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Philippines 2022 GDP Growth Quickest In Over 4 Decades, But Outlook Challenging

MANILA, Jan 26 (Reuters) – The Philippine economy ended 2022 with the fastest growth in over four decades underpinned by a robust final quarter, but analysts and policymakers warn that a global slowdown and soaring inflation will make for a difficult year ahead.

Manila’s fourth quarter forecast-beating annual growth of 7.2% reported by the statistics agency compared with the 6.5% pace expected in a Reuters poll, and brought full-year expansion to 7.6%, the fastest since 1976 and above the government’s target of 6.5 to 7.5%.

Full coverage: REUTERS

Musk Outlines Tesla’s Recession Playbook: Claw Back Costs

Jan 26 (Reuters) – Elon Musk has a playbook for Tesla (TSLA.O) headed into what he believes will be a “serious” recession: cut costs on everything from parts to logistics, while keeping the pressure on competitors with discounted sticker prices.

In a conference call to discuss Tesla’s fourth-quarter results, Musk and other executives outlined plans to reshape the electric vehicle (EV) maker’s cost base after slashing prices up to 20%, a move some analysts see as the first shot in a price war.

Full coverage: REUTERS

Strong U.S. Economic Growth Expected In Fourth Quarter, Outlook Darkening

WASHINGTON, Jan 26 (Reuters) – The U.S. economy likely maintained a strong pace of growth in the fourth quarter as consumers boosted spending on goods, but momentum appears to have slowed considerably towards the end of the year, with higher interest rates eroding demand.

The Commerce Department’s advance fourth-quarter gross domestic product report on Thursday could mark the last quarter of solid growth before the lagged effects of the Federal Reserve’s fastest monetary policy tightening cycle since the 1980s kick in. Most economists expect a recession by the second half of the year, though mild compared to previous downturns.

Full coverage: REUTERS

Toyota Names Lexus Chief Koji Sato CEO As Akio Toyoda Takes Chairman Role

TOKYO, Jan 26 (Reuters) – Toyota Motor Corp (7203.T) said on Thursday that Akio Toyoda will step down as president and chief executive to become chairman from April 1, and hand over the helm of Japan’s biggest automaker to the company’s top branding officer.

Koji Sato, a 53-year-old who is also president of Toyota’s luxury brand Lexus, will become the new CEO, the company said. The current chairman Takeshi Uchiyamada will drop his chairman title but remain on the board.

Full coverage: REUTERS

Morning Bid: Heading For A Soft Landing?

A look at the day ahead in European and global markets from Ankur Banerjee.

While the European corporate earnings season still has a way to go, results so far have left investors hopeful that the region may well be able to weather the storm that’s combining inflationary pressure and economic slowdown. Things are not as bad as some had feared, with the region’s prospects boosted by China’s reopening, an unexpectedly mild winter and resilient activity data.

Full coverage: REUTERS

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Industry Dynamics

Barclay Family Regains Telegraph Ownership Amidst U.K. Probe

Today’s News  The Barclay family has regained temporary ownership of the Telegraph newspaper as the prospective Abu Dhabi-backed owner awaits the U.K. government’s probe results regarding its takeover. Following six months under the control of its lender, Lloyds Banking Group, the media group emerged from financial receivership. The family settled its outstanding debts using funds […]

2023-12-5 | Industry Dynamics

Japanese Developers Seek U.S. Mergers And Acquisition 

Today’s News  Three major Japanese developers are actively pursuing opportunities to acquire housebuilders in the United States, seeking growth outside their shrinking domestic market.   Daiwa House, Sekisui House, and Sumitomo Forestry are aggressively exploring potential targets, with intentions of possible acquisitions in the U.S. market. Four M&A bankers and lawyers familiar with the matter […]

2023-12-4 | Industry Dynamics

Weekly Economic Calendar For December 4th, 2023 – December 9th, 2023

Weekly Economic Calendar For December 4th, 2023 – December 9th, 2023.

2023-12-1 | Industry Dynamics