Asia Pacific

Japanese Prime Minister Fumio Kishida said Tuesday he will speed up the drafting and passage of a law to regulate the collection of donations by religious groups and protect families of believers after he met with victims of the Unification Church and was heartbroken by their “horrendous experiences,” the Associated Press reported.

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All India Congress Committee (AICC) general secretary and Rajya Sabha member Randeep Singh Surjewala on Wednesday said that today Himachal was in a miserable condition and on the verge of bankruptcy because of the Jai Ram Thakur-led BJP government, the Hindustan Times reported. “No one had ever thought Himachal, where great people like Virbhadra Singh had ruled, there would be CM remote controlled by Delhi,” said Surjewala addressing an election rally at Dharamshala.

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Two titans of the cryptocurrency industry may be squaring off for control of the $1 trillion digital asset market with only one left standing, Fortune reported. Binance founder Changpeng “CZ” Zhao said on Sunday his exchange will liquidate the remainder of its FTT holdings, the native token issued by Sam Bankman-Fried’s rival FTX derivatives exchange. “We will try to do so in a way that minimizes market impact,” wrote CZ on Twitter.

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A little-known Chinese pipemaker erased all of its dizzying rally from last week after announcing plans to sell 1 million shares at a massive discount to a pair of institutional investors, Bloomberg reported. Huadi International Group sank 91% Monday for its biggest drop on record, after an agreement to sell its stock to investors at $25 per share — an 86% discount to Friday’s closing price. This comes after the stock skyrocketed 716% last week amid volatile trading.The company erased last week’s rally on news of the offering, falling to close at $15.81. Shares closed Friday at $180.

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The Reserve Bank of New Zealand (RBNZ) said on Tuesday the current governor, Adrian Orr, had been reappointed for another five-year term starting in late March next year, Reuters reported. New Zealand finance minister Grant Robertson said the reappointment followed the RBNZ's board unanimous recommendation. “In light of global conditions, this is also a time when stability and continuity are paramount for the bank,” Robertson said. The central bank is dealing with significant macro and local growth headwinds.

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China's super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing's zero-COVID measures and falling mainland and Hong Kong stock markets pummelled fortunes, an annual rich list said on Tuesday, Reuters reported. The Hurun Rich list, which ranks China's wealthiest people with a minimum net worth of 5 billion yuan ($692 million), said only 1,305 people made the mark this year, down 11% from last year. Their total wealth was $3.5 trillion, down 18%.

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The Reliance Infratel (RTIL) bankruptcy resolution may be finally headed for a close after two years, the Economic Times of India reported. A Reliance Jio Infocomm arm has recently moved a fresh application in the National Company Law Tribunal (NCLT) Mumbai, offering to deposit the total resolution sum of Rs 3,500 crore in a State Bank of India (SBI) escrow account to acquire RTIL, which houses the tower and fibre assets of bankrupt telco, Reliance Communications (RCom).
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Payments and software company Ebix Inc. is seeking to raise cash to pay back some $600 million in debt due early next year, but time is running short as it awaits regulatory approval for a public offering in India while facing allegations of improper accounting from short sellers, WSJ Pro Bankruptcy reported. Nasdaq-listed Ebix, based in Johns Creek, Ga., today does the majority of its business in India.
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China’s exports to the rest of the world shrank unexpectedly in October, a sign that global trade is in sharp retreat as consumers and businesses cut back spending in response to central banks’ aggressive moves to tame inflation, the Wall Street Journal reported. The slide in exports from the world’s factory floor adds to the gloom surrounding the global economy as leaders from the Group of 20 advanced and developing countries prepare to gather in Indonesia next week. A buoyant U.S.
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China's exports and imports unexpectedly contracted in October, the first simultaneous slump since May 2020, as surging inflation and rising interest rates hammered global demand while new COVID-19 curbs at home disrupted output and consumption, Reuters reported. Outbound shipments in October shrank 0.3% from a year earlier, a sharp turnaround from a 5.7% gain in September, official data showed on Monday, and well below analysts' expectations for a 4.3% increase. It was the worst performance since May 2020.
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