Asia Business

Kenya forcing importers to use costly new Chinese railway, businessmen say

03/12 Kenya's new Chinese-built railway should have been a boon for business. The $3.3 billion line sliced hours off the journey from the port city of Mombasa to the capital, Nairobi.  Full story

Hong Kong stocks hit near 2-month low on trade worries; China also falls

04/12 Hong Kong stocks hit a near two-month low on Wednesday, as hopes of a quick initial trade deal were dented following U.S. President Donald Trump's remarks.. . .  Full story

-Saudi Aramco IPO institutional tranche 2.95 times oversubscribed

04/12 The institutional tranche of Saudi Aramco's planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals ($50.4 billion), financial advisers for the IPO said on Tuesday.. . .  Full story

India's services industry returns to growth in Nov on strong demand-PMI

04/12 India's dominant services sector bounced back to growth in November, expanding at its fastest pace in four months, driven by a strong pick-up in new business, a private sector survey showed on Wednesday.. . .  Full story

Institutions have subscribed for 5.9 bln shares of Aramco IPO - lead bankers

04/12 Saudi Aramco has received orders worth 189.04 billion riyals ($50.4 billion) for the institutional tranche of its planned initial public offering (IPO), its financial advisers said in a joint statement on Tuesday.. . .  Full story

SE Asia Stocks-Most markets fall as Trump hardens trade war rhetoric

04/12 Most Southeast Asian stock markets tracked a global downturn on Wednesday as the Trump administration dashed hopes of a quick preliminary deal to halt impending U.S. tariffs on China. U.S. President. . .  Full story

-China's Postal Savings Bank says some retail investors opt out of mainland listing

04/12 Postal Savings Bank of China said investors had opted out of paying for 3% of shares on offer in its Shanghai listing - a rare development that underscores growing concerns over problems in China's banking. . .  Full story

Malaysia's Oct exports drop 6.7% y/y, slower than forecast

04/12 Malaysia's exports fell for the third straight month in October, though the pace of decline was slower than expected, government data showed on Wednesday. Exports shrank 6.7% in October, slower. . .  Full story

Why India's diesel demand is contracting, and what it means

04/12 India's demand for diesel is slowing as the country's car fleet shifts predominantly to gasoline, trucks get more efficient and solar pumps displace diesel-fed units across the countryside.. . .  Full story

India's diesel demand growth seen stuck in low gear until mid-2020

04/12 India's demand for diesel will remain subdued until the second half of 2020, when analysts expect various policy measures aimed at stimulating industrial activity to kick in and soak up excess fuel.. . .  Full story

Japanese shares slip on concerns of longer trade war

04/12 Japan's Nikkei share average fell to its lowest level in about two weeks on Wednesday as hopes for a quick initial U.S.-China deal dimmed following U.S. President Donald Trump's remarks, while a stronger yen. . .  Full story

S.Korea's Hyundai Motor unveils plan to invest $52 bln over six years

04/12 Hyundai Motor plans to invest about 61.1 trillion won ($51.81 billion) between 2020 and 2025, about one-third of the expenditure focused on electric and autonomous vehicles, the company said on Wednesday.. . .  Full story

China Nov services sector activity rises to 7-month high- Caixin PMI

04/12 Activity in China's services sector accelerated to a seven-month high in November, as new business, especially new export business, picked up, a private survey showed on Wednesday.. . .  Full story

Japan services sector returns to modest growth in Nov - PMI

04/12 Japan's services sector returned to growth in November after shrinking for the first time in three years in the previous month, though the overall momentum was unconvincing in an economy teetering on the brink. . .  Full story

Hong Kong November business activity shrinks the most in 21 years-PMI

04/12 Business activity in Hong Kong contracted at the fastest pace in 21 years in November, dragged down by anti-government protests and softening global demand, an IHS Markit survey showed on Wednesday.. . .  Full story

OPEC, Russia debate deeper oil cuts as new glut looms

04/12 OPEC and its allies led by Russia are gearing up to approve deeper oil production cuts this week to prevent a new glut and a collapse on oil prices with OPEC member Iraq saying. . .  Full story

