Asia Economy
Southeast Asia’s e-commerce market is still in its ‘opening act,’ says venture capital firm
Southeast Asia’s e-commerce ecosystem is still at a “very, very nascent stage” and many more business models and companies will be formed in the region, said the founding partner of a venture capital firm. “We’re talking about single-digit digital penetration, as compared to the overall commerce penetration,” Amit Anand of Jungle Ventures, a Southeast Asian […]
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Tencent profits plunge as Chinese tech giant grapples with Covid lockdowns, regulation
Signage for Tencent Holdings atop an office building in Shanghai, China, on March 22, 2022. China’s Tencent reported on Wednesday its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004. Qilai Shen | […]
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Singapore Airlines narrows annual loss, says outlook is improving
Singapore Airlines on Wednesday posted a narrower annual loss of S$962 million ($694.08 million), at a time when demand remained low due to the pandemic, but said the outlook was improving as travel restrictions were lifted. SIA’s loss in the 12 months ended on March 31, its third consecutive year in the red, was an […]
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Singapore Airlines has a ‘first mover advantage’ thanks to the country’s reopening: Industry expert
Greg Waldron, Asia managing editor of FlightGlobal, discusses the airline’s “dramatic” improvement in earnings. Source
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India isn’t the only one banning food exports. These countries are doing the same
India has banned wheat exports as the price of grain surged this year due in part to the Russia-Ukraine war. T. Narayan | Bloomberg | Getty Images India has banned wheat exports, becoming the latest country to do so as the price of grain surged this year due in part to the Russia-Ukraine war. The […]
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Bitcoin production has roared back in China thanks to an underground mining scene
By September 2021, China made up just over 22% of the total bitcoin mining market, according to Cambridge University research. Paul Ratje | The Washington Post | Getty Images Bitcoin miners aren’t giving up in China despite Beijing’s ban on the practice. China was once the world’s biggest crypto mining hub, accounting for between 65% […]
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Goldman Sachs cuts its China GDP forecast to 4% on Covid controls
Since March, mainland China has struggled to contain its worst Covid outbreak in two years. Notably, the metropolis of Shanghai, pictured here on May 18, only started this week to begin discussing resumption of normal activity — with a goal of mid-June. Hector Retamal | Afp | Getty Images BEIJING — Goldman Sachs analysts on […]
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Australian election polls show race tightening in final campaign stretch
Australia’s national election has become too close to call, polls out on Wednesday showed, as the ruling conservative coalition narrowed the gap with the main opposition Labor Party, three days before the country decides on a new government. Centre-left Labor’s lead over the Liberal-National coalition has shrunk to 51-49% on a two-party preferred basis from […]
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Japan’s GDP shrinks as surging costs raise specter of deeper downturn
A pedestrian crosses a road in Shinjuku district in Tokyo, Japan on Monday, March 7, 2022. Japan’s economy shrank for the first time in two quarters in the January-March period as Covid-19 curbs hit the service sector and surging commodity prices created new pressures, raising concerns about a protracted downturn. Noriko Hayashi | Bloomberg | […]
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China Vice Premier Liu soothes tech firms, supports overseas listings
Chinese Vice Premier Liu He speaks at a national video teleconference on May 7, 2022. He made soothing comments to tech executives on Tuesday, saying the government supported the development of the sector and public listings for technology companies in further signs a crackdown on the sector is easing. Ding Lin | Xinhua News Agency […]
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