YANGON: Swiss food giant Nestle will halt all production in Myanmar, a spokesperson said Monday (Feb 27), the latest firm to draw back from the country after a military coup two years ago. The Southeast Asian nation has been in turmoil since the military ousted Aung San Suu Kyi’s government,Continue Reading
TOKYO: Japan’s Shionogi & Co believes its COVID-19 pill will easily garner US$2 billion in annual sales if it secures US approval, which the company expects to receive in late 2024, its chief executive said. Xocova, a protease inhibitor like the COVID-19 treatments developed by Pfizer and Merck & Co,Continue Reading
BANGKOK: Thailand’s economy is expected to grow 3.8 per cent this year, helped by a rebound in the vital tourism sector, while inflation should cool to its target range, the finance minister said on Saturday (Feb 25). Domestic spending has increased and the government will accelerate large project investment toContinue Reading
ISLAMABAD: Pakistan’s government will cut back allowances and travel expenses of ministers and advisers as part of an austerity drive that will save it 200 billion rupees (US$766 million) a year, Prime Minister Shehbaz Sharif said on Wednesday. The belt tightening comes as Islamabad – which is facing a balanceContinue Reading
The city’s economy is expected to grow 3.5 per cent to 5.5 per cent this year after contracting 3.5 per cent in 2022, Chan said. Underlying inflation is expected to hit 2.5 per cent. Hong Kong will issue vouchers worth HK$5,000 (US$637) per person to all adults this year, halfContinue Reading
Container leasing and purchasing prices in major Asian ports have fallen sharply, and a rebound is not expected for at least a few months.Continue Reading
The short-seller’s report alleged the conglomerate had artificially inflated its market value using related-party transactions conducted through tax havens. The stock market reaction sent the firm’s billionaire founder, until then Asia’s richest man, tumbling down the ranks of global rich-listers, though shares in the group’s listed entities have since stabilised.Continue Reading
Asia Index said on Friday that it would drop Adani’s two recent cement acquisitions – Ambuja Cements and ACC – from the S&P BSE 100 ESG Index from Feb 22. The Adani Group has sought to allay investor concerns. The Economic Times newspaper reported on Friday that the conglomerate plansContinue Reading
BEIJING: Chinese copper trader Maike Group has submitted a court application to start restructuring, it said on Friday (Feb 17), marking a further low for the company that was once China’s top copper buyer. The application, revealed in a statement published on Maike’s official WeChat account, is one of theContinue Reading
Battery prices had been falling for more than a decade before turning higher in 2022. But the price of lithium carbonate peaked at 597,500 yuan (US$86,832.05) per tonne in China in November. It has since fallen to 425,000 yuan a tonne, down almost 30 per cent from the peak. It wasContinue Reading