Asian bank shares fell in reaction to the crisis at SVB Financial Group, but the region will likely face limited contagion risk due to superior growth prospects, lenders’ diverse customer base, and improving asset quality.
A brewing tax scandal in Indonesia, which has revealed over $20 billion in suspicious transactions over 14 years, is casting a shadow on President Joko Widodo’s campaign to root out corruption in government as public anger mounts.
The US Treasury Department imposed sanctions on five Chinese companies, and one person, accused of supplying aerospace components to an Iranian maker of drones sold to Russia and used in attacks on oil tankers.
China is taking fresh measures to deter hoarding of iron ore in a bid to cool a surge in prices of the key steel-making material.
India will boost fuel imports after gas-fired power stations were asked to increase output to meet soaring demand during the summer months.
The US intelligence community assesses that China doesn’t want a military conflict over Taiwan even as it’s determined to bring the independently governed island under its control, officials told a House of Representatives hearing Thursday.
The European Central Bank will step up its fight against stubborn inflation by raising interest rates four more times and unwinding its €5 trillion ($5.3 trillion) bond portfolio at a quicker pace, according to a Bloomberg survey of economists.
Japanese banks shares slid by the most in three years, rattled by the Bank of Japan’s decision to maintain its easy-money policy and concerns over the health of a US tech lender.
Mitsubishi Motors Corp. will electrify 100% of the cars it sells worldwide by fiscal 2035, joining other Japanese automakers seeking to catch up with competitors in the US, China and Europe in the global industry’s shift to greener vehicles.
European Union member states and the parliament struck an accord to increase energy efficiency across the economy as part of plans to cut emissions and diversify away from Russian oil and gas.
