Nov 8, 2023

China’s Innovators Are ‘Lying Flat,’ Primavera’s Hu Says Oil Falls to Three-Month Low as Bearish Demand Indicators Grow Lippo Group Sees Opportunity for Indonesia to Send Nurses to the World Poland, Romania to Diverge Further on Rates Berkshire Names Managers for Its Second Yen Bond Sale of 2023 Credit Agricole Beats Estimates With Fixed Income Trading Up 26% Swedish Housing Prices Falter After Period of Stabilization Australia Just Had the Driest October in More Than Two Decades Dragon Is Latest Meme Stock Craze in China on Zodiac Year Hopes Ueda Hints at Chance of Policy Shift Before Real Wages Increase Asia Stocks to Open Mixed After S&P Extends Rally: Markets Wrap China's Biggest Winner in 'Singles Day' Bonanza May Be PDD, Say Market Experts Fuji Soft Nears Take-Private Deals for Four Listed Units, Sources Say Australia’s Sheep Farmers in Crisis as Live Export Ban Looms Geopolitics in Focus as Leaders Gather for New Economy Forum Strained Schools in US Shale Oil Capital Snag $1.4 Billion Bond Europe Faces Soft Landing With High Rates Still Needed, IMF Says BOJ Likely to End Negative Rate in Early 2024, Price Expert Says China’s Central Bank Vows Liquidity Help for Debt-Laden Regions Ottawa extends deadline for Underused Housing Tax Financial advice from AI may be educational but not holistic, experts say Women less likely than men to request a raise, negotiate salary: surveys Timing, patience key to nabbing affordable concert, sports resale tickets: fans Many Canadians 'uncomfortably close to broke': MNP It’s never too early to think about tax-loss selling: Dale Jackson Many Canadians stuck in 'chaotic whirlwind of personal finance stress': Edward Jones Money manager of $205M in assets explains how meditation informs his decisions Canadian tech workers make 46% less than U.S. counterparts: TMU study HELOCs can play a vital role in your finance toolkit: Dale Jackson Financial planning for raising kids: expert says cash flow is key HELOCs can play a vital role in your finance toolkit Financial stress levels climb as Canadians use debt to pay for essentials Looking for flights on a budget? Consider price freezing and other newer trends Employers set aside less for 2024 pay increases: survey Financial uncertainty new normal for many Canadians, RBC survey shows Bank of Canada rate pause opens sweet spot for savers: Dale Jackson 3 silent portfolio killers that could drain your retirement savings Registered Education Savings Plan tips for parents and students Lippo Group Sees Opportunity for Indonesia to Send Nurses to the World Swedish Housing Prices Falter After Period of Stabilization Asia Stocks to Open Mixed After S&P Extends Rally: Markets Wrap Huge Hotel Building Project Near Vietnam’s Ha Long Bay Triggers Public Outcry Oaktree Seeks More Opportunities in China Loans Including Property Asian Shares to Dip After Wall Street Rally Fades: Markets Wrap US Calls for New Limits to Wall Street Bank Backstop After March Crisis Chicago Council Approves Putting Mansion Tax Measure on Ballot Texas Billionaire Sees Real Estate Bargains as ‘Debt Wall’ Looms NYC, San Francisco Offices Brace for Pain From WeWork Bankruptcy Atlanta, Boston Budgets Most Sensitive to Office-Market Stress Hedge Fund Sculptor Buys More Loans From Sofitel Hotels Owner Ahead of Refinancing Public-Worker Salary Incentives Strain Budgets, Moody’s Says Post-secondary schools snapping up empty GTA office space: report Canada Aims for 26,400 New Homes on Federal Land in Five Years Steve Cohen to Partner With Hard Rock on Bid for $8 Billion NYC Casino Next to Citi Field UK Home Prices Defy Pressure With More Buyers Than Houses on Sale Bankrupt WeWork to Immediately Dump 40 NYC Office Leases WeWork Saga Cost Masayoshi Son $11.5 Billion and His Credibility Israel Latest: Saudi Arabia Says Normalization Talks to Continue China’s Innovators Are ‘Lying Flat,’ Primavera’s