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Chinese shares extended losses following last week’s selloff as a ramp-up of Covid-19 restrictions and poor economic data worsened the outlook for the market. The Hang Seng China Enterprises Index ended on Monday’s volatile session with a 1.8% loss, closing at its lowest since November 2005. Property shares plunged, while tech shares bucked the downtrend following BYD Co.’s record earnings. ...

For months, investors have been eagerly awaiting a Federal Reserve policy pivot. But now, at least for some, it might come too soon. The latest MLIV Pulse survey suggests that if the Fed Chair Jerome Powell gives any dovish Federal Open Market Committee (FOMC) signals during this week’s press conference, he might send investors scrambling. Almost half of 250 respondents polled ...

Nigeria’s President Muhammadu Buhari said the central bank’s plan to replace high-value currency notes will help the economy deal with currency counterfeiting, excess cash in circulation and address inflation, which climbed to a 17-year high in September. The central bank has Buhari’s support to launch the new currency designs and he “is convinced that the nation will gain a lot ...

Standard Bank Group Ltd. is open to acquisitions in Nigeria and Kenya as Africa’s biggest lender by assets expands its presence in key markets on the continent. The lender is also keen to bolster its businesses in Ethiopia — where it has a representative office — and its home-market South Africa, Standard Bank Chief Executive Officer Sim Tshabalala said. In ...

RHB Bank Bhd. plans to introduce its digital banking platform as early as the second half of next year, its top executive said, as Malaysia’s fifth biggest lender looks to hold back a tide of fintech startups. The bank and its partner Boost, an arm of communications giant Axiata Group Bhd., could invest as much as 1 billion ringgit ($212 ...

Japan spent a record 6.3 trillion yen ($42.4 billion) in October to counter the yen’s sharp slide against the dollar, as it tried to limit speculative moves adding to pressure on the currency. The finance ministry disclosed on Monday data for the period between September 29 to October 27. Central bank figures and market estimates of money flows with the ...

Airbus SE maintained its year-end delivery target for aircraft, while cautioning that production disruptions could last into next year amid persistent shortage in labour and raw materials at suppliers. The planemaker said it still strives to hand over 700 aircraft this year, and the company is working towards boosting output of its bestselling A320 family to 75 by 2025. Airbus ...

Boeing Co. released a bullish 20-year forecast for China’s commercial jet market, confident that the country can emerge from the challenges of Covid-19 and a slowing economy and be a major driver of sales. The US manufacturing giant expects China to need 8,485 new passenger and freighter planes valued at $1.5 trillion through 2041. That figure is more than a ...

Gujarat / WAM     Narendra Modi, Prime Minister of India, on Sunday laid the foundation stone of the C295 aircraft manufacturing facility – the first aircraft manufacturing facility in India’s private sector. Asian News International quoted the Indian Prime Minister as saying that India is becoming a big manufacturing hub for the world. “Transport aircraft will give strength to our forces, ...

Abu Dhabi / WAM  The Federal Tax Authority (FTA) launched a mechanism for refunding value added tax (VAT) incurred on building and operating mosques on the FTA’s e-Services portal, in light of cabinet decision No. (82) of 2022 in that regard, which came into force on October 29, covering all mosques in the UAE, provided that the refund applications are ...