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Showing posts with the label Asia

News | Business | Asia: GDP of 'developing Asia' set to contract for the first time in nearly six decades, ADB says

  Saheli Roy Choudhury 4-5 minutes - Source: CNBC A man eats a takeaway meal on a chair placed outside a restaurant in the Kowloon-side Sham Shui Po district of Hong Kong in the early morning of July 29, 2020, as new social distancing measures come into effect which include restaurants only being allowed to serve takeaway meals, to combat a new wave of coronavirus infections. Anthony Wallace | AFP | Getty Images SINGAPORE — Developing Asia, which includes countries like China, India, Indonesia and Singapore, will contract this year for the first time in about six decades as the coronavirus pandemic continues to hammer economies worldwide, the Asian Development Bank said. In its updated outlook report, ADB said GDP in developing Asia will contract 0.7% this year. The bank also said three-fourths of the region’s economies are set to shrink in 2020, downgrading its GDP forecasts for those countries.  The pandemic, which has now

News | Asia | North Korea: Kim Jong-un warns over typhoon and coronavirus

4-5 minutes - Source: BBC Image copyright Reuters Image caption Kim's appearance contradicts recent rumours that he was gravely ill Kim Jong-un has warned North Korean authorities to prepare for the dangers posed to the country by the coronavirus pandemic and a looming typhoon. Mr Kim's appearance at a party meeting comes after widespread speculation over his health. North Korea has not confirmed any Covid-19 cases and it is thought that a large outbreak would have a devastating effect on the impoverished nation. Meanwhile Typhoon Bavi is expected to hit North Korea later this week. Speaking at a meeting of the politburo on Tuesday, Mr Kim, who wa

News | Business | Asia | China: China and trade: Breaking up is hard to do

By Karishma Vaswani  5-6 minutes - Source: BBC Image copyright Royal Insignia There's an old adage in Asian business circles: when China sneezes, Asia catches a cold. So imagine what happens during a pandemic. When China locked down, supply chains around the region were hit and companies couldn't get access to raw materials and products. Nothing escaped the reach of the coronavirus crisis, not even the tiniest artefact, as speciality crafts studio Royal Insignia found out. For decades, the fine craft studio has made medals and jewellery for the who's who in South East Asian royalty. But coronavirus closed down borders and that meant the company couldn't meet customer orders. Royal Insignia sources its precious metals from Italy and

News | Business | Asia | Japan: Japan suffers its biggest economic slump on record

4-5 minutes - Source: BBC Image copyright Getty Images The Japanese economy has shrunk at its fastest rate on record as it battles the coronavirus pandemic. The world’s third largest economy saw gross domestic product fall 7.8% in April-June from the previous quarter, or 27.8% on an annualised basis. Japan was already struggling with low economic growth before the crisis. The figures released on Monday are a stark reminder of the severe financial impact faced by countries around the world. Japan slipped into recession earlier this year following two successive quarters of economic contraction. Its latest data for the April to June quarter was the biggest decline since comparable figures became available in 1980 and was slightly bigger than analysts had expected. Media playback

News | Asia | Business | Advertising: Tencent falls from fresh record high as it battles Alibaba for title of Asia's biggest company

Eustance Huang, Arjun Kharpal 4-5 minutes - Source: CNBC People visit the Tencent stand during the 1st Digital China Summit at Strait International Conference and Exhibition Center on Apr. 22, 2018 in Fuzhou, China. VCG | Getty Images Chinese internet behemoth Tencent’s stock briefly hit new records on Wednesday, bringing it into a tight race with rival Alibaba  for the title of Asia’s biggest company by market cap. In early trade on Wednesday, shares of Tencent soared past 500 Hong Kong dollars per share, surpassing its previous record high of 498.60 Hong Kong dollars set on Tuesday. However, it later lost those gains and closed 1.33% lower. Meanwhile, Hong Kong-listed shares of Alibaba edged 0.64% higher. At the intraday highs of their respective Hong Kong-listed shares, both Tencent and Alibaba’s market cap stood at 4.82 trillion Hong Kong dollars (approx. $621.92 billion). That’s according to CNBC calculations, multip

News | Asia | Politics | North Korea: North Korea is frustrated at its 'failed diplomacy' with the U.S. and South Korea, says expert

