NEW DELHI: India’s economy probably achieved the fastest annual development in a year in the 04 to June quarter, economists said, planning on the pace in order to sharply slow this quarter and in the next two as increased interest rates hit financial activity. Gross domestic product (GDP) in theContinue Reading
KUALA LUMPUR: Malaysia’s state energy company Petronas on Tuesday (Aug 30) reported a surge in second-quarter profit, boosted by higher oil and gas prices and said that it would double its dividend to the government this year. The world’s fourth-biggest LNG exporter said profit for the April-June period totalled 23Continue Reading
China’s search engine giant Baidu beat quarterly revenue estimates on Tuesday (Aug 30), underpinned by demand for its cloud and artificial intelligence-powered offerings. US-listed shares of the company rose 3.2 per cent in pre-market trade. Even as Baidu’s core advertising sales continue to be soft, customers are signing up forContinue Reading
BEIJING: Industrial and Commercial Bank of China (ICBC), the world’s largest commercial lender by assets, said soured lending to the real estate sector in the first half of this year rose 15 per cent. The lender reported 38.8 billion yuan of non-performing loans (NPL) at the end of June, comparedContinue Reading
SHANGHAI: China’s central bank issued draft rules on Tuesday (Aug 30) to regulate related transactions of financial holding companies. Such transactions must conform to rational commercial principles, be backed by genuine businesses and be priced fairly, the People’s Bank of China said in a statement. In addition, the transactions shouldContinue Reading
BEIJING: China will strive to stabilise employment and prices in the 2nd half of the year, said the country’s financial ministry in a statement published on its website on Tuesday (Aug 30). China and taiwan will make good utilization of local government special bonds in the second half andContinue Reading
SEOUL: South Korea stated on Tuesday (Aug 30) it would cut annual government investing for the first time in over a decade next year, since it seeks to curb its pandemic-era incitement and help the central bank rein in a red-hot economic climate. Unveiling the first budget proposal under right-leaningContinue Reading
SEOUL: The head of South Korea’s central bank said on Tuesday (Aug 30) his bank’s financial policy stance would not change after Federal government Reserve Chair Jerome Powell said a week ago the US economy will require tight monetary policy “for some time”. Financial institution of Korea Chief excutive RheeContinue Reading
ISLAMABAD: The Worldwide Monetary Fund (IMF) board on Mon approved the seventh and eighth reviews of Pakistan’s bailout programme, Finance Minister Miftah Ismail mentioned, which will release US$1. 17 billion within funds to the cash-strapped country. He also said the IMF had agreed to extend the particular programme by aContinue Reading
SHANGHAI: Farming Bank of China and taiwan (AgBank), the country’s third-largest commercial loan provider by assets, stated net profit increased 5. 5 per cent year on year in the first 1 / 2 of 2022. Profit was 128. 9 billion yuan (US$18. 63 billion) in the 6 months through toContinue Reading