Beijing / AFP China’s overcapacity in heavy industries is wreaking “far-reaching” damage on the global economy, with steel production “completely untethered” from market demand, the European Union Chamber of Commerce in China said on Monday. The Asian giant’s steel industry manufactures more than the next four largest producers combined — Japan, India, the US, and Russia — the chamber said …

Kuala Lumpur / DPA While companies are holding tight to cash, Axiata Group Bhd is going against the grain with the purchase of Nepal’s No.1 mobile operator, Ncell Pte Ltd, for US$1.37 billion. We have been eyeing that market for two years but we only got really serious in the past few months,” Axiata group chief financial officer Chari TVT …

Tokyo / DPA The Japanese government has decided to offer a yen loan of about 10 billion about $88,829,700) to support construction of a gigantic solar power plant with a large-capacity storage battery system in Egypt. Egypt is expected to hold a public tender open only to Japanese companies with advanced battery technology. The government hopes this will give the …