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hk_rthk_finance_en.xml
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rthk - Finance
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<title>
BYD beats Tesla in quarterly revenue for 1st time
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<img alt="A BYD YangWang U8 is displayed at the 2024 Paris Auto Show. File photo: Reuters" referrerpolicy="no-referrer" src="https://images.weserv.nl/?n=-1&we&h=1080&output=webp&trim=1&url=https%3A%2F%2Fnewsstatic.rthk.hk%2Fimages%2Fmfile_1776912_1_20241030211618.jpg&q=65" style="width:100%;height:auto"/>
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Electric vehicle giant BYD reported surging sales on Wednesday, surpassing global rival Tesla in quarterly revenue for the first time as its push into overseas markets advances.
<br/>
<br/>
The EV and battery giant is a leading player in recent efforts by Chinese automotive firms to expand overseas.
<br/>
<br/>
BYD posted operating revenue of 201.1 billion yuan, or US$28.2 billion, during the third quarter, a filing at the Hong Kong Stock Exchange showed, up 24 percent from the same period last year.
<br/>
<br/>
The Shenzhen-based firm's quarterly revenue figure for the first time exceeded that of American EV powerhouse Tesla, which last week posted US$25.2 billion in third-quarter revenue.
<br/>
<br/>
The firm's net profit during the period came in at 11.6 billion yuan, the filing showed, up 11.5 percent from the third quarter last year.
<br/>
<br/>
BYD – which adopts the English slogan "Build Your Dreams" – is the most prominent EV manufacturer in China, the world's largest automotive market.
<br/>
<br/>
Originally specialising in the design and production of batteries, BYD diversified into the automotive industry in 2003. (AFP)
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© rthk.hk
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<p>
電子郵件 Email:
<a href="mailto:cnews@rthk.hk" rel="nofollow">
cnews@rthk.hk
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Wed, 30 Oct 2024 21:16:00 +0800
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<item>
<title>
'Debut of Saudi ETFs tracking HK shares a milestone'
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<link>
https://news.rthk.hk/rthk/en/component/k2/1776873-20241030.htm
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<img alt="" referrerpolicy="no-referrer" src="https://images.weserv.nl/?n=-1&we&h=1080&output=webp&trim=1&url=https%3A%2F%2Fnewsstatic.rthk.hk%2Fimages%2Fmfile_1776873_1_20241030165522.jpg&q=90" style="width:100%;height:auto"/>
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Financial Secretary Paul Chan on Wednesday said the debut of Saudi Arabia's first exchange-traded funds (ETFs) that track Hong Kong-listed equities will strengthen cooperation between the two places.
<br/>
<br/>
Chan's remark came as trading of such ETFs began on the Saudi stock exchange.
<br/>
<br/>
Issuer Albilad Capital and its partner CSOP Asset Management said the trading of the product raised more than US$1.2 billion at the start.
<br/>
<br/>
Speaking to reporters in Riyadh after the listing ceremony, Chan said the ETFs open doors for Middle Eastern investors to capital markets beyond the SAR.
<br/>
<br/>
"Middle Eastern investors can gain easy access to our Hong Kong markets. However, this investment extends beyond just Hong Kong. As you know, more than 70 percent of the market value of listed companies in Hong Kong comes from the mainland. Therefore, investing in the Hong Kong market is equivalent to investing in key sectors of the mainland," he said.
<br/>
<br/>
Asia's first ETF covering Saudi Arabian stocks made its debut on the Hong Kong Stock Exchange last November. (Additional reporting by Reuters)
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<hr/>
<p>
原始網址 Original URL：
<a href="https://news.rthk.hk/rthk/en/component/k2/1776873-20241030.htm" rel="nofollow">
https://news.rthk.hk/rthk/en/component/k2/1776873-20241030.htm
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</p>
<p>
© rthk.hk
</p>
<p>
電子郵件 Email:
<a href="mailto:cnews@rthk.hk" rel="nofollow">
cnews@rthk.hk
</a>
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Wed, 30 Oct 2024 17:06:00 +0800
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<item>
<title>
HKEX to open Riyadh office in 2025
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https://news.rthk.hk/rthk/en/component/k2/1776854-20241030.htm
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<img alt="HKEX has offices in Beijing, Shanghai, London, New York and Singapore. File photo: RTHK" referrerpolicy="no-referrer" src="https://images.weserv.nl/?n=-1&we&h=1080&output=webp&trim=1&url=https%3A%2F%2Fnewsstatic.rthk.hk%2Fimages%2Fmfile_1776854_1_20241030151703.jpg&q=80" style="width:100%;height:auto"/>
<br/>
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Hong Kong’s stock market operator on Wednesday said it will open an office in Riyadh next year, boosting its global coverage.
