Asia

More Japanese companies have decided against sending executives to Friday’s opening ceremony for the Tokyo Olympics as concerns about holding the games during the pandemic grow, Bloomberg reported. Senior officials from Nippon Telegraph & Telephone Corp., Fujitsu Ltd. and NEC Corp. will skip the event given that organizers decided to hold the games without spectators, spokespeople for the technology giants said Tuesday, a day after Toyota Motor Corp. announced its top executive wouldn’t attend.

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Global stock markets swooned Monday, with the Dow slumping more than 700 points, as investors are growing increasingly anxious about a delta-led resurgence in coronavirus cases and its potential to derail the economic recovery, The Washington Post reported. Oil prices also fell sharply. The delta variant is now the dominant strain worldwide and surging rapidly, even in countries with high vaccination rates. New coronavirus infections in the U.S. rose nearly 70 percent in a single week, officials reported Friday, and nearly every state has reported an increase in cases.

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Tsinghua Unigroup, a would-be microchip champion, is facing bankruptcy, a setback in China’s quest for semiconductor self-reliance, the New York Times reported. In 2015, an obscure company run by a real estate mogul woke up the world to China’s ambitions in semiconductors, the foundational technology that powers computing. Laden with state funding and political backing, the company made jaws drop with a $23 billion bid to buy American chip-maker Micron. Six years on, China’s would-be microchip champion looks more like a national disappointment.

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The recovery as a percentage of gross nonperforming assets moderated to 12.8 percent in 2020-21 from 15.8 percent in the previous fiscal year against the backdrop of the pandemic, Minister of State for Finance Bhagwat K Karad informed India’s Parliament on Monday, the Business Standard reported. As per Reserve Bank of India data on global operations, he said, scheduled commercial banks (SCBs) have recovered an amount of Rs 4,18,687 crore during the last three financial years.

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Garuda Indonesia posted a net loss of $2.4 billion in 2020, with its auditor raising concerns over the continuity of the Southeast Asian country's flagship airline, Nikkei Asia reported. The net loss is Garuda's biggest since at least 2005, the oldest available data on Quick-Factset, and marks a staggering increase from the $38.9 million loss it reported the previous year. The figures, posted to the Indonesian Stock Exchange late Friday, further highlight the dire situation the company faces.

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The Shenzhen Intermediate People's Court in South China's Guangdong Province on Monday granted a personal application for bankruptcy protection, the first such case since relevant laws went into effect in March, the Global Times reported. The application was filed by Liang Wenjin, a local entrepreneur in the Bluetooth earphone industry whose company went bankrupt due to unstable sales and the effect of the COVID-19 pandemic.

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A creditor of Chinese electric car startup Byton filed a court petition for the embattled company's bankruptcy on Monday, a local court record showed, Dow Jones Newswires reported. A Shanghai-based software supplier has requested the court to start the bankruptcy proceedings for Nanjing Zhixing New Energy Vehicle Technology Development Co., or Byton, according to the court record. The court hasn't accepted the petition as Byton is seeking a settlement with the creditors, the company said in a statement.
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Bank of Korea Governor Lee Ju-yeol said the central bank will discuss raising its key interest rate from its next meeting in August after playing down the likelihood that the latest virus surge will dent the economy’s recovery, Bloomberg News reported. While the bank left rates unchanged at 0.5% at its policy meeting on Thursday, a call for a quarter percentage point hike from one member helped send Korea bond futures plunging and strengthened the won as investors boosted their hawkish bets for the BOK to move early.
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Realty developers Mantra Properties and Ashdan Developers are in fray to acquire Pune-based real estate developer D S Kulkarni Developers through the ongoing insolvency process with separate bids of over Rs 800 crore each, the Economic Times of India reported. While Mantra Properties has bid Rs 880 crore, Ashdan Developers has bid Rs 827 crore in the third revision of their plans to acquire the debt-laden company and its projects. The Committee of Creditors (CoC) is expected to take a final call on both the resolution plans this week.

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India's central bank has ordered Mastercard to stop adding new customers for failing to comply with the country's data storage rules, escalating a dispute between Indian authorities and U.S. financial services groups over the control of customer data, the Financial Times reported. The Reserve Bank of India said that Mastercard had not complied with rules introduced in 2018 that bar payment companies from transferring customer data overseas. The regulations, which were fiercely resisted by U.S. payment companies, required all financial data to be stored exclusively in India.

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