International News

Bloomberg GoTo Group’s post-IPO stock selloff makes it the worst performer among 11 tech and internet companies that raised more than $500 million in inaugural share sales this year. Shares of the Indonesian startup provider of food delivery services to fintech solutions are falling for a 10th straight session, taking losses since listing to 61%. The recent slide was triggered ...

  Bloomberg The Chinese Grand Prix will not take place in 2023 given the “ongoing difficulties stemming from Covid-19 situation,” Formula 1 says in a tweet. Formula 1 is assessing alternative options to replace the slot on the 2023 calendar and will provide an update in due course, the organisation said in a statement available on its website. The Covid-19 ...

  Bloomberg A Vietnamese internet startup that’s successfully defended its home market of 100 million people against global giants like Facebook is now going into attack mode. VNG Corp, Vietnam’s answer to Tencent Holdings Ltd with games, messaging, videos and music among its services, is accelerating its international expansion, co-founder Le Hong Minh said in an interview at its headquarters ...

Bloomberg India’s economy probably expanded at a slower pace last quarter as price pressures, rising interest rates and sluggish trade tempered demand in Asia’s third largest economy. Gross domestic product is estimated to have risen 6.2% in the three months to September from a year ago, according to a Bloomberg survey of economists, cooling from a 13.51% growth reported in ...

  Bloomberg The slump in Hong Kong’s home prices will deepen next year due to the combination of rising borrowing costs, a recession and an exodus of residents, according to Natixis SA. Residential prices are expected to fall 12% in 2023 and 2% the following year, taking the drop from the peak in late 2021 to 25%, Natixis analysts led ...

  Bloomberg China’s wind turbines will get even cheaper next year, supporting exports as products from western competitors become more expensive, according to one of the country’s leading manufacturers. Export prices will drop by 15% to 20% per kilowatt of capacity in 2023, according to Zhejiang Windey Co, one of China’s top four turbine makers, as newer units become more ...

  Bloomberg Japan’s availability of jobs increased for the 10th month in October, pointing to further tightness in the labour market that will likely keep upward pressure on wages. The job-to-applicants ratio climbed to 1.35 last month, meaning there were 135 jobs offered for every 100 applicants, the labour ministry reported. It was a slight rise from 134 positions a ...

Bloomberg Godrej Industries Ltd, part of a 125-year-old Indian conglomerate, is looking to boost the number of oil palm plantations as the government aims to raise local output and cut the nation’s heavy imports. The group’s agriculture and chemicals arm Godrej Agrovet Ltd — India’s largest oil palm processor backed by Singapore’s sovereign wealth fund Temasek Holdings Pte — will ...

Bloomberg South Korea ordered striking cement truck drivers back to work in a dramatic step it said was necessary because of the threat to the nation’s economy. The government issued the order during a cabinet meeting led by President Yoon Suk-yeol, and warned that violators will face legal action. This is the first time such a decree has been put ...

Bloomberg Toyota Motor Corp produced 771,382 vehicles in October, down from a record of 887,733 the previous month, and warned of an uncertain outlook due to Covid and semiconductor shortages. Output was up 23% from October 2021, when supply chains were disrupted by the spread of Covid in Southeast Asia, Toyota said in a statement. The world’s biggest automaker is ...