<br/>
<br/>
The Hong Kong Exchanges and Clearing (HKEX) said the new office in the Saudi Arabian capital would help investors in the Middle East better access financial products and capital markets in the SAR.
<br/>
<br/>
Its CEO Bonnie Chan pointed out that the Riyadh branch will join HKEX’s other offices in Beijing, Shanghai, London, New York, and Singapore.
<br/>
<br/>
“The new Riyadh office will enable us to foster greater global coverage and facilitate access for Middle East clients to Asia’s most international, diverse and liquid capital markets in Hong Kong."
<br/>
<br/>
The announcement came as the trading of Saudi Arabia’s first exchange-traded fund that tracks Hong Kong-listed shares kicked off.
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原始網址 Original URL：
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https://news.rthk.hk/rthk/en/component/k2/1776854-20241030.htm
</a>
</p>
<p>
© rthk.hk
</p>
<p>
電子郵件 Email:
<a href="mailto:cnews@rthk.hk" rel="nofollow">
cnews@rthk.hk
</a>
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Growing interest in trading in own currency, says FS
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https://news.rthk.hk/rthk/en/component/k2/1776807-20241030.htm
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There's growing interest for jurisdictions to conduct trade in their own currency, Financial Secretary Paul Chan said on Wednesday, adding that a multi-central bank digital currency platform is "worth pushing forward".
<br/>
<br/>
At the annual Future Investment Initiative summit in Saudi Arabia, Chan said Hong Kong has been involved in the mBridge project, a platform supporting cross-border payments and foreign exchange transactions using central bank digital currencies and distributed ledger technology.
<br/>
<br/>
"A lot of jurisdictions want to trade in their own currency. So the challenge is how to create a system to take care of that," Chan said in Riyadh.
<br/>
<br/>
"Say, for example, Hong Kong, along with Saudi Arabia and a few other jurisdictions, we have an mBridge project facilitating trade settlements. I mean trading transactions denominated in their own local currency. And through digitalisation this can be settled by using their own currency. And this is gaining increasing confidence and increasing interest."
<br/>
<br/>
During the summit, Chan witnessed the signing of a strategic cooperation agreement between Hong Kong Science and Technology Parks and Beta Lab, a startup incubator in Saudi Arabia.
<br/>
<br/>
The financial chief is leading a 100-strong delegation to the Saudi capital for three days, after taking the first direct passenger flight between the SAR and Riyadh since 2017.
<br/>
<br/>
"We're meeting with business, finance and technology companies, with investors and government leaders, too. Our goal is clear: To expand ties with Saudi Arabia, building friendship and exploring the many mutually beneficial collaboration opportunities this renewed connection will surely create," Chan told a cocktail reception.
<br/>
<br/>
He also said the resumption of flights between the two cities "underlines the strategic importance" of Saudi Arabia's location "at the crossroad between three continents", while boosting ties between Beijing and Riyadh.
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<p>
原始網址 Original URL：
<a href="https://news.rthk.hk/rthk/en/component/k2/1776807-20241030.htm" rel="nofollow">
https://news.rthk.hk/rthk/en/component/k2/1776807-20241030.htm
</a>
</p>
<p>
© rthk.hk
</p>
<p>
電子郵件 Email:
<a href="mailto:cnews@rthk.hk" rel="nofollow">
cnews@rthk.hk
</a>
</p>
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Wed, 30 Oct 2024 11:24:00 +0800
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<item>
<title>
Hong Kong and mainland stocks open lower
</title>
<link>
https://news.rthk.hk/rthk/en/component/k2/1776798-20241030.htm
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<img alt="The Hang Seng Index opened 0.6 percent down on Wednesday. Photo: RTHK" referrerpolicy="no-referrer" src="https://images.weserv.nl/?n=-1&we&h=1080&output=webp&trim=1&url=https%3A%2F%2Fnewsstatic.rthk.hk%2Fimages%2Fmfile_1776798_1_20241030095730.jpg&q=90" style="width:100%;height:auto"/>
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China and Hong Kong stocks opened lower on Wednesday, as investors are still assessing the news of a potential 10 trillion yuan (US$1.40 trillion) fiscal boost from Beijing, while remaining cautious ahead of US elections next week.
