Asia Business

Zambia committed to improving debt transparency, President Lungu says

13/11 Zambia is committed to improving the transparency of its debt management and reporting, and will ensure that debt levels remain sustainable, President Edgar Lungu said on Tuesday.  Full story

Ailing Astaldi gets non-binding bid from Italian building firm Salini

15/11 Italian construction company Salini Impregilo said on Thursday it had presented a non-binding expression of interest for Astaldi, which has filed for creditor protection.. . .  Full story

Bulgarian arms maker VMZ Sopot to start drone production

15/11 State-owned Bulgarian arms producer VMZ Sopot has signed a technology transfer contract with Israel's Aeronautics, allowing VMZ Sopot to start producing unmanned aerial vehicles (UAV), the economy ministry said on Thursday.. . .  Full story

Upset by Trump's Iran waivers, Saudis push for deep oil output cut

15/11 When U.S. President Donald Trump asked Saudi Arabia this summer to raise oil production to compensate for lower crude exports from Iran, Riyadh swiftly told Washington it would do so.. . .  Full story

PetroChina's gas marketing consolidation worries independent sellers - sources

15/11 PetroChina will merge its wholesale natural gas sales unit with retail provider Kunlun Energy to shore up profits though the move worries independent gas sellers that fear the combination will create a monopoly.. . .  Full story

SE Asia Stocks-Most rise on China-U.S. trade hopes; Indonesia jumps 1.7 pct

15/11 Most Southeast Asian stock markets rose on Thursday, in line with broader Asia on signs China and the United States may be taking steps to de-escalate their bitter trade dispute. U.S.. . .  Full story

Hong Kong shares end higher as China, U.S. resume trade talks

15/11 Hong Kong shares ended firmer, after posting their strongest daily gains in nearly two weeks on Thursday, lifted by hopes that discussions between China and the United States could lead to a trade war. . .  Full story

Egypt unemployment rate falls to 10 pct in Q3 - CAPMAS

15/11 Egypt's unemployment rate dropped to 10 percent in the third quarter, down from 11.9 percent in the same period a year ago, the state statistics agency said on Thursday.. . .  Full story

China appoints new chairman at power producer Huaneng Group

15/11 China has appointed a new chairman of its state-owned major coal-fired power generator China Huaneng Group, according to changes on the profile page of the company's website on Thursday.. . .  Full story

China stocks rise on hopes for trade talks

15/11 China shares jumped on Thursday after Beijing delivered a written response to U.S. trade demands, raising hopes for new negotiations between the countries, and as financial and securities companies benefited from policy support for markets.. . .  Full story

China says will develop OTC business for local government bonds

15/11 China's central bank is planning to develop an over-the-counter (OTC) business for local government bonds in the interbank market, in what it said was a move to encourage the market's development and meet investor demand.. . .  Full story

Nikkei hit by selling in banks, Apple suppliers

15/11 Japan's Nikkei fell on Thursday, with banking stocks sliding after disappointing earnings forecasts and losses in U.S. financial shares.. . .  Full story

JGBs largely steady; 5-year auction draws demand

15/11 Japanese government bond prices were mostly steady on Thursday as an auction of 5-year debt proceeded smoothly and attracted decent investor demand.. . .  Full story

China's home prices gather pace but speed bumps seen ahead

15/11 China's new home prices picked up slightly in October, led by sustained gains in smaller cities and suggesting a key driver of economic growth remained resilient, although investor caution points to moderation heading into 2019.. . .  Full story

China shares bounce on trade hopes, property data; Hong Kong up

15/11 Shares in China rebounded on Thursday morning after China delivered a written response to U.S. trade demands, lifting hopes for a resumption of negotiations, and as property firms gained after data showed new home prices. . .  Full story

Indonesia posts larger-than-expected trade deficit in October

15/11 Indonesia surprisingly posted a larger-than-expected trade deficit in October, as sluggish export growth failed to cover surging import bills, data from the statistics bureau showed on Thursday.. . .  Full story

Malaysia's Nov 1 - 15 palm oil exports rise 2.0 pct -AmSpec Agri

15/11 Exports of Malaysian palm oil products for November 1 - 15 rose 2.0 percent to 549,488 tonnes from 538,607 tonnes shipped during October 1 - 15, according to independent inspection company AmSpec. . .  Full story

