China vows commitment to growth as pressure on economy mounts

OPEN-DOOR POLICY Yi Gang, governor of the People’s Bank of China (PBOC), said China will continue to deregulate its markets. “Reform and open-door policy will continue,” Yi said. Apparently seeking to ease worries over the impact of COVID-19 lockdowns and a property market crisis, Yi said “the Chinese economy hasContinue Reading

Tony Fernandes resigns as AirAsia X group CEO

KUALA LUMPUR: Tony Fernandes resigned as AirAsia X’s group CEO on Monday (Oct 31), about four months after he was reappointed to the post. In a filing with Bursa Malaysia, the airline said that the resignation was due to Fernandes’ “other commitments”. The filing did not give any other reasonContinue Reading

Vietnam is not facing fuel shortages, minister says

HANOI: Vietnam is not facing fuel shortages, its trade and industry minister said on Friday (Oct 28), seeking to calm concerns after some gas stations in southern cities cut or limited sales, citing financial difficulties. The move was because of fluctuation in the foreign exchange rate and because some fuelContinue Reading

In 'unprecedented' global chip slump, SK Hynix to halve investment as recession looms

SEOUL: South Korea’s SK Hynix Inc warned on Wednesday (Oct 26) of an “unprecedented deterioration” in memory chip demand, deepening fears of global recession, and said it would slash investment after quarterly profit tumbled 60 per cent. The world’s second-largest memory chipmaker, whose clients include Apple, said its investment inContinue Reading

China's yuan extends slide, stock rebound peters out

SHANGHAI: China’s yuan extended its decline on Tuesday (Oct 25) to a near 15-year low, following Monday’s sell-off in Chinese assets by global investors worried about Beijing’s policy direction, while Hong Kong and China stocks ended lower as a rebound petered out. The onshore yuan finished the domestic session atContinue Reading