Asia Business

India struggles to soothe markets as liquidity concerns grow

24/09 Indian authorities sought to calm markets on Monday but investors paid little heed as fears that the non-banking financial sector is facing a credit crunch hit domestic bonds, stocks and the rupee, adding to. . .  Full story

UAE's Al Dahra to invest further $500 mln in Romania

24/09 Abu Dhabi-based Al Dahra Holding said on Monday it will invest a further $500 million in various sectors in the Romanian market after acquiring the largest farm producer there.. . .  Full story

New owner of VTB's Serbian bank to keep it separate from sanctioned Agrosoyuz

24/09 Andrey Shlyakhovoy, who bought Russian state-controlled bank VTB's Serbian business in July, has no plans to merge it with his Agrosoyuz bank, which is subject to U.S. sanctions, a representative for the Russian businessman said.. . .  Full story

Malaysian bank CIMB chairman Nazir Razak to step down

24/09 CIMB Group Holdings Bhd Chairman Nazir Razak is to step down by the end of the year after almost three decades at Malaysia's second biggest bank, he said on Monday.. . .  Full story

Trade concerns weigh on Dubai DP World; Orascom Investment shines in Egypt

24/09 Gulf stocks traded in negative territory on Monday, mirroring a dip in global market as concerns increased over a trade row between the United States and China.. . .  Full story

Mining tech firm Outotec to pull out of Iran -spokeswoman

24/09 Finnish mining technology company Outotec will pull out of Iran due to the new U.S. sanctions, a company spokeswoman said on Monday.. . .  Full story

Emirates Steel hires BNP Paribas to coordinate $400 million loan - sources

24/09 Emirates Steel, the largest steel producer in the United Arab Emirates, has hired BNP Paribas to coordinate a $400 million loan financing, sources familiar with the matter said.. . .  Full story

SE Asia Stocks-Indonesia falls over 1 pct, Singapore erases early gains

24/09 Indonesian shares fell over 1 percent on Monday amid ongoing presidential elections in Southeast Asia's largest economy, while Singapore stocks came off a near 4-week high to close slightly changed. Indonesian. . .  Full story

Iraq's southern oil exports close to 3.6 mln bpd -SOMO

24/09 Iraq, the second-largest OPEC producer, is exporting close to 3.6 million barrels per day (bpd) of crude from its southern oilfields, as OPEC and others ramp up output to replace supply shortfalls from Iran. . .  Full story

China says new African swine fever outbreak reported in Inner Mongolia

24/09 China said on Monday it has confirmed a new outbreak of African swine fever in the Inner Mongolia Autonomous Region of northern China, as authorities struggle to contain the highly contagious disease.. . .  Full story

-Saudi Aramco Trading aims for 50 pct rise in oil trade volume in 2020

24/09 Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company's top official said on Monday.. . .  Full story

High oil prices benefit no one, says Russia's energy minister

24/09 Russian Energy Minister Alexander Novak told Rossiya state TV that high oil prices are not beneficial to anyone, after the OPEC and non-OPEC group of oil-producing countries ruled out any immediate increase in crude output.. . .  Full story

China property leads Hong Kong stocks close lower, H-shares down

24/09 Hong Kong's main Hang Seng index ended weaker on Monday led by a decline in Chinese property stocks, snapping a four-session winning streak. Chinese stock markets were shut for a holiday, while. . .  Full story

IMF says Egypt's structural reforms key for sustainable development

24/09 IMF managing director Christine Lagarde has praised Egypt's economy saying it was showing "strong signs of recovery" under a three-year reform plan, and stressed the importance of structural reforms to achieve more sustainable development.. . .  Full story

Hong Kong stocks fall, China property developers lead slide

24/09 Hong Kong's main Hang Seng index fell on Monday led by a fall in Chinese property stocks in the local market. Chinese stock markets are on holiday, while China's H-shares index also slid. ** By. . .  Full story

Aldar Investment Properties starts marketing dollar sukuk

24/09 Aldar Investment Properties, a fully owned subsidiary of Abu Dhabi's largest developer Aldar Properties, started marketing on Monday seven-year U.S. dollar-denominated sukuk with an initial price guidance set in the high 100 basis points over. . .  Full story