Huileng Tan 4-5 minutes - Source: CNBC North Korea’s recent proclamations of aggression could be a sign of frustration at what it views as “failed diplomacy,” said an expert on Monday. On Saturday, North Korea issued a warning of retaliatory military measures against South Korea. “By exercising my power authorized by the Supreme Leader, our Party and the state, I gave an instruction to the ... department in charge of the affairs with (the) enemy to decisively carry out the next action,” said Kim Yo Jong, who serves unofficially as one of North Korean leader Kim Jong Un’s top aides, according to a statement carried by state news agency KCNA obtained by NBC News. Kim Yo Jong is the younger sister of Kim Jong Un. Pyongyang has been angered by defectors who have been sending rice and anti-North propaganda leaflets — typically via balloons or in bottles by sea. The balloons and rice have been standing issues between the two countries,

News | Asia | Politics | North Korea: North Korea halts all communications with South

5-6 minutos - Source: BBC Image copyright AFP Image caption North Korean students held a rally to denounce defectors on Monday North Korea has said it will cut off all inter-Korean communication lines with the South, including a hotline between the two nations' leaders. The North said this was the first in a series of actions, describing South Korea as "the enemy". Daily calls, which have been made to a liaison office located in the North Korean border city of Kaesong, will cease from Tuesday. The two states had set up the office to reduce tensions after talks in 2018. North and South Korea are technically still at war because no peace agreement was reached when the

News | Asia | Economy: Hong Kong finance secretary says no plans to change U.S. dollar peg

1minute - Source: CNBC Standard Chartered headquarters and a HSBC building are pictured on March 16, 2020 in Hong Kong. Zhang Wei | China News Service via Getty Images Hong Kong had no plans to change its currency’s peg to the U.S. dollar and the Asian financial hub has not seen any “obvious” capital outflows after Washington moved to strip the city of its special status in U.S. law, the city’s finance secretary said. Paul Chan said on Monday that authorities were confident in defending the Hong Kong dollar  exchange rate, with foreign exchange reserves twice the size of the entire monetary base and liquidity in the banking system “very healthy and strong”. Chan added capital will continue to flow freely in and out of Hong Kong.

News | Asia | China | Yuan Exchange Rate Expectations: Barings sees opportunities in the Chinese yuan and the country's 10-year bond

Eustance Huang 3minutos - Source: CNBC A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015. Jie Zhao | Corbis News | Getty Images The Chinese yuan  has weakened considerably in recent days, as U.S.-China tensions reignite and investors weigh the uncertainty over Beijing’s  proposed a new national security law for Hong Kong . There is “value” for the Chinese currency at these current levels, according to Barings’ Head of Greater China Investments, Khiem Do. “For the next 12 months, we believe that the yuan will trade somewhere between 6.8 against the U.S. dollar to 7.2,” Do told CNBC’s “Street Signs” on Wednesday. The onshore yuan — which trades in the mainland and is tightly controlled by China — traded at 7.1579 per dollar on Wednesday afternoon Singapore time. On Monday, the People’s Bank of China said the official yuan midpoint at its weakest since the 2008 global financial crisis, acco

Asia News: Sister or spymaster: Who might lead N Korea without Kim? 10-13 minutes - Source: BBC Image copyright BRENDAN SMIALOWSKI Image caption Kim Jong-un has not been seen in public for more than two weeks Speculation and rumour about Kim Jong-un's health may amount to nothing, but questions about who might succeed him in the short or long term will always be there. The BBC spoke to analysts about the contenders and whether history is on their side. A male member of the Kim family has been in charge of North Korea ever since its founding by Kim Il-sung in 1948 - and the mythology of this family runs deep throughout society. Propaganda about its greatness begins for citizens before they can even

Asia | Asia Markets Closing Report: Asia shares mostly down as investors watch US-China trade developments

Eustance Huang 4-5 minutes - Source: CNBC Shares in Asia were mostly lower on Monday as investors watched for developments on the U.S.-China trade front Mainland Chinese shares declined on the day, with the Shanghai composite falling 0.98% to about 2,977.08 and the Shenzhen composite down 0.912% to approximately 1,660.06. Hong Kong’s Hang Seng index shed 0.57%, as of its final hour of trading. Shares of companies related to China’s Fosun saw declines, following the collapse of the world’s oldest travel firm Thomas Cook — the Chinese conglomerate is the largest shareholder in the British firm. Fosun Tourism dropped 4.36% and Fosun International declined 1.34%. South Korea’s Kospi finished largely flat at 2,091.70, while the S&P/ASX 200 in Australia closed 0.28% higher at 6,749.70. Over in India, shares bucked the overall downward trend regionally as the Nifty 50 and S&P BSE Sensex both jumped more than 3% each, adding to large

