Asia factories stagnate as China slowdown, supply constraints hit

TOKYO (REUTERS) – Asia’s manufacturing activity was lacklustre in September as signs of slowing Chinese growth and factory shutdowns caused by the coronavirus pandemic weighed on the region’s economies, surveys showed on Friday (Oct 1). Factory activity in September shrank in Malaysia and Vietnam, and grew in Japan at the slowest rate in seven months, as chip shortages and supply […]

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China considering hiking industrial power prices to ease supply crunch

BEIJING (BLOOMBERG) – The Chinese government is considering raising power prices for industrial consumers to help ease a growing supply crunch. The rate hikes for factories could come in the form of higher flat fees, or in rates that are linked to the price of coal, according to people familiar with the details of the plan. The government has also […]

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China's electricity shock is latest supply chain threat to world

BEIJING (BLOOMBERG) –China’s energy crisis is shaping up as the latest shock to global supply chains as factories in the world’s biggest exporter are forced to conserve energy by curbing production. The disruption comes as producers and shippers race to meet demand for everything from clothing to toys for the year-end holiday shopping season, grappling with supply lines that have […]

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Evergrande debt troubles seem particular to China: US Fed chief

WASHINGTON (REUTERS, BLOOMBERG) – United States Federal Reserve chair Jerome Powell said on Wednesday (Sept 22) that the debt problems of property developer Evergrande seem particular to China and that he did not see a parallel with the US corporate sector. A potential default by Evergrande, Asia’s biggest junk bond issuer, drove a steep sell-off on Wall Street and widened […]

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US Fed says may 'soon' be time to remove stimulus

WASHINGTON (AFP) – The Federal Reserve said on Wednesday (Sept 22) that increasing Covid-19 cases have slowed the US economic recovery, but it may nonetheless be ready to “soon” begin to remove stimulus. The economy has healed to the point that the central bank may slow the pace of its massive monthly bond purchases “if progress continues broadly as expected,” […]

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Macau officials to meet gaming industry after stocks roiled

MACAU (BLOOMBERG) – Macau government officials will meet gaming industry players on Monday afternoon (Sept 20) to consult operators on proposed revisions to casino law revision that last week sent stocks in the world’s largest gambling hub into freefall. The meeting will be the first – and only – such gathering between the two sides during a 45-day consultation period […]

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China's nightmare Evergrande scenario is an uncontrolled crash

SHANGHAI (BLOOMBERG) – Protests intensify at China Evergrande Group offices across the country as the developer falls further behind on promises to more than 70,000 investors. Construction of unfinished properties with enough floor space to cover three-fourths of Manhattan grinds to a halt, leaving more than a million homebuyers in limbo. Fire sales pummel an already shaky real estate market, […]

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Macau's future in doubt as China crackdown spurs global casino sell-off

MACAU (BLOOMBERG) – When investors started calling early Wednesday morning (Sept 15) after China moved to tighten its grip on the world’s biggest gambling hub, the junket operator had just one thing to say: Sell. “There is no hope in Macau,” the executive said in an interview, declining to be named on concern there could be fallout for their business, […]

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China factory output, retail sales growth slow significantly in August

BEIJING (REUTERS) – China’s industrial output rose 5.3 per cent last month from a year earlier, the weakest pace since July last year, while growth of retail sales also slowed significantly and missed expectations, official data showed on Wednesday (Sept 15). The growth of factory output was slower than a 5.8 per cent year-on-year increase tipped by a Reuters poll […]

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South Korea's unemployment drops to record low as job seekers stay home

SEOUL (BLOOMBERG) – South Korean unemployment unexpectedly dropped to a record low last month as restrictions to combat the nation’s worst Covid-19 outbreak prevented job seekers from searching for work. The jobless rate tumbled to 2.8 per cent from 3.3 per cent in July as the economic participation rate declined, the statistics office said on Wednesday (Sept 15). Economists had […]

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