Economy

Many wealthy Chinese move their assets overseas to avoid government confiscation. © Kyodo

China struggles to curtail capital flight

TOKYO -- Capital flight and a weakening currency remain great concerns for the Chinese government, but halting them will not be easy because they are rooted in some fundamental flaws in the country.Chinese investment in foreign countries surged 62% o...

  • India's bad loans to haunt Rajan's successor

    MUMBAI -- A week after Reserve Bank of India Gov. Raghuram Rajan revealed plans to step down, the big question on many minds is whether any replacement for the "superstar" central banker can finish cleaning up the banking sector.Speculation over a su...

  • Europe at a historic crossroads

    TOKYO -- Britain's decision to pull out of the European Union has created a tsunami of uncertainty that could wash away many of the basic assumptions about Europe and the world economy.The EU now faces the daunting challenge of maintaining its integr...

  • AIIB head underscores cooperation with UK, EU after Brexit

    BEIJING -- The Asian Infrastructure Investment Bank will continue working closely with the U.K. and other European countries despite Britain's departure from the European Union, AIIB President Jin Liqun said on Saturday.Jin told a press conference th...

  • EU already mulling trade deal with UK

    BERLIN/BRUSSELS -- The European Union on Saturday began talks on a possible comprehensive economic and trade deal with the U.K., following a decision by Britons to leave the union in a historic referendum on Thursday.The EU hopes such a deal would ma...

  • British turnabout forces rethink for Asian multinationals

    TOKYO -- Asian companies that regarded the U.K. as a safe foothold in Europe's single market now see a landscape upended by the outcome of Thursday's British referendum.Hitachi Chairman Hiroaki Nakanishi had joined David Cameron in arguing against a ...

  • Papua New Guinea tries again to interest global bond buyers

    AUCKLAND, New Zealand -- Papua New Guinea is seeking global investors for a $1 billion bond issue against a backdrop of severe drought, bloody student protests, rating downgrades and efforts to arrest the prime minister over alleged corruption.The So...

  • G-7: Brexit-induced forex volatility threatens economic stability

    TOKYO -- Excessive currency volatility has "adverse implications for economic and financial stability," the Group of Seven nations warned on Friday after Britain's vote to leave the European Union sparked wild market swings.G-7 finance ministers and ...

  • Energy 'prosumers' helping India's Modi harness the sun

    NEW DELHI -- India aims to amass 100 gigawatts of solar power capacity by 2022, compared with the current negligible amount of 6GW. Though the goal is ambitious, the government of Prime Minister Narendra Modi is getting a hand from the growing ranks ...

  • China up close

    Xi uses aide to fault premier Li's economic policy

    TOKYO -- May was a turning point in President Xi Jinping's power struggle against his rivals. He called on the government to rethink its economic policy, using a close aide. The government's chief economic manager is Premier Li Keqiang.

  • Asian business, political leaders voice their concerns over Brexit

    TOKYO -- "Brexit will have an immeasurable negative impact" said a Japanese business leader. Others disagreed, saying that it won't be like after the Lehman shock. Here are some reactions from Asia.

  • Japan to take 'firm action on yen if needed'

    TOKYO -- Japanese Finance Minister Taro Aso on Friday said the Japanese government is ready to "take firm action on the yen if needed."The currency surged after results of the British referendum on European Union membership began pointing toward "Lea...

  • China takes back control of interest rates

    SHANGHAI -- As nonperforming loans pile up, the Chinese government is re-instituting limits on interest rates, putting financial liberalization on hold to strengthen its banks and encourage write-offs.

  • Coal remains key to Asia's power plans despite tarnished image

    KUALA LUMPUR -- For environmentalists, coal is a bad word. But for some of Asia's biggest economies, the same fuel that was the bedrock of the Industrial Revolution in Great Britain in the 19th century is key to economic development plans two centuri...

  • Malaysian central bank

    Well positioned to weather impact of UK referendum

    KUALA LUMPUR (NewsRise) -- Malaysia's central bank said Thursday the domestic market has "ample" liquidity and is "well positioned" to weather any potential volatility arising from the outcome of the U.K.'s referendum on European Union membership.The...

  • South Korea's labor reforms come up against social convention

    SEOUL -- Yoo Sang-hyuk, a 36-year-old chef, left his native South Korea earlier this year for Australia, fed up with marathon working hours and meager wages.In Seoul, he worked at least 60 hours per week but was paid for only 52, the legal limit. In ...

  • Yen seen as only gainer among Asian currencies in Brexit vote

    LONDON (Financial Times) -- China's renminbi and India's rupee are seen as the biggest casualties among Asian currencies in the event the UK votes to leave the EU, according to an estimate from Malaysia's Maybank.The Japanese yen is widely expected t...

  • RBI's Rajan says work ahead on inflation, banks

    MUMBAI -- Just days after announcing he is stepping down as the chief of the Reserve Bank of India in September, Raghuram Rajan gave two speeches warning his opponents of the dangers of stalling on bank reforms and easing up too much on credit.Addres...

  • Efforts to foster fintech entrepreneurs get rolling

    HONG KONG -- A wave of financial technology is surging to Asia, with the establishment of venture businesses to fuse information technology and financial services in China, Hong Kong, Singapore and other Asian economies, and spreading even to Myanmar...

  • Bad loans are piling up at Chinese banks

    HONG KONG -- Nonperforming loans are growing at Chinese banks. Official statistics say the ratio of such loans to overall lending is less than 2%, but many believe the figure is much higher if loans to so-called zombie companies are included.Accordin...