TOKYO: China overtook Japan as the world’s biggest vehicle exporter last year, data from the Japan Automobile Manufacturers Association (JAMA) showed Wednesday (Jan 31). Japan shipped 4.42 million vehicles in 2023, the figures showed. That compared with 4.91 million exported by China, as reported by the China Association of AutomobileContinue Reading
BEIJING: China’s manufacturing activity contracted for the fourth straight month in January, an official factory survey showed on Wednesday (Jan 31), suggesting the sprawling sector and the broader economy were struggling to regain momentum at the start of 2024. The official purchasing managers’ index (PMI) rose to 49.2 in JanuaryContinue Reading
A Hong Kong court ordered the liquidation of China Evergrande Group on Monday (Jan 29). Evergrande is the world’s most indebted real estate developer and has been at the centre of an unprecedented liquidity crisis in China’s property sector, which accounts for roughly a quarter of the world’s second-largest economy.Continue Reading
“As far as the policy implications, (policymakers) are caught between a rock and a hard place,” said Stephen Innes, managing partner of SPI Asset Management in Bangkok. A particular X factor, he said, is whether Donald Trump wins a second term as US president in November and heaps additional pressureContinue Reading
COLOMBO: Sri Lanka’s central bank kept interest rates steady on Tuesday (Jan 23), in line with market expectations, forgoing a rate cut as a new tax threatened upward pressure on expenses and fuelled concerns about inflation. The Central Bank of Sri Lanka (CBSL) maintained the Standing Deposit Facility Rate atContinue Reading
TOKYO: Sony confirmed on Monday (Jan 22) it is pulling out of a US$10-billion merger agreed in 2021 of its Indian operations with local rival Zee Entertainment. The collapse is a blow to both firms’ hopes of better competing with streaming rivals such as Disney, Amazon and Netflix in the boomingContinue Reading
TAIPEI: A pilots union on Monday (Jan 22) voted to strike at Taiwan’s Eva Airways in a dispute over salaries and working conditions, raising the prospect of industrial action that could impact flights over the crucial Chinese New Year holidays next month. Taoyuan Union of Pilots says Eva has notContinue Reading
BEIJING: China’s economy grew 5.2 per cent in the fourth quarter from a year earlier, official data showed on Wednesday (Jan 17), missing analysts’ expectations slightly but still ensuring Beijing met its annual growth target despite a shaky start to the year. Confounding most analysts’ expectations, the world’s second-largest economyContinue Reading
SEOUL: South Korea’s government said on Wednesday (Jan 17) it plans to implement a package of financial policies to support stock investors and small business owners squeezed by high-interest rates. The financial support measures come three months ahead of the country’s general elections and as the president holds a seriesContinue Reading
In addition, Beijing and Shanghai relaxed their home purchase restrictions in mid-December, including by lowering the minimum down payment ratio for first and second homes. However, these measures have failed to boost home buying sentiment as the sector has been deeply mired in a property correction since 2021. Of theContinue Reading