Hu Says  ‘ESG’ Is Too Important to Ax, Investors Say Commerzbank Beats Estimates, Announces €600 Million Buyback Plan Lippo Group Sees Opportunity for Indonesia to Send Nurses to the World Nestle Factories in Ukraine Adapt to Air Raids and Power Cuts Berkshire Names Managers for Its Second Yen Bond Sale of 2023 Credit Agricole Beats Estimates With Fixed Income Trading Up 26% Swedish Housing Prices Falter After Period of Stabilization Australia Just Had the Driest October in More Than Two Decades Microsoft Is Offering to Help US Politicians Crack Down on Deepfakes War, Inflation and Hints of Optimism Dominate New Economy Forum Dragon Is Latest Meme Stock Craze in China on Zodiac Year Hopes Asia Stocks to Open Mixed After S&P Extends Rally: Markets Wrap China's Biggest Winner in 'Singles Day' Bonanza May Be PDD, Say Market Experts Fuji Soft Nears Take-Private Deals for Four Listed Units, Sources Say Fear of Missing Out Grips Airlines as Deal Frenzy Comes to Dubai Singapore Sees ‘Moment of Danger’ as Wars, Tensions Divide World Huge Hotel Building Project Near Vietnam’s Ha Long Bay Triggers Public Outcry Oil Falls to Three-Month Low as Bearish Demand Indicators Grow  ‘ESG’ Is Too Important to Ax, Investors Say Australia Just Had the Driest October in More Than Two Decades Asia Stocks to Open Mixed After S&P Extends Rally: Markets Wrap Singapore Sees ‘Moment of Danger’ as Wars, Tensions Divide World Australia’s Sheep Farmers in Crisis as Live Export Ban Looms Geopolitics in Focus as Leaders Gather for New Economy Forum Strained Schools in US Shale Oil Capital Snag $1.4 Billion Bond BOJ Likely to End Negative Rate in Early 2024, Price Expert Says Biden Briefed on Chinese Effort to Put Military Base in Oman Hot October Makes 2023 ‘Virtually Certain’ to Be Warmest Year Ever US Invests $553 Million in Adani’s Sri Lanka Port to Curb China’s Influence Israel Latest: Conflict at Month Mark With No Signs of Slowing China’s State-Backed Iron Ore Giant Says Prices Are Too High China’s Oil Demand Outlook Is Worsening as Winter Approaches Saudi Minister Says Israel Talks Hinge on Palestinian Question LNG Demand to Keep Rising on Asia’s Energy Growth, Woodside Says Egypt’s Dollar Shortages Hit Profits for a Top US Grain Handler Mosaic Says Depleted Fertilizer Stocks Signals Brighter Outlook Statistics Canada reports $2B merchandise trade surplus for September ​The Daily Chase: Broadband regulations; Oil acquisition Small businesses still hoping for CEBA loan forgiveness extension as time runs out Canada has entered a period of economic slowing: economists Highlights of the Ontario government's fall economic statement Canadian business insolvencies rise almost 42 per cent from last year Canada posts meager job gains, unemployment rate climbs to 5.7% Bank of Canada will cut rates over mortgage renewals: Desjardins strategist St. Lawrence Seaway workers ratify three-year collective agreement Ontario to launch infrastructure bank with $3 billion funding Stephen Poloz expects year of economic stagnation ahead Greater Toronto home sales drop 5.8 per cent in October amid high borrowing costs ​The Daily Chase: Shopify soars; Barrick beats expectations Upcoming mortgage renewals part of why BoC held rate at 5%: Macklem U.S. Federal Reserve leaves its key rate unchanged but keeps open possibility of a future hike Higher interest rates, cooling economy will strain provincial budgets: RBC economist U.S. job openings unexpectedly rise a second month to 9.6 million ​The Daily Chase: U.S. rate decision incoming 'Absolutely not': No more carve-outs when it comes to carbon pricing, Trudeau says Poland, Romania to Diverge Further on Rates House Votes to Censure Representative Tlaib Over Israel Stance Indonesian President Hopeful Tied to Jokowi’s Son Falls in Polls Israel Says Its Forces Have Entered ‘Heart’ of Gaza’s Main City Microsoft Is Offering to Help US Politicians Crack