SANYA: China’s scrapping of travel curbs this month is expected to revive demand in the global luxury retail market, but many consumers see more reasons to do their high-end shopping locally on the tax-free island of Hainan. On Wednesday (Jan 25), thousands of travellers in Hainan’s Sanya city packed theContinue Reading
TOKYO: Sharp one-sided currency moves cannot be tolerated, Japan’s top finance diplomat Masato Kanda told Reuters, reaffirming Tokyo’s determination to intervene in the foreign exchange market to curb any speculative or significant yen moves. “Sharp, one-sided moves as seen last year are not desirable or cannot be tolerated from theContinue Reading
Detroit? Nope. Germany? Nein. Elon Musk sees the toughest competition for Tesla in China, home of the company he expects “most likely to be second” in electric vehicles. China is Tesla’s second-largest market – accounting for about two-thirds of all electric vehicles sales globally in 2022 – and the homeContinue Reading
TOKYO: Japan’s primary consumer prices in December rose 4. 0 per cent from a 12 months earlier, double the particular central bank’s two per cent target, hitting a fresh 41-year high and keeping with your life market expectations the particular central bank can phase out ultra-low interest rates. But analystsContinue Reading
SHANGHAI: Apple supplier Foxconn’s Zhengzhou plant on Monday (Nov 7) kicked off a fresh recruitment drive seeking workers, saying that it would offer staff who had left in recent weeks a one-off bonus of 500 yuan (US$69.28) should they return. New workers will be offered a salary of 30 yuanContinue Reading
Vietnam’s central bank held emergency meetings this week with commercial banks to discuss liquidity in the system, two informed sources told Reuters on Friday (Nov 4), as lenders face pressure from tightening credit conditions and higher interest rates. One of the sources with knowledge of the issue, who asked toContinue Reading
Unsubstantiated social media posts flagging an aim to relax COVID-19 rules in March have also driven optimism all week and seemed to get new momentum on Friday from the appearance of Guang Zeng, former chief expert of epidemiology, at a Citi investor conference on the topic of China’s exit fromContinue Reading
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
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
SEOUL: Across South Korea, events such as autumn foliage festivals and K-Pop concerts are cancelled, and grief-stricken communities are putting off gatherings after a Seoul crowd crush killed at least 154 people, threatening to crimp growth further. A major K-pop concert called Busan One Asia Festival, set for Sunday (OctContinue Reading