Latest news with #businesssentiment
Yahoo
6 days ago
- Business
- Yahoo
Factbox-Foreign firms' executives entangled in Chinese probes
BEIJING (Reuters) -U.S. bank Wells Fargo has suspended all travel to China after one of its employees was barred from leaving the country, extending a trend of foreign executives caught up in probes by authorities that has chilled business sentiment. Below are some other recent examples: - A Beijing court this week sentenced a Japanese employee of Astellas Pharma to 3-1/2 years in prison. The man had been detained since March 2023 on suspicion of spying and had been indicted about a year ago. - In March, Chinese authorities released employees of U.S. corporate due diligence firm Mintz Group detained in Beijing two years ago. Five of the firm's local staff were detained in a raid that turned out to be the beginning of a sweeping crackdown on consultancy and due diligence firms, including Bain & Company's office in Shanghai. A Singaporean executive at Mintz was also prevented from leaving China, sources told Reuters. China fined Mintz about $1.5 million in July 2024 for doing "unapproved statistical work". - Anglo-Swedish pharmaceutical firm AstraZeneca saw its China president Leon Wang detained and placed under investigation in 2024, with little information about what the probe was about. Wang, who grew up in China, was a high-profile executive often quoted in the Chinese business press. AstraZeneca's CEO said in February that the company was not permitted to speak with Wang, who has been placed under extended leave since December. Chinese media had reported that AstraZeneca was under probe since 2021, suspected of fabricating genetic testing results related to the firm's lung cancer drug Tagrisso and of insurance fraud. - A senior Nomura Holdings banker overseeing the Japanese firm's investment banking operations in China was ordered not to leave the mainland, sources told Reuters in late 2023. The exit ban was lifted the following year allowing Charles Wang Zhonghe, China investment banking chairman at Nomura, to return to Hong Kong, where he was previously based, according to the Financial Times. - Michael Chan, a senior executive at U.S. risk advisory firm Kroll, was barred from leaving the Chinese mainland, the Wall Street Journal reported in September 2023. The Hong Kong passport holder was assisting in an investigation dating back a few years, the newspaper reported, citing people familiar with the matter. Neither Kroll nor Chan was the target of the investigation, according to the newspaper. - A Singapore-based UBS wealth manager was prevented from leaving China in 2018. The executive was asked to remain in the country to meet with local authorities, Reuters reported at that time. The uncertainty surrounding the exit ban on the wealth manager had led the Swiss bank and several of its rivals to require their private banking staff to carefully consider trips to China.
Bloomberg
10-07-2025
- Business
- Bloomberg
France Sees Europe's Biggest Jump in Distressed Firms, A&M Says
France registered the biggest spike in the proportion of companies in financial distress last year as the country struggled with a weak labor market and deteriorating business sentiment. Some 10.5% of French companies were in distress last year, up from 8.1% in 2023, according to a report from consulting firm Alvarez & Marsal published on Thursday.
Yahoo
10-07-2025
- Business
- Yahoo
Standard Chartered GBA Business Confidence Survey Points to Further Tariff Drag in H2
Front-loading Supports Current Performance; Expectations Soften but Remain Positive HONG KONG - July 9, 2025 (NEWMEDIAWIRE) - Standard Chartered and the Hong Kong Trade Development Council (HKTDC) jointly released the latest Standard Chartered Greater Bay Area Business Sentiment Index (GBAI), which showed resilient current business performance after the so-called US Liberation Day' tariffs shock, supported by front-loading of orders and production. Meanwhile, businesses were cautious on the outlook as expectations softened but remained positive. The "current performance" index for business activities eased marginally to 53.1 in Q2 from 53.5 in Q1. A breakdown of index components supports the front-loading narrative; "Production/sales" was the strongest performer among the eight main sub-indices, in terms of both absolute score (57.1, the highest in a year) and change (+4.2 pts). Other positive drivers include "Fixed asset investment" (+2.0pts), "Profits" (+1.1pts) and "Raw material inventory" (+0.1pts). Meanwhile, the "expectations" index for business activity fell to 52.0 in Q2 from 54.3 in Q1. This is the weakest level since Q4-2022, but the fact that expectations stayed above the 50 neutral mark provides some relief. There is a broad-based deterioration across sub-components as seven of the eight expectations sub-indices fell, and the exception was "Capacity utilisation". "Financing scale" (-5.1pts), "Finished goods/services price" (-4.8pts) and "Production/sales" (-2.6pts) saw the biggest declines in the quarter. By sector, "Innovation and technology" outperformed (+6.3pts for "current performance" and +5.5pts for "expectations"), while "Manufacturing and trading" showed short-term resilience (-0.4pts and -2.1pts) as rush orders ahead of US tariff implementation have kept manufacturers busy. Retail and wholesale' disappointed (-1.0pts and -4.1pts), despite the perceived effectiveness of China's consumer goods trade-in program. Across GBA cities, there was setback for Hong Kong and Guangzhou. Hong Kong saw the biggest drops among GBA cities (-9.8pts for "current performance" and -10.5pts for "expectations") in the quarter. This partly reflects its vulnerability to the external environment and domestic consumption struggles. Guangzhou fell 9.3pts for "current performance" and 6.3pts for "expectations". Kelvin Lau, Senior Economist, Greater China and North Asia, Standard Chartered, said: "The looming tariff uncertainty has driven the front-loading of orders and production in the second quarter, while also accelerating AI development. Looking ahead, the findings revealed a more cautious view of GBA businesses amid the uncertain business outlook in the second half, especially regarding the outcome of bilateral trade deals after the 90-day pauses. Additionally, Hong Kong's economy saw steady expansion in the first quarter. Given the significant proportion of external economic activities relative to its GDP, international trade and tariff policies are crucial for Hong Kong." For thematic questions, only some 10% of respondents saw a material direct impact from US tariff hikes. Notably, tariff pauses and exemptions provided relief on the impact, this underscores the importance of maintaining the recent US-China trade truce and quickly finalising other bilateral trade deals in Q3. In terms of the impact of doing business, 41% of the respondents said US tariff hikes would delay the implementation of their business plans. Other major impacts include "difficult to navigate high level of logistical/customs disruption/uncertainty" (35%) and "losing business to other markets with lower tariff impact" (30%). Meanwhile, 32% of the respondents would sell more into the domestic market as the most common way to address the US tariff shocks and associated uncertainties. Irina Fan, Director of Research, HKTDC, said: "The findings showed that GBA companies are relatively resilient to US tariffs, although our survey was conducted shortly after the US Liberation Day' tariffs against its trade partners in April and did not capture all of the more recent developments since. Some 75-80% of the GBA companies see negative impacts by US tariffs, mostly due to delay in business plan implementation and logistics disruptions." "In response to this new era of US trade policy, GBA companies seek to increase domestic sales and expanding to key markets in the region, in particular ASEAN, reflecting the mainland and HKSAR Governments' efforts in promoting closer economic ties with these countries and regions." About the GBAI The GBAI is the first forward-looking quarterly survey in the market that looks at the business sentiment and synergistic effects in cities and industries across the GBA. It is compiled based on a survey of more than 1,000 companies in the GBA covering the manufacturing and trading, retail and wholesale, financial services, professional services and innovation and technology sectors. The index enables investors and businesses to better understand the current business climate, gauge future performance prospects and formulate their market strategies for the GBA. Related materialsHKTDC Research: Report and photos download: Media enquiries Yuan Tung Financial Relations Limited Tiffany Leung Tel: (852) 3428 2361 Email: tleung@ Communications & Public Affairs Department of the HKTDC Katy Wong Tel: (852) 2584 4524 Email: Corporate Affairs Department of Standard Chartered Bank (Hong Kong) Limited Flora Chiu Tel: (852) 3843 2285 Email: About Standard Chartered We are a leading international banking group, with a presence in 53 of the world's most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR's three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC. For more stories and expert opinions please visit Insights at Follow Standard Chartered on X, LinkedIn, Instagram and Facebook. About HKTDC The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With over 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-07-2025
- Business
- Yahoo
UK firms lose taste for US investment, Deloitte survey shows
