ASIA

Lebanon to devalue currency by 90% on Feb. 1, central bank chief says

BEIRUT, Jan 31 (Reuters) – Lebanon will adopt a new official exchange rate of 15,000 pounds per US dollar on Feb. 1, central bank governor Riad Salameh said, marking a 90% devaluation from its current official rate that has remained unchanged for 25 years. The shift from the old rate of 1,507 to 15,000 is …

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India’s Adani firms lose $65bn in value | Business and Economy News

Most Adani Group shares fell sharply on Monday as the Indian conglomerate’s rebuttal of a US short seller’s criticism failed to pacify investors, deepening a market rout that has now led to losses of $65bn in the group’s stock values. Led by Asia’s richest man Gautam Adani, the Indian group has locked horns with Hindenburg …

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The mouse that roared: New Zealand and the world’s 2% inflation target

WELLINGTON, New Zealand, Jan 30 (Reuters) – More than 30 years ago, some relatively youthful central bank and Treasury economists in New Zealand were grappling with how to bring two decades of double-digit inflation under control in an economy less than 1% the size of its US counterpart. What if, they asked, they just told …

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China’s 2022 smartphone sales plunge to lowest level in a decade

SHANGHAI, Jan 30 (Reuters) – China’s smartphone sales endured a record fall in 2022, tumbling 13% to their lowest level in a decade as COVID controls and a slowing economy sapped consumer appetite, data from third-party research firms showed. The total number of devices shipped was 286 million, down from 329 million in 2022. It …

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Adani hits back at Hindenburg, says it made all disclosures

Adani issues 413-page rebuttal to Hindenburg report US short-seller’s report sparked falls in Adani shares Adani says comply with laws, necessary disclosures Adani CFO confident $2.5 bln share sale will succeed NEW DELHI, Jan 30 (Reuters) – India’s Adani Group issued a detailed riposte on Sunday to a Hindenburg Research report that sparked a $48 …

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Exclusive: Top US Treasury official to warn UAE, Turkey over sanctions evasion

WASHINGTON, Jan 28 (Reuters) – The US Treasury Department’s top sanctions official on a trip to Turkey and the Middle East next week will warn countries and businesses that they could lose access to G7 markets if they do business with entities subject to US curbs as Washington cracks down on Russian attempts to evade …

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Asian shares rise, yen climbs as BOJ battles bond bears

https://tmsnrt.rs/2zpUAr4 BOJ under intense pressure as it defends yield policy Yen hits 7-mth high, yuan climbs as dollar eases Hopes for rapid China recovery aids most Asia stocks More earnings ahead, many central bank speakers SYDNEY, Jan 16 (Reuters) – Asian shares firmed on Monday as optimism about China’s reopening offset concerns the Bank of …

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