AT Financial

0

Harley-Davidson to exit Indian market

US bike maker Harley-Davidson has announced that it will discontinue sales and manufacturing operations in India as part of its “rewire” program in the wake of the Covid-19 pandemic. Harley-Davidson plans to shut down its assembly unit in Bawal, Haryana state, and lay off 70…
0

Resurgent virus spooks investors

Hong Kong: Financial markets remain subdued as the resurgent pandemic snuffed out optimism about a quick recovery with infections soaring in the United Kingdom, Belgium and Italy. Investors are also awaiting comments from Federal Reserve Chair Jerome Powell and Secretary of the Treasury Steven Mnuchin…
0

China to improve the quality of listed companies

China will raise the quality of listed companies to ensure the steady and healthy growth of capital markets and boost their support for the real economy, according to the State Council’s executive meeting, chaired by Premier Li Keqiang on Wednesday. The Chinese government will work…
0

Free trade zones lead the charge as China reforms

The Chinese government on Monday approved the establishment of three pilot free trade zones (FTZs), in Beijing and Hunan and Anhui provinces, bringing the number of such zones in the country to 21. The decision will help the world’s second-largest economy facilitate its reform and…
0

Alibaba fintech arm aims for a record IPO

The financial arm of Chinese e-commerce titan Alibaba is planning the biggest IPO in history, raising as much as US$35 billion in a joint listing in Hong Kong and Shanghai, a report said Thursday. And in a sign of Ant Group’s confidence in the share…
0

India’s Reliance attracts retail arm investors

After attracting an investment of US$20 billion for his digital venture Jio Platforms, Mukesh Ambani, India’s richest man, is now looking to repeat the feat for his retail arm. The latest to sign a check is US private equity group KKR & Co, which will…
0

World’s workers lost $3.5 trillion in pandemic: UN

The coronavirus pandemic is taking a heavier toll on jobs than previously feared, the UN said Wednesday, with hundreds of millions of jobs lost and workers suffering a “massive” drop in earnings. In a fresh study, the International Labour Organization (ILO) found that by the…
0

India’s Tata offers to buy out Mistry group’s stake

Salt-to-software conglomerate Tata Group, which is locked in a dispute with Shapoorji Pallonji Group, has offered to buy out the latter’s 18% stake in Tata Sons – the principal holding company and promoter of Tata firms. The Supreme Court on Tuesday barred Shapoorji Pallonji from…
0

Airline, banking stocks weigh on markets

Hong Kong: Financial markets remained subdued for another day as investors worried about a possible investigation into a $2 trillion scandal that could ensnare some of the biggest global banks. Concerns about the reintroduction of restrictions in some countries also hammered airline stocks as the…
0

Yuan caught in global stock markets’ downdraft

Hong Kong: The global stocks malaise started after September 2, when the S&P 500 index hit an all-time high of 3,581. Some saw hope overnight that a turnaround might be nigh, when the S&P hit 3,235 at 2:45am HK time and bounced off the -10%…
0

Luckin Coffee and associated firms fined $9 mn

Embattled Chinese chain Luckin Coffee is among a raft of 45 companies hit with a combined fine of nearly US$9 million over a scandal involving false sales figures, China’s market regulator said Tuesday. Luckin – Starbucks’ rival in China – had boosted transactions last year…
0

India’s Paytm accuses Google of ‘arm-twisting’

The battle between India’s most-valued startup Paytm and the search engine giant Google is hotting up after the Paytm app and its fantasy games app Paytm First Games were removed from the Google Playstore for a few hours on Friday. The Indian digital payments company’s…
0

HSBC shares hit a 25-year low on China threat

Shares in banking giant HSBC plunged to a 25-year low Monday on fears it could be added to a Chinese list of firms deemed a threat to national security and following news it had been accused of allowing fraudulent activity to go unpunished. The troubled…
0

Bills mount for India’s struggling airlines

The financial strain faced by airlines in India due to the Covid-19 pandemic has diminished their ability to pay dues to the Airports Authority of India, a state-owned body that maintains more than 100 airports in the country. An airline has to pay various charges…
0

India’s Paytm faces Google Play Store disruption

Digital payment company Paytm’s main app and its fantasy sports app Paytm First Games were removed from the Google Play Store for a few hours on Friday, for violating of Google’s policies on sports betting. They were reinstated after the Indian company took some remedial…
0

