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
TOKYO: Japanese authorities are relying heavily on psychological tactics to fight yen bears, which means keeping markets guessing about their foreign exchange intervention rather than overt attempts to arrest the currency’s decline to multi-decade lows. The battered yen has whipsawed in recent weeks, which analysts and traders attribute to governmentContinue Reading
TAIPEI: Taiwan is working to increase energy inventories in a move to boost the island’s resilience in the event of a crisis, a deputy economy minister said, as China stepped up military pressure to try to force Taiwan to accept Chinese rule. China’s blockade drills around Taiwan in August afterContinue Reading
Lenders to the office tower appointed receiver Alvarez and Marsal in September to seize the asset, filings at Hong Kong’s Companies Registry and Land Registry showed, as the world’s most indebted developer struggles to emerge from its debt crisis. The tower had been pledged for a HK$7.6 billion loan fromContinue Reading
JAKARTA: Indonesia’s central bank raised its policy rates by 50 basis points on Thursday (Oct 20), for the second month in a row, as it sought to curb rising inflation, while trying to slow capital outflows that have weighed on the rupiah. Bank Indonesia (BI) hiked the benchmark seven-day reverseContinue Reading
SEOUL: Shares of South Korea’s Kakao Corp plunged on Monday (Oct 17) after a widespread outage in the country’s largest mobile chat app triggered a sharp political backlash and calls for increased scrutiny of the company’s market dominance. The outage was caused by a fire at a data centre south ofContinue Reading
SEOUL: Shares in South Korea’s Kakao plunged more than 9 per cent on Monday (Oct 17) after a fire at a data centre south of Seoul damaged servers on the weekend, causing an extensive service outage in the country’s main chat app. The outage of the chat app, predominantly usedContinue Reading
SEOUL: A fire at a suburban data centre south of Seoul damaged servers of South Korea’s major tech companies, Kakao and Naver on Saturday (Oct 15), causing extensive disruption to the country’s dominant messenger service and Internet portal. The fire at SK C&C on Saturday afternoon affected the operations ofContinue Reading
TAIPEI: Taiwan’s economy minister has drummed up new business worth T$30 billion (US$940 million) in meetings with top executives at four major tech firms in California’s Silicon Valley, the ministry said on Saturday (Oct 15). Wang Mei-hua has been in the United States all week to respond to what herContinue Reading