China Evergrande to pay $2.1 bln for minority stake in Guanghui Group

24/09 Property developer China Evergrande Group said it would pay some $2.1 billion for a minority stake in Guanghui Group, becoming the second-biggest shareholder in a company which has energy and vehicle sales businesses.. . .  Full story

Siemens CEO pushes plans to boost Iraqi power infrastructure

23/09 Siemens said its boss Joe Kaeser met Iraq's prime minister on Sunday to discuss a proposal by the German company to expand the Middle East nation's power production.. . .  Full story

Kuwait down ahead of FTSE entry, other Middle East markets mixed

23/09 Kuwait's stock market fell on Sunday, pausing after recent gains ahead of joining of the FTSE Russell emerging market index this week, which is expected to draw investment from passive funds.. . .  Full story

South Korea has bought no Iranian crude oil for about 3 months -SHANA

23/09 South Korea has bought no Iranian crude oil for about three months after the reimposition of U.S. sanctions on Tehran, a spokesman for the Iranian oil ministry was quoted as saying on Sunday by. . .  Full story

Orascom's Koryolink JV granted right to operate in North Korea

23/09 Egypt's Orascom Investment Holdings said it has been granted an exemption from the United Nations to operate its Koryolink venture in North Korea, sending shares up to the daily trading limit.. . .  Full story

India's Modi launches health insurance for 100 mln families ahead of elections

23/09 Indian Prime Minister Narendra Modi launched the world's biggest healthcare programme on Sunday, aiming to provide free health services to half a billion poor people, which could boost his chances in national elections early next. . .  Full story

China's August grain imports slide on Sino-U.S. trade war

23/09 China's grain imports fell sharply in August, customs data showed on Sunday, a month after Beijing imposed hefty tariffs on shipments from the United States, one of its top suppliers.. . .  Full story

China Jan-Aug total trade with North Korea falls 57.8 pct - customs

23/09 The value of China's trade with North Korea in the January-to-August period tumbled 57.8 percent from a year earlier to $1.51 billion, Chinese customs data showed on Sunday.. . .  Full story

India's IL&FS unit chief resigns amid default crisis at group

22/09 IL&FS Investment Managers, a unit of India's Infrastructure Leasing & Financial Services (IL&FS) which announced debt defaults this week, said on Saturday its Managing Director Ramesh Bawa had resigned.. . .  Full story

Egypt's GASC says it is seeking soyoil, sunflower oil in tender

22/09 Egypt's state buyer, the General Authority for Supply Commodities (GASC), said on Saturday it was seeking cargoes of soyoil and sunflower oil in an international purchasing tender.. . .  Full story

Oil prices end week up in volatile trade ahead of OPEC meeting

21/09 Oil prices were up slightly in heavy, seesaw trading on Friday, giving back most earlier gains after news that major producers would consider additional supply a day after U.S. President Donald Trump again blasted. . .  Full story

OPEC and allies consider oil output boost as Iranian supply falls -source

21/09 OPEC and other oil producers are discussing the possibility of raising output by 500,000 barrels per day (bpd) to counter falling supply from Iran because of U.S. sanctions, a source familiar with the discussions told. . .  Full story

Asia Gold-India discount widest in three months; China activity nudges up

21/09 Discounts for gold against official domestic prices in India widened to three-month highs this week, even as an escalation in the trade dispute between China and the United States triggered safe haven buying in China,. . .  Full story

Tidal wave of Chinese marine parks fuels murky cetacean trade

21/09 Eight beluga whales jump in unison out of a bright blue indoor pool, flipping their tailfins and spewing fountains of water, as a packed audience cheers and snaps photographs.. . .  Full story

Sri Lanka shares hit over 30-month closing low on rupee woes

21/09 Sri Lankan shares dropped to their lowest close in more than 30 months on Friday as foreign investors sold banking stocks, while a weaker rupee dented investor sentiment as well.. . .  Full story

China orders six provinces to rethink housing pre-sale rules - document

21/09 Six Chinese provinces have been told to consider scrapping or retaining a property pre-sale system that enabled developers to secure funds before project completion, according to a housing ministry document seen by Reuters.. . .  Full story

