China tech giants lost their swagger and may never get it back

HONG KONG (BLOOMBERG) – On trading floors in New York and Hong Kong, the brightening mood towards Chinese technology companies is unmistakable: With stocks such as Alibaba Group Holding and Tencent Holdings surging from multi-year lows, talk of a new bull market is growing louder. Yet speak to executives, entrepreneurs and venture capital investors intimately involved […]

Qantas slashes flights in Australia as high oil prices, staff shortages bite

SYDNEY (BLOOMBERG, REUTERS) – Australia’s Qantas Airways will cut domestic capacity through March 2023 as it grapples with higher fuel prices and staffing issues at airports that are affecting much of the industry globally. The step is likely to drive fares even higher. Flying in Australia from July to September will be cut by 15 per cent, more […]

Binance scores Cristiano Ronaldo as partner for NFT push

BENGALURU (REUTERS) – Binance, the world’s biggest cryptocurrency exchange by trading volumes, said on Thursday (June 23) that it has signed a partnership with Cristiano Ronaldo for the promotion of non-fungible tokens (NFTs). As part of the multi-year agreement, the Portuguese football star and Binance will create a series of NFT collections for sale on […]

Fed’s Powell says commitment to curbing inflation is ‘unconditional’

WASHINGTON (REUTERS) – The Federal Reserve’s commitment to reining in 40-year-high inflation is “unconditional” but also comes with the risk of higher unemployment, United States central bank chief Jerome Powell said on Thursday (June 23). “It’s unconditional,” Powell told the US House of Representatives Financial Services Committee when asked about the Fed’s commitment to fight […]

Singapore regulator MAS vows to be ‘unrelentingly hard’ on crypto

SINGAPORE (FINANCIAL TIMES) – Singapore will be “brutal and unrelentingly hard” on bad behaviour in the crypto industry, according to its fintech policy chief, marking a stark shift in rhetoric after years of the city state courting the sector. Mr Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore (MAS), the country’s central […]

Desperate Chinese property developer willing to ‘swop wheat for house’

HONG KONG (REUTERS) – A desperate developer in China’s softening property market is coming up with a novel promotion to attract buyers, recently offering to take wheat and garlic as down payments. One advertisement of Henan-based developer Central China that had “swop wheat for house” in the title says buyers can use the crop, priced […]

Country Garden becomes ‘fallen angel’ with downgrade to junk

HONG KONG (BLOOMBERG) – Moody’s Investors Service lowered Country Garden Holdings from investment-grade territory, the latest sign of how sentiment has soured for private-sector Chinese developers during the industry’s cash crunch and sales slump. The country’s largest builder by sales was downgraded one notch to Ba1, and Moody’s ratings outlook is negative. The company on […]

China to launch new derivatives to help small cap investors hedge risks

SHANGHAI (REUTERS) – China plans to roll out derivatives based on the small-cap CSI1000 index, giving foreign and domestic stock investors additional hedging tools and potentially leading to new investment products. Draft rules published by the China Financial Futures Exchange (CFFEX) on Wednesday (June 22) will pave way for the launch of stock index futures […]

US recession fears darken outlook for Japan, global factories

TOKYO (REUTERS) – Japan’s factory activity growth slowed to a four-month low in June as China’s Covid-19 curbs disrupted supply chains, while many other economies in Asia were also facing headwinds amid growing risks to the outlook from a potential United States recession. Australia’s manufacturing activity held steady this month, data showed on Thursday (June […]