Iraq oil minister says OPEC prefers deeper cut

03/12 Iraqi Oil Minister Thamer Ghadhban said on Tuesday OPEC members were leaning towards approving deeper oil output cuts at a meeting this week and no member was talking about increasing production.. . .  Full story

Safran suspends electric jet taxiing project after Airbus ends talks

03/12 France's Safran SA has shelved plans to install an electric taxiing system on Airbus A320 jets after the planemaker halted discussions on the project, it chief executive said.. . .  Full story

Saudi Aramco IPO institutional tranche 2.95 times oversubscribed

03/12 The institutional tranche of Saudi Aramco's planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals ($50.4 billion), financial advisers for the IPO said on Tuesday.. . .  Full story

OPEC+ expected to deepen output cuts to 1.5 mln bpd -JPM

03/12 OPEC and other major oil producers are expected to agree to deepen output cuts to 1.5 million barrels per day (bpd) to the end of 2020 from 1.2 million currently to help reduce a. . .  Full story

Hong Kong leader says U.S. law will hurt business confidence

03/12 Hong Kong leader Carrie Lam on Tuesday said U.S. legislation supporting protesters may damage business confidence in the financial hub, and announced a fourth round of relief measures to boost an economy battered by. . .  Full story

Huawei faces online storm in China over employee treatment

03/12 Huawei Technologies is facing a public backlash in China after details of the dismissal and wrongful detention of a former employee went viral.. . .  Full story

China has ample frozen pork supplies, agriculture ministry says

03/12 Ample frozen pork inventories in China will help to contain pork prices, an agriculture ministry official said on Tuesday.. . .  Full story

UniCredit offers investors $2.2 bln buyback as staff face further cuts

03/12 UniCredit promised 8 billion euros ($9 billion) in dividends and share buybacks on Tuesday in a bid to revive its sickly share price, although profit at Italy's top bank will barely grow despite plans. . .  Full story

Asia Distillates-Gasoil premiums climb on demand uptick for physical cargoes

03/12 Asia's cash premiums for 10ppm gasoil jumped for a second consecutive session on Tuesday, climbing to a two-week high, buoyed by firmer buying interest in the physical market and expectations for tighter short-term supplies.. . .  Full story

China issues $614 billion in local government bonds in Jan-Nov

03/12 China issued 4.32 trillion yuan ($613.73 billion) in local government bonds in January-November, hitting 99% of the full year issuance target, the Ministry of Finance said in a statement on Tuesday.. . .  Full story

SE Asia Stocks-Most fall as U.S. tariffs spark fresh trade tensions

03/12 Most Southeast Asian stock markets ended lower on Tuesday as U.S. tariffs on Brazil and Argentina threatened to aggravate global trade tensions, while weak U.S. factory data added to the dour sentiment.. . .  Full story

Limited rise in Turkish inflation could prompt sizeable rate cut

03/12 Turkey's annual consumer price index rose less than expected to 10.56% in November, increasing the chances of a sizeable rate cut by the central bank next week, even as inflation rebounded from a near. . .  Full story

Egypt's non-oil private sector shrinks to slowest in over two years -PMI

03/12 Activity in Egypt's non-oil private sector contracted in November for the fourth consecutive month, falling to its lowest since September 2017, a survey showed on Tuesday.. . .  Full story

Saudi gains as oil rises on supply cut push

03/12 Saudi Arabia's stock market rose in early trade on Tuesday on the back of rising oil prices, while Dubai and Abu Dhabi were shut for public holidays.. . .  Full story

China shares end higher with support from consumer, financial stocks

03/12 China stocks reversed course to end higher on Tuesday, led by gains in consumer and financial shares, as investors chased firms with low valuations following recent upbeat factory data.. . .  Full story

Japan preparing $120 bln stimulus package to bolster fragile economy

03/12 Japan is preparing an economic stimulus package worth $120 billion to support fragile growth, two government officials with direct knowledge of the matter said on Tuesday, and complicating government efforts to fix public finances.. . .  Full story

Nikkei slips on fresh global trade concerns, weak U.S. data

03/12 Japan's Nikkei average dropped on Tuesday, as concerns about global trade revived after U.S. President Donald Trump slapped tariffs on Brazil and Argentina, while weak U.S. manufacturing data also dented sentiment.. . .  Full story

