Asia Roundup
Sri Lanka Surprises With Big Rate Hike as Emerging Markets Defend Currencies
Sri Lanka is the latest emerging market to tighten monetary policy aggressively as an oil crisis triggered by the Iran war pushes currencies to record lows and threatens economic stability, Bloomberg reported.
The Central Bank of Sri Lanka raised its overnight policy rate by a full percentage point – its first monetary tightening in three years – to 8.75% on Tuesday. Bank Indonesia also unexpectedly delivered a half-point increase to its key rate last week.
Tata Sons Board Meeting Concludes After Five Hours, No Decision Announced
The Tata Sons board met at Bombay House, the Tata Group’s headquarters in Mumbai, on Tuesday for over five hours, Outlook Business reported. No formal decision was announced at the conclusion of the much-anticipated meeting.
The meeting was called to review the long-term direction of key group companies and discuss turnaround and consolidation strategies for several unlisted and loss-making businesses. The board was expected to seek greater clarity on reducing losses, improving returns and outlining a roadmap to profitability for these units.
VinFast Names Founder’s Son Chairman Amid Losses, US Setbacks
VinFast Auto appointed the son of billionaire founder Pham Nhat Vuong as chairman while the Vietnamese electric vehicle maker faces mounting losses and setbacks in the US, Bloomberg reported.
Its board of directors named Pham Nhat Quan Anh to replace Le Thi Thu Thuy, who will continue as vice chairwoman at parent company Vingroup to focus on the larger group’s business, according to a company statement.
Indonesia Roundup
Indonesia Probes Musim Mas, Wilmar for ‘Under-Invoicing’ of Exports
Indonesia's finance minister said that Wilmar International and Musim Mas Group are among the palm oil companies now being probed for suspected “under-invoicing” of exports, Reuters reported.
Under-invoicing involves the invoicing of goods below their market price, often to hide profits and avoid taxes.
Danareksa Spins Off Industrial Zone Business
Indonesian sovereign fund Danantara has decided to spin off state-owned company Danareksa’s industrial zone business, IDN Times reported.
A new state-owned holding company called Kawasan Industri Indonesia has been formed to oversee the industrial zones.
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