in line with the company’s estimates.
— Jihye Lee
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— Zavier Ong
Fed’s Bullard thinks inflation will probably be sticky
Federal Reserve Chairman from St. Louis, James Bullard said on Thursday he doesn’t see inflationary pressures dissipating anytime soon.
Now we have a long strategy to go and I feel inflation goes to be sticky going forward, it’ll be difficult to bring inflation back to the 2% goal…to place pressure on inflation to come back down again,” Bullard said, in keeping with Reuters.
The Fed is attributable to meet next month and investors are pricing the likelihood of one other rate hike at almost 50:50.
— Fred Imbert
Profits are expected to record their worst decline since the third quarter of 2020
The primary-quarter earnings season kicks off next week with reports from big banks including JPMorgan and Citigroup. As expected, the S&P 500’s earnings per share will fall 7% year-on-year, which Goldman Sachs says will probably be the biggest drop since the third quarter of 2020. It is going to also mark a “significant deterioration” from a 1% drop in the previous quarter, the bank said .
— Yun Lee
The number of latest jobless claims last week was 228,000, greater than expected
Latest jobless claims totaled 228,000 in the week ending April 1 as there are signs the labor market is under pressure, the Labor Department said on Thursday.
The whole was actually down 18,000 from the previous week, after seasonal adjustments that raised the initially reported figure by 48,000 to 246,000. Economists polled by Dow Jones had expected 200,000 in Thursday’s report.
Ongoing claims, which are a week behind schedule, have risen to 1.823 million, the highest since December 2021.
The report comes a day sooner than the department’s non-farm payroll figure, which is anticipated to indicate a profit of 238,000 in March.
—Jeff Cox