JGBs fall to 7 1/2-month lows after tepid auction

03/12 Japanese government bond (JGB) prices dropped on Tuesday, with benchmark futures falling to a 7 1/2-month low, after an auction of 10-year JGBs witnessed weak demand.. . .  Full story

India seen making 6th interest rate cut, but no cure for economy's ills

03/12 Five interest rate cuts since the start of the year hasn't stopped India's economy from slowing to its weakest growth rate since 2013, but the country's central bank is expected to make its sixth. . .  Full story

Ping An's OneConnect launches up to $504 mln U.S. IPO in down round: sources

03/12 Ping An Insurance's OneConnect Financial Technology launched a U.S. initial public offering (IPO) of up to $504 million on Tuesday, reducing both its target offering size and valuation.. . .  Full story

Indonesia's MNC Vision Networks signs term sheet exploring acquisition of Lippo Group's Link Net

03/12 Indonesia's PT MNC Vision Networks said in a statement:. . .  Full story

Shanghai stocks hit over 3-month low amid fresh global trade jitters; Hong Kong down

03/12 Shanghai stocks hit a more than three-month low on Tuesday, as Washington's latest tariffs added to jitters over the prospects of a so-called "phase one" Sino-U.S. trade deal.. . .  Full story

China wants new energy vehicle sales in 2025 to be 25% of all car sales

03/12 China hopes new energy vehicle (NEV) sales can reach around a quarter of all car sales in 2025, up from a target of "over 20%" laid out in a 2017 planning document, the industry. . .  Full story

S.Korea's Nov crude oil imports down 4.7% y/y -preliminary data

03/12 South Korea's November crude oil imports fell 4.7% from a year earlier to 90.9 million barrels, preliminary data from the Ministry of Trade, Industry and Energy showed on Sunday. Final data. . .  Full story

China to slash coal-fired power capacity at big utilities by merging assets -document

03/12 China plans to slash coal-fired power capacity at its five biggest utilities by as much as a third in two years by merging their assets, according to a document seen by Reuters and four. . .  Full story

In China, coal creeps back in as slowing economy overshadows climate change ambitions

03/12 China is building more coal-fired power plants and approving dozens of new mines, despite assurances from the world's biggest greenhouse gas emitter that it was serious about fighting climate change.. . .  Full story

Southeast Asian startup FinAccel raises $90 million to build digital credit card

03/12 Southeast Asian fintech startup FinAccel said on Tuesday it had raised $90 million to expand its popular digital credit card service Kredivo across the region.. . .  Full story

Turkish tourism sector faces pressure due to higher costs, new taxes

02/12 Turkey's tourism industry, a key pillar of the economy, could struggle to reach visitor and revenue targets in coming years after two new taxes come into force and sharp increases in costs continue to. . .  Full story

Ping An's OneConnect to launch $500 million U.S. IPO in rare down round: sources

02/12 Ping An Insurance's OneConnect Financial Technology plans to launch a U.S. initial public offering (IPO) for about $500 million on Tuesday, people with knowledge of the matter said, reducing both its target offering size and. . .  Full story

Uzbekistan plans regulations against suitcase banking

02/12 Uzbekistan plans to make it mandatory for foreign brokers to have a local presence or partnerships in order to arrange Eurobonds for Uzbek issuers, the Central Asian nation's Capital Markets Development Agency (CMDA) told Reuters. . .  Full story

AirAsia bets its in-flight menu can win diners on the ground

02/12 Airline food has long been the butt of travellers' jokes, but Malaysia's AirAsia Group Bhd is seeking to turn that notion on its head - opening its first restaurant on Monday featuring dishes based. . .  Full story

Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO

02/12 OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the. . .  Full story

Saudi Aramco IPO institutional tranche more than twice oversubscribed

02/12 Institutional investors have put in 144.1 billion riyals ($38.4 billion) worth of bids for Saudi Aramco's planned initial public offering (IPO), equivalent to more than twice the number of shares on sale, financial advisers for. . .  Full story

SE Asia Stocks-Philippines, Indonesia rise on gains in financial shares, Thailand falls

