Tag: Region Asias

  LinkedIn is cutting 716 jobs and will begin phasing out its local jobs app in China. In a letter today, LinkedIn CEO Ryan Roslanky said the decision to shutter the standalone China app, called InCareer, was because of “fierce competition and a challenging macroeconomic climate.” While reducing some roles, LinkedIn, which is owned by Microsoft and has 20,000 employees,…

Source: Iran Press TV Saturday, 06 May 2023 4:26 PM The United States is preparing an express weapons delivery for Chinese Taipei (Taiwan), despite Bejing’s repeated warnings to Washington against arming the self-ruled island, which China considers a part of its territory. The administration of US President Joe Biden will use the Presidential Drawdown Authority (PDA) to expedite the arms…

UN chief Antonio Guterres addresses envoys during talks on Afghanistan in Qatar on May 2, 2023 The UN reaffirmed its “commitment to stay” in Afghanistan on Friday, in a review assessing its operations in the country in light of the Taliban banning women from working for the world body. The United Nations announced on April 4 that the Taliban had…

WASHINGTON (AP) — China was the biggest global jailer of journalists last year with more than 100 behind bars, according to a press freedom group, as President Xi Jinping’s government tightened control over society. Xi’s government also was one of the biggest exporters of propaganda content, according to Reporters without Boarders. China ranked second to last on the group’s annual…

(Bloomberg) — Canada is assessing the consequences of potentially expelling a Chinese diplomat accused in media reports of targeting a Canadian lawmaker’s family for sanctions as political punishment. Foreign Minister Melanie Joly said her department summoned China’s Canadian ambassador to Canada to discuss the matter Thursday morning. “We’re assessing the consequences that we’ll be facing in case of diplomatic expulsion,…

Ukraine — Russia attacked several Ukrainian cities with explosive drones overnight, though Ukraine said Thursday that it had managed to shoot most of them down. Russia called the attack payback for what it claims was an alleged attempt by Ukraine to attack the Kremlin in Moscow using drones on Wednesday.

The Kremlin claimed the attack was an attempt by Ukraine to assassinate President Vladimir Putin and, on Thursday morning, Russia’s government accused the U.S. of planning it.

President Volodymyr Zelenskyy denied any Ukrainian role in an attack on the Kremlin, insisting that his country’s forces were acting only to defend Ukraine’s sovereign territory — though there has been evidence over the last week that they’re also stepping up attacks, using drones, on Russian infrastructure, both in occupied territory and across the border inside Russia.

The U.S. Federal Trade Commission is alleging Facebook “repeatedly violated its privacy promises” and is proposing a “blanket prohibition” on parent company Meta’s monetization of data of users under 18. The company, meanwhile, called the move “a political stunt.” The FTC on Wednesday moved to expand its USD5 billion privacy order with then-Facebook from 2020, claiming the company failed to…

A group of Credit Suisse Group bondholders in Asia challenged Switzerland’s banking regulator over the decision to write down about 16 billion Swiss francs (S$24 billion) of the bank’s riskiest debt, the first known move by wealthy investors in the region.

The filing was made in the Swiss courts on Wednesday, said Mr Mahesh Rai at Singapore-based Drew & Napier LLC. Mr Rai is acting for more than 60 investors across Asia for the case. He declined to specify the losses involved. 

The move appeals the Swiss Financial Market Supervisory Authority’s (Finma) decision to prioritise shareholders over the additional tier-one bondholders, he said.

In Huawei’s head office last month, staff gathered to celebrate the in-house development of software to replace a US system that, thanks to Washington’s export controls, the Chinese technology company was no longer able to purchase. “Three years ago, we were cut off from the old ERP [enterprise resource planning] system,” said Tao Jingwen, a Huawei board member and president…

The former manager used inside information from a deal Morgan Stanley was advising on to generate HK$4.2mn in profits for herself and a friend.

A Hong Kong court has granted an interim injunction order allowing the freezing of about HKD 8.2 million in assets in an insider dealing case.

The case was brought by the SFC (Securities and Futures Commission), which suspects two individuals – Ms Tsang Ching Yi and Mr Barry Kwok Sze Lok – of engaging in insider trading in the stock of I.T Limited, a software company that was privatised in 2021.

The SFC alleged that Tsang obtained information relating to the privatisation of I.T Limited through her employment as a manager at an investment bank, and shared such information with her friend Kwok, before both traded in the stock using the inside information.