<br/>
<br/>
China's blue-chip CSI-300 Index opened down 0.5 percent, while the Shanghai Composite Index dipped 0.4 percent.
<br/>
<br/>
Hong Kong's benchmark Hang Seng Index was down 0.6 percent at 20,586. (Reuters)
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<br/>
<hr/>
<p>
原始網址 Original URL：
<a href="https://news.rthk.hk/rthk/en/component/k2/1776798-20241030.htm" rel="nofollow">
https://news.rthk.hk/rthk/en/component/k2/1776798-20241030.htm
</a>
</p>
<p>
© rthk.hk
</p>
<p>
電子郵件 Email:
<a href="mailto:cnews@rthk.hk" rel="nofollow">
cnews@rthk.hk
</a>
</p>
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Wed, 30 Oct 2024 10:04:00 +0800
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<item>
<title>
EU raises tariffs on Chinese EVs by up to 45.3 percent
</title>
<link>
https://news.rthk.hk/rthk/en/component/k2/1776781-20241030.htm
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<img alt="China-made Teslas will be taxed an addition 7.8 percent, Chinese car giant Geely faces an extra duty of 18.8 percent, while SAIC will be hit with the highest at 35.3 percent. File photo: Reuters" referrerpolicy="no-referrer" src="https://images.weserv.nl/?n=-1&we&h=1080&output=webp&trim=1&url=https%3A%2F%2Fnewsstatic.rthk.hk%2Fimages%2Fmfile_1776781_1_20241030075912.jpg&q=30" style="width:100%;height:auto"/>
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The European Union has decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3 percent, at the end of its highest profile investigation that has divided Europe.
<br/>
<br/>
Just over a year after launching its anti-subsidy probe, the European Commission will set out extra tariffs ranging from 7.8 percent for Tesla to 35.3 percent for China's SAIC, on top of the EU's standard 10 percent car import duty.
<br/>
<br/>
The extra tariffs were formally approved and published in the EU's Official Journal on Tuesday, meaning they will take effect on Wednesday. The Commission, which oversees EU trade policy, has said tariffs are required to counter what it says are unfair subsidies including preferential financing and grants as well as land, batteries and raw materials at below market prices.
<br/>
<br/>
It said China's spare production capacity of 3 million EVs per year is twice the size of the EU market. Given 100 percent tariffs in the United States and Canada, the most obvious outlet for those EVs is Europe.
<br/>
<br/>
The Commerce Ministry said China "does not approve of or accept" the move, according to Xinhua News Agency.
<br/>
<br/>
A ministry spokesperson added that Beijing has already appealed to the World Trade Organisation's dispute settlement mechanism over the issue, and will continue to take all necessary measures to safeguard the legitimate rights and interests of Chinese enterprises.
<br/>
<br/>
The China Chamber of Commerce to the EU said it was profoundly disappointed by the "protectionist" and "arbitrary" EU measure and was disheartened by the lack of substantial progress in negotiations to find an alternative to tariffs.
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Beijing has launched its own probes this year into imports of EU brandy, dairy and pork products.
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The extra taxes have been controversial, with strong opposition from Germany and Hungary amid fears that it may set off a trade war. Beijing previously slammed the European Union's "unfair" and "unreasonable protectionist practices" during the probe.
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"By adopting these proportionate and targeted measures after a rigorous investigation, we're standing up for fair market practices and for the European industrial base," EU trade chief Valdis Dombrovskis said in a statement.
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"We welcome competition, including in the electric vehicle sector, but it must be underpinned by fairness and a level playing field," he said.
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But Germany's main auto industry association warned the tariffs heighten the risk of "a far-reaching trade conflict".
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The extra tariffs are "a step backwards for free global trade and thus for prosperity, job preservation and growth in Europe," the German Association of the Automotive Industry's president Hildegard Mueller said after the announcement.
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European automakers are grappling with an influx of lower-cost EVs from Chinese rivals. The Commission estimates Chinese brands' share of the EU market has risen to 8 percent from below 1 percent in 2019 and could reach 15 percent in 2025.
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It says prices are typically 20 percent below those of EU-made models.