02/12 Philippine and Indonesian shares rose more than 1% each on Monday, helped by heavy buying in big-cap stocks, while Thai stocks fell as dismal inflation figures soured investor mood. Indonesian stocks. . .  Full story

China's pork prices rebound as consumption picks up in cold weather

02/12 China's pork prices rose on Monday, the first meaningful rebound in more than a month, as consumption increased with colder weather while supplies remained short in the world's top consumer of the meat.. . .  Full story

Asia Distillates-Gasoil refining margins hit 2-week high

02/12 Asian refining margins for 10ppm gasoil rose on Monday to their strongest in two weeks, partly buoyed by expectations of firmer upcoming demand as a deadline for switching to cleaner marine fuels closes. . .  Full story

Saudi exchange to limit Aramco index weighting with cap

02/12 Saudi Arabia's Tadawul has introduced an equity index cap of 15% which is set to address concerns over the weighting oil giant Saudi Aramco will have when it lists on the exchange.. . .  Full story

Germany's Lufthansa says not open to Qatar investment

02/12 Lufthansa responded coldly on Monday to a report that rival Qatar Airways was interested in taking a stake in or collaborating with the German airline.. . .  Full story

Hong Kong Airlines told to improve finances or risk losing licence

02/12 Hong Kong Airlines, controlled by cash-strapped Chinese conglomerate HNA Group, must shore up its financial position by Dec. 7 or risk the suspension or loss of its licence, a Hong Kong air transport regulator. . .  Full story

HK stocks end firmer as China data lifts risk appetite

02/12 Stocks in Hong Kong ended higher on Monday, boosted by upbeat factory data on the mainland, while cloudy outlook over a Sino-U.S. interim trade deal and pro-democracy protests in the Asian financial hub kept. . .  Full story

Indonesia reviewing rules mandating coal sales to local buyers - official

02/12 Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as suppliers struggle to meet the regulation.. . .  Full story

China steel futures, iron ore rise on Nov factory activity surprise

02/12 Steel futures in China rose for a third consecutive session on Monday, as stronger-than-expected factory activity readings for November boosted sentiment.. . .  Full story

China stocks inch up; trade worries offset upbeat factory data cheer

02/12 China stocks ended higher on Monday after upbeat factory activity reports, but gains were limited by anxiety over the prospects of a proposed Sino-U.S. trade deal.. . .  Full story

Burst of social unrest tests emerging market risk models

02/12 A wave of social unrest across developing countries this year has caught many investors off-guard and is challenging models designed to gauge political risk for investors, prompting some to pull money out.. . .  Full story

China's factory activity surprises with fastest expansion in 3 years - Caixin PMI

02/12 China's factory activity showed surprising signs of improvement in November, with growth picking up to a near three-year high, a private sector survey showed on Monday, reinforcing upbeat government data released over the weekend.. . .  Full story

Global refiners raise cleaner shipping fuel output ahead of IMO 2020

02/12 Global oil refiners have upgraded processing units and adjusted operations to raise output of low-sulphur residual fuels and marine gasoil (MGO) to prepare for stricter shipping fuel standards that kick in on Jan. 1.. . .  Full story

Malaysia's October exports seen down 12.6% y/y

02/12 Malaysia's exports likely fell for a third straight month in October, and at a much sharper pace than in September, as global electronics demand remained weak, a Reuters poll showed on Monday.. . .  Full story

Japan shares rally as strong China data ease growth concerns

02/12 Japanese shares rose on Monday by the most in a month after data showed China's factory activity and domestic demand picked up, easing concern about the health of the world's second-largest economy.. . .  Full story

year yields hit two-week high ahead of debt auction

02/12 Yields on 10-year Japanese government bonds on Monday rose to their highest in more than two weeks, ahead of an auction that could determine investor demand for the last month of the year.. . .  Full story

Japan's Q3 capex jumps on higher retail sector investment

02/12 Japanese firms boosted capital spending in the September quarter, as retailers and wholesalers raised investment ahead of a long-awaited sales tax hike in October and factories maintained their automation push.. . .  Full story

China, Hong Kong stocks rise on upbeat China factory data

02/12 China and Hong Kong stocks began the week higher on Monday, buoyed by data showing expansion in factory activity in the world's second-largest economy in November.. . .  Full story

