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China military says it 'drove away' US destroyer in South China Sea May 10, 2024 03:29AM

BEIJING (Reuters) - China's military said it closely monitored and "drove away" USS Halsey that entered the territorial waters of Paracel Islands in the South China Sea on May 10, the Southern Theater Command of the People's Liberation Army said in a statement on Friday.

The U.S. Navy's 7th Fleet did not immediately respond to a request for comment.

(Reporting by Beijing newsroom; Editing by Jacqueline Wong)


European shares open at record high on boost from energy stocks, miners May 10, 2024 03:27AM

(Reuters) - European shares opened at a record high on Friday, led by energy companies and miners, setting the benchmark index for its biggest weekly gain since late January on growing interest rate cut bets in the region.

The pan-European STOXX 600 climbed 0.5% in a broad-based rally, eyeing a 2.8% weekly gain.

Earlier this week, the Bank of England hinted at summer rate cuts and Sweden's Riksbank delivered its first cut since 2016. Last... (continue reading...)


Analysis-Ukraine peace summit pushes neutral Swiss toward Western embrace May 10, 2024 03:03AM

By Dave Graham

ZURICH (Reuters) - An upcoming Ukraine peace summit, ostensibly the most ambitious bid in years by neutral Switzerland to mediate a major conflict, is instead showing how Swiss economic and security interests increasingly align with Western Europe over Russia.

This is the view of both Swiss advocates of closer cooperation with Western powers and nationalist opponents who say Switzerland is abandoning its neutral tradition... (continue reading...)


Chinese venture capitalists warn IPO freeze will hit innovation May 10, 2024 02:56AM

SHANGHAI (Reuters) - Chinese venture capitalists have warned the country's IPO freeze is starving tech startups of funds by keeping market participants locked into existing investments, undermining Beijing's current push to lift innovation in the economy.

Venture capital firms said at the three-day ChinaVenture Investment Conference in Shanghai that they were struggling to recoup investment through the traditional route of initial public offerings.

... (continue reading...)
Foxconn's Q1 profit to jump from low base, AI to power growth May 10, 2024 02:44AM

TAIPEI (Reuters) - Taiwan's Foxconn, the world's largest contract electronics maker, is expected to report on Tuesday that first-quarter profit more than doubled on robust demand for artificial intelligence servers and after coming off a low base a year ago.

Last month, the company said first-quarter revenue slid 10% from a year earlier but it has been bullish about 2024.

Net profit for January-March for Apple's top iPhone assembler... (continue reading...)


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