China places top energy official, a senior Uighur, under investigation

21/09 China on Friday placed one of the country's most senior ethnic Uighur officials, head of the energy administration and a former governor of the restive region of Xinjiang, under investigation for suspected graft.. . .  Full story

Yes Bank loses $3.1 bln in market value after Indian cbank curtails CEO's term

21/09 Indian private sector lender Yes Bank Ltd's shares tumbled nearly a third on Friday, wiping as much as $3.1 billion off its market value, after the central bank reduced charismatic CEO Rana Kapoor's term, creating. . .  Full story

SE Asia Stocks-Philippines surges most in 32 months on report China plans import tariff cuts

21/09 Philippine shares jumped 3.5 percent on Friday, the most in 32 months, following a report that China plans to reduce the average tariff rate on imports from most of its trading partners as soon. . .  Full story

China may issue more fuel export quotas to refiners to prevent run cuts -sources

21/09 China may issue an additional 3 million to 4 million tonnes of permits for refined fuel exports for 2018 to prevent state-owned refiners from having to slash throughput rates, according to three sources briefed. . .  Full story

Japan inflation ticks up but BOJ's target still out of reach

21/09 Japan's annual core consumer inflation ticked up slightly in August but remained distant from the central bank's 2 percent target, suggesting that monetary policy will stay ultra-loose for the time being.. . .  Full story

S&P maintains China's 'A+/A-1' credit rating, stable outlook

21/09 S&P Global Ratings on Friday maintained its 'A+/A-1' rating on the People's Republic Of China, citing the government's reform agenda, growth prospects and strong external metrics.. . .  Full story

China stocks soar on policy support hopes

21/09 China's stock markets surged on Friday before a long holiday weekend, with investor sentiment boosted by hopes that a government effort to boost domestic demand could help offset effects of an escalating trade war.. . .  Full story

Nikkei, Topix hit multi-month peaks on receding trade fears

21/09 Japanese stock indexes hit multi-month highs on Friday as ebbing concerns about global trade tensions and bullish views on the U.S. economy supported commodities and manufacturing firms.. . .  Full story

China money rates rise as cash demand, bond issuance sap liquidity

21/09 China's primary money rates rose this week as demand for cash increased ahead of two national holidays and regular corporate tax payments, and as a high concentration of local government bond issuance tightened overall liquidity.. . .  Full story

Japan's crude steel output edges up in August

21/09 Japan's crude steel output rose 0.9 percent in August from a year earlier to 8.81 million tonnes, an industry body said on Friday, reflecting a recovery in production at mills located in areas that. . .  Full story

ENOC's jet fuel storage plans show how Iranian sanctions upending oil market

21/09 Emirates National Oil Company (ENOC) has chartered at least one vessel to store jet fuel to ensure supply to airlines in Dubai as pending U.S. sanctions on Iran have cut off its access to. . .  Full story

BOJ tankan seen showing manufacturers' mood up slightly, but outlook murky

21/09 Business confidence among Japan's big manufacturers was expected to have edged up in the three months to September, although trade worries cloud the outlook, a Reuters poll found ahead of the central bank's. . .  Full story

Yields on 20-year JGBs hit 17-month high as BOJ trims bond purchases

21/09 Yields of some super long Japanese government bonds rose to their highest levels in more than a year on Friday after the Bank of Japan trimmed the amount of debt it offered to buy. . .  Full story

China stocks rise as govt help seen for consumption; Hang Seng up

21/09 China stocks rose on Friday, with consumer shares leading the gains, as investors expected Beijing to help boost domestic consumption amid continued uncertainty over global trade. ** At the midday break, the Shanghai Composite index. . .  Full story

Nikkei at 8-mth highs, Wall St rally makes markets less edgy over trade

21/09 Japan's Nikkei advanced to fresh eight-month highs led by an upbeat Wall Street performance, with commodity stocks rising as investors appeared to gravitate to the view that the U.S.-China trade row would be less. . .  Full story

China cenbank's maturing bills, repos next week

21/09 Maturing Chinese central bank reverse bond repurchase agreements will drain 290 billion yuan ($42.42 billion) next week. China's central bank said on Monday that it lent 265 billion yuan to financial. . .  Full story