China state planner douses hopes for auto tax cuts, tells sector to buckle up

15/11 China's powerful state planner said on Thursday it had not considered reducing the vehicle purchase tax, seemingly pouring cold water on industry hopes that Beijing might cut the tariff by half to shore up. . .  Full story

Malaysia's Nov 1 - 15 palm oil exports rise 9.2 pct -ITS

15/11 Exports of Malaysian palm oil products for November 1 - 15 rose 9.2 percent to 551,857 tonnes from 505,352 tonnes shipped during October 1 - 15, cargo surveyor Intertek Testing Services said. . .  Full story

Nikkei falls as banks' earning forecasts disappoint

15/11 Japan's Nikkei fell on Thursday, with banking stocks sliding after disappointing earnings forecasts and losses in U.S. financial shares.. . .  Full story

Japan court rejects bid to shut down Shikoku Electric reactor

15/11 A high court in western Japan on Thursday rejected a lawsuit to shut down Shikoku Electric Power Co's only operable nuclear reactor.. . .  Full story

Singapore Airlines finds premium economy a tougher sell on new non-stop U.S. flights

15/11 Singapore Airlines Ltd is facing no problem selling business-class tickets on its ultra-long non-stop flights to the United States but is having to price premium economy seats very attractively, a senior executive said on Wednesday.. . .  Full story

China property price changes in October

15/11 Following is a breakdown of average new home price changes in major Chinese cities in October, announced by the National Bureau of Statistics on Thursday. Home price figures. . .  Full story

Fund managers place bets in Asia's oversold assets, such as high-yield bonds

15/11 As contagion from worries over global growth and trade friction pushes Asian equity, bond and currency markets deeper into bear territory, fund managers are hunting for bargains in Chinese and Indian equities and high-yielding Asian. . .  Full story

Modi government, Indian central bank set for uneasy truce -sources

15/11 India's government and its central bank are getting close to ironing out some of their policy differences, said two sources familiar with the discussions, as they seek to defuse worsening tensions that had threatened to. . .  Full story

S.Korea's Oct imports of Iran oil at zero for 2nd month-data

15/11 South Korea's October imports of Iran oil remained at zero for a second straight month ahead of U.S. sanctions against Iran that came into effect on Nov.5, customs office data showed on Thursday.. . .  Full story

Malaysia doubles palm oil imports from Indonesia amid high stocks

15/11 Malaysian palm oil imports from neighbouring producer Indonesia almost doubled in the past month and the import trend looks set to extend throughout November, despite local stocks that are near historical highs, industry sources said.. . .  Full story

Would-be buyers take heart as Hong Kong property market finally begins to cool

15/11 Potential homebuyers priced out of Hong Kong's stratospheric property market may now feel more hopeful as housing prices finally begin to cool after a bullish stampede lasting more than two years.. . .  Full story

Making waves in West, China luring Pacific islands with Belt and Road

14/11 President Xi Jinping will showcase China's Belt and Road initiative to Pacific leaders at a regional summit on Friday, diplomats say, with Western countries watching warily for signs of Beijing's growing clout.. . .  Full story

Shanghai exchange solicits opinions for launch of China tech board

14/11 China's Shanghai Stock Exchange said on Wednesday it would solicit opinions for the launch of a new technology board as part of China's drive to boost innovation in the tech sector.. . .  Full story

Pakistan's Engro needs a year for next LNG import terminal decision

14/11 Pakistan's Engro said on Wednesday it will be a year before it can go ahead with a new liquefied natural gas (LNG) import terminal as domestic gas regulations need clarifying and new pipeline commitments. . .  Full story

India's Vodafone Idea posts quarterly loss, says to raise $3.5 bln

14/11 India's telecom operator Vodafone Idea Ltd reported a second-quarter loss on Wednesday and said it is looking to raise about 250 billion rupees ($3.5 billion).. . .  Full story

Commerce minister says China will further widen market access - state TV

14/11 China's commerce minister Zhong Shan said on Wednesday China will further widen market access for private firms and push for them to play a bigger role in stimulating consumption and expanding foreign trade.. . .  Full story

