BEIJING (Reuters) – China Construction Bank Corp (CCB), the nation’s second-largest commercial bank by assets, has asked employees at its headquarters to take a pay cut of at least 10%, two sources with knowledge of the matter said on Monday. Higher-ranking officials will take a steeper cut in salaries, one of the sources said. Both …
China’s CCB cuts pay of headquarters staff by at least 10%, sources say Read More »
By Colleen Howe BEIJING (Reuters) – China’s latest monthly power report excluded data on usage rates by generation source, after recent data showed declining utilisation at renewable power plants, a trend that was expected to continue. In a monthly data release on Friday, China’s energy administration published only the average operating hours of all types …
China stops publishing data that showed falling renewable power plant usage Read More »
MUMBAI (Reuters) – The central banks of India, Malaysia, Thailand, Singapore and the Philippines are working together to start an instant cross-border retail payments platform by 2026, the Bank of International Settlements (BIS) said on Monday. BIS, dubbed the central bankers’ central bank, said it aims to link each country’s instant digital payment system — …
India, four SE Asia countries plan instant retail cross-border payments Read More »
BEIJING (Reuters) – A Chinese radio station on Monday started broadcasts on Arctic sea ice conditions off Russia’s coast for vessels sailing the Northeast Passage, as China seeks to further utilise the world’s northernmost routes as alternatives to the Suez Canal. Arctic sea routes are increasingly being used as an alternative global trade route connecting …
China starts regular sea ice forecasts for Northeast Passage off Russian coast Read More »
By Leika Kihara TOKYO (Reuters) -Japan downgraded first-quarter gross domestic product (GDP) on Monday and the service-sector business mood soured in June on concerns over rising costs, offseting a lift in factory confidence and pointing to weakness in consumption. But the “tankan” quarterly survey showed firms planned to ramp up capital expenditure and projected inflation …
Japan’s GDP downgrade, shaky business mood cloud BOJ hike timing Read More »
By Marc Jones and Rodrigo Campos LONDON/NEW YORK (Reuters) -The unstoppable march of the mega caps, sloth-like central bank pivots, political palpitations aplenty and M&A is back – the first half of 2024 has been another whirlwind in world markets. Forecasts for a global interest-rate-cutting frenzy may not have materialized, but Nvidia and the rest …
Tech boom leads global markets through first half of 2024 Read More »
BEIJING (Reuters) – China’s new financial stability law draft bill improved provisions on financial risks prevention and control, according to draft revisions released on Monday. Revisions to the draft bill underwent the second round of review by China’s top legislature, the National People’s Congress (NPC) standing committee, and are open for public feedback until July …
China refines financial stability law to strengthen risk prevention Read More »
(Reuters) -Myanmar’s central bank denied a U.N. report that the country’s military government can still access money and weapons for its war against anti-coup forces, saying financial institutions under the bank’s supervision followed prescribed procedures. The Central Bank of Myanmar “expressed our strong objection to the U.N. Special Rapporteur’s report”, it said in a statement …
Myanmar central bank denies UN report on weapons transactions Read More »
ISLAMABAD (Reuters) – Pakistan’s finance minister said on Sunday he was “very confident” his country would secure a new funding programme from the International Monetary Fund after the cash-strapped country’s annual fiscal budget passed into law. The budget comes ahead of more talks with the IMF for a loan of between $6 billion and $8 …
Pakistan finance minister confident about new IMF programme Read More »
TOKYO (Reuters) – Japanese drugmaker Eisai is developing a dementia treatment that it aims to commercialise in the U.S. by fiscal 2030, the Nikkei reported on Sunday. The new drug targets a protein called tau, which causes symptoms of Alzheimer’s disease, the newspaper reported. Eisai already has a dementia drug on the U.S. market called …
Japan’s Eisai developing dementia drug for US market, Nikkei reports Read More »