By Andy Bruce (Reuters) -The attractiveness of the United States as an investment destination has plunged in the eyes of British business executives who now see opportunities closer to home, a survey showed on Monday. Deloitte's survey of chief financial officers at major British firms showed a net balance of +2% of respondents saw the U.S. as an attractive place to invest, down from +59% in late 2024 - shortly before President Donald Trump took office. The report tallied with official U.S. data last month that showed inward foreign direct investment fell sharply in early 2025, a drop that coincided with high business uncertainty over Trump's tariff plans. By contrast, Deloitte said British company executives warmed to their own market, with the balance for the UK rising to +13% from -12% - ranking top with India for investment attractiveness. The U.S. remained more attractive than the rest of developed Europe or China, both of which had negative readings in Deloitte's survey. "These results reveal a shift in sentiment with the UK now viewed as a leading global investment destination," said Richard Houston, senior partner and chief executive of Deloitte UK. "This renewed confidence, coupled with a rise in risk appetite, is welcome and underscores the considerable investment potential the UK offers." In 2023, Britain was the fourth-biggest direct investor into the United States by ultimate beneficial owner, with a position of $636 billion, according to official US data. The Deloitte survey showed British executives reported an uptick in business confidence compared with the previous survey published in April. While still subdued, the optimism index ticked up to -11% from -14% in the previous quarter. British business surveys generally point to weak economic growth - a problem for finance minister Rachel Reeves, who is likely to raise taxes again at the next budget, according to market expectations. Deloitte polled 66 chief financial officers and executives between June 16 and June 29, including 37 listed companies with a combined market value of 386 billion pounds. Sign in to access your portfolio
Japan Times
01-07-2025
- Automotive
- Japan Times
Large Japanese companies surprisingly optimistic as U.S. tariffs bite
Large Japanese businesses maintained optimism overall in the second quarter even as the United States implemented a range of new tariffs. According to the Bank of Japan's quarterly tankan survey, released Tuesday, the business sentiment index for large manufacturers improved to 13, up from 12 in the first quarter. The latest figure exceeded the average forecast of 10 by 15 think tanks. This was the first tankan survey conducted after U.S. President Donald Trump introduced 10% "reciprocal" tariffs and 25% tariffs on vehicles in April. Confidence among large companies in the auto industry, which is the backbone of the Japanese economy, dropped to 8 from 13 in the previous survey. "Although the tariff situation is still up in the air, the survey suggests there's a growing belief that if reciprocal tariffs stay at 10%, industries except for the auto sector wouldn't face major impacts," Koichi Fujishiro, an economist at the Dai-ichi Life Research Institute, wrote in a report on Tuesday. The tankan survey asks companies whether business conditions are 'favorable,' 'not so favorable" or 'unfavorable." Positive readings mean those answering "favorable" have outnumbered companies answering "unfavorable." As more than 99% of companies polled normally respond to the questionnaire, the data is considered to be of a very high quality and an accurate reflection of the situation on the ground. The latest survey polled nearly 9,000 companies between May 28 and June 30. The tankan shows small and medium-size manufacturers were not as optimistic as larger companies. The reading for medium-size manufacturers in the second quarter dropped to 10 from 11, while the figure for smaller companies declined to 1 from 2. Trade Minister Yoji Muto said at a news conference on Tuesday that it is still hard to gauge the impact of the auto tariffs, but some feedback to consultation desks set up by the ministry suggests that the tariffs have already affected some auto-related companies. Japan and the United States have made no significant progress in tariff negotiations despite months of dialogue. Japan is asking the U.S. to remove or lower the auto tariffs, but Trump appears to be unwilling to do so. The tankan showed that sentiment among large nonmanufacturers met the average forecast of 34, down slightly from 35 in the first quarter. Still, the figure is the highest in more than three decades. Strong confidence at nonmanufacturing companies is helped by booming inbound tourism, robust investment related to digital transformation, high construction demand and a recovery in consumption, Fujishiro pointed out. The tankan also indicates that the labor shortages are still serious, so more companies will be under pressure to offer higher wages to attract employees, which could justify a rate increase by the BOJ, Fujishiro added, saying that the bank may raise rates this month. The BOJ is scheduled to have a two-day policy meeting on July 30 and July 31. A Bloomberg survey of 53 BOJ watchers last month showed that nearly half of those surveyed believed that the bank will not raise rates this year given that it will take time to gauge the impact of U.S. tariffs.
