Press releases about business, cryptocurrency, fintech and more news in Hong Kong and Asia

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Daiwa House Logistics Trust proposes $46m maiden acquisition in Japan

SINGAPORE – Daiwa House Logistics Trust (DHLT) is proposing to acquire a portfolio of two logistics facilities and a piece of freehold land in Japan for a total consideration of 4.68 billion yen (S$46 million). In a filing on Wednesday, the real estate investment trust (Reit) manager estimates this to represent an 11.8 per cent discount […]

Goldman slashes China’s 2023 growth forecast with Covid-zero strategy likely to stay

HONG KONG – Goldman Sachs cut its 2023 economic growth forecast for China sharply, predicting Beijing will stick to its stringent Covid-zero policies through at least the first half of next year. Gross domestic product (GDP) will probably increase 4.5 per cent in 2023, down from a previous projection of 5.3 per cent, Goldman’s economists […]

With latest rate hike, US Fed signals willingness to accept recession to crush inflation

HOUSTON – Federal Reserve officials gave their clearest signal yet that they’re willing to tolerate a recession as the necessary trade-off for regaining control of inflation. Policy makers, criticised for being too late to realize the scale of the US inflation problem, are moving aggressively to catch up. They raised interest rates by 75 basis […]

Sats said in talks to buy Worldwide Flight Services for up to $4.2 billion

SINGAPORE – Catering and gateway services provider Sats is in talks to acquire air cargo handler Worldwide Flight Services from its private equity owner Cerberus Capital Management for as much as US$3 billion (S$4.2 billion), people with knowledge of the matter said. The Singapore-listed company has sounded out financing for the potential purchase, said the […]

Global investors cut exposure to China on rising risks

SINGAPORE – Global investors in private equity and venture capital funds say they are rotating away from China as clients are reassessing risks because of the country’s rapidly changing environment. Investors are paring their holdings in the once-booming economy, despite their conviction that long-term growth will continue, according to speakers from Partners Capital, Hamilton Lane […]

Tencent’s $3.2 billion buyback spree fails to stem stock rout

HONG KONG – Tencent Holdings’ buyback spree is failing to revive investor sentiment over the online gaming giant, whose shares are languishing near a 2018 low. Tencent, China’s biggest company by market capitalisation, has spent nearly US$1 billion (S$1.4 billion) in repurchasing shares over the past month to take the year’s total to US$2.3 billion […]

Australia’s central bank has equity wiped out by billions in bond losses

SYDNEY – Australia’s central bank on Wednesday said its equity had been wiped out by losses suffered on pandemic-era bond buying, but its ability to create money meant it was not insolvent and would continue as normal. Reserve Bank of Australia (RBA) deputy governor Michele Bullock said the bank had taken a mark-to-market valuation loss on […]

Lian Beng declines disclosing family members’ pay, citing poaching fears

SINGAPORE – Lian Beng Group has declined regulators’ request for the company to disclose the remuneration of employees singled out as family members of a director, the chief executive or a substantial shareholder, citing potential impact on the group’s ability to attract and retain key and middle management talent. The Singapore Exchange (SGX) had asked […]