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Economy

Chinese owners of UK private schools criticized after closures

Industry leaders call for tighter oversight of foreign investors Durham High participated in the 2025 Galaxy Global Education Schools Conference in Shanghai last November that was attended by education agents, school leaders and parents. (From the LinkedIn page of GGE) LONDON -- After 12 years at Durham High School, Maiah was told abruptly earlier this month that the private school was closing and that she would need to enroll in a new institution to begin a crucial examination year in September.

July 29, 2026

Economy

Iran war and AI demand help drive revenue at Rio Tinto, Woodside

Australian commodity producers benefit as LNG and metal prices surge Rio Tinto's exposure to the global tech trends of electrification and data center construction helped deliver a major earnings jump for the miner. © Reuters CANBERRA -- Commodity price rises due to the Iran war and a data center surge driven by artificial intelligence demand are boosting revenues for Australia's major resource companies, with Woodside and Rio Tinto reporting significant revenue jumps on Wednesday.

July 29, 2026

Economy

India’s central bank support gives rupee respite, but oil risks loom

Energy price impact of U.S.-Iran war continues to weigh on the currency In June, India's central bank announced a host of measures to help strengthen the rupee, including hedging incentives for banks to attract more foreign currency deposits from nonresident Indians. © Reuters MUMBAI -- The rupee, among the worst currency performers in Asia, is expected to stabilize after a spate of actions by India's central bank to provide structural support. But whether the currency actually does so in the coming months will hinge on the movement of oil prices.

July 29, 2026

Economy

China’s BAIC Motor flags loss as Mercedes-Benz joint venture skids

German luxury marque says first-half China sales fell 28%, books impairment charge Employees work at a factory of Beijing Benz Automotive Co. (BBAC), a joint venture between BAIC Motor and Mercedes-Benz, in the Chinese capital in 2022. © Reuters TOKYO -- BAIC Motor, a Chinese joint venture partner of Mercedes-Benz, expects to book a net loss of up to 1.65 billion yuan ($244 million) for the first six months of the year, as price war pressure builds even at the higher end of the market.

July 29, 2026

Economy

South Korean stocks plunge, erasing AI rally gains as chip selloff deepens

Unwinding of AI-linked trades sends warning signals across Japan and Taiwan Stock in SK Hynix dropped on July 29 despite the South Korean company announcing robust earnings earlier in the day. © Reuters TOKYO -- South Korean stocks accelerated their recent declines on Wednesday, with concerns over the rise of Chinese chipmakers driving the nation's benchmark share index below a critical threshold and wiping out earlier gains from an AI-led rally.

July 29, 2026

Economy

ANA Q1 net profit drops 15% amid soaring jet fuel prices

CFO remains wary of business impact with Middle East uncertainty All Nippon Airways has been raising fuel surcharges on international flights because of high jet fuel prices caused by conflict in the Middle East. (Photo by Yuki Kohara) TOKYO -- ANA Holdings, a major Japanese aviation company, on Wednesday posted its net profit of 19.4 billion yen ($118.6 million) in the three-month period from April to June, down 15.4% from the same period the previous year, amid soaring fuel prices caused by the Iran war.

July 29, 2026

Economy

Kumamoto mall explosion raises concern over Japan’s disaster response hubs

Aeon's shopping complex was expected to provide shelter, food for locals in case of disaster A magnitude-7.1 earthquake that hit Japan's Kumamoto prefecture triggered an explosion at Aeon Mall Kumamoto. The shopping complex had been designated as an evacuation site for local residents in case of a natural disaster. (Photo by Arisa Moriyama) TOKYO -- The fatal explosion at a shopping mall in southwest Japan's Kumamoto prefecture on Tuesday following the magnitude-7.1 earthquake that struck the region has led to fresh concerns regarding the resilience of the many disaster response hubs in the country that are expected to shelter evacuees and distribute emergency supplies in times of crisis.

July 29, 2026

Economy

In Focus: Magnitude-7.1 earthquake jolts Kumamoto

Explosion and partial collapse reported at mall in southwestern Japan Search-and-rescue operations are underway at Aeon Mall Kumamoto in the town of Kashima, southwestern Japan, hours after a powerful earthquake struck the area on July 28. Many people were feared trapped inside the building. © Kyodo TOKYO -- An earthquake with an estimated magnitude of 7.1 struck southwestern Japan's Kumamoto prefecture around 4:27 p.m. on Tuesday. The Japan Meteorological Agency said the quake originated under the southern main island of Kyushu at a depth of about 16 kilometers. It is the first quake in the country to reach the maximum intensity of 7 on Japan's seismic scale since one struck the Noto Peninsula on New Year's Day in 2024. The agency warned that strong temblors may continue for about a week and especially over the next two to three days. Following the quake, an explosion occurred at Aeon Mall Kumamoto in Kashima, according to the Fire and Disaster Management Agency. Part of the second floor collapsed, trapping many people inside. Eight people were rescued, while two deaths and one case of cardiopulmonary arrest have been confirmed. As of 5 p.m.

July 29, 2026

Economy

Panasonic plans 4-fold boost to India air conditioner production

Japan tech group to invest $21m to raise share in growth market Panasonic sees India as a key market for air conditioners thanks in part to its rising population. (Photo by Kanoko Sakamoto) OSAKA -- Panasonic Holdings plans to raise its air conditioner production capacity in India to an annual 2 million units by fiscal 2028, about four times the current level.

July 29, 2026

Economy

Kumamoto quake disrupts TSMC, Toyota operations in southern Japan

Factory evacuations, production halts hit industrial hub; death toll reaches 13 A man and woman examine a damaged building in Yatsushiro, Kumamoto prefecture, on July 29 as a Self-Defense Force member looks on. (Photo by Yo Inoue) TOKYO -- Tuesday's powerful earthquake in southwest Japan's Kumamoto prefecture has disrupted semiconductor and automotive production in the industrial center, affecting operations at Taiwan Semiconductor Manufacturing Co., Toyota Motor and other manufacturers. Kumamoto is home to TSMC's main production hub in Japan. The 7.1-magnitude earthquake registered upper-5 (out of 7) on Japan's seismic intensity scale in Kikuyo, where the chipmaker's JASM plant is located. Personnel promptly evacuated the site after the earthquake hit, a company spokesperson told Nikkei Asia on Tuesday. On Wednesday, a TSMC spokesperson said that post-quake inspections had confirmed the structure was safe. "The water supply, power and workplace safety systems are functioning normally. We are now inspecting equipment," the spokesperson said.

July 29, 2026

Economy

Indonesia’s GoTo posts 2nd quarterly profit as fintech business soars

Superapp says government's 8% commission cap clouds on-demand service outlook Indonesian superapp company GoTo on July 29 says its on-demand ride hailing and food delivery business under Gojek has slowed, with the outlook further downturned after the government caps the amount of commissions that companies can charge drivers. (Photo by Yuki Kohara) JAKARTA -- Indonesian technology company GoTo Group on Wednesday reported its second consecutive quarterly net profit in the April-June period, driven by the rapid growth of its financial technology business even as its ride-hailing segment slowed.

July 29, 2026

Economy

Nvidia’s $1bn bet on Naver pumps cash into AI infrastructure buildout

US chipmaker and South Korean tech group forge capital alliance for data centers South Korea's Naver looks to build 200 megawatts worth of data center capacity by 2028 through a partnership with Nvidia. © Reuters HONG KONG -- Nvidia's planned $1 billion investment in South Korean tech group Naver marks a new phase in the two companies' effort to build global infrastructure for artificial intelligence.

July 29, 2026