Reuters Asia Business

By Tara Oakes DAVOS, Switzerland (Reuters) -An ongoing bailout deal between Pakistan and the International Monetary Fund (IMF) is “outdated” given a number of global crises, Pakistan’s foreign minister said on Wednesday, as the country struggles to implement targets set by the lender. The foreign minister, Bilawal Bhutto Zardari, said it would be justified for …

Pakistan foreign minister says $6 billion IMF deal is ‘outdated’ Read More »

By Hannah Lang (Reuters) – Developers behind failed stablecoin TerraUSD have voted to abandon the token in favor of creating a new blockchain and digital asset weeks after the cryptocurrency collapsed, according to a tweet from the Terra blockchain protocol. Unlike most other major stablecoins which are backed by other assets, TerraUSD’s value was derived …

TerraUSD developers vote to create new blockchain without failed stablecoin Read More »

By Dan Burns DAVOS, Switzerland (Reuters) – International Monetary Fund Managing Director Kristalina Georgieva on Wednesday said she worries less about the risk that the war in Ukraine and a further slowdown in China might trigger a global recession than she does about the strength of the trend toward economic and political fragmentation. The IMF …

IMF’s Georgieva: ‘Trend of fragmentation is strong’ Read More »

WASHINGTON (Reuters) – International Monetary Fund staff made considerable progress during meetings with Pakistani authorities in Doha, Qatar from May 18-25 aimed at reaching agreement on policies and reforms, the IMF said in a statement on Wednesday. IMF mission chief Nathan Porter said the two sides held “highly constructive discussions,” and agreed on the need …

IMF says staff made ‘considerable progress’ in talks with Pakistan Read More »

By Michael Erman (Reuters) – Pfizer Inc will make all of its patented medicines including COVID-19 treatment Paxlovid and big-selling breast cancer drug Ibrance available at a not-for-profit price to 45 of the world’s poorest countries, the drugmaker said on Wednesday. These countries lack good access to innovative treatments. It can take four to seven …

Pfizer to sell all its patented drugs at nonprofit price in low-income countries Read More »

JAKARTA (Reuters) – Indonesia is considering imposing an export tax on low content nickel products to encourage downstream investments, the country’s investment minister said on Wednesday in an online press conference. Indonesia, once a major nickel ore exporter, has stopped shipments of unprocessed nickel since 2020. While that has succeeded in attracting investment from major …

Indonesia considers export tax on low content nickel products – minister Read More »

By Julie Zhu HONG KONG (Reuters) – Didi Global may have ensured its survival after winning shareholders’ nod for a U.S. stock delisting but a quick return to growth won’t be easy for the Chinese ride-hailer as it still faces regulatory scrutiny and as COVID-19 has hurt the business. Didi’s U.S. withdrawal less than a …

China’s Didi faces rocky path to growth after winning U.S. delisting nod Read More »

By Selena Li HONG KONG (Reuters) -China’s foreign exchange regulator said on Wednesday the recent retreat of foreign investments from the country amid a weakening yuan was “well under control” and that Beijing would continue to open up both outbound and inbound investment channels. Overseas investments in Chinese markets totalled just over 8 trillion yuan …

China’s forex regulator says foreign outflows ‘under control’ Read More »

NUR-SULTAN (Reuters) – Kazakhstan, a major metals producer, plans to increase the minerals extraction tax rate by 50% for exchange-traded metals and by 30% for other commodities such as iron ore and chrome, Economy Minister Alibek Kuantyrov said on Wednesday. The Central Asian nation is a major exporter of copper and zinc, and also produces …

Kazakhstan to increase minerals extraction tax on key metals Read More »