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TAIPEI (Reuters) -Foxconn Chairman Young Liu said on Wednesday that there was limited impact on the company so far from China's newly announced rare earths curbs. (Reporting by Wen-Yee Lee; Writing by Ben Blanchard; Editing by Muralikumar Anantharaman)

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By Scott Murdoch SYDNEY (Reuters) -Commonwealth Bank of Australia Chief Executive Matt Comyn will remain at the helm of the country's largest lender for at least the next three years, its chair said on Wednesday, heading one of the most expensive banks in the world. Chairperson Paul O'Malley told the bank's annual meeting in Brisbane the search for the next chief executive would begin after his own next three-year term on the board ends. O'Malley was re-elected at the meeting, meaning his next term is due to end in 2028. "We have been pleased with the performance of Matt as CEO," O'Malley told the meeting. "Our intention and expectation is that the decision as to the appointment of the next CEO will be made by the board led by my successor as Chair." Comyn has been chief executive for seven years, meaning at least another three years would take his tenure to a decade. Australia does not impose time limits on chief executive tenures but typically their terms are between five and seven years. Chairs and chief executives typically do not leave at similar times to ensure company continuity. Comyn told the meeting while Australia's economic growth was below trend and there were still concerns about cost of living, positive signs were emerging. "Inflation is back within the target band, and what we expect to be a modest rate-cutting cycle is underway," he said. Under Comyn, CBA has grown to be one of the most expensive banks in the world. It has a price-to-earnings ratio of 27.2 times and a forward price-to-book ratio of 3.37 times, well above each of its Australian rivals. It also trades on higher multiples than many international banks such as JPMorgan, Citigroup and HSBC. Its lofty valuations have prompted concerns among investors, with CBA's share price falling from a peak this year of A$190.71. The stock on Wednesday was trading up 0.85% at A$165.80. Its 8.2% gain so far this year has lagged the remaining "Big Four" banks in Australia. CBA in August reported its best ever full-year cash earnings of A$10.25 billion ($6.69 billion) and a record dividend payout for the past financial year. The bank's net interest margin, a key measure of profitability, rose 9 basis points from last year to 2.08%. ($1 = 1.5387 Australian dollars) (Reporting by Scott Murdoch; Editing by Sonali Paul)

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By Michael Erman NEW YORK (Reuters) -Pfizer Chief Executive Albert Bourla said on Tuesday that the U.S. pharmaceutical industry needs to collaborate with China’s, where speedy processes have vaulted it to 30% of global drug development over the past decade. "In biopharma, China's dramatic speed, cost and scale have triggered a shift in the global competitive landscape," Bourla said, speaking at the National Committee on U.S.-China Relations Gala in New York. He said the country currently has around 1,200 novel drug candidates, compared with 10 years ago when there was about 60. The remarks come as U.S. President Donald Trump has targeted top economic rival China with a cascade of tariff orders on billions of dollars of imported goods that he says is aimed at narrowing a wide trade deficit, bringing back lost manufacturing and crippling the fentanyl trade. The U.S. House of Representatives also passed a bill last year that aimed to restrict U.S. business with Chinese pharmaceutical companies. The measure ultimately did not pass the Senate, but a new version of the bill was reintroduced earlier this year. Nonetheless, U.S. and European drug companies have also looked to China to replenish their drug pipelines, despite the trade war between Beijing and Washington. Earlier this year, Pfizer struck a deal to license an experimental cancer treatment from China's 3SBio Inc paying $1.25 billion upfront and up to another $4.8 billion if developmental milestones are met. "Chinese biotech firms accounted for nearly 1/3 of all large pharma drug licensing deals last year, a major shift in where innovation is sourced," Bourla said. He added that Chinese biopharmaceutical companies are able to recruit patients for clinical trials 2 to 5 times as quickly as U.S. companies. (Reporting by Michael Erman; Editing by Edwina Gibbs)

