Reuters Asia Business

China Jan-May fiscal revenue grows 2.9% yr/yr, excluding VAT credit rebates

16 Jun 2022

BEIJING (Reuters) – China’s fiscal revenue rose 2.9% in the January-May period from a year earlier, after excluding VAT credit rebates, the finance ministry said on Thursday. Fiscal expenditure jumped 5.9% in the first five months, according to the finance ministry. China’s cabinet on Monday unveiled steps to improve the allocation of resources among local …

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VinFast parts ways with four top executives as it readies expansion

16 Jun 2022

By Phuong Nguyen and Norihiko Shirouzu (Reuters) – Four senior executives at Vietnam’s VinFast have left the electric vehicle startup as it prepares to launch its first overseas model and roll out a network of showrooms in the United States and Europe, the company said. The recent round of departures comes as VinFast prepares to …

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Bond vigilantes and the BOJ are breaking Japan’s bond market

16 Jun 2022

By Tom Westbrook and Alun John SINGAPORE/HONG KONG (Reuters) – Japan’s government bond market is being pushed to breaking point in a contest between foreign speculators and the Bank of Japan, creating challenges for loan pricing and bond sales and raising the prospect of government financing tangles down the track. Extreme stress was evident on …

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Hong Kong central bank raises base rate following Fed, banks stand pat

16 Jun 2022

HONG KONG (Reuters) -The Hong Kong Monetary Authority (HKMA) raised on Thursday its base rate charged through the overnight discount window by 75 basis points to 2%, hours after the U.S. Federal Reserve delivered a rate hike of the same margin. However, major domestic banks including HSBC and Standard Chartered decided to leave their best …

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Philippine central bank says stagflation not immediate risk to economy

16 Jun 2022

MANILA (Reuters) – The Philippines’ central bank does not see stagflation as an immediate risk to the economy and is optimistic recovery will be sustained, its governor said on Thursday. Central banks across Asia are under pressure to tighten policy rates to tame inflation, though the move risks stunting growth and increasing unemployment. A steady …

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Stocks, bonds bounce after Fed lifts rates by 75 bps

16 Jun 2022

By Koh Gui Qing NEW YORK (Reuters) – Global stocks rallied and government bond yields and the dollar retreated from multi-year highs on Wednesday as investors cheered the Federal Reserve’s decision to raise interest rates by three-fourths of a percentage point, the biggest increase since 1994. Investors seemed relieved that the U.S. central bank had …

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Pakistan further removes fuel subsidies to win IMF funding -Finance Minister

15 Jun 2022

ISLAMABAD (Reuters) -Pakistan on Wednesday further removed fuel subsidies in a bid to trim the fiscal deficit and aimed at securing critical support from the International Monetary Fund (IMF), the finance ministry said. “Government has decided to end subsidies on fuel and raise prices starting midnight” Finance Minister Miftah Ismail told reporters at a press …

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