Reuters Asia Business

BENGALURU (Reuters) -Indian food-delivery firm Zomato Ltd is set to buy local grocery-delivery startup Blinkit for 44.47 billion rupees ($568.16 million) in an all-stock deal, in a bid to step up its game as competition in the quick-delivery market gets fierce. Rivals Swiggy, Reliance Industries-backed Dunzo, Tata-backed BigBasket and Zepto are also betting on fast …

Ant Group-backed Zomato beefs up quick delivery game with bigger Blinkit stake Read More »

By Syed Raza Hassan KARACHI, Pakistan (Reuters) – Pakistan has received a $2.3 billion Chinese consortium loan that will help stabilise its fast-depleting foreign reserves, finance minister Miftah Ismail said on Friday. The South Asian nation is still seeking International Monetary Fund assistance to ease a dire financial crisis. Foreign exchange reserves held by the …

Pakistan receives Chinese loan to stabilise its falling reserves Read More »

By Josh Ye HONG KONG (Reuters) -China’s internet security authority has launched an investigation into the China National Knowledge Infrastructure (CNKI), about a month after the market regulator targeted the online academic database with an antitrust probe. China Cyberspace Administration said on its website the probe was aimed at “preempting security risks of national data, …

Chinese authority launches probe into Chinese academic database CNKI Read More »

SHANGHAI (Reuters) – H&M has shut its flagship Shanghai store, its latest closure in China where consumer demand has slumped amid COVID-19 lockdowns and the fast-fashion retailer has borne the brunt of a backlash against companies that refuse to use Xinjiang cotton. Although it was open earlier this month, the three-storey building in downtown Shanghai …

H&M closes Shanghai flagship store, hurt by lockdowns and consumer backlash Read More »

HONG KONG (Reuters) – Paul Yang, partner and head of Greater China at KKR & Co, has recently stepped down to take an adviser role with the private equity firm, two people familiar with the situation told Reuters. Yang, a Taiwan native, was previously the president and chief executive of China Development Financial Corp, a …

KKR Greater China head steps down to take adviser role – sources Read More »

By Asif Shahzad ISLAMABAD (Reuters) -Pakistan will impose an extra one-time 10% tax on large scale industry for one year to raise over 400 billion Pakistani rupees ($1.93 billion) ahead of a deal to resume crucial funding from the International Monetary Fund, Finance Minister Miftah Ismail said on Friday. The announcement comes ahead of what …

Pakistan levies ‘super tax’ on big industries to trim deficit ahead of expected IMF deal Read More »

By Leika Kihara TOKYO (Reuters) -The Bank of Japan must closely watch the impact currency moves could have on the economy, its deputy governor Masayoshi Amamiya said on Friday, reiterating a warning over the damage the currency’s fall to 24-year lows may have on a fragile recovery. Amamiya said the world’s third-largest economy was picking …

BOJ deputy governor repeats vigilance of FX impact on economy Read More »