Though not named in the SFC’s statement, the investment bank was identified through Tsang’s licensing record to be Morgan Stanley – which was the adviser for I.T Limited’s privatisation offer.

Low-cost carrier Go First has filed for bankruptcy at the National Company Law Tribunal. The airline has also suspended its flight operations for three days – May 3, 4 and 5. It has cited mounting losses for its decision to file for bankruptcy. The airline has attributed the losses to delays in the delivery of Pratt and Whitney engines. It said that delay in delivery of the said engines has resulted in grounding of half its fleet of aircrafts.

Meanwhile, the directorate general of civil aviation (DGCA) has served a show cause notice to the airline for the sudden cancellation of flights without sharing prior information with it. The DGCA has also asked Go First to submit its plan of action for the resumption of flights. In a statement, the airline said that once the NCLT admitted its plea, the court would appoint an Insolvency resolution professional who would take over Go First’s operations.

Air Moldova has submitted to court a request to enter a pre-insolvency accelerated restructuring procedure. The airline says the move will help it avoid bankruptcy and absorb some $50mn from unnamed investors, according to a company press release.

The company blames its difficult financial situation on the debts inherited on privatisation, the loss of revenues during the COVID-19 crisis and the ban on flights after the invasion of Ukraine. It highlights that the state did not extend any financial support, while foreign airlines were supported during the COVID-19 crisis.

The company suspended all flights and ticket sales starting May 2. The resumption of activity will be possible within three days from a positive court decision, the company said.

“Investors are ready to invest around $50mn in Air Moldova. These investments would settle the company’s financial problems and would allow the company to renew its own fleet. Investments cannot be made outside the accelerated restructuring procedure due to the increased risk of an attack from existing creditors,” says Air Moldova.

The airline said that the accelerated restructuring will allow the company to use the capital injection strictly for the development of the company, so that later, in time, the existing debts will be paid.

Air Moldova was privatised in 2018 but the identity of the investors was never made public.

The Chinese government has significantly increased the use of exit bans to stop people – Chinese and foreign nationals alike – from leaving the country since top leader Xi Jinping took power in 2012, according to a new report describing how a web of vague laws are being expanded for political reasons.

The report comes amid growing concern about the environment for foreign businesses in China, after the wide-ranging overhaul last week of the country’s espionage law and raids on corporate consultancies Mintz Group and Bain & Co.

Shares in Asia are set to decline after Wall Street fell on renewed concern about the banking sector before a Federal Reserve decision on Wednesday where US policymakers are expected to raise interest rates.

Equity futures in Japan, Australia and Hong Kong all declined, while US contracts edged lower in early Asian trade. The S&P 500 slipped 1.2 per cent on Wednesday, with the financial sector the second-worst performer after energy. 

US regional lenders PacWest Bancorp and Western Alliance Bancorp both slid at least 15 per cent just a day after J.P. Morgan Chase’s acquisition of First Republic Bank seemed to bolster confidence in the sector.

The decline in energy stocks followed a 5.3 per cent drop for the US oil price, the biggest decline since July, in a sign of unease about global growth. The decline stabilised early on Wednesday.

The U.S. is sending Ukraine about $300 million in additional military aid, including an enormous amount of artillery rounds, howitzers, air-to-ground rockets and ammunition as the launch of a spring offensive against Russian forces approaches, U.S. officials said Tuesday.

The new package includes Hydra-70 rockets, which are unguided rockets that are fired from aircraft. It also includes an undisclosed number of rockets for the High Mobility Artillery Rocket Systems, or HIMARS, mortars, howitzer rounds, missiles and Carl Gustaf anti—tank rifles. The weapons will all be pulled from Pentagon stocks, so they can go quickly to the front lines. The officials spoke on condition of anonymity because the aid has not yet been formally announced.

The latest shipment comes as Ukrainian officials say they are readying a counteroffensive — with Ukrainian Defense Minister Oleksiy Reznikov declaring they are in the “home stretch, when we can say: ‘Yes everything is ready.’” Ukrainian officials have said they are stockpiling ammunition to stow it along potentially long supply lines.

Reznikov said Monday that the key things for the assault’s success would be “the availability of weapons; prepared, trained people; our defenders and defenders who know their plan at their level, as well as providing this offensive with all the necessary things — shells, ammunition, fuel, protection, etc.”

Japan’s defense ministry said on Tuesday it scrambled a jet fighter after spotting a suspected Chinese drone between the Japanese island of Yonaguni and Taiwan.

The drone flew towards Bashi Channel that separates Taiwan from the Philippines, the ministry said in a statement.