In a rare lowering of some of its strict forex settings, Myanmar’s central banks will no longer fixed exchange rates for foreign assets and will instead let institutions and dealers decide rates themselves, according to state media. Authorities have imposed a number of measures to stifle requirement for foreign currenciesContinue Reading
A day after cutting China’s credit outlook on Wednesday ( Dec. 6 ) due to costs associated with bailing out local governments and state companies or managing its real estate crisis, Moody’S downgraded its view of Hong Kong from stable to negative. According to Moody’s, the downward outlook for HongContinue Reading
BEIJING: The outlook on China’s credit rating in the second-largest economy was downgraded from” stable” to “negative” on Tuesday ( Dec 5 ) by Ratings agency Moody. China’s post-pandemic treatment has been hampered by a persistent housing crisis, high rates of adolescent unemployment, low consumer and business trust, as wellContinue Reading
BEIJING: A Hong Kong court granted Chinese real estate behemoth Evergrande until the end of January to put together a restructuring plan on Monday ( Dec4 ), giving the troubled company much-needed breathing room as it teeters on the verge of bankruptcy. The enormous debts of the real estate tycoonContinue Reading
HONG KONG: The prosecutor asked the troubled developer to meet with relevant authorities to discuss loan restructuring terms before adjourning the hear into a bankruptcy petition against China Evergrande Group to the following month. After Evergrande’s attorneys requested an adjournment and stated that no collectors were “actively seeking” liquidation ofContinue Reading
HANOI: Vietnam’s parliament decided on Wednesday (Nov 29) to raise the effective tax rate on multinationals including Samsung to 15 per cent from Jan 1, and delayed measures to offset the higher levy in a potential blow to the foreign investments the economy relies on. Parliament approved the higher taxContinue Reading
SHANGHAI: US vaccine maker Moderna began construction of its first facility in China this month to manufacture mRNA medicines, the company said on Tuesday (Nov 28). Moderna’s COVID-19 vaccine has yet to be approved in China, but the company said in July it had signed a deal with the cityContinue Reading
BEIJING: Nvidia has told customers in China it is delaying the launch of a new artificial intelligence chip until the first quarter of next year, two sources familiar with the matter said. The delayed chip is the H20, the most powerful of three China-focused chips that Nvidia has developed to complyContinue Reading
Who are the other top offcials at the CFC? Li’s appointment comes after state media revealed earlier this month that Chinese Vice Premier He Lifeng has been appointed head of the office of the CFC, which is responsible for running the day-to-day affairs of the new regulator. The appointments indicateContinue Reading
KUALA LUMPUR: Malaysia’s economy grew faster than expected in the third quarter, with the central bank expecting buoyant domestic demand to continue offsetting a slowdown in exports. Gross domestic product (GDP) expanded 3.3 per cent from a year earlier in the July to September period, data from Bank Negara MalaysiaContinue Reading