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It remains to be seen what impact tariffs will have on consumer prices. Some producers may be able to absorb them at least partially.
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Talks continue between the EU and China and the duties can be lifted if they reach a satisfactory agreement, but officials on both sides have pointed to differences.
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In the first nine months of 2024, China's EV exports to the EU were down 7 percent from a year earlier, but they have surged by more than a third in August and September, ahead of the tariffs, data from the China Passenger Car Association (CPCA) show. (Agencies)
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Wed, 30 Oct 2024 07:59:00 +0800
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<title>
Nasdaq ends at record as tech giants start reporting
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The Nasdaq pushed to a record high on Tuesday despite a pullback in the Dow, as markets greeted a series of earnings from technology heavyweights.
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Shares of Google parent Alphabet rose in after-hours trading following its earnings report, which will be succeeded later this week by releases from Apple, Microsoft and others.
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"Tech stocks are catching a bid," said Art Hogan of B Riley Wealth Management, adding that there has been "more good news than bad" today.
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The tech-rich Nasdaq finished up 0.8 percent at 18,712,
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The Dow Jones declined 0.4 percent to 42,233, while the S&P 500 added 0.2 percent at 5,832.
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Hogan pointed to another decline in oil prices as supportive of stocks and noted that US Treasury bond yields were stable.
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<br/>
The Conference Board's consumer confidence index jumped sharply to 108.7 in October, up from a revised 99.2 last month, another positive for stocks.
<br/>
<br/>
Among individual companies, Ford fell 8.4 percent after reporting solid third-quarter earnings, but lowering some of its full-year projections, implying a weaker fourth quarter.
<br/>
<br/>
But Boeing shot up 1.5 percent after it announced it will raise more than initially expected from a new stock offering as it seeks to offset crushing production woes and a major strike. The aerospace giant now expects to raise at least US$21 billion from the campaign. (AFP)
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<title>
Hong Kong stocks close higher
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Hong Kong stocks ended higher on Tuesday, with the benchmark Hang Seng Index up 0.5 percent at 20,701.
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The Shanghai Composite Index finished down 1.1 percent at 3,286, while the Shenzhen Component Index closed 1.3 percent lower at 10,543. (Xinhua)
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Tue, 29 Oct 2024 16:49:00 +0800
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HSBC books 10pc profit rise for Q3
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HSBC Holdings posted a 10 percent rise in third-quarter profit on Tuesday, beating analyst estimates, as its wealth and wholesale banking benefited from slower-than-expected rate cuts while it embarks on one of the largest overhauls in its history.
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Europe's largest bank posted pretax profit of US$8.5 billion for the July-to-September period versus US$7.7 billion a year earlier. The result compared with a US$7.6 billion mean average of broker estimates compiled by HSBC.
<br/>
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The London-headquartered, Asia-focused bank also announced an additional share buyback of up to US$3 billion, on top of a US$6 billion buyback programme announced earlier this year.
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<br/>
The lender unveiled a roadmap for its sweeping restructuring under new CEO Georges Elhedery designed to control costs and improve efficiency. HSBC announced last week that it will merge some operations and split its geographic footprint into East and West, under a new leadership structure.
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"We will begin to implement these plans immediately," Elhedery said in an earnings statement, but further details will be disclosed in February next year.
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<br/>
HSBC kept its 2024 and 2025 near-term return on tangible equity goal – a performance target – at mid-teens for two years but said in the statement that the "the outlook for interest rates has changed, and been volatile". (Reuters)
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Tue, 29 Oct 2024 12:58:00 +0800
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<title>
HK, mainland markets open higher
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Hong Kong stocks opened higher on Tuesday, gaining more than half a percent in the opening minutes.
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The Hang Seng Index gained 130.62 points, or 0.63 percent, to 20,729.98 on Tuesday.
<br/>
<br/>
Meanwhile, the Shanghai Composite Index gained 0.18 percent in opening trade to 3,328.09.
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The Shenzhen Component Index opened 0.19 percent higher at 10,706.02.
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<br/>
Earlier, Wall Street closed higher ahead of quarterly earnings from major tech companies, including Google's parent, Alphabet, Microsoft, Meta and Apple and Amazon. (Xinhua)
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Tue, 29 Oct 2024 10:03:00 +0800
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<title>
US markets rise ahead of big earnings reports
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Wall Street stocks climbed on Monday at the start of a heavy week of earnings and economic data, while markets also monitor the finale of the US presidential campaign.
