Asia news

India is one step closer to establishing regulations to govern the crypto sector after Nirmala Sitharaman, the country’s Finance Minister, said the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 is ready. Sitharaman shared this information during an interview on July 1, saying that the…

Toyota Motor Corp (LON:TYT) stock edged lower by 1% on Tuesday despite news it outsold General Motors Co. (NYSE:GM) in the US in the three months ended 30th June. According to reports, the Japanese auto manufacturer sold 688,813…

Indian households are known for their affinity for gold but 2020 brought in a notable shift in investment allocation. While Indians own more than 25,000 tons of gold, investments in cryptocurrencies soared from about $200 million to almost $40 billion in the past year despite a proposed trading ban and…

Securitize, Inc. raised $48M from new and current investors, rendering its Series B fundraising round oversubscribed. The Series B fundraising was co-led by asset management and venture capital leaders such as Blockchain Capital, the biggest investor in Securitize, and a number of Morgan Stanley investment funds, the company stated on…

Against the drop of increasing regulatory scrutiny industry-wide, exchange platform BitMEX is on a hiring spree in a show of self-assurance. They are hiring derivative structurers, engineers, a head of financial crime compliance, and other positions lower in the hierarchy in Hong Kong, according to the exchange’s website. BitMEX, which…

ByteDance disclosed its full-year financial results in a company-wide meeting on Thursday. According to a staff member who attended the meeting, the parent company of TikTok reported $34.3 billion of revenue in 2020 that represents a 111% annualised growth. At $19 billion, its gross profit surged 93%. ByteDance said that…

Goldman Sachs Group Inc. (NYSE:GS) shares surged 2.80% on Tuesday after Reuters said that the company was planning to double its annual real estate investments in Japan on Monday. GS shares are now up more than 100% over the last seven months…

Foxconn (TPE: 2354) said on Friday its net profit in the first quarter printed at £720 million. In the same quarter last year, its net profit was capped at a significantly lower £53 million due to the Coronavirus disruptions. Foxconn shares opened 1.5% up in the stock market on…

Alibaba Group (NYSE: BABA) swung to a net loss of £610 million in the fiscal fourth quarter attributed to a recent £2.0 billion anti-monopoly fine. The NYSE-listed shares of Alibaba opened at £151.75 per share on Thursday and are currently exchanging hands at £147.36 per share. In comparison, the Hangzhou-based…

Alibaba Group Holding Ltd (NYSE: BABA) said on Thursday its revenue in the fiscal fourth quarter topped estimates, despite swinging to a loss due to a sizeable anti-monopoly fine. 1. Financial performance Alibaba reported £610 million of net loss for Q4 that translates to 22 pence per ADS (American Depositary…

SoftBank Group Corp (TYO: 9984) said on Wednesday a series of blockbuster IPOs pushed its profit to a record high for any Japanese company. The conglomerate holding firm posted £32 billion of annual net income. SoftBank opened at £62.38 per share in the stock market on Wednesday and is…

Toyota Motor Corp. (LON: TYT) said on Wednesday its net profit in the fourth quarter posted an over 100% growth compared to last year as it continued to recover sharply from an unprecedented hit due to the COVID-19 crisis. Toyota shares opened at £54.26 in the stock market…

Lyft Inc. (NASDAQ: LYFT) said on Monday it will sell Level 5 to Toyota Motor Corp for £395.78 million – a move that will help it hit its profitability target sooner than expected. In early February, the San Francisco-based company reported a narrower-than-expected per-share loss in the prior…

Tata Consultancy Services Ltd (NYE: TCS) said on Monday that its profit in the fiscal fourth quarter of 2021 jumped 14.9% on the back of cloud services that saw robust demand amidst the Coronavirus pandemic in recent months. Tata Consultancy shares tanked a little under 1% in premarket trading…

China fined its eCommerce giant Alibaba Group Holding Ltd (NYSE: BABA) a record £2.0 billion on Saturday after an investigation found it in breach of the anti-monopoly regulations. The investigation concluded that Alibaba has, for several years, abused its dominant position in the market, resulting in a fine that translates…

Nokia Corp. (EPA: NOKIA) settled a multi-year patent dispute with the world’s largest PC maker, Lenovo Group Ltd. (HKG: 0992), on Wednesday. Lenovo shares that you can conveniently trade online via a range of user-friendly apps opened at £1.02 per share on Wednesday and are currently trading…

Samsung Electronics (KRX: 005930) profit in the quarter from January to March likely jumped 45% on a year over year basis as demand for smartphones, television sets, and other home appliances remained robust in recent months. Samsung opened at £54.89 per share on Monday and is currently trading at…

NIO Inc. (NYSE: NIO) said on Thursday that its deliveries posted another significant increase in the first quarter of 2021. NIO shares were reported more than 6% up in premarket trading on Thursday. Including the price action, the stock is now exchanging hands at £30 per share. In comparison, it…

Foxconn Technology Group (TPE: 2354) said on Tuesday that its net profit posted a 12% decline in 2020 as the ongoing Coronavirus pandemic disrupted production and weighed on demand. The Taiwanese multinational is a prominent supplier for the U.S. tech giant, Apple Inc.,   Foxconn opened at £1.90 per…

Geely Automobile Holdings Ltd (HKG: 0175) said on Tuesday that its full-year profit posted a 32% decline in 2020. The company said it planned on joining hands with its parent organisation, Zhejiang Geely Holding Group, to launch Zeekr – a new brand that will be specially dedicated to the…

Saudi Aramco (SE: 2222) said late on Sunday that its profit in 2020 posted a steep decline of close to 50% due to the ongoing Coronavirus pandemic that wreaked havoc on the global energy markets. The COVID-19 crisis has so far infected more than 120 million people worldwide and caused…

Nissan Motor (TYO: 7201) confirmed on Monday that it was not holding discussions with Apple Inc. (NASDAQ: AAPL) over a possible collaboration on the latter’s autonomous car project. The announcement shunned an earlier report that suggested the two companies were in talks about a tie-up. Nissan Motor closed…