Toyota’s Production Slow from September’s Record as Challenges Persist
Toyota Motor Corp. said it produced 771,382 vehicles in October, down from a record 887,733 the previous month, and warned of an uncertain outlook due to shortages of Covid and semiconductors. Production is up 23% since October 2021, when supply chains were disrupted by the spread of Covid in Southeast Asia, Toyota said in a […]
China’s Markets Fall as Covid Protests Make Investors Nervous
Chinese assets plunged on Monday as a sense of chaos and uncertainty gripped traders after growing protests against Covid restrictions complicated the nation’s path to reopening. The Hang Seng China Enterprises Index fell more than 2% in afternoon trading, with technology and real estate stocks leading the decline. The onshore Yuan weakened 0.6% against the […]
Korea’s Media Shares Rise as China Resumes Online Streaming
Shares of South Korean companies that produce or distribute dramas and movies rose as China resumed streaming Korean films after a six-year ban, spurring hopes that more content will be allowed. Film distributor and producer Showbox Corp. soared as much as 26% on Wednesday, prompting a brief interruption of trading due to large stock price […]
UK Faces Cash Shortage as G4S Cash Delivery Staff Vote to Strike
Hundreds of workers at British security company G4S voted to strike for 48 hours in early December in a wage dispute, according to the GMB union, warning that the strike could cause cash shortages over the Christmas period. G4S workers hand over cash and coins to banks, including Barclays, HSBC, and Santander, as well as […]
Credit Suisse Cuts Top Bank Charges in Asia as Review Begins
Credit Suisse Group AG has begun cutting senior banking jobs in Asia, including three managing directors of investment banking and financing, as the Swiss giant carries out its plan to reduce global headcount by 9,000, people familiar with the matter said. Among the bankers fired were Johnson Chui, head of Asia-Pacific equity capital markets, Karen […]
Asia Stocks Rise Higher Since 2020 as China Eases Some Covid Rules
Asia’s stock benchmark rose to the highest since March 2020 as China’s move to ease some Covid rules supercharged a rally triggered by weaker US inflation. The MSCI Asia Pacific index rose as much as 4.6%, also on track for its best weekly gain since March 2020. Hong Kong’s benchmark index rose more than 7% […]
Central Bank of India Initiates Digital Currency Pilot Program
India’s central bank began a pilot program of its digital currency on Tuesday, allowing selected banks to use it to settle secondary market transactions in government securities. Several bundles of bonds were traded, with data from Clearing Corp. of India Ltd. showing that 7.38% of 2027 debt and 7.26% of 2032 bonds were among the […]
IMF Forecasts $1 Trillion Windfall For Oil Exporters, Higher Savings in Gulf
The International Monetary Fund expects energy exporters in the Middle East and Central Asia to make a cumulative windfall of around $1 trillion during 2022-2026, a bonanza that will contribute greatly to the Gulf Arab economies because they will save much more of their oil revenues. The influx of petrodollars would be higher than projected […]
Hiring in China’s Small Businesses Doesn’t Pick Up From Record Low
Hiring activities for China’s smallest companies were near a record low last month, underscoring how the slump due to a property recession and Covid Zero controls is affecting companies that are the backbone of the economy. The Blue Collar employment index for small and medium-sized enterprises, which are mainly in manufacturing and services, showed little […]
China’s Crude Imports and Refining Increased After the Maintenance
China’s oil imports and crude processing rose last month as refineries returned from seasonal maintenance, while net exports of fuel products rose after the allocation of a new quota. Inbound oil shipments rose to 9.83 million barrels per day, the highest level since May, according to Bloomberg calculations based on government data released Monday. Crude […]