Business leaders say impending recession will be short and sharp: KPMG

In Singapore, nearly 90% of Singapore CEOs have embarked on or are planning a hiring freeze over the next six months, KPMG says. Roslan Rahman AFP | Getty Images Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than half … Read more

Asia markets trade higher after US stocks rally for a second day

A man walks past the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Monday, Nov. 30, 2020. Toru Hanai | Bloomberg via Getty Images Shares in the Asia-Pacific traded higher on Wednesday after US stocks rallied for a second day. Hong Kong’s Hang Seng index jumped 4.4% before … Read more

UNCTAD warns that Asia, the global economy headed for a recession

East and southeast Asia are set to post growth rates below those in the five years prior to the pandemic. Father Kiyoshi Bloomberg | Getty Images The United Nations has sounded off a warning that the world is “on the edge of a recession” and developing nations like those in Asia could bear the brunt … Read more

Indonesia is the best performer

Morning rush hour in Jakarta. Indonesia’s Jakarta Composite index faced a couple of bumps in the road in 2022, but as of Friday’s close, it was the best performing major Asia-Pacific index for the year. Bay Ismoyo | AFP| Getty Images In contrast, the Hang Seng index in Hong Kong, South Korea’s Kospi, and Taiwan’s … Read more

Asian stocks mixed after Wall Street slump; China PMI beats estimates

Factory activity in China expected to contract again China’s official manufacturing Purchasing Managers’ Index for September is expected to come in below the 50-point mark separating growth from contraction, according to a Reuters poll of analysts. Economists expect a figure of 49.6, slightly higher than August’s 49.4, which would mark the third consecutive month of … Read more

India’s startup market has tremendous potential

India’s startup market is worth betting on, although it’s still “a few years” behind China’s, Facebook co-founder Eduardo Saverin said. During a panel discussion at the Forbes Global CEO Conference in Singapore this week, Saverin said his investment company B Capital is deploying “a lot of dollars” into India and is thinking about the long-term … Read more

Asia markets rise, Hang Seng index up 2% after Wall Street rebound

EV maker Leapmotor’s shares plunge in Hong Kong debut Chinese electric vehicle maker Leapmotor’s shares tumbled more than 32% from its offer price of 48 Hong Kong dollars ($6.29) per share on its first day of trade in the city. Onewo, a subsidiary of property developer China Vanke, also started trading in Hong Kong. It … Read more

Stocks fall, Chinese yuan crosses 7.2 against the dollar

Consumer inflation in Japan could decline in 2023: BOJ meeting minutes Consumer inflation excluding fresh food is likely to rise this year, but the rate of increase will slow thereafter on energy prices, minutes from the Bank of Japan’s July meeting said. A few members also said inflation, excluding fresh food and energy, is unlikely … Read more

Inflation is here to stay, Asian business leaders warn

A woman shops inside a Garcia’s Supermarket store in Quezon City, Philippines on Sept. 5, 2022. Iya Forbes Bloomberg | Getty Images Inflation in consumer goods will persist as a “new normal” as the global economy undergoes structural changes, Asian business leaders warn. While rising interest rates might eventually temper asset prices, deglobalization and decarbonization … Read more

Analysts discuss US interest rates, dollar, Asian Financial Crisis

The world economy may be facing conditions seen during the 1997 Asian Financial Crisis — aggressive US interest rate hikes and a strengthening US dollar. But history is unlikely to be repeated, analysts said, although they caution that some economies in the region are particularly vulnerable to currency devaluations reminiscent of the time. On Wednesday, … Read more