Reuters Asia Business

Pakistan talks with IMF completed, announcement expected soon -minister

By Syed Raza Hassan KARACHI, Pakistan (Reuters) – Pakistan’s talks with the International Monetary Fund have been completed and an announcement on staff level agreement by the fund is expected soon, the country’s finance minister said on Wednesday. “Our talks with IMF have been completed, the fund is going through its internal process. Hopefully, an …

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Bank of Canada makes a splash with developed economies’ first 100 pointer

(Reuters) – The Bank of Canada on Wednesday delivered the first 100-basis-point rate increase among the world’s advanced economies in the current policy-tightening cycle as officials there eyeballed “higher and more persistent” inflation. In delivering their largest rate increase since 1998, BOC policymakers also noted the increased risk of price increases becoming entrenched. The increase …

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Tokyo court orders ex-Tepco execs to pay $95 billion damages over Fukushima disaster

TOKYO (Reuters) -The Tokyo district court on Wednesday ordered four former executives of Tokyo Electric Power Company (Tepco) to pay 13 trillion yen ($95 billion) in damages to the operator of the wrecked Fukushima Dai-ichi nuclear power plant, the plaintiff’s lawyers said. The ruling, in a civil case brought by Tepco shareholders, marks the first …

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Morningstar cuts ‘several’ hundreds of China jobs, moves ops elsewhere

By Selena Li HONG KONG (Reuters) – U.S.-based Morningstar has cut or relocated several hundreds of jobs at its China hub Shenzhen, and is moving operations to other countries, it said on Wednesday, as global firms struggle to comply with the country’s new data regulatory landscape. The financial services firm whose offerings include investment research …

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India says China’s Oppo evaded $551 million in import tax

NEW DELHI (Reuters) -An investigation by India’s Directorate of Revenue Intelligence has found that Chinese smartphone maker Oppo evaded customs duty worth 43.9 billion rupees ($551 million), a government statement said on Wednesday. Indian investigators found evidence that Oppo wrongfully used duty exemptions for items imported for use in mobile phone production, the statement said. …

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Singapore sets up first battery storage system to improve port energy usage

SINGAPORE (Reuters) – Singapore has set up its first battery energy storage system (BESS) to manage peak consumption at the world’s largest container transhipment hub. The project at the Pasir Panjang Terminal is part of an $8 million partnership between regulator, the Energy Market Authority (EMA) and PSA Corp, the government agencies said in a …

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Tianqi Lithium shares rally to close flat in Hong Kong debut

By Scott Murdoch and Donny Kwok (Reuters) – China’s Tianqi Lithium shares recovered to close their first session on the Hong Kong Stock Exchange unchanged, after sinking more than 11% in the city’s biggest listing so far this year. The lacklustre start was expected to further depress sentiment for similar equity sales in the second …

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China to step up policy support for real economy, central bank says

BEIJING (Reuters) -China will step up policy support for the real economy, central bank official Ruan Jianhong said on Wednesday, adding that the macro leverage ratio was expected to rise amid efforts to revive the slowing economy. The remarks came against the backdrop of a pledge by Yi Gang, the governor of the People’s Bank …

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Indonesia to start chicken exports to Singapore amid shortage

SINGAPORE (Reuters) – Indonesia will start exporting chicken to Singapore this week, its agriculture ministry said, with the aim to plug an ongoing shortage in the city-state following a ban on exports from key supplier, Malaysia. The first shipment of 50 tonnes of frozen chicken, valued at 2 billion Indonesian rupiah ($133,467), was due to …

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Homebuyers threaten to stop paying mortgagees for unfinished projects – reports

HONG KONG (Reuters) – A growing number of homebuyer groups across the country wrote to local regulators and banks that they will stop repaying mortgages as a protest against unfinished developments, local media reported. According to real estate news outlet Leju, as of Tuesday afternoon such letters have been issued for at least 14 developments …

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