A trial program allowing unauthorized dealers to sell imported cars will be extended to the northern city of Tianjin, China's state media said on Sunday, as the government moves to rein in high-end car prices.
Asia/Pacific
Hong Kong markets watchdog to boost cooperation with foreign counterparts
Hong Kong's securities regulator said on Friday it will propose laws boosting cooperation with its foreign counterparts, at a time when the emergence of a number of cross-border fraud and corruption scandals make such collaboration vital.
Alibaba unit says to raise $1.6 billion in share sale for media acquisitions
Alibaba Pictures Group Ltd (1060.HK), the film and entertainment unit of China's largest ecommerce company, said on Thursday it plans to raise $1.6 billion in a share offering to select investors to finance media-related acquisitions.
Chinese economy faces more pain than gain this year
China's economic growth, already at its slowest in decades, will get worse before it gets better, as economists say it will take time before liberalizing reforms turn net positive, and Beijing needs to bite more such bullets for a sustainable turnaround.
China's Dalian Wanda buys Australian cinema chain Hoyts
Wanda Cinema Line Corp (002739.SZ), a unit of China's leading property developer Dalian Wanda Group, said it would buy Australian cinema chain Hoyts Group, a purchase that underscores its parent's ambitions to become a global entertainment company.
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South Korea's Lotte Group said on Sunday that it had signed a contract to buy the New York Palace Hotel in Manhattan for $805 million from real estate management firm Northwood Investors.
Prime Minister Narendra Modi is determined to move more than 100,000 people living near coalfields in eastern India to new homes, making it easier to douse underground fires that have burned for a century and mine huge reserves of premium coal.
Japan's failed budget carrier Skymark Airlines Inc (SKALF.PK) submitted a restructuring plan for court approval on Friday despite opposition from the two main creditors owed about two-thirds of its roughly 300 billion yen ($2.4 billion) debt.
Prime Minister Modi ramped up spending on roads, railways and rural infrastructure in April to boost economic growth, after $19 billion in cuts brought public investment shuddering to a halt at the end of the last fiscal year.
Short term policies could stabilize China's slowing economy in the second half of this year, but for growth to make a lasting recovery Beijing should foster new sectors and innovation, a government think tank's chief economist was reported as saying on Saturday.
India's economy grew faster than China's in the quarter through March, data showed on Friday, but a sharp downward revision for the previous quarter fuelled doubts about the accuracy of a new method used to measure economic activity.
India's plans to allow domestic firms to raise rupee-denominated debt abroad for the first time are being eclipsed by the rising cost of funds in international markets, making it harder for cash-starved businesses to take advantage of the relaxed rules.
China's stock markets plunged on Thursday, with indexes dropping over 6 percent in record high turnover as investors rushed to sell after more brokers tightened margin trading requirements for clients and the central bank drained money market liquidity.
China's factories struggled to expand in May despite recent interest rate cuts and other policy stimulus, a Reuters poll showed, suggesting the government may have to do more to halt a protracted slowdown in the economy.
