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India can draw satisfaction over Opec leaving the Asian price unchanged for March since it indicates the group is listening to concerns of consumers. India had reacted sharply to the surprise Saudi offer of an additional production cut on January 5, which sent oil prices soaring.

The Donald Trump administration in its waning days took another swipe at China and its biggest firms on Thursday, imposing sanctions on officials and companies for alleged misdeeds in the South China Sea and imposing an investment ban on nine more firms. The moves will further increase tensions with China, Washington’s strategic rival in Asia.

China is recovering fast ahead of most large economies, but the recovery is still unbalanced and facing significant downside risks, the IMF has said, projecting an eight per cent growth rate for the world’s second largest economy in 2021. ​​However, the main concern around the Chinese recovery that the International Monetary Fund (IMF) has is … Continue reading IMF says China recovering fast ahead of most big economies

Bitcoin traded above $35,000 for the first time in Asia on Wednesday, rising to a high of $35,879 and extending a rally that has seen the digital currency rise more than 800% since mid-March.

The Exim Bank has started the new year on a high note raising $1 billion through a dollar-bond sale to international investors, offering just 2.25 per cent for the ten-year money, setting a new low in pricing. The issue was oversubscribed four times or worth $4 billion as against $1 billion on offer, managing director … Continue reading Exim Bank sells bonds worth $1bn at dirt low rate

Vietnam, the world’s third-biggest exporter of rice, has started buying the grain from rival India for the first time in decades after local prices jumped to their highest in nine years amid limited domestic supplies. The purchases highlight tightening supplies in Asia. Further price hike in 2021 could force traditional buyers to switch from Thailand … Continue reading ‘Vietnam buys Indian rice for first time in decades’

Chinese billionaire Zhong Shanshan has become Asia’s richest person, eclipsing India’s Mukesh Ambani and a group of Chinese tech titans including Jack Ma. Zhong’s net worth has surged $70.9 billion this year to $77.8 billion, making him the 11th-richest person on the planet, according to the Bloomberg Billionaires Index.

Bike exports in green on Africa, Asia

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Indian two-wheeler exports have turned positive, benefiting from the fact that its target markets — Southeast Asia, Africa and parts of Latin America — were not as badly impacted by the Covid pandemic as markets in Europe and the US. Data from the Society of Indian Automobile Manufacturers (Siam) showed that this segment’s exports turned … Continue reading Bike exports in green on Africa, Asia

High above the shimmering waters of Lake Lucerne in the Swiss Alps, one of the world’s wealthiest families convened in early September. Mukesh Ambani, India’s richest and most powerful private citizen, retreated with his wife, three grown children and their partners to the Bürgenstock resort at a key moment for their sprawling business empire, Reliance … Continue reading Asia’s 20 richest families control $463 billion

The coronavirus pandemic is expected to lead to the slowest growth in more than 50 years in East Asia and the Pacific as well as China, while up to 38 million people are set to be pushed back into poverty, the World Bank said in an economic update on Monday.

Reliance Industries Ltd, Ambani’s oil, retail and telecommunications conglomerate, is in various stages of negotiations to either buy out or purchase stakes in Urban Ladder, an online furniture seller, Zivame, a lingerie maker, and Netmeds, which delivers medicine. There’s no certainty the deliberations may result in a deal.

India is planning to raise quality standards of imports, impose quantity restrictions, mandate stringent disclosure norms and initiate more frequent checks at ports of entry for goods coming from many Asian countries, the officials said, declining to be named as they were not authorised to talk to the media.

Drugmaker Sun Pharmaceutical Industries Ltd said on Friday it was testing a plant-derived drug, AQCH, for the potential treatment of Covid-19 as part of a mid-stage trial, with results expected by October. AQCH is derived from tropical, climbing shrub cocculus hirsutus, which is used in Asia for its apparent medicinal properties.

Until recently feted for its world-beating economic growth, India today is Asia’s coronavirus hotspot, facing a long road out of a crisis that’s left businesses broken and millions jobless. With India heading for its first full-year contraction in more than four decades, it may be a while yet before India can get back to its … Continue reading India’s path to world-beating growth looks tough

Jio Platforms has raised Rs 11,367 crore or $1.5 billion from US private equity firm KKR as the latest infusion will take the total capital raised by Mukesh Ambani’s telecom and digital services venture to about Rs 78,562 crore or $10.3 billion. The deal will give KKR, which has invested through its Asia and technology … Continue reading ‘KKR to invest Rs 11,367 crore into Jio Platforms’

India’s services activity suffered a shock collapse in April as the coronavirus lockdown crippled global demand, causing a spike in layoffs and reinforcing fears of a deep recession in Asia’s 3rd-largest economy, a survey showed. The grim result for the industry underlined the pandemic’s sweeping impact across India as authorities extended the lockdown until May … Continue reading ‘Services activity dips as corona stalls eco’

India’s rupee, among Asia’s worst-performing currencies this year, could be the fastest in the region to rally as the world restarts economic activities after the coronavirus pandemic, oil prices weaken and the US dollar eases broadly, analysts said. The partially convertible Indian rupee has lost nearly 7% so far this year, despite dollar supplying intervention.

India is moving the oil to the SPR to help the country’s refineries reduce their excess crude as the lockdown to contain the outbreak of COVID-19, the respiratory disease caused by the new coronavirus, has dented transportation and industrial fuel consumption in Asia’s third-largest economy.

Reliance Group chairman Anil Ambani is running out of time. The brother of one of Asia’s most wealthy men and a one-time billionaire himself lost an attempt to appeal a UK court order that he set aside $100 million in his dispute with three Chinese banks.

Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks. The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to … Continue reading Mukesh Ambani loses Asia’s richest tag to Jack Ma in $5.8 billion rout

Authorities may deploy some of the stockpile to steady the rupee, which has tumbled more than 2% over the past week as more locals are diagnosed with the coronavirus. The currency is the worst performer in Asia this month after having escaped relatively unscathed in February when most regional peers were hit by the contagion.

Companies will increase average pay by 9.1% in 2020, down from 9.3% in 2019 and 9.5% the previous year, Aon Plc said in a report published on Tuesday. The small increase reflects a deep slowdown in Asia’s third-largest economy, where growing pessimism about job prospects have led many to cut down on consumption — the … Continue reading Indians set for smallest salary hike in a decade

Consumer sentiment in India worsened to an almost five-year low and manufacturing slack at companies widened to the most on record, indicating Asia’s third-largest economy is yet to put a floor under growth. The current situation index fell to 83.7 in Jan, the lowest since March 2015, according to the RBI’s consumer confidence survey.