Down on Deepfakes Virginia Democrats Fend Off Republican Sweep in Win for Abortion Rights Biden, Xi to Hold Talks in San Francisco on Nov. 15, Kyodo Says Ohio Abortion Rights Measure Passes, Previewing 2024 Elections Strained Schools in US Shale Oil Capital Snag $1.4 Billion Bond HK Summit Latest: BlackRock Says $4 Trillion Sidelined Hot October Makes 2023 ‘Virtually Certain’ to Be Warmest Year Ever China Vice President Sees ‘Positive Signals’ in Ties With US Israel Latest: Conflict at Month Mark With No Signs of Slowing Germany Designates Regional Right-Wing AfD Party as Extremist Scholz’s SPD Plans Extra Taxes on Wealthy Germans, Stern Reports Australia-PNG Defense Pact Set for Cabinet, Deputy PM Rosso Says Electric-vehicle chargers distributed unequally in Canada, environment audit finds Gun Ban in Domestic-Violence Case Gets Support at Supreme Court Portugal PM Quits After Chief of Staff Held in Corruption Probe Nestle Factories in Ukraine Adapt to Air Raids and Power Cuts Microsoft Is Offering to Help US Politicians Crack Down on Deepfakes Asia Stocks to Open Mixed After S&P Extends Rally: Markets Wrap China's Biggest Winner in 'Singles Day' Bonanza May Be PDD, Say Market Experts Fuji Soft Nears Take-Private Deals for Four Listed Units, Sources Say Biden, Xi to Hold Talks in San Francisco on Nov. 15, Kyodo Says Google’s ‘Project Hug’ Cast by Epic as App Market Power Crusade Rockstar Plans to Announce Much Anticipated ‘Grand Theft Auto VI’ Nintendo Now Turns to ‘Zelda’ Movie After ‘Super Mario’ Success Israel Latest: Conflict at Month Mark With No Signs of Slowing Optus Outage Leaves Millions in Australia Without Phone, Internet Rivian Ends Amazon Van Exclusivity, Raises Production Forecast Stablecoin Issuer Circle Internet Considering 2024 IPO Tech community pleased with Alberta move to change rules around 'engineer' title Google Reduced Revenue Share Payments to Verizon, Executive Says Hyundai’s Supernal to Build Plant in US to Make First Flying Electric Taxis Robinhood Shares Fall on Revenue Miss After Crypto Volumes Tumble Bumble Slides on Revenue Forecast Miss After Surprise CEO Change Asian Shares to Dip After Wall Street Rally Fades: Markets Wrap The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Asian Shares to Dip After Wall Street Rally Fades: Markets Wrap Ex-Cantor Executives Start Lending Platform for Anticipated Spot Bitcoin ETFs BlackRock’s $100 Billion Model Makers Are Betting on Megacaps Cathie Wood Sells Top Bet Roku as Stock Surges on Upbeat Outlook Asia Stocks Set for Bullish Tailwind from US Rally: Markets Wrap Record-Setting Push Into Both Ends of Yield Curve Set to Pay Off Bulls Are Back in Emerging Markets as Growth Stocks Outperform Bitcoin Has More Than Doubled This Year In Unforeseen Resurgence Hong Kong Mulls Allowing Spot Crypto ETFs in Pursuit of Asia Hub Pimco, JPMorgan Are Gearing Up for Long Winter in China Markets Bond Market Has Fighting Chance to Avoid Historic Losing Streak Former Crypto Day Traders Say No Thanks Even as Bitcoin Roars Back Biggest Cross-Asset Rally This Year Takes Wall Street by Storm S&P 500 notches best week in 2023 as yields tumble Chasing Options Income Risks ‘Grave Error,’ Former AQR Quant Warns Cathie Wood Hasn’t Lost Faith in the Future Cathie Wood Says Bitcoin Is ‘Digital Gold’ as Deflation Hedge Korea Day Traders Set to Cut US Stocks for First Time Since 2014 Coinbase’s Loss Narrows While Revenue Rises More Than Forecast World Series breakthrough for teams’ business Shane Pinto suspension the result of a regulated gambling market that works, say industry insiders Canadian Football League fanatics fuel financials What’s next for private equity investment in professional sports? Canada’s Davis Cup team finding love Impact of Jersey Ads on the NHL Promising Puck Drop for PWHL Betting on Women's Sports is on the Rise NHL expands market to Oz ‘Tis the Season for Selling