Japan's Nippon Telegraph mulls buying remaining NTT Data shares for $20.9 billion, Nikkei reports
May 7 (Reuters) - Japan's telecom giant Nippon Telegraph and Telephone (9432.T), opens new tab is considering to make a tender offer of up to 3 trillion yen ($20.92 billion) to buy the remaining shares it does not already own in NTT Data, the Nikkei reported late on Wednesday without naming the source.
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The Guardian
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- The Guardian
Donald Trump to meet Xi Jinping in China after ‘very good' call on trade
Donald Trump said he had accepted an invitation to meet Xi Jinping in China after a phone conversation on trade was held between the leaders of the world's two largest economies. In a post on Truth Social, the US president said the 'very good' call lasted about 90 minutes and the conversation was 'almost entirely focused on trade'. He wrote: 'The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries. There should no longer be any questions respecting the complexity of Rare Earth products. Our respective teams will be meeting shortly at a location to be determined … During the conversation, President Xi graciously invited the First Lady and me to visit China, and I reciprocated.' Trump added that teams from the US and China would meet soon at a location to be determined. The Chinese foreign ministry said Trump initiated the call, which was only the second time this year the two leaders had spoken one to one. They previously spoke in January, before Trump's inauguration. The discussion followed posts on social media by Trump that praised the Chinese leader but also suggested it was difficult to reach a deal with him. Trade negotiations between the US and China stalled shortly after an agreement between the countries on 12 May to reduce 145% import tariffs on China imposed by Washington, and Beijing's 125% tariffs on US imports in a tit-for-tat exchange. The agreement allowed for a reduction in tariffs during a 90-day moratorium before talks to resolve differences, especially over the export of Chinese rare earth metals, which are crucial to making electric cars and mobile phones. The US treasury secretary, Scott Bessent, the commerce secretary, Howard Lutnick, and the US trade representative, Jamieson Greer, will represent the US side in negotiations. Trump is under pressure to resolve the dispute with China after a series of weak economic figures that showed a sharp slowdown in US growth and a reluctance among private companies to hire staff. Large US businesses have also complained about the high cost of purchasing vital goods made in China. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The Chinese government said in a statement published by the state-run Xinhua news agency: 'Xi Jinping welcomed Trump's visit to China again, and Trump expressed his sincere gratitude.' However, it added: 'The US side should take a realistic view of the progress made and withdraw the negative measures imposed on China.' China's decision in April to suspend exports of a wide range of critical minerals and magnets has disrupted supplies needed by carmakers, computer chip manufacturers and military contractors around the world. Trump has long pushed for a call or a meeting with Xi, but China has rejected the proposal as out of keeping with its traditional approach based on hammering out agreement details before the leaders talk.
Reuters
an hour ago
- Reuters
India's favoured 5-year bond trade loses steam with rate cuts priced in, fund managers say
MUMBAI, June 5 (Reuters) - A widely popular strategy of investing in India's five-year government bonds is losing its appeal as the security has now nearly priced in likely rate cuts, five fund managers said on Thursday. Heavy buying in the 6.75% 2029 bond has knocked down the yield by 80 basis points (bps) since March, among the steepest declines across dated securities and only behind two- and three-year bond yields. The five-year bond is also trading 15 bps below the policy repo rate of 6%, the deepest inversion in 11 years. "The yield is trading sharply below the repo rate due to multiple factors, but this move is now overdone," said Murthy Nagarajan, head of fixed income at Tata Asset Management. The Reserve Bank of India (RBI) is expected to lower rates by at least another 50 bps in the coming months. The five-year segment appears to have priced in most of the anticipated easing, said Laukik Bagwe, fund manager and head of fixed income at ITI Mutual Fund. "While the shorter end of the curve has outperformed, further gains may be limited without clearer signals from the RBI." Still, foreign investors, including Nomura, Standard Chartered Bank and BofA Securities, have suggested investing in the five-year part of the curve, noting that liquidity infusions from the central bank will bode well for shorter-duration bonds. The 2029 bond has remained among the five most traded papers over the last couple of months. Fund managers say that the focus may now shift to 10-year debt. "We expect benchmark 10-year bond yield to grind towards 6% level in the medium term," said Dhawal Dalal, president and CIO - fixed income at Edelweiss Asset Management. Dalal expects the repo rate to settle between 5.25% and 5.50%. Tata Asset Management's Nagarajan also expects the 10-year bond to outperform hereon, with the yield seen moving towards 6.10%. The 10-year yield has fallen by 39 bps since March, widening its spread over the five-year yield to 35 bps - the highest in three years.
Reuters
2 hours ago
- Reuters
Japan's Eneos says unplanned shutdown begins at 77,000-bpd unit at Kawasaki
TOKYO, June 5 (Reuters) - Japan's biggest refiner, Eneos Corp, experienced an unplanned shutdown of the 77,000 barrels-per-day No.3 crude distillation unit at its Kawasaki refinery near Tokyo, starting June 4, a company spokesperson said on Thursday. The company declined to provide a reason for the shutdown or an expected timeline for resuming operation. The refiner, part of Eneos Holdings (5020.T), opens new tab, restarted another crude distillation unit, the 105,000-bpd No.3 CDU at its Mizushima-B refinery in western Japan on June 3, following a scheduled turnaround that began on February 26, the spokesperson said. At the same refinery, the company had resumed operations at the 95,200-bpd No.2 CDU on May 16 after an unplanned shutdown that started on April 24. Also on May 16, Eneos shut the 141,000-bpd CDU at its Sakai refinery in western Japan for scheduled maintenance, with plans to restart it in early July, the spokesperson added.