Markets positive before China data; oil up on OPEC crackdown

Hong Kong: Asian markets advanced on Friday, finishing with broad gains lead by Chinese stocks as investors expect the streak of upbeat economic data to translate into better corporate performance. Investors are however watching US-China tensions after a report that tech giant Tencent is under…
0

Sino-Indian tensions upset GM’s plans

The ongoing military tensions between India and China have upset General Motor’s plan to sell its factory to a Chinese carmaker. The US carmaker had entered into an agreement in January to transfer the fully operational car manufacturing and export hub plant at Talegaon in…
0

Investors offload risk after Fed gets real

Hong Kong: Financial markets in Asia retreated on Thursday over disappointment that the US central bank did not expand its asset purchase programme, although it did reiterate its ‘lower for longer’ message. The Bank of Japan’s decision to keep rates unchanged was expected by the…
0

Dollar short squeeze? Yuan rise not shaken

The US Fed sees rates at or near zero through till 2023. But that did not please US stock traders and investors and kicked loose an equity sell-off that continued into Asia and Europe on Thursday. Why? The Fed had accompanied the zero-forever pledge with…
0

LG Chem to spin off high-growth battery business

South Korean conglomerate LG Chem said on Thursday it will spin off its battery business, allowing the unit to concentrate on its core competency and raise targeted funds. LG Chem plans to gain approval for the move from an extraordinary stockholders’ meeting on October 30…
0

New Zealand in recession as economy shrinks

New Zealand’s economy plunged into recession for the first time in a decade on Thursday, posting a record contraction in the June quarter due to the coronavirus pandemic, as Prime Minister Jacinda Ardern heads into next month’s general election. “The 12.2% fall in quarterly GDP…
0

Outlook uncertain, Fed calls stimulus ‘essential’

The Federal Reserve pledged Wednesday to keep boosting the US economy with low rates to help recover the tens of millions of jobs lost in the pandemic, but said additional help from the government will be key. Government stimulus provided in the early stages of…
0

Indian airlines’ revenue fell 85% after lockdown

The fortunes of India’s civil aviation sector nosedived after the imposition of the countrywide lockdown on March 24, and the industry faces an uncertain future as the Covid-19 curve is showing no signs of flattening. Hardeep Singh Puri, India’s civil aviation minister, told Parliament on…
0

Markets hope Fed will signal lower for longer

Hong Kong: Investor sentiment was lifted by vaccine hopes following US President Donald Trump’s comments, but financial markets remained watchful ahead of the US Federal Reserve monetary policy statement. While rates are expected to stay unchanged, eyes are on the “dot plot” – how they…
0

Toyota halts India expansion plans

The Indian government is trying to position the country as an alternative to China’s manufacturing prowess, but the automotive sector is in a state of ferment as sales have been hit by the ongoing pandemic, and high taxes are adding to its woes. The latest…
0

China economic recovery inspires rally

Hong Kong: Global risk sentiment improved after data from the world’s second largest economy showed China’s economic growth in August accelerated with gains in output, retail sales, and investment. “We believe China’s post-COVID monetary policy easing cycle has ended amid a sustained economic recovery and…
0

Yuan resumes climb on August jump in domestic demand

The Chinese economy continued its faster than expected growth acceleration in August as industrial production climbed by 5.6% year-on-year (1.02% month-on-month) and lifted producer prices (PPI) from -2.4% year-on-year in July to -2.0%, a gain of 0.3% month-on-month. But it was the 1.25% month-on-month growth…
0

Tencent expands in SE Asia amid US, India tension

Chinese tech giant Tencent said Tuesday it was opening a new Singapore office to serve as a Southeast Asia hub, as the firm reels from setbacks in the US and India. The firm is the latest Chinese tech leader to expand in the region of…
0

China data lifts the region

Hong Kong: Chinese stocks led the region on Tuesday with a rally after data from the National Bureau of Statistics showed economic growth in August accelerated with gains in output, retail sales, and investment. Japanese stocks underperformed, still reeling from a Tankan survey which showed …
0

Asian economic recovery in 2021 under threat: ADB

Coronavirus-ravaged economies across the Asia Pacific will make a “swoosh-shaped” recovery next year, the Asian Development Bank forecast Tuesday, but it warned that further restrictions to combat the contagion could derail the region’s return to growth. Developing Asia – stretching from the Cook Islands in…