China drains 860 bln yuan YTD in open market operations

21/09 The People's Bank of China (PBOC) has drained 860 billion yuan ($125.63 billion) on a net basis from money markets via open market operations so far this year. China's. . .  Full story

It is not all Fed: Domestic debt risks may spur more Asia rate hikes

21/09 Some Asian economies running large external surpluses, including Thailand and South Korea, might be forced to tighten monetary policy soon as high household debt poses a bigger financial risk than the U.S. Federal Reserve's steady. . .  Full story

Micron shares slide as U.S. tariffs weigh on outlook

21/09 Chipmaker Micron Technology Inc on Thursday said U.S. tariffs on Chinese goods would weigh on its financial results for as much as a year, sending shares down sharply.. . .  Full story

China diesel demand picks up at fastest pace in at least five years

21/09 China's diesel demand will grow at its fastest in at least five years as a pick-up in diesel-intensive sectors in the world's second-biggest economy coincides with lower output from domestic refineries, several sources and analysts. . .  Full story

Oman central bank foreign assets fall to five-year low as deficit weighs

20/09 The Omani central bank's foreign assets fell to a five-year low in July as a deficit in goods and services trade continued to drain the country's external reserves, central bank data showed on Thursday.. . .  Full story

Emirates, Etihad airlines deny report they may merge

20/09 State-owned Emirates and Etihad, two of the Middle East's top airlines, denied a Bloomberg report on Thursday which quoted unnamed sources as saying Emirates was seeking to take over smaller Etihad to create the. . .  Full story

Demand for Slovakia's Eastring gas pipeline could hit 12 bcm in first year -study

20/09 Slovakia's proposed Eastring gas pipeline, aimed at reducing southeastern Europe's reliance on Russian supplies, could be operational by 2025 and draw initial demand of 12 billion cubic metres (bcm) a year, according to a feasibility. . .  Full story

Egypt inks $352 mln deal with Siemens to manage power stations

20/09 Egypt on Thursday signed a $352 million contract with Siemens AG and Siemens Technologie to manage three gigantic new power plants built to plug a gap in Egypt's electricity needs, state news agency MENA reported.. . .  Full story

Turkey's Albayrak says inflation to peak in October, enter downward trend by year-end

20/09 Turkey's inflation will peak in October, but enter a downward trend by the end of the year, Finance Minister Berat Albayrak said on Thursday, hours after unveiling a new medium-term programme.. . .  Full story

Sri Lanka plans 10 pct increase in 2019 government expenditure

20/09 Sri Lanka plans to increase its government expenditure by 10.1 percent in 2019 to 4.38 trillion rupees ($25.98 billion), a finance ministry document showed on Thursday.. . .  Full story

Kuwait positive ahead of FTSE entry; other markets mixed

20/09 Kuwait's stock market closed on a positive note on Thursday on expectations of passive fund inflows when it partly joins the FTSE Russell emerging market index on Monday, while other markets were mixed.. . .  Full story

Africa-focused buyout firm DPI buys irrigation company CMGP for $100 mln

20/09 Africa-focused private equity firm DPI has bought a majority stake in Moroccan irrigation company Compagnie Marocaine de Goutte à goutte et de Pompage (CMGP) for around $100 million, it said in. . .  Full story

Oman central bank's foreign assets fall to lowest since 2013

20/09 Oman's central bank released the following data on money supply and bank lending in July on Thursday, showing its foreign assets including bullion dropping to their lowest since 2013.. . .  Full story

Saudi's ACWA Power delays plans for IPO - sources

20/09 Saudi Arabian utility developer ACWA Power <IPO-ACPO.SE> has delayed plans for an initial public offering (IPO), originally envisaged for this year, sources familiar with the matter said on Thursday.. . .  Full story

SE Asia Stocks-Most rise as trade war fears fade; Philippines falls over 1 pct

20/09 Most Southeast Asian stock markets rose on Thursday, in line with broader Asia on continued relief that the recent tit-for-tat tariffs by the United States and China were less harsh than feared.. . .  Full story

Iraq's southern oil exports approach record high in Sept-sources

20/09 Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC's second-largest producer is following through on a deal to raise supply and. . .  Full story