Indonesia Nov inflation slows as expected, weakest since April

02/12 Indonesia's annual inflation rate slowed for a third straight month in November, as expected, the statistics bureau said on Monday.. . .  Full story

Thai Nov inflation rate quickens to 0.21%, but below forecast

02/12 Thailand's headline consumer price index (CPI) rose 0.21% in November from a year earlier, quickening from the previous month but lower than expectations, commerce ministry data showed on Monday.. . .  Full story

Japan stocks rise by most in a month on positive Chinese data

02/12 Japanese shares rose on Monday by the most in a month after data showed China's factory activity and domestic demand picked up, easing concern about the health of the world's second-largest economy.. . .  Full story

ADB's next head Asakawa open to dialogue on phasing out aid to China

02/12 The Asian Development Bank must be ready to discuss whether to phase out aid to high- and medium-income borrowers like China, the institution's next president Masatsugu Asakawa said.. . .  Full story

S.Korea Nov factory activity shrinks for 8th month but pressure may be easing-PMI

02/12 South Korea's factory activity shrank for an eighth straight month in November but there were some signs that the prolonged downturn may be easing, a private business survey showed on Monday.. . .  Full story

Japan factory activity shrinks in Nov as export slump deepens - PMI

02/12 Japanese manufacturing activity contracted again in November, with export orders at their weakest in five months due to slowing foreign demand, including from China.. . .  Full story

OPEC and allies may deepen oil cuts to 1.6 mln bpd -Iraq

01/12 OPEC and allied oil producers will consider deepening their existing oil output cuts by about 400,000 barrels per day (bpd) to 1.6 million bpd, Iraq's oil minister said on Sunday.. . .  Full story

Algeria's cereal import bill falls 12% in Jan-Sept

01/12 Algeria's spending on imports of cereals dropped 12% in the first nine months of 2019 compared with the same period last year, official data showed on Saturday.. . .  Full story

China must recover pig production, stabilise pork supply -vice premier

01/12 Chinese Vice Premier Hu Chunhua said the country must resolutely work to achieve the target of recovering pig production numbers, and stabilise pork supply for the upcoming holidays, the official Xinhua News Agency reported.. . .  Full story

Asian refiners strive to finish IMO preparations in hunt for profits

01/12 At SK Energy's largest refinery in South Korea, engineers are rushing to complete a new processing unit ahead of schedule as the firm looks to boost sales of low-emission fuels before new marine fuel standards. . .  Full story

S.Korea's Nov crude oil imports down 4.7% y/y - preliminary data

01/12 South Korea's October crude oil imports fell 4.7% from a year earlier to 90.9 million barrels, preliminary data from the Ministry of Trade, Industry and Energy showed on Sunday. Final data. . .  Full story

S.Korea November exports plunge as China-U.S. deal still in dark

01/12 South Korean exports in November fell for the 12th month in a row and far more than expected, denting hopes for the global manufacturing sector stabilising as a much-awaited China-U.S. trade deal is still. . .  Full story

Japan govt mulls over $92 billion stimulus package to spur growth - Nikkei

30/11 Japan's government is considering putting together a large-scale economic stimulus package with fiscal spending exceeding $92 billion, the Nikkei newspaper said, as soft global demand and the U.S.-China trade war dampen the country's fragile recovery.. . .  Full story

Lebanon petrol stations suspend strike -NNA

29/11 Lebanon's petrol stations syndicate chief announced on Friday night that the union will suspend its strike starting tonight, state news agency (NNA) quoted Sami al-Brax as saying.. . .  Full story

OPEC November oil output slips before Aramco IPO, policy meeting

29/11 OPEC oil output has fallen in November as Angolan production has slipped due to maintenance and Saudi Arabia has kept a lid on supply to support the market before the initial public offering (IPO). . .  Full story

Saudi Aramco IPO oversubscribed so far, but not by big margin

29/11 Saudi Aramco's initial public offering (IPO) was on course to be oversubscribed but not by a huge margin, according to figures released so far by the lead manager before a Dec. 4 close for. . .  Full story

