International News

Bloomberg Space development can reshape the world economic order, a South Korean official said, as Seoul works to expand its prowess among a small group of countries capable of developing and launching their own space vehicles. Titanium, platinum and rare-earth materials are among commodities South Korea should be able to independently excavate in space missions given their importance for future ...

  Bloomberg One of Xiaomi Corp’s top executives in India is leaving the smartphone maker just as it faces intensifying regulatory scrutiny and competitive pressure in the country. Chief Business Officer Raghu Reddy, who helped the Chinese company to the top of India’s smartphone and smart-television markets, resigned to “pursue different growth opportunities externally,” Xiaomi India said in an email ...

  Bloomberg A chronic shortage of plantation workers in Malaysia may cost palm oil producers about 20 billion ringgit ($4.6 billion) this year, according to the Malaysian Palm Oil Association, curbing supply and potentially boosting global prices. Palm growers hired around 14,000 foreign workers this year through November, just a fifth of the industry’s needs and about half of the ...

  Bloomberg With its gleaming offices, electric buses and economically productive residents, Nusantara is the quintessential modern metropolis—smack in the middle of a vast rainforest. At least, that’s what the government brochures depict. What they don’t show quite so clearly is where Indonesia will find $34 billion to build a new capital city from scratch. With just 18 months left ...

  Bloomberg Philippine President Ferdinand Marcos Jr’s economic team lowered its 2023 growth forecast as the global outlook worsens and domestic inflation hovers near a 14-year high. Gross domestic product will probably expand 6%-7% next year from a previous projection of 6.5%-8%, the Development Budget Coordination Committee (DBCC), which sets economic assumptions for fiscal purposes, said. It left this year’s ...

  Bloomberg Dollar bonds of China’s largest developer have returned an eye-watering 404% the past month, highlighting the reversal of fortunes in the country’s property sector as policy shifts have brightened investor sentiment. Country Garden Holdings Co notes started slumping in mid-September, just as another round of worry about real estate firms’ liquidity took hold. A dollar bond maturing in ...

Bloomberg Tesla Inc plans to lower production at its Shanghai factory, according to people familiar with the matter, in the latest sign demand in China isn’t living up to expectations. The output cuts will take effect as soon as this week, said the people, who asked not to be identified because the information isn’t public. They estimate the move could ...

  Bloomberg Oyo Hotels said it’s cutting 600 jobs in its corporate and technology departments, or about a sixth of its total workforce. An Oyo spokesman provided the numbers but wouldn’t elaborate on future cuts or restructuring. The company had 3,700 employees before the reduction. SoftBank Group Corp is the largest shareholder in the hotel-booking firm. Oyo last month reported ...

  Bloomberg Shanghai eased some of its Covid restrictions, joining other top-tier Chinese cities as authorities expand a shift towards reopening the economy after thousands of demonstrators took to the streets last weekend to voice their anger at China’s Covid policies. The financial hub will scrap PCR testing requirements to enter outdoor public venues such as parks as well as ...

Bloomberg South Korean President Yoon Suk-yeol asked his cabinet to be ready to issue an “imminent” return-to-work order on striking truck drivers in the oil and steel industries amid growing disruptions in the transporting of key materials in the global supply chain. The government should seek “every measure” to minimise inconveniences on companies and the public, Yoon said during his ...