24 August

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S.Korea set to curb Google, Apple commission dominance By Reuters

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By Heekyong Yang SEOUL (Reuters) -South Korea is likely to bar Google and Apple from requiring software developers to use their payment systems, effectively stopping them from charging commissions on in-app purchases, the first such curbs on the tech giants by a major economy. The parliament's legislation and judiciary committee is expected on Tuesday to approve the amendment of the Telecommunications Business Act, dubbed the "Anti-Google law," that takes aim at app store operators with dominant market positions. If the bill gets the committee's approval, it will be put to a final vote on Wednesday....

24 August

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Blackstone in talks to buy Baring’s Interplex for at least $1 billion -sources By Reuters

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By Kane Wu HONG KONG (Reuters) - Blackstone (NYSE:BX) is in talks to acquire Interplex Holdings, a Singapore-based technological services provider owned by Baring Private Equity Asia (BPEA), in a deal worth at least $1 billion, according to two people with knowledge of the matter. Final negotiations could still take weeks and there is no certainty in a deal yet, said the sources, who declined to be named as the information is confidential. Blackstone has no exclusivity in the deal, they added. The U.S-based private equity firm and Hong Kong-based BPEA declined to comment. Interplex...

24 August

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German growth could miss Bundesbank forecast this year By Reuters

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FRANKFURT (Reuters) - Economic growth in Germany could miss projections this year and the resurgence of the coronavirus pandemic may put unexpected strain on the economy in the autumn, the Bundesbank said in a monthly report on Monday. Europe's biggest economy is expected to grow by 3.7% this year and 5.2% in 2022 but the early weeks of the rebound were more timid than projected and that will likely weigh on the full-year figure as well, the Bundesbank said. Germany is still likely to have enjoyed robust expansion over the summer months, with services benefiting...

24 August

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Korea Household Debt Posts Record Gain as Rate Hike Nears By Bloomberg

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(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. South Korea’s ballooning household debt set new records last quarter, offering support for views that the central bank will raise interest rates as early as this week to deflate a debt bubble. Total credit extended to households jumped 10.3% from a year earlier to 1,806 trillion won ($1.54 trillion), according to a Bank of Korea statement on Tuesday. The 169 trillion won increase marked the largest gain since data going back to 2003. From the previous three months, credit rose by 41.2...

24 August

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Samsung to invest $206 billion by 2023 for post-pandemic growth By Reuters

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By Heekyong Yang SEOUL (Reuters) -Samsung Group will invest 240 trillion won ($206 billion) in the next three years to expand its footprint in biopharmaceuticals, artificial intelligence, semiconductors and robotics in the post-pandemic era, Samsung Electronics (LON:0593xq) Co Ltd said. The jewel of South Korea's biggest conglomerate on Tuesday said the investment through 2023 will help strengthen the group's global standing in key industries such as chip-making, while allowing it to seek growth opportunities in new areas such as robotics and next-generation telecommunications. Samsung Electronics, the world's largest memory chip maker, said the group plans...

24 August

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Exclusive-SEC gives Chinese companies new requirements for U.S. IPO disclosures By Reuters

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By Echo Wang (Reuters) - The U.S. Securities and Exchange Commission (SEC) has started to issue new disclosure requirements to Chinese companies seeking to list in New York as part of a push to boost investor awareness of the risks involved, according to a document reviewed by Reuters and people familiar with the matter. Some Chinese companies have now started to receive detailed instructions from the SEC about greater disclosure of their use of offshore vehicles known as variable interest entities (VIEs) for IPOs; implications for investors and the risk that Chinese authorities will interfere with...

24 August

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Asian stocks rally on extended Wall St bounce, easing Fed taper worries By Reuters

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By Anshuman Daga SINGAPORE (Reuters) - Asian stocks rose on Tuesday on an extended bounce on Wall Street as investors drew comfort from full approval granted to the Pfizer/BioNTech vaccine and on easing worries of an imminent tapering of stimulus by the Federal Reserve. The dollar was licking its wounds after its sharpest one- day fall since May, which spurred a 5% rally in oil prices on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.2%, with Japan and South Korean indexes jumping more than 1%. Australia shares were up 0.2% and Taiwan...

24 August

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Finland’s Nokia wins 5G order for three European markets By Reuters

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(Reuters) - Finnish telecom gear maker Nokia (HE:NOKIA) said on Monday it had won a 5G network order from A1 Telekom Austria Group for operations in Bulgaria, Serbia, and Slovenia. "The multi-country single vendor deal will see Nokia provide 5G RAN solutions from its comprehensive AirScale portfolio to all three markets and 5G Standalone core network to Serbia and Slovenia," it said. ...

24 August

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Dollar licking wounds, looking to Jackson Hole By Reuters

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By Tom Westbrook SINGAPORE (Reuters) - The dollar was smarting on Tuesday following its sharpest one-day fall since May, though traders were wary of chasing the mood-driven move lower ahead of a Federal Reserve symposium that could map out an end to stimulus and asset purchases. The greenback dropped more than 1% against the Australian dollar, Norwegian crown, Swedish crown and Canadian dollar overnight and fell by almost that much against the kiwi as markets focused on positive COVID news and stocks jumped higher. The euro rose 0.4% to $1.1745. The U.S. dollar index fell just...

24 August

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U.S. House Democrats in talks ahead of possible vote on Biden spending plan By Reuters

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By Susan Cornwell and David Morgan WASHINGTON (Reuters) - Democrats faced a test of unity in the U.S. House of Representatives on Monday as they prepared for a possible vote on President Joe Biden's sweeping plan to expand spending on social programs, even though it was not clear if there was enough support to pass it. The measure, on which talks continue, sets the broad outlines for $3.5 trillion in spending on education, childcare, healthcare and climate measures favoured by Biden and pays for them with tax hikes on the wealthy and corporations. But...

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News

S.Korea set to curb Google, Apple commission dominance By Reuters

Blackstone in talks to buy Baring’s Interplex for at least $1 billion -sources By Reuters

German growth could miss Bundesbank forecast this year By Reuters

Korea Household Debt Posts Record Gain as Rate Hike Nears By Bloomberg

Samsung to invest $206 billion by 2023 for post-pandemic growth By Reuters

Exclusive-SEC gives Chinese companies new requirements for U.S. IPO disclosures By Reuters

Asian stocks rally on extended Wall St bounce, easing Fed taper worries By Reuters

Finland’s Nokia wins 5G order for three European markets By Reuters

Dollar licking wounds, looking to Jackson Hole By Reuters

U.S. House Democrats in talks ahead of possible vote on Biden spending plan By Reuters

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