Asia Pacific

China saw record outflows of foreign direct investment last year, an exodus that threatens to persist after the resumption of a trade war with the U.S., Bloomberg News reported. Net FDI dropped by $168 billion in 2024, according to the State Administration of Foreign Exchange, the biggest capital flight in data going back to 1990. Foreign investment into China has slumped in recent years after hitting a historical high of $344 billion in 2021. International companies have been pulling back just as domestic firms also rapidly moved money abroad.

India and the U.S. agreed on Thursday to start talks to clinch an early trade deal and resolve their standoff over tariffs as New Delhi promised to buy more U.S. oil, gas and military equipment and fight illegal immigration, Reuters reported. The series of agreements emerged after talks between U.S. President Donald Trump and Indian Prime Minister Narendra Modi at the White House, just hours after Trump railed against the climate for U.S. businesses in India and unveiled a roadmap for reciprocal tariffs on countries that put duties on U.S. imports.

Manufacturing activity in New Zealand expanded for the first time in nearly two years, with key sub-index results for both production and new orders in positive territory, a survey showed on Friday, Reuters reported. The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) jumped to 51.4 in January from a revised 46.2 in December. New orders rose to 50.9 from 46.8 in the prior month.

India’s Shapoorji Pallonji Group is in advanced talks with top global private credit funds as it aims to raise as much as $3.3 billion in the country’s biggest-ever local currency private debt deal, Bloomberg News reported. Investors in discussion for the deal include Cerberus Capital Management LP, Davidson Kempner Capital Management and Varde Partners LP, said the people who asked not to be identified discussing private information. Deutsche Bank is the sole arranger for the deal, they added. Other investors in talks include Farallon Capital Management, Ares Management Corp.

The Sydney Fish Market (SFM), responding to reports it was confronting an $8m loss for 2023-24 and had allegedly brought in insolvency experts, stated bluntly it remained a viable business, NewsWire.com reported. “Sydney Fish Market refutes claims that it is close to insolvency,” according to an SFM spokeswoman. “It is taking longer than anticipated to finalise our financial report, due to extenuating circumstances related to the once in a generation transition to the new Sydney Fish Market. “We are finalising the financial report with the appropriate level of due diligence.

Greentown China Holdings Ltd. priced a $350 million bond to refinance offshore debt, the first dollar note sold by a major Chinese property firm since 2023, Bloomberg News reported. The state-backed company is issuing the three-year note, callable after two, at a yield of 8.45%, according to a person familiar with the matter who asked not to be identified. That’s 40 basis points tighter than initial price guidance. Greentown earlier Thursday unveiled an offer to repurchase two dollar bonds maturing later this year that are trading near par.

The Philippine central bank surprised markets by keeping its policy rate on hold, pausing its easing cycle due to what it said was a significant rise in global uncertainty, particularly over trade policy, the Wall Street Journal reported. Bangko Sentral ng Pilipinas maintained its benchmark overnight reverse repurchase rate at 5.75%, Gov. Eli Remolona said Thursday. It also held its benchmark lending rate steady at 6.25%. Risks and uncertainty to the global outlook justify keeping rates on hold now, the central bank governor said.

Indonesia is seeking to diversify its markets as global protectionism intensifies, while also taking steps to defend its local manufacturers, Deputy Trade Minister Dyah Roro Esti Widya Putri said, Bloomberg News reported. “Trump’s statements on tariffs are quite shocking in a lot of ways, but we think Indonesia could maximize its market potential if the US imposes tariffs on Chinese goods,” Roro said in an interview in Jakarta late Wednesday.

The pace of gains in Japan’s corporate goods prices accelerated last month to the fastest clip in 19 months, keeping the Bank of Japan on track for further interest rate hikes, Bloomberg News reported. The measure of input prices for Japanese firms rose 4.2% in January from a year earlier, the BOJ reported Thursday. The gain, led by agricultural products such as rice, was bigger than the consensus estimate of 4% and compared with a revised 3.9% advance a month earlier.