Asia Business

China has unveiled an ambitious plan to relieve public debt, aiming to turn local governments away from belt-tightening practices that have exacerbated a domestic downturn.Policymakers gathered in Beijing this past week approved a proposal to swap six trillion yuan ($840 billion) of hidden debt belonging to local governments for official loans with more favourable terms.Hidden debts …

How China plans to cut hidden debt in massive shakeup Read More »

Donald Trump’s first White House term saw a bruising trade war with China that left a lingering impact on farmers — and many are bracing for further fallout as the President-elect threatens higher levies on Beijing.Trump tariffs since 2018 hit some $300 billion of Chinese imports, sparking retaliation that targeted key farm products like soybeans …

US farmers gird for trade wars on Trump tariff pledges Read More »

On Indonesia’s beach-fringed resort island of Bali, fed-up locals want to slow the mass tourism that is their biggest money earner — hoping a plan to freeze hotel-building can restore some calm.Anxious about runaway tourism, many Balinese yearn for a more tranquil yesteryear, much like residents in European hotspots Barcelona, Palma de Mallorca or Venice.In …

Balinese hope construction freeze can tame tourism Read More »

Farmer Liu Bingyong used to make a tidy profit selling milk but is now leaking cash — the victim of a dairy sector crisis that embodies several of China’s economic woes.Milk is not a traditional mainstay of Chinese diets, but the government has long pushed people to drink more, citing its health benefits.The country has …

Economic woes sour prospects for China’s dairy farmers Read More »

Wall Street stocks closed at fresh records Friday, extending a post-election rally while European equities pulled back as investors weighed the impact of Donald Trump’s presidential election win.All three major US indices pushed to records, with the S&P 500 ending up around 4.7 percent for the week.”We’re in this honeymoon period between Election Day and …

US stocks hit fresh records as European bourses retreat Read More »

Wall Street shares mostly rose but global stock markets fell on Friday following rallies this week as investors weighed the impact of Donald Trump’s presidential election win and efforts to prop up China’s economy.The Dow and S&P 500 were up in morning deals but the tech-heavy Nasdaq was flat following fresh records the previous days …

Stock markets waver after US election rally, rate cut Read More »

Cartier owner Richemont posted Friday a hefty drop in net profit for the first half of the year as watch sales sank in China, where weak consumer spending has hit the luxury sector.Richemont said its profit after tax reached 457 million euros ($492 million), down from 1.5 billion euros in the same six-month period last …

Cartier owner’s profit sinks as China sales slump Read More »

China on Friday unveiled some of its most ambitious plans in years to lift local government debt, following a meeting of lawmakers eyeing the possibility of intensified trade tensions with US president-elect Donald Trump.Local governments in China face a ballooning debt burden of $5.6 trillion, according to Beijing, raising worries about wider economic stability. The International …

China unveils sweeping local govt debt swap to lift ailing economy Read More »

European and Asian stock markets mostly retreated Friday as US and China policy updates cause concern about growth outlooks in the world’s two biggest economies.There is unease that US president-elect Donald Trump’s planned tax cuts and import tariffs will rekindle inflation in the United States and beyond, which could in turn see the Federal Reserve …

Stocks falter tracking US, China policy updates Read More »

Sony’s net profit jumped in the second quarter thanks to stronger sales in gaming, music and imaging sensors, the PlayStation maker said Friday as it left its annual profit forecasts unchanged.The yen’s weakness against the dollar and euro had a positive impact on takings in those key sectors, the Japanese conglomerate said.However, Sony Pictures suffered …

Sony quarterly net profit jumps but forecast unchanged Read More »