Japan's vaccine push and easing COVID curbs lift transport stocks
TOKYO -- Japan's accelerating vaccine rollout and the end of an official state of emergency in its biggest cities have investors betting that beaten down businesses will rebound as people emerge from their COVID hibernation.
Among the 33 sector indexes of Japan's broad Topix benchmark, air transportation has risen steadily in recent weeks, gaining 9% in the last month. Ground transportation and real estate have outperformed sectors like machinery and information and communication.
Shares in Japan's two largest airlines, ANA Holdings and Japan Airlines,
Garuda Indonesia share trading halted after Islamic bond default
JAKARTA -- The Indonesian stock market suspended trading in Garuda Indonesia on Friday after the nation's flagship air carrier defaulted on coupon payments of a $500 million Islamic bond.
The halt is the latest page in the ailing airline's struggle caused by fallout from the pandemic and raises questions over the airline's survival amid the continuing spread of COVID-19.
The Indonesia Stock Exchange, or IDX, said trading in Garuda shares is suspended until further notice as the carrier's inability to pay
Mitsubishi unit expands US logistics reach in $2.9bn deal
TOKYO -- Mitsubishi HC Capital is to buy U.S. transportation finance company CAI International in a $2.9 billion deal.
"We have decided to make this acquisition in order to strengthen our 'global assets' which are one of our focus areas," said MHC in a statement issued on Friday.
MHC will acquire all of CAI's common stock in an all-cash transaction for $56 per share, representing an equity value of approximately $1.1 billion, according to CAI
India's COVID cases dip sharply but fears of resurgence surface
NEW DELHI -- With India witnessing a significant drop in COVID-19 infections and authorities easing lockdown restrictions, people have started thronging markets and train stations. Many can be seen defying social distancing rules, triggering fears that the country could face another serious wave of the pandemic.
From a high of over 400,000 daily cases in early May, when a deadly second wave of the pandemic ravaged the country, new infections have fallen below 100,000 per day recently.
China's Realme to expand India production despite COVID surge
TAIPEI -- Chinese smartphone maker Realme is expanding production in India despite a surge in COVID-19 cases there in an effort to capture local demand and extend its supply chain outside its home market.
Realme plans to begin assembling wireless earbuds in the South Asian country in the next three months, Madhav Sheth, Realme's vice president and CEO for India and Europe, told Nikkei Asia. All of the smartphones and TVs that Realme sells in India are manufactured in the country.
"More than 60% of
BOJ extends COVID emergency funding through March 2022
TOKYO -- The Bank of Japan on Friday decided on Friday to extend its emergency programs to funnel funds to businesses by six months, through the end of March, as the central bank remains on alert for a possible COVID resurgence that could throw the nation's economic recovery off track.
At issue is the BOJ's purchases of corporate bonds and commercial paper as well as one-year interest-free loans to banks supporting COVID-hit businesses. The programs, launched in March 2020, are
Indonesia startups stand out in ASEAN by leaning on bonus pay
SINGAPORE -- Indonesia's startups are more willing to dole out bonuses to tech talent compared to peers in Singapore, Thailand, the Philippines and the U.S., according to a survey of venture capital-funded companies by consultancy Aon.
The Association of Southeast Asian Nations' most populous country recorded the highest level of performance incentives as a proportion of base salaries given to skilled professionals, according to the study, released this week.
Indonesia's upstarts were willing to pay a 20% premium on top
Iran's voters cast ballots in election seen as one-horse race
TOKYO -- An ultra-conservative candidate appears set to win the presidential election in Iran, after several moderate candidates were barred from running.
Voters began casting ballots on Friday in a poll that will have ramifications both domestically and across the region. The result is expected in the next few days.
Four candidates, three of them hardliners, are competing to replace incumbent President Hassan Rouhani. The favorite, Judiciary Chief Seyed Ebrahim Raisi, has been campaigning on a promise to fight corruption and improve the country's battered economy
For Japan, kicking the coal habit will be no easy task
TOKYO -- The pledge by Group of Seven rich nations to end support for overseas coal projects this year and move away from the polluting fuel at home presents a particular challenge for Japan, which has few alternatives in either setting.
The agreement reached at the summit calls for members to end all direct government support for international coal power, though funding is allowed to continue for facilities with mitigating technology such as carbon capture and storage.
Japan, which has been slower to pivot away from coal than Europe and the U.S
Top Glove faces ESG reckoning on forced-labor allegations
SINGAPORE -- Mired by allegations of forced labor and shoddy work conditions, Malaysia's Top Glove faces mounting pressure to address shortcomings on environmental, social and governance issues.
The largest maker of rubber gloves worldwide benefited from a surge in demand sparked by the coronavirus. For the six months through February, net profit soared 22 times on the year to 5.22 billion ringgit ($1.27 billion) while sales rose 315% to 10.12 billion ringgit. But as
