The battered yen was stuck near a three-decade low against the dollar on Tuesday (Nov 14), struggling to find a floor as the Bank of Japan’s (BOJ) ultra-easy monetary policy settings remained at odds with the prospect of higher-for-longer rates elsewhere. The Japanese currency similarly slumped to a 15-year lowContinue Reading
SLOWING DEMAND For the second year running, Singles Day sales should still exceed 1 trillion yuan, said Vincent Marion, co-founder of VO2 Asia Pacific, a consultancy specialising in the digital economy. “However, sales are stagnating due to the change in Chinese consumer habits, which now favour savings. Consumers have becomeContinue Reading
His team encountered resistance from local tax authorities, and ended up receiving a big-ticket fine. “Small and medium-sized business starters are like orphaned children, completely on their own,” Huang said. “They have to struggle for survival in the early stages, and it’s only when they achieve certain results that theyContinue Reading
A state-engineered rescue of Country Garden would be one of the most significant interventions to date by authorities to support the cash-squeezed and highly indebted property sector, which accounts for a quarter of China’s economy. The two sources, who have no information on the bailout talks, said some Country GardenContinue Reading
“FACING LOSSES” While disputes and delays are par for the course for any large developer, and data in China is often incomplete, the court documents shed light on a contrast between the image Country Garden presented publicly and some of its challenges behind closed doors. In a case over allegedContinue Reading
A ransomware attack on the US unit of Industrial and Commercial Bank of China (ICBC) disrupted some trades in the US Treasury market on Thursday (Nov 9) but market sources said the impact seemed to be limited. ICBC Financial Services said in a statement a ransomware attack resulted in disruptionContinue Reading
BEIJING: Chinese carrier China Southern Airlines said on Thursday (No 9) it would honour the sale of tickets priced as cheaply as US$1.30 during a two-hour technical glitch on its mobile phone app and some ticket-booking platforms late on Wednesday. Consumers began reporting on Chinese social media at around 8pmContinue Reading
SHANGHAI/SINGAPORE: China’s securities watchdog is asking brokerages to restrict leverage available to hedge funds that borrow large sums of money via a complex derivative business to trade stocks, three sources told Reuters. Hedge funds using the so-called DMA-Swap strategy were told by their brokers late on Wednesday (Nov 8) toContinue Reading
COLOMBO: The US International Development Finance Corporation ( DFC) announced that it would provide US$ 553 million in funding for a Colombo port terminal project that is partially owned by the Adani Group of India, marking the first entry of an Indian business into the market. Sri Lanka, an islandContinue Reading
BEIJING: The International Monetary Fund increased its forecast for China’s 2023 gross domestic product growth from 5 % to 5.4 % on Tuesday( Nov. 7 ) citing a” strong” post-COVID – 19 recovery, but it stated that it still anticipated the Chinese economy to slow down the following year. TheContinue Reading