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

Storm Fiona ravages Canada’s east coast causing ‘terrifying’ destruction

This National Oceanic and Atmospheric Administration (NOAA) satellite handout image shows post-tropical storm Fiona over eastern Canada, on Sept 24, 2022, at 13:50UTC. Fiona knocked out power to more than 500,000 households as it lashed eastern Canada with strong winds and heavy rain on Saturday, electricity providers said. (HANDOUT / NOAA / RAMMB / AFP) […]

OxPay says $77k paid for wrongful dismissal not declared as amount ‘not material’

SINGAPORE – Payment services company OxPay Financial said it did not announce a tribunal’s order for the company to pay its former chief executive and chief financial officer $77,000 for wrongful dismissal as the claim amount was “not material” to the group. The Catalist-listed company was responding to queries by the Singapore Exchange Regulation, which had asked why […]

Indonesia raises key rate more than expected as rupiah weakens

JAKARTA – Indonesia’s central bank delivered a bigger-than-expected interest rate hike to stem inflation and stabilise the rupiah, marking an aggressive turn for policy makers who were monetary policy outliers until last month. Bank Indonesia raised the seven-day reverse repurchase rate by 50 basis points, the biggest increment since 2018, to 4.25 per cent on […]

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 […]

Putin signs decree on partial mobilization in Russia

In this Feb 21, 2022 photo, Russian President Vladimir Putin signs documents, including a decree recognizing two Russian-backed breakaway regions in eastern Ukraine as independent, during a ceremony at the Kremlin in Moscow. Putin signed a decree on the partial mobilization in Russia, the Kremlin said on Wednesday, as the Russia-Ukraine conflict continues. (ALEXEY NIKOLSKY […]

UN sidelines: World leaders pledge billions to fight AIDS, TB, malaria

(From left) Bill Gates, Prime Minister of Japan Fumio Kishida, French President Emmanuel Macron, European Commission President Ursula von der Leyen, President Joe Biden, Connie Mudenda (RED) ambassador, South Korean President Yoon Suk Yeol, Canadian Prime Minister Justin Trudeau, German Chancellor Olaf Scholz and Global Fund Executive Director Peter Sands pose for a photo during […]

Meloni: Italy’s conservative alliance in lockstep, ready to govern

Leader of Italian far-right party Fratelli d'Italia (Brothers of Italy) Giorgia Meloni, addresses supporters during a rally as part of the campaign for general elections, in Piazza Duomo in Milan, Italy on Sept 11, 2022. (PIERO CRUCIATTI / AFP) ROME – Italy's right-wing bloc will easily agree on major policy priorities despite recent disagreements if […]

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 […]

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 […]

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 […]