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December, 5, 2016

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Business > Asia
A long wait for rupees
Indians stand in line at a bank to exchange or deposit discontinued currency notes in New Delhi, Tuesday, Nov. 15. Chaotic scenes played out across India with long lines growing even longer and scuffles breaking out, as millions of anxious people tried to change old currency notes that became worthless days earlier when the government demonetized high-value bills.
 
The U.S. dollar fell against the Taiwan dollar Tuesday, shedding NT$0.079 to close at NT$31.870 as bargain hunters picked up the local currency for trading purposes, dealers said.
 
ID verification gets easier
Financial Supervisory Commission (FSC, 金管會) Chairman Lee Ruey-tsang (李瑞倉), center, and other heads of exchanges and insurance agencies attend the launch of a mobile identification service in Taipei on Tuesday, Nov. 15. The new platform TWID, short for Taiwan Identification, would provide third-party financial identification services -- including for opening accounts and making transactions of securities, futures, banking and insurance. The platform aims to make personal identification more convenient, easy and safe, Lee said.
 
China retail sales growth slows in October, investors remain unfazed
China's retail sales growth slowed to 10.0 percent year on year in October, government data showed Monday, missing expectations in a worrying sign for domestic demand in the world's second-largest economy.
 
Stronger exports and housing investment helped Japan's economy grow at a 2.2 percent annualized pace in the July-September quarter, better than many analysts had anticipated and fast enough to stave off further central bank stimulus for now.
 
Japanese stocks soared Monday as the dollar reached a four-month high against the yen, but most other Asian markets were hit by worries about the impact of Donald Trump's presidency on global trade.
 
Indian Prime Minister Narendra Modi on Monday urged Indians to give him more time to resolve a cash crisis that followed the withdrawal of high-value notes, insisting the shock move would benefit the poor in the long run.
 
South Korean internet giant Naver Corp. has unveiled a US$43 million fund with Softbank to invest in content and technology startups.
 
Nanya Technology Corp. (南亞科), one of Taiwan's leading DRAM makers, has decided to take a roughly 5 percent stake in a U.S. counterpart, Micron Technology Inc., in a bid to reinforce a bilateral strategic partnership.
 
Better-than-expected forecasts for the air transport and shipping markets have spurred optimism for freight firms.
 
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