Two Samsung units to sell group firm's shares, as S.Korea targets cross-ownerships

20/09 Two Samsung Group affiliates said they are selling their entire stakes worth a combined $867 million in Samsung's de facto holding company, as South Korea's biggest conglomerate faces government pressure to unwind group cross-shareholdings.. . .  Full story

Turkey slashes growth forecasts for 2018, 2019 in economic plan, lira falls

20/09 Turkey sharply cut its growth forecasts for this year and next in its new medium-term economic programme on Thursday, amid a deep currency crisis that has seen the lira fall by 40 percent this. . .  Full story

Hong Kong stocks end higher as investors brush aside trade war fears

20/09 Hong Kong stocks ended higher for a third straight session on Thursday, helped by consumer and technology shares, as sentiment improved after the Sino-U.S. trade war unfolded in ways less damaging than feared.. . .  Full story

Indian oil refiner part-owned by Iranian company cancels Iran oil imports

20/09 India's Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect, three sources familiar with the issue said.. . .  Full story

Italy court finds Saipem guilty in Algeria graft case but acquits Eni

20/09 An Italian court found oil services group Saipem and a former CEO guilty of corruption in a long-running trial over bribes in Algeria but acquitted oil major Eni.. . .  Full story

China stocks end lower as trade war caution persists

20/09 Shares in China gave up ground on Thursday after two days of gains, as investor sentiment remained fragile following the latest volley of tariffs in the Sino-U.S. trade war. ** At the close, the Shanghai. . .  Full story

Nikkei steady as financials rise, profit taking limits gains

20/09 Japan's Nikkei ended little changed on Thursday as an extended rally in financial shares were largely offset by profit taking after several days of big gains for the broader market.. . .  Full story

China's steel demand to stay firm despite U.S. trade war - industry official

20/09 China's steel demand will remain firm despite the country's escalating trade war with the United States, and any efforts by Washington to "sabotage" the Chinese economy will not succeed, the head of China's steel association. . .  Full story

JGBs little changed, capped by robust stocks, weaker Treasuries

20/09 Japanese government bond prices were little changed across the board on Thursday, capped by robust stocks and weaker U.S. Treasuries.. . .  Full story

China stocks retreat as trade war fears persist; Hang Seng flat

20/09 Shares in China fell on Thursday morning, turning around from two days of gains, as investor sentiment remained fragile following the latest volley of tariffs in the Sino-U.S. trade war.. . .  Full story

Malaysia's Sept 1 - 20 palm oil exports rise 79.2 pct -ITS

20/09 Exports of Malaysian palm oil products for September 1 - 20 rose 79.2 percent to 1,096,297 tonnes from 611,736 tonnes shipped during August 1 - 20, cargo surveyor Intertek Testing Services said. . .  Full story

Malaysia's Sept 1 - 20 palm oil exports rise 72.7 pct -AmSpec Agri

20/09 Exports of Malaysian palm oil products for September 1 - 20 rose 72.7 percent to 1,051,807 tonnes from 609,098 tonnes shipped during August 1 - 20, according to independent inspection company AmSpec. . .  Full story

Strong China demand pushes Russian ESPO crude oil premiums to 4-yr high -sources

20/09 Spot premiums for Russia's ESPO Blend crude oil have hit their highest in more than four years, buoyed by a jump in Chinese demand, multiple trade sources said on Thursday.. . .  Full story

NZ quarterly growth hits fastest in 2 years, but challenges loom

20/09 New Zealand's economy grew at its fastest in two years last quarter, a surprise result in a gloomy business climate that could spare the central bank from any need to raise the prospect of. . .  Full story

Nikkei edges up as financials rise, momentum slows after extended surge

20/09 Japan's Nikkei share average inched up on Thursday as financial shares extended their rise, although advances were limited as market momentum slowed after several days of big gains.. . .  Full story

S.Korea warns of fast household debt growth, financial risks

20/09 South Korea's central bank warned on Thursday that household debt was growing much faster than the Organization for Economic Cooperation and Development average as large mortgages and high rents drive up indebtedness.. . .  Full story