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By Michael Erman NEW YORK (Reuters) -Pfizer Chief Executive Albert Bourla said on Tuesday that the U.S. pharmaceutical industry needs to collaborate with China’s, where speedy processes have vaulted it to 30% of global drug development over the past decade. "In biopharma, China's dramatic speed, cost and scale have triggered a shift in the global competitive landscape," Bourla said, speaking at the National Committee on U.S.-China Relations Gala in New York. He said the country currently has around 1,200 novel drug candidates, compared with 10 years ago when there was about 60. The remarks come as U.S. President Donald Trump has targeted top economic rival China with a cascade of tariff orders on billions of dollars of imported goods that he says is aimed at narrowing a wide trade deficit, bringing back lost manufacturing and crippling the fentanyl trade. The U.S. House of Representatives also passed a bill last year that aimed to restrict U.S. business with Chinese pharmaceutical companies. The measure ultimately did not pass the Senate, but a new version of the bill was reintroduced earlier this year. Nonetheless, U.S. and European drug companies have also looked to China to replenish their drug pipelines, despite the trade war between Beijing and Washington. Earlier this year, Pfizer struck a deal to license an experimental cancer treatment from China's 3SBio Inc paying $1.25 billion upfront and up to another $4.8 billion if developmental milestones are met. "Chinese biotech firms accounted for nearly 1/3 of all large pharma drug licensing deals last year, a major shift in where innovation is sourced," Bourla said. He added that Chinese biopharmaceutical companies are able to recruit patients for clinical trials 2 to 5 times as quickly as U.S. companies. (Reporting by Michael Erman; Editing by Edwina Gibbs)

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MELBOURNE (Reuters) -BHP's head of Australia, Geraldine Slattery, said on Wednesday the country must speed up environmental approvals and boost access to cheap power if it hopes to compete for mining investment capital with other nations. The comments from the world's biggest listed miner underscore rising competition for capital with nations like the United States that are ramping up mining friendly policies to spur development of an alternative supply chain to dominant producer China. Slattery outlined what she said Australia needed "to compete in the global market". "This is not a small matter, it’s a linchpin to make the resources and many other sectors more productive," Slattery said, in reference to permitting timeframes, in remarks prepared for a conference in Western Australia. BHP CEO Mike Henry said this week the company was considering reopening old mines in Arizona as a result of the U.S. administration's "breathtaking" shift to build up the mining industry, in an interview with the Financial Times. Australia is reaching the final stages in negotiations to reform its environmental laws. New legislation is expected to be introduced to parliament in its final sitting fortnight of the year, local media have reported. Slattery, who has been at BHP for three decades and previously led its petroleum business, has been mooted as the front runner for BHP's top job. Henry has been expected to step down by the middle of next year after a typical six-year tenure. "Australia’s labour productivity growth is now at a sixty-year low. This is not some isolated economic statistic. It’s a trend that poses challenges, not only for attracting future investment, but also for sustaining the higher standards of living that productivity enables," she said. Nevertheless, BHP this month earmarked more than A$840 million ($555.16 million) for its Olympic Dam copper operations in South Australia as the miner prepares to make an investment decision by mid-2027 to double output from the state. Other priorities Slattery listed were for Australia to cut taxes to be more competitive with other developed nations, improve workforce training and embrace automation and artificial intelligence, which she said was core to addressing the country's productivity challenges. (Reporting by Melanie Burton; Editing by Sonali Paul)

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SEOUL (Reuters) -South Korea's industry minister and the chief presidential secretary for policy will travel to the United States on Thursday for follow-up talks on lowering tariffs applied to the Asian country's goods, the government said on Wednesday. South Korea's finance minister said this week there had been "huge progress" in discussions over the details of a tentative pact. (Reporting by Jack KimEditing by Ed Davies)

