JAKARTA: Indonesia reported a fiscal deficit of 237.7 trillion rupiah (US$15.24 billion) as of Dec 14, equal to 1.22 per cent of gross domestic product, its finance minister said on Tuesday (Dec 20), smaller than a previous forecast of about 3 per cent for 2022. Total revenue in the periodContinue Reading
BEIJING: Several of China’s largest medical testing companies have posted big increases in profit for the first three quarters of the year, as the country’s strict zero-COVID policy boosts spending in a minority of sectors while depressing the broader economy. Over the past two weeks, at least six such companiesContinue Reading
SINGAPORE: Key North Asian economies are stockpiling fuel, diversifying sources and conserving power to ensure adequate supplies for winter, as an unprecedented global energy crisis makes spot liquefied natural gas (LNG) purchases costly. Major LNG importers – Japan, South Korea and China – have been grappling with soaring prices ofContinue Reading
“STAY AT HOME’ Despite the drop, the cities of Guangzhou, Zhengzhou and Xian have reported a resurgence, risking the implementation of more curbs on their combined population of more than 44 million. The cities – major domestic logistics hubs and producers of everything from autos and auto parts to machineryContinue Reading
The People’s Bank of China did not immediately respond to a request for comment. The looming reshuffle comes as the PBOC seeks to bolster the COVID-19 ravaged economy while avoiding aggressive loosening that could fuel capital flight, as the Federal Reserve and other central banks raise interest rates to fightContinue Reading
SEOUL: South Korea’s LG Chem said in a regulatory filing on Tuesday (Oct 18) that it is investing US$566 million to acquire US firm Aveo Pharmaceuticals Inc and enter the U.S. anti-cancer drug market. The deal is expected to close in the first quarter of 2023, LG Chem said.Continue Reading
WASHINGTON: Pakistan’s finance minister has promised international lenders to stay true to economic reforms despite a new estimate that his country quickly needs more than US$16 billion to recover from devastating floods. Finance Minister Ishaq Dar also said that a flood donors’ conference promised by French President Emmanuel Macron wouldContinue Reading
Travel agencies have seen an uptick in bookings, and airlines are adding flights to accommodate the soaring demand to and from TaiwanContinue Reading
EFFORTS TO PROTECT PEOPLE’S WELFARE The finance minister said the budget will focus on efforts to protect the welfare of the people, with direct cash aid given out via various schemes. More than 450,000 households will be eligible to receive monthly assistance from the Social Welfare Department next year, withContinue Reading
TOKYO: Japan will take “unprecedented” measures to curb rising electricity bills for households and businesses as a weak yen fans inflation and global recession fears pose big risks to the economy, Prime Minister Fumio Kishida said on Wednesday (Oct 5). The government will compile another economic stimulus plan by theContinue Reading