Reuters Asia Business

Factbox-China Evergrande’s bond coupon payments through May 2022

7 Dec 2021

SHANGHAI (Reuters) -Some offshore bondholders of China Evergrande Group did not receive coupon payments by the end of a 30-day grace period, four people with knowledge of the matter said, pushing the cash-strapped property developer closer to formal default. Failure to make $82.5 million in interest payments that were due last month would trigger cross-default …

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JERA retires four old LNG power plants as it builds three new units

7 Dec 2021

TOKYO (Reuters) – Japan’s biggest power generator JERA said on Tuesday it has retired four old liquefied natural gas (LNG)-fired power plants at its Anegasaki thermal power station in Chiba, near Tokyo, to make way for three new, less polluting units it is building. JERA, a thermal power and fuel joint venture between Tokyo Electric …

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Hong Kong fintech WeLab to launch digital bank in Indonesia

7 Dec 2021

(Reuters) – Hong Kong fintech WeLab said on Tuesday it will buy a controlling stake in Indonesian commercial lender PT Bank Jasa Jakarta and launch a digital bank in the country – one of Asia’s fastest-growing digital economies. WeLab, backed by Allianz and billionaire Li Ka-Shing’s TOM Group, said it had secured $240 million from …

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Asian equities see foreign inflows in November on tech boost

7 Dec 2021

By Gaurav Dogra (Reuters) – Asian equities witnessed money inflows in November as demand for regional semiconductor products boosted foreign buying in South Korean and Taiwanese markets, although concerns over recovery amid the spread of the Omicron variant capped regional inflows.     Cross-border investors last month purchased equities worth a net $2.04 billion in South …

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NEC could spend up to $4.4 billion on acquisitions by 2025, says CEO

7 Dec 2021

TOKYO (Reuters) – Japan’s NEC Corp could spend up to 500 billion yen ($4.4 billion) over the next five years on acquisitions in order to bolster its technology offerings, including 5G mobile broadband, the company’s CEO said. “It’s natural that we would have 500 billion yen in investment capacity,” Takayuki Morita said at a press …

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Murakami-linked fund boosts stake in Japan’s Shinsei Bank

7 Dec 2021

TOKYO (Reuters) – A fund backed by activist investor Yoshiaki Murakami raised its stake in Japan’s Shinsei Bank, the target of a $1.1 billion takeover bid by SBI Holdings Inc. The Murakami-linked City Index Eleventh fund has been steadily increasing its ownership in Shinsei. The fund along with S-Grant Corp and other investors now hold …

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Japan Finance Minister vows to adhere to budget balancing target

7 Dec 2021

TOKYO (Reuters) – Japanese Finance Minister Shunichi Suzuki said on Tuesday he would stick to the government’s aim of balancing its budget by fiscal year 2025. Suzuki told reporters after a cabinet meeting that he was not considering setting a different fiscal target to replace the current primary budget goal. (Reporting by Tetsushi Kajimoto; Editing …

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Philippine recovery to gather pace, but virus risks linger -World Bank

7 Dec 2021

MANILA (Reuters) – The Philippine economy is likely to grow faster than previously thought this year, with momentum expected to pick up further next year, but downside risks caused by the coronavirus pandemic persist, the World Bank said on Tuesday. The World bank raised its 2021 growth forecast for the Philippines to 5.3% from a …

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