Fed minutes, Bank of Korea decision, Sri Lanka

Grab, Gojek respond to Singapore’s move to expand job protection for gig workers

Grab said it fully supports Singapore’s latest announcement to extend job protections and benefits for gig workers beyond 2024.

The decision to guarantee injury compensation and pension payments as part of new standards for the gig economy primarily affects delivery and ride-hailing companies.

In response to CNBC’s request for comment, Grab said it “broadly supports” the measures, adding that implementation should be “gradual”, citing current challenges for the global economy, such as recession concerns.

“We will be guided by these considerations to ensure the least impact on our partners’ customer revenues and prices,” said Grab.

The company called for the measure to be applied to all gig platforms as well as fairness concerns.

Gojek said measures requiring companies to match Central Provident Fund pension contribution rates with those of employers “will mean less take-home income” for gig workers, and that companies already have similar policies.

“These proposals will build on the existing protections we have for our driver-partner partners through our driver benefits program,” Gojek told CNBC.

– JP Ong, Sheila Chiang

The governor says New Zealand’s central bank has discussed the move with 100 basis points

We are clearly tight in our monetary position, the RBNZ says

The Reserve Bank of New Zealand considered an even bigger rate hike in its latest official cash rate decision – although its move to raise rates by 75 basis points was already the steepest ever.

“I would say we’ve had more discussions around 75 versus 100 than 50 versus 75,” RBNZ Governor Adrian Orr said on CNBC’s “Squawk Box Asia.”

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“Right now we can say we’re fairly tight-lipped in our monetary position,” Orr said, “We need to be, given the current state of the economy,” he said.

– Jihye Lee

Foxconn says the new hires are raising salary concerns, adding to concerns ahead

The main supplier is Apple Foxconn According to a statement on its website, it said new recruits at its iPhone factory in Zhengzhou “applied to the company for compensation”.

The announcement comes after media reported that a mass protest by hundreds of workers appeared to have erupted over delayed bonus payments, with videos circulating on social media showing people smashing surveillance cameras and breaking windows.

“The company emphasized that the subsidy has always been implemented based on contractual obligations and will continue to negotiate with relevant partners,” Foxconn said in a statement, adding that reports of Covid-positive employees who staying in the factory dreams are “obviously untrue.” “

“Regarding any violence, the company will continue to communicate with employees and the government to prevent the recurrence of similar incidents.”

Shares in Taiwan’s Hon Hai Technology Group, Foxconn’s official name, were down 0.5% in early Thursday trading.

– Jihye Lee

Bank of Korea raises rates by 25 basis points, meets expectations

The Bank of Korea raised its benchmark interest rate by 25 basis points to 3.25%, a slight increase from its previous move and broadly in line with expectations.

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A Reuters poll of economists had expected the move amid signs of slowing domestic growth.

The country’s inflation rate was 5.7% in October, according to the latest figures released earlier this month – well above the central bank’s target of 2%.

BOK Governor Rhee Chang-yong is expected to hold a press conference on the monetary decision later in the day.

– Jihye Lee

CNBC Pro: The asset manager says investors should buy this great stock now

According to Rob Luna, chief investment strategist at asset manager Surevest, there’s one great stock investors should buy now.

He calls its CEO “an important vision”.

While Luna chose one large stock, he advised investors to generally regroup smaller names, naming two stocks that he called “the best of the breed.”

CNBC Pro subscribers can read more here.

– Weizhen Tan

Stocks rose for a second day as Wall Street cheered the Fed’s indication that a smaller rate cut is ahead

Stocks rose on Wednesday for a second day of gains as investors cheered modestly after the Federal Reserve signaled a slower pace of interest rate hikes ahead.

The Dow Jones Industrial Average rose 95.96 points or 0.28% to 34,194.06. The S&P 500 gained 0.59% to 4,027.26 and the Nasdaq Composite rose 0.99% to 11,285.32.

Nordstrom shares fell 4.24% after the department store chain reiterated its forecast. However, Nordstrom beat expectations for profit and sales in its latest results, in line with consensus expectations on Refinitiv. Tesla It rose 7.82% after Citi upgraded shares from sell to neutral. Deere on the earnings beat it was up 5.03%.

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– Carmen Reinicke

CNBC Pro: Betting against a British supermarket, the retailer expects a nearly 50% drop in share price

There will be more pain for investors in a British supermarket chain if a short-selling forecast pans out.

The hedge fund currently holds a bearish bet worth £32.6m and expects shares in the retailer to fall 44%.

The fund’s chief investment officer also believes the supermarket will raise new capital by raising dividends year after year to stay afloat in a tough environment.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Fed minutes show lower rates ahead, stocks gain

Stocks rose on Wednesday afternoon following the release of minutes from the Federal Reserve’s November meeting. The report indicated that the central bank is making progress in its fight to reduce inflation and is expected to slow the pace of interest rate hikes going forward.

“A significant majority of participants judged that a slowdown in the pace of growth would be appropriate in the near term,” the minutes said. “Lags and uncertainties associated with the effects of monetary policy actions on economic activity and inflation are among the reasons cited why such an assessment was important.”

This means that the Fed is likely to deliver a smaller rate hike in December and the early months of 2023.

Markets cheered the news. The Dow Jones Industrial Average rose 130 points, or 0.38%. The S&P 500 gained 0.70% and the Nasdaq Composite rose 1.10%.

– Carmen Reinicke

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