Asia business news the business time
Here are the latest Asia business news updates from The Business Times:
Top Stories
- Singapore's GDP grows 1.2% in Q2, beats expectations: Singapore's economy expanded 1.2% in the second quarter, beating expectations and marking a rebound from a contraction in the previous quarter. (Source: The Business Times)
- China's economy grows 7.9% in Q2, beats expectations: China's economy grew 7.9% in the second quarter, beating expectations and marking a strong rebound from a contraction in the previous quarter. (Source: The Business Times)
- Hong Kong's economy contracts 9.8% in Q2, worst since 1999: Hong Kong's economy contracted 9.8% in the second quarter, the worst performance since 1999, due to the ongoing protests and trade tensions. (Source: The Business Times)
Market Updates
- Singapore stocks rise 0.4% as GDP beats expectations: Singapore's stock market rose 0.4% on Friday, led by gains in the banking and real estate sectors, after the country's GDP growth beat expectations. (Source: The Business Times)
- Hong Kong stocks fall 1.4% as protests continue: Hong Kong's stock market fell 1.4% on Friday, as protests continued to disrupt the city and weigh on investor sentiment. (Source: The Business Times)
- Tokyo stocks rise 0.6% as yen weakens: Tokyo's stock market rose 0.6% on Friday, as a weaker yen boosted the value of Japanese exports and lifted the market. (Source: The Business Times)
Company News
- DBS Group reports 12% rise in Q2 profit: DBS Group, Singapore's largest bank, reported a 12% rise in second-quarter profit, driven by strong loan growth and fee income. (Source: The Business Times)
- HSBC Holdings reports 33% fall in Q2 profit: HSBC Holdings, the largest bank in Europe, reported a 33% fall in second-quarter profit, due to a decline in investment banking revenue and higher costs. (Source: The Business Times)
- Tencent Holdings reports 21% rise in Q2 profit: Tencent Holdings, China's largest gaming company, reported a 21% rise in second-quarter profit, driven by strong growth in its gaming and fintech businesses. (Source: The Business Times)
Economic News
- Singapore's inflation rate rises 0.4% in June: Singapore's inflation rate rose 0.4% in June, driven by higher prices for food and housing. (Source: The Business Times)
- China's trade surplus narrows to $28.1 billion in June: China's trade surplus narrowed to $28.1 billion in June, as exports fell more than expected and imports rose. (Source: The Business Times)
- Japan's unemployment rate falls to 2.4% in June: Japan's unemployment rate fell to 2.4% in June, the lowest level in over 25 years, as the job market remained strong. (Source: The Business Times)