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Analysts pointed to a pullback in oil prices as supportive of equities even though US Treasury yields pushed higher.
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"It's just a continuation of good economic news," said Kurt Spieler, chief investment officer of FNBO, pointing to broadly higher earnings so far and expectations for additional easing of US monetary policy.
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<br/>
The Dow Jones Industrial Average finished up 0.7 percent at 42,387.57.
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<br/>
The S&P 500 gained 0.3 percent to 4,823.52, while the Nasdaq Composite Index also advanced 0.3 percent to 18,567.78.
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Markets are eyeing the earnings reports of major tech companies this week including Apple, Amazon and Facebook-parent Meta.
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<br/>
Others reporting results include McDonald's, ExxonMobil and Pfizer.
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The US government will also be releasing its third quarter GDP growth estimate this week, as well as its monthly labour market report -- closely watched for its bearing on the central bank's interest rate policy.
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Among individual companies, aviation giant Boeing, which announced a stock offering that is expected to raise up to $19 billion, saw its shares slide 2.8 percent.
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<br/>
Boeing last week reported a major quarterly loss and has been reeling from a workers' strike. (AFP)
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<title>
Hong Kong stocks close higher
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Hong Kong stocks ended higher on Monday, with the benchmark Hang Seng Index up 0.04 percent at 20,599.
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The Shanghai Composite Index finished up 0.7 percent at 3,322, while the Shenzhen Component Index closed 0.6 percent higher at 10,685. (Xinhua)
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Mon, 28 Oct 2024 16:54:00 +0800
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<title>
Fast payments to mainland banks possible in 2025: HKMA
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The Monetary Authority on Monday said that locals will soon be able to transfer small amounts of money to mainland accounts through a scheme similar to the Faster Payment System (FPS).
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Its chief executive Eddie Yue said officials are working with their mainland counterparts on the details, and a trial scheme could kick off in the middle of next year.
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On the sidelines of the Hong Kong Fintech Week, Yue told reporters that cross-border transfers could be done around the clock and could be made to an account that is linked with a mainland phone number, much like how FPS operates.
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<br/>
Separately, the Securities and Futures Commission said it will consult the trade early next year in creating the roadmap for a new regulatory regime for virtual asset trading platforms.
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Currently, three such licences have been approved, with the commission saying it is processing more applications.
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The SFC’s intermediaries executive director, Eric Yip, said all licensees will be invited to take part in the consultative panel.
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"We expect the panel deliberation will result in a comprehensive virtual assets white paper that outlines the development roadmap for products and services, as well as potential enhancement in compliance and risk management," he said in his speech at Fintech Week.
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"Next is our work to piece the rest of the regulatory regime puzzle. To establish a comprehensive framework for virtual assets, we should make reference to how trading, settlement, and custody work in the traditional securities market."
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Yip added that the commission will step up investor education regarding virtual assets, as well as its monitoring of suspicious platforms and alerting investors of potential harm.
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HK stocks becalmed in opening trade
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The Hong Kong market was barely changed in early trade on Monday.
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The Hang Seng Index gained 2.59 points, or 0.01 percent, to open at 20,592.74. (Xinhua)
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Mon, 28 Oct 2024 09:42:00 +0800
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<title>
BHP, Vale agree to nearly US$30b payout
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<img alt="Brazil's President Luiz Inacio Lula da Silva attends a signing ceremony for an agreement between Vale and BHP and Brazilian authorities. Photo: Reuters" referrerpolicy="no-referrer" src="https://images.weserv.nl/?n=-1&we&h=1080&output=webp&trim=1&url=https%3A%2F%2Fnewsstatic.rthk.hk%2Fimages%2Fmfile_1776399_1_20241027084829.jpg&q=80" style="width:100%;height:auto"/>
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Mining giants BHP and Vale have signed a deal with Brazil's government to pay nearly US$30 billion in damages for a 2015 dam collapse that triggered the country's worst environmental disaster.
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President Luiz Inacio Lula da Silva attended the signing of the deal over the November 5, 2015 collapse of a tailings dam at a mine in the southeastern town of Mariana, which triggered a giant mudslide.
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The river of mud swamped villages, rivers and rainforest, killing 19 people on its way to the sea.