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By Rae Wee SINGAPORE (Reuters) -Asian stocks staged a tentative rebound on Wednesday, helped by dovish comments from Federal Reserve Chair Jerome Powell and upbeat bank earnings on Wall Street, though simmering U.S.-China trade tensions kept a lid on risk appetite. Powell left the door open to further rate cuts on Tuesday and said the end of the central bank's long-running effort to shrink the size of its holdings may be coming into view. His comments, viewed by some as dovish, lifted markets slightly and reinforced expectations of more easing this year, with roughly 48 basis points worth of cuts priced in by December. "The Fed may soon be looking to conclude (quantitative tightening) with an announcement at its upcoming October FOMC meeting possible," said Tom Kenny, senior international economist at ANZ. "We expect the Fed to cut by 25bp at both the October and December FOMC meetings." Solid earnings results from U.S. banking giants and an upward revision of the International Monetary Fund's 2025 global growth forecast also underpinned the market, which had taken a nosedive on renewed signs of strain in U.S.-China trade relations. MSCI's broadest index of Asia-Pacific shares outside Japan  was last up 0.45%, while the Nikkei rose 0.8% after sliding 2.6% in the previous session. Nasdaq futures and S&P 500 futures edged up about 0.1% each. Still, sentiment remained fragile, with U.S. President Donald Trump saying on Tuesday that Washington was considering terminating some trade ties with China, including in relation to cooking oil. The U.S. and China also began charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil. Markets have been whipsawed in the past few sessions by a sharp escalation in the U.S.-China trade war after Trump announced additional 100% duties on Chinese goods in retaliation for Beijing's dramatically expanded export controls on rare earths. "It does suggest that a lasting truce is not going to be easy to achieve. But it's also a reminder as well, that the market does need to be mindful that… they shoot these arrows and then they sort of walk them back," said Tony Sycamore, a market analyst at IG. U.S. Trade Representative Jamieson Greer separately said on Tuesday that it depended on China whether additional 100% tariffs on its exports to the United States kick in on November 1 or sooner, but acknowledged it might be hard for Beijing to find an off-ramp. POLITICAL UNCERTAINTY In France, Prime Minister Sebastien Lecornu promised on Tuesday to suspend a landmark pension reform until after the 2027 election, in a move that provided some relief to investors. European futures were up sharply in Asia, with EUROSTOXX 50 futures gaining 0.8%. FTSE futures and DAX futures were also up roughly 0.3% each. "I think anything that will bring some relief to the back-and-forth within the French parliament is an absolute win," said Juan Perez, director of trading at Monex USA. The euro was last a touch higher at $1.1611, though it has largely been insulated from the ongoing political turmoil in France. In the broader currency market, the dollar was weighed down by the Fed cut bets, falling 0.25% against the yen to 151.42 and 0.06% against the Swiss franc to 0.8009. The safe-haven yen and the Swissie also found some support from the fragile risk sentiment. Elsewhere, spot gold extended its record-breaking run and was last up 0.9% at $4,179.80 an ounce, helped by geopolitical and economic uncertainties and the U.S. rate cut expectations. [GOL/] Oil prices slipped, with Brent crude futures down 0.1% to $62.33 a barrel, while U.S. crude eased 0.07% to $58.66 per barrel. [O/R] (Reporting by Rae Wee, additional reporting by Gertrude Chavez-Dreyfuss; Editing by Sam Holmes)

