Globalfoundries bets on chip 'onshoring' demand ahead of IPO
TAIPEI -- Top U.S. contract chipmaker Globalfoundries is betting the trend for semiconductor "onshoring" will help it win over clients and investors as the loss-making company prepares for an initial public offering in New York.
Major economies, including the U.S. and Japan, are pushing to build up their domestic semiconductor supply chains while also demanding global chipmakers resolve the unprecedented chip shortage that has forced automakers around the world to cut production.
In its application to list on the Nasdaq, filed on Monday U
Son of ex-dictator Marcos says he plans Philippine presidency run
MANILA -- Ferdinand 'Bongbong' Marcos Jr., the namesake son of the late Philippine dictator, said Tuesday he plans to run for president in next year's election.
"I am today announcing my intention to run for the presidency of the Philippines in the upcoming May 2022 elections," Marcos said in an announcement on Facebook.
A successful bid would mark the Marcos family's return to power after the patriarch was ousted by the "People Power" revolution in 1986.
China turns up pressure on Taiwan with record warplane dispatches
TAIPEI -- China is ramping up aerial incursions into Taiwan's air defense identification zone as it seeks to reinforce the message that it is prepared to take island by force.
Taiwan's defense ministry announced on Monday that a daily record of 56 Chinese warplanes, including 12 nuclear-capable bombers, had entered the southwest corner of its ADIZ. The 149 sorties in the first four days of October is a 27% increase from the number of flights logged in the whole of September.
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Chinese property developer Fantasia fails to repay bond
HONG KONG -- Chinese property developer Fantasia Holdings Group has failed to repay a maturing bond and a loan in the latest sign of distress among the country's real estate companies.
Like bigger rival China Evergrande Group, Fantasia is based in Shenzhen and has been grappling with excessive debt amid a credit crunch.
Fantasia said in a filing in Hong Kong on Monday evening that it had failed to redeem a $205.7 million due that day. It also failed to repay a short-term loan of 7
Singapore's PropertyGuru plans fintech thrust to conquer ASEAN
SINGAPORE -- Singapore's PropertyGuru aims to rapidly expand its financial services arm as it prepares for a U.S. market debut and a future beyond its core business in real estate listing.
CEO and managing director Hari V. Krishnan told Nikkei Asia in an interview that financial technology will play a big role in the company's transformation, saying its background in property will help it create a more complete fintech product.
"Fintech is absolutely part of our future," he said. "The largest asset class
Malaysia summons Chinese ambassador over South China Sea vessels
KUALA LUMPUR -- The Malaysian government summoned China's ambassador to formally protest alleged encroachment into its South China Sea waters by Chinese vessels, the Ministry of Foreign Affairs announced on Tuesday.
Despite overt displays of warm ties earlier this year, Putrajaya registered its strong objection in a meeting with Ambassador Ouyang Yujing on Monday. The ministry said it had detected the presence of Chinese vessels, including a survey ship, in Malaysia's exclusive economic zone off the coasts of its Bornean states.
"Malaysia's consistent position and
Japan's NTT to issue $2.7bn green bond to fund emission cuts
TOKYO -- Japan's Nippon Telegraph and Telephone will issue a new "green bond" to help meet its greenhouse gas reduction targets and increase its investment in renewable energy generation, Nikkei has learned.
The telecom company will issue about 300 billion yen ($2.7 billion) of green bonds, thought to be the largest single issuance of such debt in Japan by an operating company. Green bonds limit the use of the funds raised to environmentally friendly ends.
NTT recently announced that it will reduce its
Kishida's 'new capitalism' raises economic reform setback fears
TOKYO -- Japan's newly installed Prime Minister Fumio Kishida is hoping to implement his concept of "new Japanese capitalism" under which he ran his campaign to be leader of the ruling Liberal Democratic Party. While he has vowed to change the neoliberal policies left in place by his predecessors, it is unclear exactly what kind of reform he is aiming for.
He noted that while deregulation and structural reforms since Prime Minister Junichiro Koizumi have led to economic growth, they have also created inequality and social division. Kishida wants to
Surging energy prices hit Asian stock markets
TOKYO -- Surging energy prices are weighing on Asian equity markets as signs of inflationary pressure dampen global investors' appetite.
Japan's blue-chip Nikkei Stock Average dropped over 980 points, or 3.5%, on Tuesday morning to hit its lowest point in over a month.
Shares in SoftBank Group slid over 5%, while Uniqlo operator Fast Retailing sank over 7%.
Tokyo's drop follows declines in U.S. stocks overnight. The 10-year Treasury yield has remained
China PCR test orders soared before first confirmed COVID case
TOKYO -- Purchases of PCR tests in China's Hubei Province surged months before the first official reports of a novel coronavirus case there, according to a report by Australia-based company Internet 2.0.
About 67.4 million yuan ($10.5 million at current rates) was spent on PCR tests in Hubei during 2019, nearly double the 2018 total, with the upswing starting in May, according to the report.
Internet 2.0 collected and analyzed