New Iraqi trade minister wants Russian wheat, more funding for subsidies

14/11 Iraq, a major Middle Eastern grain buyer traditionally reliant on U.S. imports, will send a delegation to Russia in December to discuss the possibility of importing wheat, its new trade minister said on Wednesday.. . .  Full story

SE Asia Stocks-Philippines snaps 3 days of falls; Singapore extends losses

14/11 Philippine shares rose over 1 percent on Wednesday, snapping three straight sessions of declines, while Singapore stocks fell for a fourth straight session. Financials and industrials were the top gainers. . .  Full story

E.ON shares hit 7-week high on solid nine-month results

14/11 German energy group E.ON on Wednesday said it would reach the upper half of its 2018 profit outlook, sending its shares to a 7-week high as cost cuts and higher earnings at its renewables. . .  Full story

Abu Dhabi Commercial Bank picks Barclays to advise on merger -sources

14/11 Barclays has been appointed by Abu Dhabi Commercial Bank (ADCB) to advise on a potential merger plan involving Union National Bank (UNB) and Al Hilal Bank, banking sources told Reuters.. . .  Full story

Japan lender SMFG posts 37 pct rise in Q2 profit, beats bigger rivals

14/11 Sumitomo Mitsui Financial Group Inc (SMFG) posted on Wednesday a 37 percent jump in second-quarter net profit, helped by gains from its stock holdings and smaller bad loan costs.. . .  Full story

HK stocks fall on worries over China's economy; oil stocks plunge

14/11 Hong Kong equities inched lower on Wednesday as data out of China painted a lacklustre picture of its economy, while global oil prices dropped, dragging down energy shares.. . .  Full story

Weaker retail sales loom over China's economy despite some bright spots

14/11 China delivered a mixed economic report card for October on Wednesday as softening retail sales pointed to a consumption slowdown, even as a pick-up in industrial output and investment suggested support measures may be starting. . .  Full story

China shares end lower on growth concerns; oil slump dents energy firms

14/11 China's stock markets ended weaker on Wednesday as new data underscored concerns about weaker economic growth and as energy producers slipped on plunging oil prices. ** At the close, the Shanghai Composite index was down 0.9. . .  Full story

Japan's Mizuho reports flat Q2, hurt by weak lending business

14/11 Mizuho Financial Group Inc on Wednesday reported flat growth in net profit in the three months through September, hurt by weak domestic lending in a prolonged ultra-low interest rate environment.. . .  Full story

UAE's ADNOC wants to rival oil majors as it expands in refining, gas

14/11 Abu Dhabi National Oil Co (ADNOC) will remain wholly owned by the Abu Dhabi government and has no plan to go public, but the firm aspires to compete with Big Oil by expanding in. . .  Full story

JGBs rise tracking U.S. Treasuries

14/11 Japanese government bond (JGB) prices rose on Wednesday, tracking gains in U.S. Treasuries in the previous session.. . .  Full story

Shares in India's state-owned oil marketing firms gain as crude slumps

14/11 Shares in India's top three oil marketing companies surged on Wednesday, as investors cheered the slump in global crude oil prices that bode well for the profitability of Indian refiners.. . .  Full story

GRAPHIC-Asia's weakening economies, record supply threaten to create oil glut

14/11 Oil traders' worries over record supplies arriving in Asia just as the outlook for its key growth economies weakens have pulled down global crude benchmarks by a quarter since early October.. . .  Full story

China stocks stumble on oil plunge, mixed data

14/11 Shares in China fell on Wednesday led by losses in energy and financial firms on a combination of plunging oil prices and weak lending and consumer data, but strong industrial output results for October. . .  Full story

-China Oct steel output hits record-high before winter curbs kick in

14/11 China's steel output hit record levels in October, rising for a third straight month as mills rushed to boost output ahead of winter production cuts.. . .  Full story

China's Oct property investment growth hits 10-mth low as economy slows

14/11 Growth in China's real estate investment in October cooled to a 10-month low and home sales fell again, as developers held back expansion plans in the face of broadly softening economic conditions.. . .  Full story