Sports Books Television deals, ratings generate record-setting NFL revenue Playing for global basketball and sponsorship glory Awareness still at disadvantage in decades-long battle for tennis pay equity FanDuel, Rivalry deliver something new for betting customers Corporations considering Canadian cricket Bloomberg News, Bloomberg News , Source: China National Bureau of Statistics (Bloomberg) -- China needs to offer more support in the short term to keep growth on track while better protecting the private sector over the long run to avoid plunging into a “lost decade” like Japan did in the 1990s. “Right now, Chinese entrepreneurs are lying low or lying flat. Sentiment is weak,” Fred Hu, founder and chief executive officer at Primavera Capital Group, said at the Bloomberg New Economy Forum in Singapore on Wednesday. “People are not certain whether the leadership is committed to the kind of reforms that China has benefited from so much.” Hu was speaking on a panel about “Japanification,” or the risk that China will fall into a similar state of prolonged low economic growth. The comparison gained traction this year after Richard Koo, chief economist at Nomura Research Institute, warned that China is experiencing a “balance-sheet recession” akin to Japan’s in which households and companies avoid borrowing or investing and focus on paying down debt. Many economists have pushed back against broad comparisons between the two. While it’s now the world’s second-largest economy, China has far lower per capita GDP than Japan did when it experienced its slowdown. Hu pointed to China’s daunting challenges, particularly from the ongoing property crisis — a saga he said “is still unfolding.” “I don’t see the end anytime soon,” Hu said, adding that China’s real estate woes are “quite different” from what the US experienced in the run-up to the global financial crisis. “I think it’s a multi-year process — it’s more like in Japan, the real estate crisis in Japan in the 1990s. A slow-motion crisis. So China will have to deal with this problem for at least a few more years to come.” Others on the panel noted several differences between the two economies. “China has a bigger economy and more diversity in terms of the composition of the economy, the macroeconomic structure and the depth,” said Benjamin Deng, chief investment officer at Ping An Insurance Group Co. In the near term, Deng suggested Chinese policymakers still have room to adjust monetary policy. “Looking at interest rate level in China, it’s lower but it’s not low enough.” On the property front, he sees each part of the market emerging from the crisis differently: While traditional residential housing “could have a long trough,” Deng said rental property is “really trendy.” China’s entrepreneurial environment was flagged as a major differentiator — if the government is willing to support that sector. Unlike Japan, “China has been entrepreneurially driven for the past 20 years,” said Gary Rieschel, founding managing partner at Qiming Venture Partners. “The innovation economy in China is quite robust.” Hu said “far-reaching” structural reforms will be more crucial for growth and development than conventional policy easing for fostering innovation. He singled out legal reform as the “biggest priority,” stressing the importance of protecting entrepreneurs from “arbitrary political interference and worse, even prosecution.” “This sense of insecurity, in my observation, in the Chinese entrepreneur community, really I have not seen it like this since 1978,” Hu said, referring to the years just after the death of leader Mao Zedong and before China embarked on a series of broad economic reforms. If China “really commits to rule of law and market reforms, I do think the confidence will slowly but surely come back, then the animal spirit will be rekindled.” --With assistance from Zibang Xiao. ©2023 Bloomberg L.P.