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
HANOI: Vietnam is not facing fuel shortages, its trade and industry minister said on Friday (Oct 28), seeking to calm concerns after some gas stations in southern cities cut or limited sales, citing financial difficulties. The move was because of fluctuation in the foreign exchange rate and because some fuelContinue Reading
BEIJING: China’s top prosecutor has decided to arrest Tian Huiyu, a former president of China Merchants Bank, on suspicion of taking bribes and abusing power, state broadcaster CCTV said on Wednesday (Oct 26). Tian, also the bank’s former party secretary, was expelled from the Communist Party and removed from publicContinue Reading
SEOUL: South Korea’s SK Hynix Inc warned on Wednesday (Oct 26) of an “unprecedented deterioration” in memory chip demand, deepening fears of global recession, and said it would slash investment after quarterly profit tumbled 60 per cent. The world’s second-largest memory chipmaker, whose clients include Apple, said its investment inContinue Reading
SHANGHAI: China’s yuan extended its decline on Tuesday (Oct 25) to a near 15-year low, following Monday’s sell-off in Chinese assets by global investors worried about Beijing’s policy direction, while Hong Kong and China stocks ended lower as a rebound petered out. The onshore yuan finished the domestic session atContinue Reading
BEIJING: China named Guo Tingting as vice commerce minister, according to a statement by the Ministry of Human Resources and Social Security on Monday (Oct 24). Ling Ji, an official at the Central Commission for Discipline Inspection and a former official at the commerce ministry, was appointed as the viceContinue Reading