INSTANT VIEW 3-India's economic growth slows to 4.5% in July-Sept

29/11 India's annual economic growth slowed to 4.5% in the July-September quarter, its weakest pace since 2013, making an interest rate cut more likely when the central bank meets next week.. . .  Full story

India's economic growth slows, pressure on Modi to speed up reforms

29/11 India's annual economic growth slowed to 4.5% in the July-September quarter, its weakest pace since 2013, putting pressure on Prime Minister Narendra Modi to speed up reforms as five rate cuts by the central. . .  Full story

Asia Gold-Indian gold buying ticks up on price drop; demand lags in other hubs

29/11 Gold was sold at a premium this week in India as a dip in prices prompted purchases of the precious metal, while demand was soft in other Asian hubs as interest for the metal. . .  Full story

Japanese fashion tycoon Maezawa shows off $900 mln SoftBank payday

29/11 Japan's Yusaku Maezawa on Friday posted footage of a $900 million payday for the fashion magnate following his sale of a stake in Zozo Inc, the online fashion retailer he founded, to SoftBank Group. . .  Full story

Thai Beverage considers potential $3 bln beer IPO -sources

29/11 Thai billionaire Charoen Sirivadhanabhakdi's Thai Beverage is planning to spin off some regional beer assets in an initial public offering (IPO) that could raise as much as $3 billion, sources close to the matter said.. . .  Full story

Hong Kong customs seizes $50 mln smuggled frozen meat to mainland China

29/11 Hong Kong customs seized about 540 tonnes of suspected smuggled frozen meat with an estimated market value of about $50 million, the authority said in a statement on Friday, case of its kind in. . .  Full story

Asia Distillates-Cracks under pressure due to ample supplies

29/11 Asian refining margins for 10ppm gasoil extended losses from the previous session to fall to a four-session low of under $14.50 a barrel on Friday, weighed down by abundant supplies.. . .  Full story

India announces $400 mln loan for Sri Lanka, in support of new president

29/11 India will lend Sri Lanka $400 million for infrastructure projects, Prime Minister Narendra Modi said on Friday after talks with the island nation's new President Gotabaya Rajapaksa aimed at improving bilateral ties.. . .  Full story

Taiwan raises 2019, 2020 growth outlook slightly despite trade war concerns

29/11 Taiwan slightly raised its 2019 economic growth forecast on Friday to 2.64% from 2.46%, as some manufacturers move factories back to the island to avoid higher tariffs as the U.S.-China trade war drags on.. . .  Full story

SE Asia Stocks-Most slip as Sino-U.S. tensions over Hong Kong continue to weigh

29/11 Most Southeast Asian markets dropped on Friday, hurt by worries that a U.S. law backing protesters in Chinese-ruled Hong Kong could disrupt ongoing trade negotiations, as the two countries try to strike a deal. . .  Full story

Government should nationalise Kenya Airways quickly -CEO

29/11 The government must move quickly to nationalise Kenya Airways as regional competitors seeking to carve out market share pour cash into their national carriers, the airline's chief executive said.. . .  Full story

HK stocks end week on tepid note as trade angst, protests weigh

29/11 Hong Kong stocks ended the week lower, dampened by renewed doubts over the prospects of a Sino-U.S. trade deal and on signs of economic damage from persistent anti-government protests in the Asian financial hub.. . .  Full story

Cathay Pacific cuts 2020 capacity plan as Hong Kong unrest continues

29/11 Hong Kong carrier Cathay Pacific Airways Ltd plans to cut passenger flight capacity by 1.4% next year, reversing an earlier plan for a boost of 3.1% because of a challenging business outlook, an internal. . .  Full story

JGBs slip, post third consecutive monthly fall

29/11 Japanese government bonds ended weaker on Friday for their third consecutive monthly fall, as hopes of an eventual U.S.-China trade deal undermined their safe-haven appeal, despite worries that Hong Kong could become a flashpoint between. . .  Full story

Shanghai stocks close at three-month low on escalating Sino-U.S. trade tensions

29/11 China stocks closed lower on Friday, with the benchmark Shanghai index ending at a three-month low, as doubts emerged regarding the prospects of Sino-U.S. tariff talks, amid fresh trade-war headlines.. . .  Full story