NEW DELHI: On Feb 2, when Meta Platforms reported Facebook’s first-ever quarterly drop in daily users, its finance chief identified higher mobile data costs as a unique obstacle slowing growth in India, its biggest market. On the same day, the US tech group posted the findings of its own researchContinue Reading
SHANGHAI: China’s cybersecurity regulator said on Thursday (Jul 21) it has fined Didi Global Inc 8.026 billion yuan (US$1.19 billion) after a year-long probe found that the ride-hailing giant had violated laws including ones pertaining to data security. Didi had illegally collected several pieces of user information over a seven-yearContinue Reading
BEIJING: China is preparing to hit ride-hailing large Didi with a fine of more than US$1 billion dollars to wrap up the long-running probe, mass media reports said, enhancing investor hopes that this country’s tech crackdown is winding lower. Didi, once known as China’s answer to Uber, has been oneContinue Reading
MUMBAI: The particular Indian rupee dropped to more than eighty per United States dollar for the first time on report on Tuesday (Jul 19), as the greenback extended its move and foreign funds outflows intensified. The rupee was 80. 0600 against the greenback right after trading started, Bloomberg data showed.Continue Reading
Sri Lanka is continuing negotiations with China for as much as US$4 billion in aid and is confident Beijing will agree “at some point,” Bloomberg News reported on Friday (Jul 15), citing Sri Lanka’s ambassador to China. Colombo is asking China for a loan of US$1 billion to repay anContinue Reading
FULL-YEAR TARGET OUTSIDE OF REACH China has been ramping up policy support for the economy, although analysts say the official growth target of around 5. 5 per cent for this year will be hard to achieve without doing away with its strict zero-COVID technique. A Reuters poll forecast 2022 developmentContinue Reading
BEIJING: Chinese language home buyers in dozens of cities have got stopped making mortgage repayments for unfinished tasks, according to data through industry groups, deteriorating fears of monetary contagion in the state’s troubled real estate field. Professionals launched an attack on excessive financial debt in the property field in 2020,Continue Reading
HONG KONG: Hong Kong has to allow financial industry employees to travel freely to retain its worldwide investment and financial hub status, an industry report said, because the city continues to keep some of the strictest coronavirus regulations in the world. Hong Kong continued to be a key regional marketplaceContinue Reading
Oriental companies are likely to find it harder to refinance dollar-denominated debt, the decline in an important metric suggests, with all the currency at a two-decade high and a latest surge in inflation forcing central banks to raise interest rates. The interest coverage ratio of these businesses – a measureContinue Reading
BEIJING: China’s economy is recovering but the foundation of that recovery is not solid and more efforts are still needed, Premier Li Keqiang was quoted by state media as saying on Thursday (Jul 7). The world’s second-largest economy has started a slow recovery from the supply shocks caused by extensiveContinue Reading