Breakdown of China's Jan-Oct fixed-asset investment

14/11 Following is a breakdown of China's fixed-asset investment for the year to date, published by the National Bureau of Statistics on Wednesday. (Percent change from a year earlier, year to date):. . .  Full story

Breakdown of China's Jan-Oct property investment

14/11 Following is a breakdown of China's real estate investment for the year to October, published by the National Bureau of Statistics on Wednesday. Actual investment in the sector (bln yuan, pct change. . .  Full story

Breakdown of China's Oct retail sales

14/11 Following is a breakdown of China's retail sales for October, published by the National Bureau of Statistics on Wednesday. (Percent change from a year earlier):. . .  Full story

Breakdown of China's October industrial output

14/11 Following is a breakdown of China's industrial output for October, published by the National Bureau of Statistics on Wednesday. (Percent change from a year earlier, except for sales/output ratio):. . .  Full story

COLUMN-Oil prices tumble as traders look beyond Iran: Kemp

14/11 Oil prices have fallen sharply since passing a cyclical peak at the start of October, amid surging production and mounting concerns about the state of the global economy and the outlook for consumption growth. . .  Full story

Japan Q3 GDP contracts as natural disasters, trade war hurt

14/11 Japan's economy contracted in the third quarter, hit by natural disasters and a decline in exports, a worrying sign that trade protectionism is starting to take its toll on overseas demand.. . .  Full story

Sudan expects bidding round to develop oil and gas in Q3 2019

13/11 Sudan's oil minister said on Tuesday he expected bidding to develop the country's oil and gas blocks to start in the third quarter of 2019, in a move he said would herald the country's. . .  Full story

Start-up of Turkey's new $6 bln STAR oil refinery delayed to 2019

13/11 The commercial start-up of Turkey's new $6.3 billion oil refinery has been delayed until early next year and the plant is not expected to reach full capacity until mid-2019, three sources familiar with the. . .  Full story

Oil prices tumble as traders look beyond Iran: Kemp

13/11 Oil prices have fallen sharply since passing a cyclical peak at the start of October, amid surging production and mounting concerns about the state of the global economy and the outlook for consumption growth. . .  Full story

SE Asia Stocks-Most fall in line with broader Asia; Indonesia climbs 1 pct

13/11 Most Southeast Asian stock markets fell on Tuesday, tracking broader Asia after a selloff on Wall Street overnight, although hopes of a de-escalation in the Sino-U.S. trade tension underpinned investor sentiment.. . .  Full story

Noble Group halves net loss in Q3, restructuring in focus

13/11 Noble Group Ltd halved its quarterly net loss from continuing operations to $43.3 million and said its soon-to-be-completed $3.5 billion debt restructuring would enable the commodity trader to reposition its business in Asia Pacific and. . .  Full story

NNPC says Nigeria will raise oil production to 1.8 mln bpd in 2019

13/11 Nigeria will increase its oil production to 1.8 million barrels per day in 2019 and raise condensate production to 0.5 million bpd, the managing director of Nigerian state oil firm NNPC. . .  Full story

China Oct total social financing falls to 728.8 bln yuan

13/11 China's total social financing (TSF), a broad measure of credit and liquidity in the economy, fell to 728.8 billion yuan ($104.80 billion) in October, data from the central bank showed on Tuesday.. . .  Full story

HK stocks rise as fresh trade talk possibility eases Wall St worries

13/11 Stocks in Hong Kong rose on Tuesday as Beijing and Washington are said to be preparing for fresh trade talks, helping investors overcome the overnight rout in the U.S. markets. ** The Hang Seng index. . .  Full story

China outstanding total social financing up 10.2 pct y/y at end-Oct

13/11 China's outstanding total social financing was 197.89 trillion yuan ($28.46 trillion) at the end of October, up 10.2 percent from a year earlier, the central bank said on Tuesday.. . .  Full story

-Jordan aims to import a third of its gas from Egypt

13/11 Jordan aims to increase natural gas imports from Egypt to cover a third of its demand eventually, the Jordanian energy minister said on Tuesday.. . .  Full story

Vietnam's Ca Tam oil field to start production Jan 15 - sources

13/11 Vietsovpetro, a Vietnam-Russia oil joint venture, will start crude oil production at the Ca Tam field offshore southern Vietnam from Jan. 15, three sources with knowledge of the matter said on Tuesday.. . .  Full story

