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Bloomberg China’s state-backed funds pumped $2.25 billion into a Semiconductor Manufacturing International Corp (SMIC) wafer plant to support advanced-chip making as Washington tightens technology restrictions on the Asian nation. The Semiconductor Manufacturing International Corp plant’s registered capital jumps from $3.5 billion to $6.5 billion after the investment, the company said in an announcement. The chipmaker’s stake in the Shanghai facility ...

Bloomberg India will open up its space facilities, mineral blocks and power distribution to private companies, as it seeks new investments to help shore up an economy hit by the coronavirus pandemic. Prime Minister Narendra Modi’s administration will also allow foreign investment up to 74% in defense manufacturing to attract investments, Finance Minister Nirmala Sitharaman said in New Delhi. The ...

Bloomberg Hong Kong’s cash handout included in a host of relief measures promised by the government could be received by eligible recipients as early as July, Financial Secretary Paul Chan said. The HK$10,000 ($1,290) handouts will be received mid-July if recipients opt for electronic registration with banks to collect the money in their personal accounts — the fastest channel for ...

Bloomberg The Philippines’ fight against the coronavirus is likely to become more complicated with the onset of typhoon season, during which it typically has to evacuate tens of thousands of people from storm-hit areas. “As the rainy season approaches, the battle against the virus will become more challenging,” the finance department said in a May 15 bulletin. “The flu season ...

Bloomberg Ho Chi Minh City, Vietnam’s biggest metropolis, faces an increasing risk of flood disasters given rapid infrastructure expansion driven by economic growth, according to McKinsey Global Institute. The chance of such events could increase five to 10 times by 2050, resulting in economic and infrastructural damage that could cost billions of dollars, according to a McKinsey report, dated April. ...

Bloomberg China and South Korea have asked Japan to join them in relaxing controls on business travel as virus cases tail off, the Yomiuri newspaper reported, without saying where it got the information. Japan remains reluctant to loosen what are currently some of the tightest border controls in the developed world, which were introduced over the past few weeks in ...

Bloomberg In the face of an unprecedented oil market collapse, Opec+ is responding with an urgency never seen before. With unusual speed, the alliance is launching an unparalleled program of production cutbacks this month to offset the slump induced by coronavirus pandemic. The 23-nation coalition is well on its way to cutting 9.7 million barrels of daily crude output — ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, offered his condolences to Ahmed Al Haj Abdullah Al Habroush on the death of his mother. In a phone call, His Highness Sheikh Mohamed expressed his heartfelt sympathy to the family of the deceased, ...

Abu Dhabi / WAM The UAE, through its humanitarian arm, the Emirates Red Crescent (ERC) has provided 1,000 food parcels weighing 43 tonnes to the residents of Daw’an district in the Yemeni Governorate of Hadramaut. The aid package was administered in line with the UAE’s efforts to help the families in Hadramaut impacted by the precautionary measures taken to contain ...

ABU DHABI / WAM Abu Dhabi Agriculture and Food Safety Authority (Adafsa) has directed major stores in Abu Dhabi to dedicate prominent spaces to display local agri-products, under the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs, and Chairman of Adafsa. The move, taken in coordination with Adafsa’s strategic partners from ...