Goldman Sachs combines Asia investment banking units, names Drayton APAC head
HONG KONG, May 22 (Reuters) - Goldman Sachs (GS.N), opens new tab is bringing together previously separately-managed three Asian investment banking businesses into one unit to integrate its regional deals advice and capital market capabilities, according to a memo reviewed by Reuters on Thursday.
Iain Drayton, currently head of investment banking, Asia excluding Japan, at Goldman Sachs, will lead the integrated Asia Pacific investment banking business, the internal memo said. A bank spokesperson confirmed the memo's content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Oil prices hold gains ahead of US-China trade talks
BEIJING, June 9 (Reuters) - Oil prices held on to last week's gains early on Monday as investors waited for U.S.-China trade talks to be held in London later in the day. Brent crude futures were flat at $66.47 a barrel at 0008 GMT. U.S. West Texas Intermediate crude was trading up 1 cent at $64.59. The prospect of a U.S.-China trade deal supported prices as three of Donald Trump's top aides were set to meet with counterparts in London on Monday for the first meeting of the U.S.-China economic and trade consultation mechanism. The announcement on Saturday followed a rare Thursday call between the two countries' top leaders, with both under pressure to dial down tensions as China's export controls on rare earths disrupt global supply chains. Oil prices posted their first weekly gain in three weeks on the news. A U.S. jobs report showing unemployment held steady in May appeared to increase the odds of a Federal Reserve interest rate cut, further supporting last week's gains. Inflation data from China on Monday morning will give a reading of domestic demand in the world's largest crude importer. The economic data and the prospect of a trade deal that could support economic growth and increase demand for oil outweighed worries about increased OPEC+ supply after the group announced another big output hike for July on May 31. HSBC expects OPEC+ to accelerate supply hikes in August and September, which are likely to raise downside risks to the bank's $65 per barrel Brent forecast from the fourth quarter of 2025, according to a research note on Friday. Capital Economics researchers said they believe this "new faster pace of (OPEC+) production rises is here to stay".
Reuters
an hour ago
- Reuters
Japan's Q1 GDP contraction narrows on consumption improvement, revised figure shows
TOKYO, June 9 (Reuters) - Japan's economy contracted in the January-March quarter at a slower pace than initially estimated, government data showed on Monday, with consumption figures revised upwards even as uncertainty on U.S. tariffs clouds the outlook. Gross domestic product shrank an annualised 0.2% in the three months to March, the Cabinet Office's revised data showed, slower than the 0.7% contraction in the initial estimate and economists' median forecast. The revised quarter-on-quarter number translates as flat in price-adjusted terms, compared with a 0.2% shrinkage issued on May 16. Monday's revised data reinforced analysts' concern that the economy was losing steam even before U.S. President Donald Trump's so-called reciprocal tariffs in April 2. Private consumption, which accounts for more than half of the Japanese economy, inched up 0.1%, versus flat in the preliminary reading. The capital expenditure component of GDP, a barometer of private demand-led strength, rose 1.1% in the first quarter, revised down from 1.4% in the initial estimate. Economists had estimated a 1.3% rise. External demand, or exports minus imports, knocked 0.8 percentage point off growth, the same as the initial reading. On the other hand, domestic demand contributed 0.8 percentage point. Japan faces a 24% U.S. tariff starting in July unless it can negotiate a lower rate. It is also scrambling to find ways to persuade Washington to exempt its automakers from 25% tariffs on automobiles, Japan's biggest industry. Policymakers and analysts are concerned global trade tension unleashed by U.S. tariffs may complicate the Bank of Japan's efforts to normalise monetary policy. The BOJ is set to hold a two-day policy meeting early next week.
Auto Blog
6 hours ago
- Auto Blog
Japan's Sub-$10K EV Seats One But Turns Heads
Tiny cars have never not been cool, but the one-seater MiBot from Japan-based KG Motors is making a real impression on the car-buying public A small 'mobility robot' could change the way Japan gets around Pricing is one of many reasons EV market penetration worldwide is slow. But in Japan, a country historically not as dependent on the automobile as places like the United States, the electric vehicle segment is growing at a particularly modest pace. With just 3.5 percent of the market share in Japan as of 2023, compared to a global percentage nearer to 20 percent, EVs are far from the popular choice. But a company called KG Motors, based near Hiroshima, is hoping that will change with their idea of the perfect city car: the MiBot. The MiBot is small and perfect for getting downtown KG Motors MiBot — Source: KG Motors Really, there's only one way to say it: the KG Motors MiBot is tiny. The single seater measures 98 inches long, 44 inches wide, and stands just 57 inches tall, making it more or less the size of a golf cart. Under the admittedly adorable exterior beats an electric heart that offers up to 62 miles of range at up to 37 mph. A 7.68 kWh LFP battery pack charges in around five hours on a 100-volt outlet, which is Japan's standard. Despite a spartan interior — KG Motors proudly touts 'doors and air conditioners are standard' — the company says it's looking into 'autonomous driving functions.' Reservations opened up last August, and KG Motors has already secured over 2,000 pre-orders. Now, small cars and electrification aren't a new pairing in Japan. The Nissan Sakura, arguably the most popular EV in Japan, is in fact a kei car. But the KG Motors MiBot differs in a few key ways. Funny enough, the most important difference is that it's smaller, conforming to regulations in Japan defining a 'microcar.' That's distinct from even the small kei car. Microcars benefit from lower insurance rates, no required inspections, and freedom from some other local regulations. The second most important part is pricing. Priced at roughly the equivalent of $7,650, the MiBot is less than half the price of the Sakura. KG Motors MiBot — Source: KG Motors MiBot, like Slate Auto, is filling a gap that legacy automakers seem to be content to ignore We won't be so bold as to suggest the MiBot would be a pragmatic choice, or at all successful, Stateside. We also recognize that there isn't anything quite analogous to a microcar that exists in the US. However, with KG Motors seeing a positive response in a country that otherwise eschews electrification in favor of gas — or nothing at all — it seems that pricing is perhaps a bigger factor than legacy automakers realize. Slate Auto is seeing a hugely successful reservation period, and the two share a common approach: few frills, and a price that undercuts everyone else, especially legacy automakers. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. KG Motors MiBot — Source: KG Motors Final thoughts In an interview with Bloomberg, KG Motors said the 'first batch' of MiBots will allow the company to 'break even,' financially speaking. Following reservation fulfillments, the MiBot makers will start churning these little guys out at a rate of 10,000 units per year. It's important to remember that Toyota, the world's largest automaker, sold around 2,000 EVs total in Japan last year. Price isn't everything, but we have a feeling keeping it low is a big boost for little cars like the MiBot in Japan, and value-packed offerings from companies like Slate in the US. About the Author Steven Paul View Profile
