BEIJING: China is set to name Zhang Qingsong as a vice governor of the central bank, financial magazine Caixin said on Wednesday (Aug 24). Zhang, president of the Agricultural Bank of China, one of the “big four” state banks, is likely to fill a vacancy left after Liu Guiping wasContinue Reading
BANGKOK: Thailand’s economy is expected to grow by about 3 per cent this year and about 4 per cent the next, with low chances of aggressive interest rate hikes unless necessary, the central bank governor said on Wednesday (Aug 24). The baht has been volatile but there have been noContinue Reading
Singapore Telecommunications Ltd (Singtel) on Wed (Aug 24) published a 41 per cent jump in their first-quarter net profit, assisted by partly-owned Bharti Airtel’s resilient transformation. Singtel’s net profit for the quarter ended June 30 and went up to S$628 million (US$450. 15 million) from S$445 million a year ago.Continue Reading
SHANGHAI: CATL, the world’s largest electric vehicle (EV) battery manufacturer, more than doubled its profit in the second quarter as Chinese authorities rolled out incentives to boost EV sales to cushion the impact of lockdowns during the period. CATL, whose clients include Tesla, Volkswagen and BMW, booked a net profitContinue Reading
China’s sector ministry issued a notice on Wed (Aug 24) to advertise and optimise the introduction of the country’s pv industry, warning towards market monopolies plus encouraging development of power and storage projects. Due to supply and requirement mismatches, severe cost fluctuations, and hoarding in the supply string of theContinue Reading
SHANGHAI: Juneyao Group, the mother or father of Chinese provider Juneyao Airlines, programs to start making electric vehicles (EV), a couple with knowledge of the matter said, as it looks for to diversify from businesses that have been strike hard by COVID-19. Shanghai-based Juneyao, possessed by Chinese billionaire WangContinue Reading
SHENZHEN, China: The particular founder of China’s Huawei Technologies offers told employees the organization must shift the focus from going after scale to ensuring income and cash flow since the global economy enters a long period of economic downturn, media reported on Tuesday (Aug 23). “With survival the main concept,Continue Reading
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif travelled to Qatar on Wednesday (Aug 23) within the hope of generating industry and investment just for his cash-strapped nation, his office plus aides said. “I may highlight the exciting expense opportunities in Pakistan’s various sectors such as renewable energy, food safety, industrial andContinue Reading
HONG KONG: Japan’s Olympus Corp is definitely close to selling its microscope unit to some private equity firm inside a deal that could retrieve more than 300 billion dollars yen (US$2. two billion), three people with direct knowledge of the situation told Reuters. Bain Capital has emerged as the frontrunner,Continue Reading
HK: Cash-strapped Chinese creator Shimao Group has proposed a two-class restructuring plan to offshore creditors to repay US$11. 8 billion over a period of three to eight years, according to 2 sources with direct knowledge of the matter and a document seen by Reuters. Shanghai-based Shimao first missed a communityContinue Reading