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By Engen Tham and Ilona Wissenbach (Reuters) -Foxconn's two-year pursuit of a stake in a unit of German auto supplier ZF Group stalled last month due to a substantial mismatch in valuation expectations and a higher-than-estimated debt pile, according to documents seen by Reuters. The findings from the Taiwanese firm's due diligence were circulated days before ZF Group said in October that it would abandon its plans to spin off its powertrain technology unit, known as Division E. The unit produces electric, conventional and hybrid systems for the automobile sector. Foxconn was considering buying a stake in it as part of its expansion in the electric vehicle (EV) business. Now, ZF Group is in talks with Foxconn and other interested parties about partnerships covering specific products in Division E, according to a person at ZF with direct knowledge of the matter. He could not be named as he is not authorised to speak to the media. The due diligence findings, the September stalling of the deal and ZF Group's new plans with Foxconn are being reported for the first time. Foxconn's plans stalled after due diligence estimated Division E's value at 1.5 billion euros ($1.7 billion) to 2.5 billion euros, lower than a previous estimate of 3.5 billion euros, according to a document prepared by JPMorgan for Foxconn as its deal advisor. The equity value of Division E, more importantly, was found to be negative after due diligence was completed, versus an earlier estimate of 1.3 billion euros, according to the September document titled "Project Verde – Discussion Materials." A comment written on the margin of the financial findings in the document said: "no deal if equity value is negative." The due diligence findings and the stalling of the deal are likely to cast a pall over Foxconn's ambition to expand in EVs, which the company believes is a major generator of growth in the future. Foxconn, the world's largest contract electronics maker, and ZF Group did not respond to requests for comment. JPMorgan declined to comment. EV EXPANSION Foxconn and ZF Group had been in discussions about the Taiwanese company buying a stake in Division E by paying 1.3 billion euros if its equity valuation hit 2.6 billion euros, according to a ZF document dated February 19, 2025. At the time, the two companies had also explored a joint venture structure, according to the ZF document. Earlier this month, ZF Group said it would cut around a quarter of Division E's workforce by 2030 under a restructuring deal reached with its works council and labour union IG Metall. ZF Group has a high debt burden from past acquisitions and Foxconn's due diligence showed that Division E's net debt was nearly 90% higher than expected at 4.177 billion euros, according to the JPMorgan document. A significant part of the revised debt figure was attributable to 944.7 million euros of additional pension liabilities, the document showed. Foxconn's pursuit of a stake in the unit came as the global EV industry has grown rapidly in recent years, driven by government incentives, tightening emissions regulations and rising consumer demand for cleaner transportation. Automakers around the world have invested billions in ramping up EV production, but the sector faces headwinds from supply chain disruptions, fluctuating raw material costs and uneven demand across markets. Foxconn, formally known as Hon Hai Precision Industry, has faced its own challenges in expanding its EV footprint. Efforts that have soured include a venture to make electric pick-up trucks in the U.S. In addition, a joint venture with China's Geely to provide contract manufacturing for automakers has not made progress. Still, Foxconn continues to seek opportunities in the automotive sector, particularly in Japan. In May, Japanese automaker Mitsubishi Motors and Foxconn subsidiary Foxtron Vehicle Technologies signed a memorandum of understanding for the supply of an electric-vehicle model. It was expected to be developed by Foxtron, manufactured in Taiwan by Yulon Motor and launched in Oceania in the second half of 2026. In July, Foxconn said it struck a deal to sell a former car factory in Lordstown, Ohio, that it purchased in 2022 to manufacture EVs. And in August, Mitsubishi Fuso Truck and Bus Corporation and Foxconn also signed a memorandum of understanding to collaborate on zero-emission buses. Last year, Foxconn acquired 50% of the shares in ZF Chassis Modules, a maker of chassis systems for passenger cars, according to a news release posted on ZF Group's website. The 1 billion euro deal "opens up new perspectives in the automotive sector," it said. ($1 = 0.8535 euros) (Reporting by Ilona Wissenbach in Frankfurt and Engen Tham; Additional reporting by Wen-Yee Lee in Taipei; Editing by Sumeet Chatterjee and Thomas Derpinghaus)