China stocks extend gains on trade optimism, hopes of policy support

13/11 China stocks closed higher for a second straight session on Tuesday, supported by expectation of further policy support, signs of fresh trade talks between Beijing and Washington, and gains in consumer scrips. ** The Shanghai. . .  Full story

Singapore arm of Vietnam's Petrolimex seeks winding up of Brightoil Singapore unit -legal notice

13/11 The Singapore unit of Vietnamese oil trader Petrolimex has filed an application in the Singapore High Court to wind up marine fuel supplier Brightoil Petroleum Singapore Pte Ltd, according to a legal notice in. . .  Full story

Nikkei dragged down by weaker Wall St; tech shares hit

13/11 Japanese stocks touched a two-week low on Tuesday, with technology firms coming under heavy selling pressure after shares of Apple Inc tumbled.. . .  Full story

China shares edge up at midday; Hong Kong lower

13/11 Shares in China staged a late-morning rally to move slightly higher at the midday break, with consumer firms overcoming a drag from financial firms, while in Hong Kong tech firms reversed an early slump. . .  Full story

Longer-dated JGBs firm as equities fall, boost safe-haven allure

13/11 Japanese government bond (JGB) prices edged up on Tuesday as the benchmark Nikkei share average hit a two-week low in intra-day trade, weighing on risk appetite and boosting the safe-haven appeal of debt.. . .  Full story

Japan central bank's total assets exceed country's GDP - data

13/11 The Bank of Japan's total assets rose to 553.6 trillion yen ($4.87 trillion), central bank data showed on Tuesday, surpassing the country's gross domestic product for the first time.. . .  Full story

Thailand loses WTO dispute over cigarette imports

12/11 Thailand has failed to comply with a World Trade Organization ruling against its regulations on cigarette imports, a WTO dispute panel said on Monday, the first of two legal cases brought to the Geneva-based. . .  Full story

India's debt-laden IL&FS begins work on assets sales

12/11 Debt-laden Infrastructure Leasing and Financial Services (IL&FS) has started work on plans to sell off assets, part of a wider restructuring of the group, the company said on Monday.. . .  Full story

SoftBank seeks Deutsche's advice on Saudi power investments-sources

12/11 SoftBank has hired Deutsche Bank to advise on its power investment plans in Saudi Arabia, two sources familiar with the matter said.. . .  Full story

India's Jet Airways to cut flights on some routes after further losses

12/11 Debt-laden Indian carrier Jet Airways Ltd will cut flights on less profitable routes and add capacity to more lucrative markets, as part of its effort to lower costs and boost revenues as it struggles to. . .  Full story

India signs initial pact to lease half of Padur storage to ADNOC

12/11 Abu Dhabi National Oil Co. (ADNOC) has signed a preliminary agreement to use half of the Padur strategic reserve facility in Southern India, which can store about 2.5 million tonnes or 18 million barrels. . .  Full story

Mubadala to buy 20 pct interest in Egypt's Nour offshore concession from Eni

12/11 Abu Dhabi state fund Mubadala Investment Company's oil business has agreed to buy a 20 percent participating interest in Egypt's Nour North Sinai Offshore Area concession from Italy's Eni, it said. . .  Full story

Lukoil sees no need to cut oil output in 2019

12/11 Russia's Lukoil sees no need to cut crude output in 2019, CEO Vagit Alekperov said on Monday, as global producers discuss the situation in oil markets.. . .  Full story

SoftBank seeks hard cash in Japan telco IPO

12/11 SoftBank Group Corp has won approval to conduct a 2.4 trillion yen ($21.04 billion) initial public offering (IPO) of its Japanese telecoms business, in a deal that will seal the group's transformation into a. . .  Full story

China overtakes Japan as world's top natural gas importer

12/11 China has overtaken Japan to become the world's top importer of natural gas, as Beijing's crackdown on pollution boosts its demand for the more environmentally friendly fuel, while the restart of nuclear reactors in Japan. . .  Full story

SE Asia Stocks-Most fall on soft China economic data; Indonesia top loser

12/11 Most Southeast Asian stock markets closed lower on Monday, with Indonesia shedding over 1.5 percent, as soft China economic data revived concerns about global growth. China's producer inflation slowed for. . .  Full story

