Malaysia's Maybank does not face any financial impact from its subscription to Indian conglomerate Adani Enterprises' share offering, the bank said on Monday. Marquee investors Maybank Securities and Abu Dhabi Investment Authority picked up a stake in Adani Enterprises' $2.45 billion secondary share offering on Wednesday, which coincided with a short-seller report that slammed the shares of Adani group companies. The demand from anchor investors comes despite Hindenburg Research disclosing a short position in Adani Group, accusing it of improper use of offshore tax havens and flagging concerns about high debt that eroded $11 billion in investor wealth.
The contract wins are for wastewater treatment plants in the US and a system maintenance contract from the Singapore government.
It looks like a quiet start to the week in Asia on Monday, but don't be fooled - it may be the calm before the storm. A raft of regional economic indicators including Japanese unemployment and PMIs from China, Australia and India, as well as U.S. non-farm payrolls and U.S., euro zone and UK interest rates decisions will surely provide fireworks later in the week. The MSCI Asia ex-Japan index is at a nine-month high and up more than 30% from the October low.
Top central bankers, who credit the use of a 2% inflation target with anchoring decades of stable prices, are facing the first full-on test of how well that approach to monetary policy works once prices have erupted, and how strictly they'll enforce it if damage to their economies intensifies. By announcing an inflation goal, central bankers feel they build credibility for themselves and focus the planning of households and firms in ways that help keep inflation controlled. It's a concept that seemed supported by the facts as the use of inflation targeting spread across the developed world from New Zealand in 1990 through Europe and to the United States and Japan in 2012 and 2013.
The memory-chip sector, famous for its boom-and-bust cycles, had changed its ways.
By embracing innovative technologies alongside achievable sustainability goals, companies can accommodate business and market need
Taking a personal loan is common practice in Singapore. What are some common reasons people take one, and what are some advantages and...
DÜSSELDORF, GERMANY - Media OutReach - 30 January 2023 - Dear Reality launches EXOVERB, a totally new reverb plugin that adds an as yet unheard three-dimensional depth and width perception to stereo productions. Blending the mix with the most natural reverb, the plugin offers 50 true-to-life acoustic scenes, relying on EXOVERB's proprietary reverb engine with synthesized spatial multi-IRs. Incorporating the fundamentals of spatial hearing, EXOVERB enables enhanced control of the spatial distance
NEW DELHI (Reuters) -India plans to use an emergency law next month to force power plants that run on imported coal to maximise output, two government sources told Reuters on Monday, in preparation for expected record consumption this summer. Many Indian coal-fired plants, including those those owned by Adani Power and Tata Power in India's western Gujarat state, have not operated at full capacity in the recent years because they have found it difficult to compete with power generated from cheap domestic coal.
Other Asian currencies advanced, led by the onshore Chinese yuan. The onshore yuan, resuming trading after a week, climbed 0.7% to near 6.75 to the dollar. Foreign banks were on the bid on USD/INR at open, and importers were likely active, the trader added.
India has asked utilities to not retire coal-fired power plants till 2030 due to a surge in electricity demand, according to a federal power ministry notice reviewed by Reuters, just over two years after committing to eventually phase down use of the fuel. The energy-hungry nation said last May it plans to reduce power generation from least 81 coal-fired plants over the next four years, but the proposal did not involve shutting down any of its 179 coal power plants. India has not set a formal timeline for phasing down coal use.
The group is expected to release its results on March 1.
SINGAPORE - Media OutReach - 30 January 2023 - For the tenth year in a row, SABIC, a global leader in the chemicals industry, has been recognized as the "top employer Asia Pacific" by the Top Employer Institute, a globally accredited certification body. SABIC's focus on empowered, people-centric leadership, and embrace of technology that makes processes simpler and easier, have been key to its continued success as companies pivot to new ways of working following the pandemic. SABIC wins the Top
Both companies are striving for net zero carbon emissions by 2050 and prioritize green operations as part of their ESG agenda BANGKOK, THAILAND - Media OutReach - 30 January 2023 - In a joint effort to drive a greener supply chain, Big C Supercenter, "The Thai Retailer with Customers at its Heart" the leading grocery retailer in Thailand, and DHL Supply Chain Thailand, the global market leader in contract logistics, have announced the deployment of electric trucks for product distribution, from
The Indian rupee ended flat on Monday, as the choppiness in equity markets soured the mood at the beginning of a week packed with the domestic Union budget and global central bank meetings. The mood was sombre amid volatility in Indian stock markets, following a two-day selloff fuelled by a U.S. short-seller's report on the Adani Group flagging concerns about the conglomerate's debt levels and its use of tax havens. In the short-term, typically, incidents like these make investors question a range of similar companies, said Rob Carnell, head of ING's Asia-Pacific research.
The International Monetary Fund on Tuesday raised its 2023 global growth outlook slightly due to "surprisingly resilient" demand in the United States and Europe, an easing of energy costs and the reopening of China's economy after Beijing abandoned its strict COVID-19 restrictions. The IMF said global growth would still fall to 2.9% in 2023 from 3.4% in 2022, but its latest World Economic Outlook forecasts mark an improvement over an October prediction of 2.7% growth this year with warnings that the world could easily tip into recession. For 2024, the IMF said global growth would accelerate slightly to 3.1%, but this is a tenth of a percentage point below the October forecast as the full impact of steeper central bank interest rate hikes slows demand.
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HONG KONG SAR - Media OutReach - 30 January 2023 - Chinachem Group (the "Group") announced today that it has exchanged contracts for and completed the purchase of One New Street Square with UK-based REIT Landsec, a premium 276,502 sq ft office building in the heart of Central London, at a total consideration of £349.5 million, representing a capital value of £1,264 psf. One New Street Square Completed in 2016, One New Street Square is fully let to Deloitte on a lease expiring in 2036, at a curre
LAUNCESTON, Australia (Reuters) -Asia's seaborne thermal coal markets are losing heat, with both prices and volumes declining as winter demand passes and Europe's energy crisis eases. Australian coal at Newcastle Port with an energy value of 5,500 kilocalories per kg (kcal/kg), as assessed by commodity price reporting agency Argus, slipped to $129.87 a tonne in the week to Jan. 27, the lowest since the week to Jan. 21, 2022. While the Chinese ban has been lifted, it's unlikely that buyers will flock back to Australian thermal coal, given the availability of cheaper, and similar quality, coal from Russia.
Indian multiplex operator INOX Leisure Ltd on Monday posted profit before exceptional items and tax for the third quarter, as movie buffs returned following a string of hits and splurged on pricier tickets and in-theater purchases. The company, which is in the process of merging with market leader PVR Ltd, reported profit before exceptional items and tax of 286.2 million Indian rupees ($3.51 million) for the third quarter ended Dec. 31, compared to a net loss of 16 million rupees a year ago. PVR also swung to a profit last quarter, underscoring a change in fortunes for India's theater operators after a slate of flop Hindi language movies earlier in the year.