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By Rae Wee SINGAPORE (Reuters) -Asian stocks staged a tentative rebound on Wednesday, helped by dovish comments from Federal Reserve Chair Jerome Powell and upbeat bank earnings on Wall Street, though simmering U.S.-China trade tensions kept a lid on risk appetite. Powell left the door open to further rate cuts on Tuesday and said the end of the central bank's long-running effort to shrink the size of its holdings may be coming into view. His comments, viewed by some as dovish, lifted markets slightly and reinforced expectations of more easing this year, with roughly 48 basis points worth of cuts priced in by December. "The Fed may soon be looking to conclude (quantitative tightening) with an announcement at its upcoming October FOMC meeting possible," said Tom Kenny, senior international economist at ANZ. "We expect the Fed to cut by 25bp at both the October and December FOMC meetings." Solid earnings results from U.S. banking giants and an upward revision of the International Monetary Fund's 2025 global growth forecast also underpinned the market, which had taken a nosedive on renewed signs of strain in U.S.-China trade relations. MSCI's broadest index of Asia-Pacific shares outside Japan  was last up 0.45%, while the Nikkei rose 0.8% after sliding 2.6% in the previous session. Nasdaq futures and S&P 500 futures edged up about 0.1% each. Still, sentiment remained fragile, with U.S. President Donald Trump saying on Tuesday that Washington was considering terminating some trade ties with China, including in relation to cooking oil. The U.S. and China also began charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil. Markets have been whipsawed in the past few sessions by a sharp escalation in the U.S.-China trade war after Trump announced additional 100% duties on Chinese goods in retaliation for Beijing's dramatically expanded export controls on rare earths. "It does suggest that a lasting truce is not going to be easy to achieve. But it's also a reminder as well, that the market does need to be mindful that… they shoot these arrows and then they sort of walk them back," said Tony Sycamore, a market analyst at IG. U.S. Trade Representative Jamieson Greer separately said on Tuesday that it depended on China whether additional 100% tariffs on its exports to the United States kick in on November 1 or sooner, but acknowledged it might be hard for Beijing to find an off-ramp. POLITICAL UNCERTAINTY In France, Prime Minister Sebastien Lecornu promised on Tuesday to suspend a landmark pension reform until after the 2027 election, in a move that provided some relief to investors. European futures were up sharply in Asia, with EUROSTOXX 50 futures gaining 0.8%. FTSE futures and DAX futures were also up roughly 0.3% each. "I think anything that will bring some relief to the back-and-forth within the French parliament is an absolute win," said Juan Perez, director of trading at Monex USA. The euro was last a touch higher at $1.1611, though it has largely been insulated from the ongoing political turmoil in France. In the broader currency market, the dollar was weighed down by the Fed cut bets, falling 0.25% against the yen to 151.42 and 0.06% against the Swiss franc to 0.8009. The safe-haven yen and the Swissie also found some support from the fragile risk sentiment. Elsewhere, spot gold extended its record-breaking run and was last up 0.9% at $4,179.80 an ounce, helped by geopolitical and economic uncertainties and the U.S. rate cut expectations. [GOL/] Oil prices slipped, with Brent crude futures down 0.1% to $62.33 a barrel, while U.S. crude eased 0.07% to $58.66 per barrel. [O/R] (Reporting by Rae Wee, additional reporting by Gertrude Chavez-Dreyfuss; Editing by Sam Holmes)

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By Kevin Buckland TOKYO (Reuters) -The U.S. dollar was on the defensive early on Wednesday after comments from Federal Reserve Chair Jerome Powell bolstered wagers on an interest rate cut this month. The greenback had lost ground to the safe-haven yen and Swiss franc on Tuesday as Washington and Beijing traded volleys in a simmering tariff spat. The euro had also gained on the dollar after the French government proposed suspending landmark pension reforms. The dollar index, which measures the U.S. currency against those three peers along with three others, was flat at 99.055 as of 0011 GMT, after declining 0.2% in the prior session. The greenback was steady at 151.80 yen, following a 0.3% slide on Tuesday, and was little changed at 0.8013 franc, having dropped 0.3% overnight. The euro held firm at $1.1606 after gaining 0.3% in the previous session. Powell left the door open to cutting rates at the Fed's policy meeting on October 28-29 by saying the labor market remains mired in its low-hiring, low-firing doldrums, and that the absence of official economic data due to the government shutdown has not prevented policymakers from being able to assess the economic outlook, at least for now. Markets are currently priced for a quarter-point cut this month and another in December, followed by three more next year, according to LSEG data. On the global front, the U.S. and China escalated tensions on Tuesday with tit-for-tat fees on shipping firms that move everything from holiday toys to crude oil. President Donald Trump said Washington is considering terminating some trade ties with Beijing, including for cooking oil. "We consider the U.S.‑China tensions have room to escalate even further," said Joseph Capurso, head of foreign exchange at Commonwealth Bank of Australia, in particular flagging potential downside for the risk-sensitive Australian dollar. "President Trump could retaliate at any time." The Aussie edged up 0.1% to $0.6491, after falling 0.5% a day earlier, when it touched the lowest since August 22 at $0.64405. The New Zealand dollar eased 0.1% to $0.5706, extending a 0.2% decline from Tuesday, when it sank to a six-month low of $0.56839. (Reporting by Kevin BucklandEditing by Shri Navaratnam)

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