Business

Japan’s Q2 GDP revised up to annualised 1.9% growth

Japan’s economy grew an annualised clip of 1.9% in the second quarter, better than the initial estimate of a 1.3% gain, revised government data showed, confirming a gradual recovery from the COVID-induced slump. The revised figure for gross domestic product (GDP) released by the Cabinet Office on Wednesday compared with economists’ median forecast for a […]

Business

India may let foreign investors buy up to 20% in LIC IPO

The Indian government is considering allowing foreign institutional investors to buy up to a total of 20% in state-owned Life Insurance Corporation (LIC), a government source said on Wednesday, as it presses ahead with a stake sale. The listing of LIC is set to be India’s biggest ever initial public offering (IPO), with the government […]

Business

Standard Chartered sees bitcoin hitting $100,000 by early next year

A new cryptocurrency research team at Standard Chartered has predicted bitcoin will double in value and hit $100,000 by early next year and that it could be worth as much as $175,000 longer-term. The bank also said it “structurally” valued Ethereum, the second-most traded crypto asset, at $26,000-$35,000 although to reach that level bitcoin would […]

Business

Cryptocurrency prices tumble and exchange trading falters as snags crop up

The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day in which El Salvador ran into snags as the first country to adopt bitcoin as legal tender. Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where […]

Business

China Evergrande to delay loan interest payments to banks

Property developer China Evergrande Group (3333.HK) plans to suspend interest payments due on loans to two banks on Sept. 21, financial intelligence provider REDD reported on Wednesday, citing four sources briefed by bankers. Evergrande has delayed payments to several trust firms, REDD reported, adding that the company may suspend all payments to its wealth management […]

Business

El Salvador’s world-first adoption of bitcoin endures bumpy first day

El Salvador’s historic adoption of bitcoin as legal tender on Tuesday was beset by teething problems, as an angry protest by mistrustful citizens, technological glitches and a dip in the cryptocurrency clouded the rollout. The bold experiment got off to a bumpy start when shortly after midnight, Salvadoran President Nayib Bukele complained the government-backed bitcoin […]

Business

Expectations for near-term easing cool after China c.bank comments

Expectations for near-term easing cooled and the yuan strengthened Wednesday after comments by central bank officials the day before that China will maintain prudent monetary policy and that there is no shortfall in base money. China will not resort to flood-like stimulus, Pan Gongsheng, vice governor at the People’s Bank of China (PBOC), told a […]