China cut borrowing costs for the first time since 2008 and loosened controls on banks’ lending and deposit rates, stepping up efforts to combat a deepening slowdown as Europe’s debt crisis threatens global growth. The one-year lending rate declines by a quarter percentage point today to 6.31 percent, the People’s Bank of China said in a statement yesterday. The one-year deposit rate drops the same amount, ...Read more ›
Business News from China, Hong Kong, Macau, Japan, Korea, Taiwan, Mongolia, Siberia and Russia.
Jetstar Japan Co., the budget carrier set to begin flights this year, said it may grow to 100 planes by the end of the decade, helped by fares about 50 percent cheaper than full-service airlines. ...Read more ›
The Japanese cabinet's extra budget for financing a stimulus package worth about 5 trillion yen (59 billion U.S. dollars) was enacted on Friday. The budget involves 4.4 trillion yen in actual spending. The move is aimed at combating the impact of the increasing strength of the Japanese yen and spurring the deflation-plagued economy. ...Read more ›
Toyota Motor Corp. started Monday a global recall over engine defects in its Lexus luxury models sold around the world, as well as the Crown sold in Japan, moving to repair some 270,000 vehicles to replace valve springs - crucial engine components that are flawed and could cause vehicles to stall. ...Read more ›
U.S. allies in Asia on Wednesday welcomed President Barack Obama's new policy aimed at reducing the likelihood of nuclear conflict, while powerhouse China was silent over his call for Beijing to better explain its nuclear intentions. ...Read more ›