(Reuters) -Cryptocurrency exchange Binance said on Thursday it was committing $1 billion to establishing an industry recovery initiative (IRI) to invest in companies from the digital assets sector. The move comes at a time when the crypto market is teetering from the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United …
Binance to commit $1 billion for crypto recovery initiative Read More »
(Reuters) – Debt-laden developer China Evergrande Group is communicating with a Chinese municipal district in Wuhan City that repossessed 134,500 hectares (332,356.7 acres) of land formerly held by a unit of the group. The Jiangxia District government in the central city of Wuhan retrieved its land-use rights over the undeveloped sites at the developer’s Evergrande …
China Evergrande communicates with Wuhan over repossessed land Read More »
By Samuel Indyk LONDON (Reuters) – The U.S. dollar extended losses on Thursday after the minutes from the Federal Reserve’s November meeting supported the view that the central bank would downshift and raise rates in smaller steps from its December meeting. The eagerly awaited readout of the Nov. 1-2 meeting showed officials were largely satisfied …
Dollar extends losses as Fed minutes signal slower rate hikes Read More »
By Yimou Lee and Brenda Goh TAIPEI/SHANGHAI (Reuters) – Foxconn said on Thursday a pay-related “technical error” occurred when hiring new recruits at a COVID-hit iPhone factory in China and apologised to workers after the company was rocked by fresh labour unrest. Men smashed surveillance cameras and clashed with security personnel as hundreds of workers …
Foxconn apologises for pay-related error at China iPhone plant after worker unrest Read More »
By Balazs Koranyi and Karin Strohecker FRANKFURT (Reuters) – The Federal Reserve’s signalling of a slowdown in the pace of U.S. interest rate hikes takes pressure off global peers to keep on raising rates and offers relief to emerging markets, which have suffered their biggest rout in over a decade this year. Central banks around …
Analysis-Slower Fed hikes spell relief from Tokyo to Buenos Aires Read More »
By Xie Yu and Ziyi Tang HONG KONG/BEIJING (Reuters) – China’s biggest commercial banks have pledged at least $162 billion in fresh credit to property developers, bolstering recent regulatory measures to ease a stifling cash crunch in the sector and triggering a rally in property shares. Three state-owned banks lined up around $131 billion worth …
China banks pledge $162 billion in credit to developers, shares rally Read More »
JAKARTA (Reuters) – Indonesia will accumulate excess cash in this year’s budget and use it to help reduce borrowing in 2023, when it expects to face market volatility and a weakening global economy, its finance minister said on Thursday. Southeast Asia’s largest economy has managed a strong fiscal position this year, as tax revenues got …
Indonesia to use excess budget cash to rein in 2023 borrowing Read More »
(Reuters) – Debt-laden developer China Evergrande Group has told offshore creditors that it plans to present a restructuring proposal as soon as the first week of December, Bloomberg News reported on Thursday. The proposal could include swapping debt for shares in the company’s Hong Kong-listed auto and property management units, the report said, citing unnamed …
Evergrande creditors ask chairman for $2 billion fund infusion -Bloomberg Read More »
By Leika Kihara and Takahiko Wada TOKYO (Reuters) – Growing risks of a global economic slowdown will likely prevent the Bank of Japan (BOJ) from phasing out its stimulus programme, at least until 2024, former BOJ executive Kazuo Momma told Reuters on Thursday. With central banks around the world raising interest rates to cope with …
Global risks to keep BOJ from adjusting yield cap next year – ex-central bank executive Read More »
By Chen Lin SINGAPORE (Reuters) – Singapore will extend work injury insurance and pension coverage to food delivery and ride-hailing workers under proposed legislative changes that it aims to implement as early as late 2024, the Manpower Ministry said. The new rules will affect about 73,000 workers who deliver food or drive passengers for companies …
Singapore’s gig workers to get work injury, pension coverage Read More »
