BANGKOK (AP) — Myanmar officials sought Thursday to counter worries over sanctions, energy shortages and currency controls that are adding to the military-led government’s challenges in managing the economy. Two ministers of Myanmar’s army-installed government said in an online briefing that approved foreign investors, embassies, United Nations agencies and non-government organizations are exempt from recently…
By Indranil Sarkar (Reuters) – Bearish bets on most Asian currencies firmed, a Reuters poll found on Thursday, as several regional central banks trail the U.S. Federal Reserve in tightening their monetary policies to fight red-hot inflation. Analysts turned short on the Chinese yuan for the first time since early-October due to worries of an…
(Reuters) – Wall Street bank Goldman Sachs reported rival Morgan Stanley to Hong Kong’s financial regulator over a series of block trades, or large sales of shares, the Financial Times reported on Thursday, citing people familiar with the matter. Goldman alerted the territory’s Securities and Futures Commission three years ago as part of an “informal”…
By Heekyong Yang SEOUL (Reuters) – Hyundai Motor Co is likely to report a 4% bump in first-quarter profit thanks to a sharply weaker won boosting the value of its exports and offsetting a prolonged chip shortage, a sales slump in Russia and rising raw material costs. For the quarter ended March 31, the South…
BOAO, China (Reuters) – A prolonged slowdown in China would have substantial global spillovers, IMF Managing Director Kristalina Georgieva said on Thursday, but added that Beijing has room to adjust policy to provide support. The International Monetary Fund on Tuesday cut its growth forecast for China this year to 4.4%, well below Beijing’s target of…
By Leika Kihara TOKYO (Reuters) -The yen’s recent declines have been driven by fundamentals and would be no reason for Japan to change its economic policy, including the central bank’s ultra-low interest rates, a senior International Monetary Fund (IMF) official said. The remarks highlight the difficulty Tokyo may face if it sought international consent to…
By Alun John HONG KONG (Reuters) – Mainland China and Hong Kong stocks fell on Thursday, hurt by worries about the Chinese economy, but an overnight tumble in longer dated U.S. treasury yields lent support to other benchmark indexes. A 0.78% drop for Hong Kong and 0.36% decline for blue chips in mainland China pulled…
(Reuters) – Elon Musk’s The Boring Company has raised $675 million in Series C funding round, which now values the tunneling enterprise at $5.675 billion, the company said https://bit.ly/3jWhfBA on Wednesday, adding that the proceeds will be used to ramp up its hiring across sectors. The Austin, Texas-based company, which plans to expand its workforce…
By Svea Herbst-Bayliss (Reuters) – Billionaire investor William Ackman liquidated a $1.1 billion bet on Netflix on Wednesday, locking in a loss of more than $400 million as the streaming service’s stock plunged following news that it lost subscribers for the first time in a decade. Ackman’s hedge fund Pershing Square Capital Management made an…
TOKYO (AP) — A popular Japanese beef bowl chain, Yoshinoya Holdings Co., has fired an executive over sexist remarks he made about a marketing strategy aiming to get young women “hooked” on its products as though turning “virgins into drug addicts.” Masaaki Ito, a managing director at Yoshinoya, known for its “gyudon” beef-over-rice dish, made…
