Category: Asia
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Wal-Mart to invest $50 million in China online grocer New Dada
Wal-Mart Stores Inc will invest $50 million in Chinese online grocery and delivery firm New Dada, the U.S. retailer said on Friday, extending its tie-ups with local online players to help boost sales in the world’s second-largest economy. Wal-Mart shifted its China strategy earlier this year when it sold its own online platform Yihaodian in…
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Oil prices stable as strong dollar weighs, but market tightens
Oil prices were stable on Friday, weighed by a stronger dollar, but supported by signs that physical fuel markets were tightening after two years of ballooning oversupply. The dollar rose to its highest level since March against a basket of other leading currencies .DXY on Friday, potentially crimping demand as fuel becomes more expensive for…
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World Bank bemoans growing inequality in sub-Saharan Africa
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A new research released by the World Bank at a forum called “End Poverty” has bemoaned the growing level of poverty in sub-Saharan Africa. According to the report, the inequality gap between the poor and the rich has widened due to excess focus on urban development to the neglect of agriculture. Attributing the phenomenon to…
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South Korea’s Hanjin Shipping to sell major businesses
South Korea’s Hanjin Shipping Co Ltd (117930.KS) is selling major businesses, including its Asia-U.S. route network, and will receive letters of intent by October 28, the company said on Thursday. In a regulatory filing the company said a Seoul court overseeing its receivership process approved a public auction of the major businesses, and it is…
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Gloomy China September trade data raises fears recovery may be faltering
China’s September exports fell 10 percent from a year earlier, far worse than expected, while imports unexpectedly shrank after picking up in August, suggesting signs of steadying in the world’s second-largest economy may be short-lived. The disappointing trade figures pointed to weaker demand both at home and aboard, and deepened concerns over the latest depreciation…
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Asia shares slip as U.S. earnings disappoint, dollar gains
Asian shares hit three-week lows on Wednesday after a dour start to Wall Street’s earnings season knocked U.S. stocks, while the dollar and Treasury yields were at multi-month highs on growing expectations of a U.S. interest rate hike in December. The British pound jumped back from lows in a volatile trading session, though concerns about…
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Asia: Apple to set up R&D center in Shenzhen, bolster China ties
Apple Inc (AAPL.O) will set up a research and development center in China’s manufacturing metropolis Shenzhen, the U.S. tech giant said on Wednesday, as the firm looks to spur growth in the world’s second largest economy amid growing competition. The Shenzhen hub follows a similar plan for a center in Beijing, and comes as Apple…
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Asia:Global stocks, gold and bond prices slip on talk of ECB taper
Asian shares and gold retreated on Wednesday and bond yields were near two-week highs as markets were rattled by a media report flagging the possible withdrawal of the European Central Bank’s bond buying program. European markets are also poised for a subdued start, with spreadbetters expecting Britain’s FTSE 100 to open as much as 0.2…
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China is cutting off cash to Venezuela
After pouring billions into Venezuela over the last decade, China is cutting off new loans to the Latin American nation. It’s a major reversal of relations between the two nations, experts say. It also comes at the worst time for Venezuela, which is spiraling into an economic and humanitarian crisis. “China is not especially interested…
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Small Japan firms dying out as aging owners struggle to find successors
Japan’s small firms, many of which are “mom-and-pop” operations, are dying out as their aging owners struggle to find successors, in another sign that the fast-ageing population is taking its toll on the world’s third-largest economy. Prime Minister Shinzo Abe has targeted more business start-ups as a crucial part of regenerating activity, but the impact…