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"I hope the mining companies have learned their lesson: it would have cost them less to prevent (the disaster), much less," Lula said at the ceremony attended by representatives of Brazil's Vale and Australia's BHP, co-owners of the Brazilian company Samarco that operated the iron mine.
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The agreement, which Lula declared to be the biggest environmental payout in modern history, comes on the fifth day of a separate mega-trial in London over BHP's role in the dam's failure.
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More than 620,000 complainants, including 46 Brazilian municipalities and several Indigenous communities, are seeking an estimated 36 billion pounds (US$47 million) in damages in the civil trial.
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BHP denies responsibility.
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<br/>
The company said on Friday that the agreement reached in Brasilia did not end the lawsuits pending against the companies, nor prevent others being taken.
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The dam's failure released a torrent of over 40 million cubic meters of highly toxic sludge, the equivalent of 12,000 Olympic swimming pools, which coursed through the Doce River all the way to the Atlantic Ocean, over 600 kilometres away.
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Over 600 people were left homeless.
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Scientists say the mouth of the Doce River and parts of the southeast Atlantic coastline are still contaminated with metals from the spill, affecting the area's population of fish, birds, turtles, porpoises and whales.
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BHP and Vale had already agreed in 2016 to pay 20 billion reais (about US$3.5 billion at today's rate) in damages, but the negotiations were reopened in 2021 due to what the government called their "non-compliance" and the slow progress of Brazil's justice system in resolving the dispute.
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<br/>
Friday's agreement in Brazil, which is subject to approval by the country's Supreme Court, covers the companies' past and future obligations to assist people, communities and ecosystems affected by the disaster. (AFP)
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https://news.rthk.hk/rthk/en/component/k2/1776399-20241027.htm
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Sun, 27 Oct 2024 09:18:00 +0800
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US stocks close mixed ahead of big earnings reports
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https://news.rthk.hk/rthk/en/component/k2/1776265-20241026.htm
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<img alt="Wall Street had mixed fortunes ahead of major corporate earnings. File photo: Reuters" referrerpolicy="no-referrer" src="https://images.weserv.nl/?n=-1&we&h=1080&output=webp&trim=1&url=https%3A%2F%2Fnewsstatic.rthk.hk%2Fimages%2Fmfile_1776265_1_20241026053124.jpg&q=90" style="width:100%;height:auto"/>
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The Nasdaq ended higher on Friday, driven by megacap shares, as investors awaited quarterly results from some of Wall Street's biggest companies next week.
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Tesla shares rose 3.36 percent a day after surging 22 percent on the electric vehicle maker's sales forecast. Amazon, Apple and Microsoft also rose.
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"Tesla numbers helped rekindle some optimism of investors that the Magnificent Seven rally is not over," said Brian Jacobsen, chief economist at Annex Wealth Management.
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He was referring to the group of interest rate-sensitive technology stocks which have surged on enthusiasm for artificial intelligence. Chip heavyweight Nvidia gained, briefly overtaking Apple as the world's most valuable company based on its shares.
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The benchmark 10-year Treasury note yield edged higher as investors awaited US employment data next week for clues on the likely path of Federal Reserve interest rate cuts. Earlier this week, the yield reached a three-month high of 4.26 percent, weighing on the stock market.
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The Dow Jones Industrial Average fell 0.61 percent to 42,114. The S&P 500 lost 0.03 percent to 5,808, and the Nasdaq composite gained 0.56 percent, to 18,518.
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The Dow was dragged down by banking shares, with Goldman Sachs down 2.27 percent, and it was also hit by a 2.97 percent fall in fast-food chain McDonald's, which has been hit by an E. coli outbreak linked to its hamburgers.
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"Banks have rallied as (US presidential candidate Donald) Trump's odds (of winning) increased, so it seems investors are taking some profits," said Michael Rosen, chief investment officer at Angeles Investments.
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Regional lender New York Community Bancorp dropped 8.26 percent after reporting its fourth straight quarterly loss, primarily due to its commercial real estate loans.
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Continued uncertainty around the US election has made investors cautious.
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Equities have been unsettled this week by a rapid rise in yields as bets on rate cuts by the Fed unraveled on expectations of a stronger economic outlook.
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Only the Nasdaq closed the week with gains. The tech-heavy index rose 0.16 percent, while the S&P fell 0.96 percent and the Dow sank 2.68 percent. (Reuters)
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