Saudi's Falih says analysis shows need for 1 mln bpd cut in oil output

12/11 Saudi Energy Minister Khalid al-Falih said on Monday OPEC and its allies agree that technical analysis shows a need to cut oil supply next year by around 1 million barrels per day (bpd) from. . .  Full story

Japan's SoftBank steps closer to transformation with mammoth mobile IPO

12/11 SoftBank Group Corp has won approval to conduct a 2.4 trillion yen ($21.04 billion) initial public offering (IPO) of its domestic telecoms business, in a deal that will seal the group's transformation into a. . .  Full story

China won't set targets for individual banks' loans to private firms - state media

12/11 China will not set specific targets for individual banks on how much they should lend to private firms, and banks' credit assessment standards will not be compromised, state-owned China Securities Journal said on Monday, citing. . .  Full story

Saudi Aramco CEO says IPO will 'certainly' happen

12/11 Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will "certainly" happen when the conditions are right.. . .  Full story

Hong Kong stocks edge up but tech woes persist

12/11 Stocks in Hong Kong moved up marginally on Monday, but were left out from the policy-inspired rally seen in the technology sector in the mainland market, as investors in the city appeared cautious ahead. . .  Full story

Thai seen holding key rate, but hike possible next month

12/11 Thailand's central bank is widely expected to leave its key interest rate near a record low on Wednesday, though there was a good chance that the first rate hike in years could come in. . .  Full story

China stocks end higher as govt supports share buyback plans

12/11 Stocks in China snapped a five-session losing streak to end higher on Monday, after the securities regulator said it will make it easier for companies to buy back shares. The news lifted smaller-cap stocks,. . .  Full story

JGBs slightly firmer in subdued trade; 10-, 40-yr cash bonds untraded

12/11 Japanese government bond (JGB) prices were slightly firmer on Monday, while the key 10-year and super-long 40-year cash bonds were untraded as activity was subdued, partly due to a U.S. market holiday.. . .  Full story

Nikkei edges up in choppy trade, defensive shares outperform

12/11 Japan's Nikkei edged up in choppy trade on Monday as buying of cheapened stocks was largely offset by cautious sentiment driven by weakness on Wall Street and falling U.S. tech shares.. . .  Full story

Singapore central bank chief warns of risks to data localisation measures

12/11 Concerted moves by countries to force companies to store data locally poses a risk to the growth of the digital economy, Singapore's central bank chief said on Monday.. . .  Full story

China, HK stocks edge higher as govt ramps up support for private sector

12/11 Stocks in China and Hong Kong edged higher on Monday after government departments and regulators rolled out a series of measures over the weekend to support the private sector, including steps to make share buybacks. . .  Full story

Samsung BioLogics shares plunge over accounting concerns

12/11 Shares in Samsung BioLogics Co Ltd plunged on Monday amid concerns about its accounting practices ahead of a meeting of regulators this week to review whether it has violated rules which could lead to. . .  Full story

Nikkei edges up in choppy trade, Wall Street weakness limits gains

12/11 Japan's Nikkei ticked up in a choppy Monday morning as investors scooped up cheap stocks, but gains were contained by weakness on Wall Street and falling U.S. tech shares.. . .  Full story

Japan PM Abe calls for public works spending plan to help economy

12/11 Japan's Prime Minister Shinzo Abe called on Monday for a new public works spending programme to stimulate the economy amid growing concerns about global risks.. . .  Full story

China will step up tax cuts - finance minister

12/11 China will study and implement tax cuts of a larger scale and more significant fee reductions for companies, the country's finance minister Liu Kun said on Monday.. . .  Full story

Japan Oct wholesale prices rise 2.9 pct yr/yr

12/11 Japanese wholesale prices rose 2.9 percent in the year to October, Bank of Japan data showed on Monday.. . .  Full story

Abu Dhabi crown prince discusses "potential bio-energy cooperation" with Total CEO

11/11 Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed said in a tweet on Sunday he discussed with Total CEO Patrick Pouyanne "potential bio-energy cooperation" between the company and the institutions of the United Arab. . .  Full story