Vietnam is not facing fuel shortages, minister says

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

In ‘unprecedented’ global chip slump, SK Hynix to halve investment as recession looms

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

China’s yuan extends slide, stock rebound peters out

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

Will they or won’t they? Japan uses guessing game to shore up yen

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

Taiwan to boost energy inventories amid China threat

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