Chinese EV maker Li Auto launches $1.9bn Hong Kong listing drive
HONG KONG -- Chinese electric vehicle maker Li Auto is seeking to raise $1.9 billion through a listing on the Hong Kong Stock Exchange that will give it greater security amid rising capital market tensions between Washington and Beijing.
Li Auto went public only a year ago on the Nasdaq Stock Market, raising $1.1 billion.
Within four months, its share price had more than quadrupled to $47.70 from its offering level of $11.50 amid investor enthusiasm about Chinese EV
Singapore startup FinAccel announces $2.5bn SPAC listing in US
TOKYO -- FinAccel, the fintech startup that operates the "buy now, pay later" service Kredivo in Indonesia, will list in the U.S. market via a "blank check" company in a deal that values the combined entity at $2.5 billion.
The Singapore-headquartered company is the latest Southeast Asian tech company to jump on the special purpose acquisition company (SPAC) bandwagon, following the announcements of Singapore-based Grab's $40 billion deal in April and online realty company
Muhyiddin cornered as UMNO formally tells king it drops support
KUALA LUMPUR -- Malaysia's largest political party, the United Malays National Organisation (UMNO), has officially informed the king that it has withdrawn support for Prime Minister Muhyiddin Yassin, further destabilizing a weak government battling rising COVID-19 cases.
In a news conference on Tuesday, UMNO President Ahmad Zahid Hamidi said Muhyiddin has effectively lost his majority in the lower house, as statutory declarations of UMNO lawmakers wishing to retract support for the premier had been submitted to King Sultan Abdullah Ri'ayatuddin.
A federal cabinet
Olympics latest: Japan loses to Spain in men's soccer semifinals
TOKYO -- The Tokyo Olympics are well underway after a long journey filled with controversy, and an unprecedented one-year postponement because of the COVID-19 pandemic.
The proceedings officially began with the opening ceremony at the National Stadium , a mostly subdued affair mixed with joyous moments like a high-tech drone show, and capped by tennis star Naomi Osaka lighting the Olympic cauldron.
We're tracking the latest medal count .
Read our breakdown of the events to watch .
Here are the latest developments:
Tuesday,
Mitsubishi Chemical plans $915m US plant as Buy American pressure rises
TOKYO -- Japan's Mitsubishi Chemical will spend over 100 billion yen ($915 million) to build a plant in the U.S. state of Louisiana for a key ingredient in plastics, Nikkei has learned.
The investment will boost production of methyl methacrylate, or MMA, in the U.S. The raw material is used to manufacture acrylic plastics used in a wide range of products, including auto parts and house paint.
The move comes as global manufacturers face the prospect of stronger
Alibaba earnings drop on increased investment in new businesses
HONG KONG -- Net profits for Alibaba Group Holding declined 8% last quarter as the Chinese e-commerce conglomerate stepped up investments in new businesses to fend off rivals.
During the April-June quarter, Alibaba reported revenues of 205.74 billion yuan ($31.83 billion), up 34% from the same period last year. This slightly missed the average market estimate of 209 billion yuan, according to a survey of analysts by Refinitiv.
"We are investing
India welfare payments go digital with e-RUPI system
TOKYO -- India has launched a mobile payment platform designed to efficiently deliver government benefits and limit the misuse of funds dispensed through the country's social welfare system.
The e-RUPI digital payment system is accessible to anyone with a mobile phone, even without a bank account. The e-RUPI comes in the form of QR codes or SMS messages sent to the phones of designated recipients.
The e-payment system covers public welfare services a beneficiary is already receiving, as well as one-time vouchers unique to
US airlines fly high while virus drag keeps Japan carriers low
TOKYO – A massive loss reported by Japan Airlines on Tuesday brought into sharp relief the industry’s lopsided recovery, with U.S. carriers bouncing back quickly and Japanese and European peers continuing to bleed red ink.
Their divergent fortunes could give companies like Delta Air Lines and American Airlines a distinct edge in the post-pandemic landscape, allowing them to turn temporary discrepancies into lasting leads.
Japan Airlines on Tuesday reported a 57.9 billion yen ($529 million) net loss for the April-
Japan vaccine passport struggles to open doors without reciprocity
TOKYO -- Japan's new vaccine passports exempting Japanese travelers from entry restrictions have been slow to gain wide acceptance as the government hesitates to reciprocate the privilege to other countries.
Just 12 foreign countries and territories accept the vaccine passports, frustrating a business community here that had expected easier travel.
Japan opened up applications July 26, with Italy and four other countries initially agreeing to honor the passports. Holders need not self-quarantine upon arrival or submit PCR test results.
Germany, Hong Kong and others have since
Japan's longevity crunch can shape a new, kinder capitalism
Stephen Johnston is founder of Fordcastle and co-founder of Aging2.0 , a US-based global network for innovation in aging.
As the West looks to reform capitalism, it could learn two lessons from Japan: a recognition of the value of society and a longevity-driven focus on quality of life over quantity of growth.
A new type of Japan-flavored capitalism would be well placed to embark on bold, public-private missions to tackle the world's most pressing problems.
Post-COVID,