U.S. oil prices surge as inventory draw adds to supply concerns

19/09 U.S. oil futures surged nearly 2 percent on Wednesday as they were bolstered by a fifth weekly crude inventory drawdown and strong domestic gasoline demand amid ongoing global supply concerns over U.S. sanctions. . .  Full story

Egypt to evaluate method of further state company sales in Jan -finance minister

19/09 Egypt's finance minister said on Wednesday the government would evaluate the method of remaining state company sales in January after five share offerings planned before the end of this year.. . .  Full story

Egypt plunges as liqudity tightens, Saudi climbs

19/09 Egypt's stock market plunged to its lowest close this year on Wednesday as liquidity tightened, while most Gulf markets were little changed and Saudi Arabia continued to rebound from six-month lows.. . .  Full story

Lebanon president: negative rumours about the economy harm country

19/09 Lebanon's currency is not in danger and rumours about the economy are causing harm, President Michel Aoun said on Wednesday, amid concern that a political deadlock has blocked urgent reforms and left the heavily indebted. . .  Full story

Emerging-market debt issuance on ice after turbulent summer

19/09 Emerging-market debt issuance is on hold after a summer of volatility, with the market effectively closed for borrowers like Turkey and Russia, although Asian and Middle East issuers can still get their bonds to market.. . .  Full story

Algeria plans 1.5 percent spending cut next year -government document

19/09 Algeria plans to cut spending by 1.5 percent in 2019 after a rise this year, despite a recovery in oil prices, as it seeks to rebalance its finances, according to a. . .  Full story

Turkish house sales tumble in August

19/09 Turkish house sales dropped 12.5 percent year-on-year in August to 105,154 and mortgaged house sales tumbled by two thirds, data showed on Wednesday, as expectation grows of a sharp economic slowdown in the second half. . .  Full story

-Abu Dhabi studies restructuring options for $1.2 bln Etihad-linked bonds -sources

19/09 The government of Abu Dhabi is looking at proposals to restructure some $1.2 billion of troubled bonds that were issued by Abu Dhabi state-owned carrier Etihad Airways in partnership with other airlines, sources familiar with. . .  Full story

Japan regulator to check banks' readiness for emerging market swings -sources

19/09 Japan's financial regulator plans to check if the country's banks and other financial institutions are prepared to deal with any impact from sharp swings in emerging markets, sources with direct knowledge of the matter told. . .  Full story

China's subway splurge could help its steel sector get back on track

19/09 A push to expand subway networks in some of China's biggest cities along with a drive to boost broader infrastructure investment in the world's No.2 economy are helping brighten the outlook for the nation's mammoth. . .  Full story

SE Asia Stocks-Most markets rise as investors move on from trade war fears

19/09 Most Southeast Asian stock markets rose on Wednesday, tracking gains in broader Asia, as investors shrugged off the latest round of tariff war between Washington and Beijing. China will levy tariffs. . .  Full story

HK stocks rise as limited impact seen from escalation in Sino-U.S. dispute

19/09 Hong Kong shares rose to a two-week high on Wednesday, joining a broad rally in Asian markets, as investors saw limited impact from an escalating Sino-U.S. trade war, and bet on more stimulus from. . .  Full story

China's sow herd falls in August by 4.8 pct from a year earlier

19/09 China's sow herd fell in August by 4.8 percent from a year earlier, the country's State Council said on its website on Wednesday citing data from the Ministry of Agriculture and Rural Affairs, the. . .  Full story

Firestone reduces Liberia rubber wood output as low prices bite

19/09 U.S.-based Firestone Natural Rubber has reduced production at its rubber wood factory in Liberia and is laying off 75 staff, the latest blow to the world's largest natural rubber plantation and. . .  Full story

JGBs dip on fall in U.S. Treasuries, caution on 20-yr auction

19/09 Japanese government bond prices dropped on Wednesday, tracking a slide in U.S. Treasuries as well as caution ahead of a 20-year JGB auction.. . .  Full story

China stocks rebound as stimulus hopes offset trade war concerns

19/09 China stocks rebounded strongly for the second straight day on Wednesday as investors piled into property and consumer stocks, betting Beijing will intensify stimulus measures to cushion the impact of an escalation in the Sino-U.S.. . .  Full story