Asia | Asia Markets Closing Report: Asia stocks mostly higher as Fed cuts rate; Bank of Japan keeps monetary policy steady

Eustance Huang 4-5 minutes - Source: CNBC Stocks in Asia were mostly higher on Thursday after the U.S. Federal Reserve cut interest rates overnight — but the U.S. central bank appeared divided on its next course of action for the year. Mainland Chinese stocks were up on the day, with the Shanghai composite higher by 0.46% at about 2,999.28 and the Shenzhen component gaining 1.01% to 9,852.20. The Shenzhen composite added 1.028% to approximately 1,672.63. Hong Kong’s Hang Seng index, however, fell 1.07% to close at about 26,468.95. Shares of life insurer AIA dropped 3.04%. In Japan, the Nikkei 225 rose 0.38% to close at 22,044.45 while the Topix index added 0.56% to end its trading day at 1,615.66. Over in South Korea, the Kospi closed 0.46% higher at 2,080.35 as shares of Samsung Electronics surged 3.04%. Australia’s S&P/ASX 200 also rose 0.54% to finish its trading day at 6,717.50. Data released by the Australian Bureau of

Asia I Asia Markets Closing Report: Asia Pacific stocks mixed as investors await Fed interest rate decision

Eustance Huang 4-5 minutes Source: CNBC Stocks in Asia Pacific were mixed on Wednesday as investors awaited the U.S. Federal Reserve’s interest rate decision, set to be released later stateside. In mainland China, shares were up on the day, as the Shanghai composite gained 0.25% to approximately 2,985.66 and the Shenzhen component added 0.31% to 9,753.31. The Shenzhen composite also rose 0.258% to about 1,655.61. Hong Kong’s Hang Seng index was fractionally higher, as of its final hour of trading. Anheuser-Busch InBev began taking orders in its second attempt to spin off its Asian business in Hong Kong on Wednesday, aiming to raise up to $6.6 billion in its Budweiser listing — what could be the world’s second largest IPO this year. Budweiser APAC is set to price the IPO Sept. 23, and the stock will debut on Sept. 30, the company said in a statement. The brewing giant said on Tuesday it would offer 1.3 billion shares at between H

Asia | Asia Markets Closing Report: Asia trades mixed as oil prices remain elevated amid geopolitical tensions

Saheli Roy Choudhury 5-6 minutes - Source: CNBC Asia markets traded mixed on Tuesday as investor sentiment turned cautious over rising energy prices and heightened geopolitical tensions. In Japan, the benchmark Nikkei 225 erased earlier losses to finish fractionally higher at 22,001.32 while the Topix index added 0.29% to 1,614.58. South Korea’s Kospi index was near flat. On Monday, U.S. President Donald Trump said the United States had reached initial trade agreements with Japan on tariffs and digital trade that will not require congressional approval. Australia’s S&P/ASX 200 also reversed earlier declines to gain 0.33% to 6,695.30 as most sectors recovered. The energy subindex added 1% as oil names in the country gained. Chinese mainland markets fell more than 1%: The Shanghai composite declined 1.74% to 2,978.12, the Shenzhen composite was down 2% at 1,651.35 and the Shenzhen component fell 1.97% to 9,722.80. Reports said ne

Asia | Asia Markets Closing Report: Asia Pacific stocks mixed; Brent crude spikes more than 8% after Saudi attacks

Eustance Huang 4-5 minutes - Source: CNBC Stocks in Asia Pacific were mixed on Monday, as oil prices surged following drone attacks over the weekend that hit major oil production facilities in Saudi Arabia. Mainland Chinese stocks were little changed on the day, with the Shanghai composite little changed at around 3,030.75 while the Shenzhen component was just below the flatline at 9,918.09. The Shenzhen composite added 0.23% to approximately 1,685.09. A cut in the reserve requirement ratio for banks by the People’s Bank of China (PBOC) went into effect on Monday. The PBOC said in early September that its reserve requirement ratio would be cut by 50 basis points and it would further reduce that ratio by 100 basis points for some qualified banks. That’s set to release 800 billion yuan ($113 billion) in liquidity into the economy. Meanwhile, Hong Kong’s Hang Seng index shed about 1%, as of its final hour of trading. Shares of Hong K