Abu Dhabi / GULF TIME The China Automotive Technology and Research Center (CATARC) announced the C-NCAP 2021 results of EXEED VX. With the advantages in active and passive safety features, EXEED VX won the “five-star” safety rating, and ranked first among all 7-seat medium and large SUVs since the promulgation of the new regulations in 2018 with a comprehensive score …

Some of Japan’s biggest trading houses reported bumper profits and flagged more to come as they benefited from higher energy and commodities prices. Sumitomo Corp. raised its full-year net income forecast by almost half to a record of 550 billion yen ($3.7 billion). Marubeni Corp. upgraded its profit guidance to an all-time high, while Itochu Corp.’s second-quarter profit beat analyst …

Global equities trimmed a weekly loss as Chinese shares surged amid signs that authorities are trying harder to ease the impact of its Covid-Zero policy. Treasuries were little changed before US payrolls data. US futures advanced, with the Nasdaq 100 poised to trim its biggest weekly drop since the start of the year, and US-listed Chinese stocks surging in premarket …

The Czech central bank confirmed a preference for keeping borrowing costs stable, defying its new forecast that called for significant monetary tightening. Policy makers left the benchmark rate at 7%, keeping it unchanged for a third meeting after the bank’s new leadership halted a year of rapid hikes. Officials also reaffirmed their intervention policy of preventing excessive koruna swings, which …

India’s central bank started a pilot program of its digital currency, allowing select banks to use it for settling secondary-market transactions in government securities. Several lots of bonds were traded, with data from Clearing Corp of India showing 7.38% 2027 debt and 7.26% 2032 bonds were among the first to change hands using new form of currency. Nine banks are …

ING Groep NV said it will buy back as much as €1.5 billion ($1.47 billion) of shares to reward investors, after a mixed third quarter in which profit missed estimates following charges at its Polish business and in accounting for hedges. Net income of the bank reached €979 million in the three months through September compared with analysts’ expectations for …

European Central Bank (ECB) President Christine Lagarde warned that a “mild recession” is possible but that it wouldn’t be sufficient in itself to stem soaring prices. Speaking a week after the ECB’s second straight 75 basis-point hike in borrowing costs, and as fears mount that the energy crisis will drag down output in the 19-nation euro zone, Lagarde said “we …

The People’s Bank of China’s (PBOC) Governor Yi Gang reaffirmed a pledge to make the yuan exchange rate more flexible, while vowing to improve the monetary policy. The central bank will keep the yuan basically stable at a reasonable equilibrium level, Yi reiterated in a meeting held to study the Communist Party’s twice-a-decade congress, according to a statement published by …

China is working on plans to scrap a system that penalises airlines for bringing virus cases into the country, according to people familiar with the matter, a sign authorities are looking for ways to ease the impact of the Covid Zero policy. The State Council, which oversees China’s bureaucracy, has asked government agencies including the civil aviation regulator to prepare …

Nestlé, one of the top consumer goods suppliers in Indonesia, will avoid raising prices further after a 5% hike this year began to hurt demand. Faltering sales volume amid higher product prices is happening throughout the consumer goods industry, said PT Nestlé Indonesia President Director Ganesan Ampalavanar. He expects commodity costs to fall in the second half of 2023, which …