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Turkey moves to calm nervous markets after fund crisis sparks selloff
Economy

Turkey moves to calm nervous markets after fund crisis sparks selloff

Finance minister says $18.3bn in fund liquidations pose 'no widespread systemic risk' Turkish Finance Minister Mehmet Simsek seeks to reassure financial markets after a fund scandal triggered a market selloff earlier this week. © Reuters ISTANBUL (Reuters) -- Turkey's liquidation of investment funds worth $18.3 billion will not put pressure on Borsa Istanbul, as regulatory changes should prevent any contagion risk, Finance Minister Mehmet Simsek said, adding authorities would monitor the market closely.

Singapore eyes ‘game-changing’ attractions in Sentosa overhaul
Economy

Singapore eyes ‘game-changing’ attractions in Sentosa overhaul

Resort island aims to double visitors under two-decade expansion plan Sentosa Development Corp. CEO Thien Kwee Eng, far right, says the resort island's expansion project will be "implemented progressively over the next two decades." (Sentosa Development Corp.) SINGAPORE -- Singapore's Sentosa resort is already home to palm-fringed beaches, a casino and a Universal Studios theme park. But the city-state's largest tourist attraction is set to get even bigger under a plan the head of the government agency leading the project says will bring "game-changing attractions" to lure tourists from the region and beyond.

China rebuffs AI slowdown calls ahead of Trump-Xi summit: 5 things to know
Economy

China rebuffs AI slowdown calls ahead of Trump-Xi summit: 5 things to know

Mutual distrust likely to limit scope of superpower cooperation on safety, analysts say Dire warnings of AI safety risks have put the issue in the international spotlight as U.S. and Chinese leaders prepare to meet next week. (Nikkei montage/Source photos by Reuters) SHANGHAI/HONG KONG -- Anthropic CEO Dario Amodei's calls to slow the pace of artificial intelligence development over potentially existential safety risks have thrust the AI rivalry between the U.S. and China into the spotlight days before the two superpowers' leaders meet in Washington.

Baidu-backed DeepWay aims to license its e-truck tech in Europe
Economy

Baidu-backed DeepWay aims to license its e-truck tech in Europe

Targeting a Hong Kong IPO, company unveils EU strategy at Hanover trade show DeepWay hopes to make headway in Europe by licensing its e-truck technology to a local established brand. (Photo by Jens Kastner) HANOVER, Germany -- Chinese electric truck and assisted driving startup DeepWay is hoping to gain an edge over its peers in Europe's mature industry by transferring technology to local partners with a view to eventually manufacturing locally, a company executive told Nikkei Asia at a trade show.

US chip toolmaker Forge Nano bets on Taiwan for production: CEO
Economy

US chip toolmaker Forge Nano bets on Taiwan for production: CEO

Samsung-backed atomic deposition specialist eyes batteries and chipmaking market Paul Lichty, founder and CEO of Forge Nano, says the U.S. chipmaking equipment maker sees the strongest opportunities for growth in Asia. (Nikkei montage/Source photos by Cheng Ting-Fang and Forge Nano) HSINCHU, Taiwan -- Forge Nano has chosen Taiwan as a major production hub for its next-generation machinery as the U.S. chipmaking equipment maker eyes strong demand in Asia for advanced atomic-layer deposition technology, the company's chief executive told Nikkei Asia.

Indonesia’s Bayan shares soar after 30% stake sold to Prabowo-linked tycoon
Economy

Indonesia’s Bayan shares soar after 30% stake sold to Prabowo-linked tycoon

Deal comes as production quota uncertainty clouds coal miner's outlook Bayan Resources' coal mines in East Kalimantan. The Indonesian company's shares soared 20% on Sept. 18 after it announced a planned sale of 30% of the stock to a politically well-connected tycoon. (Screenshot from Bayan Resources's website) JAKARTA -- Shares in Indonesian coal miner Bayan Resources surged to their daily upper limit on Friday after the company announced that Jhonlin Baratama, a company owned by politically connected tycoon Andi Syamsuddin Arsyad, had agreed to acquire a 30% stake.

Philippines’ GCash owner gets nod for 92.32bn peso IPO
Economy

Philippines’ GCash owner gets nod for 92.32bn peso IPO

Debut set for Oct. 20 could make it among most valuable companies on bourse Philippine e-wallet GCash parent Mynt is set to make its market debut on Oct. 20 in what could become the country's largest-ever IPO. (Photo by Yuji Murakami) MANILA -- The Philippine Stock Exchange (PSE) has approved what could become the largest initial public offering in the country's history, as Mynt, parent company of digital wallet giant GCash, is expected to raise up to 92.32 billion pesos ($1.4 billion) in its market debut scheduled for Oct. 20.

AirAsia expects $1bn financing by January amid fuel cost pressure
Economy

AirAsia expects $1bn financing by January amid fuel cost pressure

Budget carrier denies receiving government bailout after massive share sell-off An AirAsia jet sits on the tarmac at Senai International Airport in Johor Bahru, Malaysia, in December 2025: The budget carrier is seeking new funds to refinance its debts. (Photo by Ken Kobayashi) KUALA LUMPUR -- AirAsia Group co-founder Tony Fernandes said Friday the Malaysian budget airline expects to secure $1 billion in financing by January, as concerns mount over its financial health in the face of high fuel costs.

Editor’s Choice: ‘Global Hawk missing.’ On the alert in Nikkei Asia’s newsroom
Economy

Editor’s Choice: ‘Global Hawk missing.’ On the alert in Nikkei Asia’s newsroom

Akito Tanaka shares his weekly reflections and recommendations The Global Hawk is programmed to continue flying even if communications are lost, and it can return autonomously to a predetermined location. (Photo by Konosuke Urata) Hello from Tokyo. On Tuesday afternoon, a breaking news alert flashed on the website of Japan's national broadcaster, NHK. "Communication has been lost with an Air Self-Defense Force Global Hawk aircraft off the coast of Tottori prefecture." In today's newsletter, I'd like to share what goes through my mind and what happens in the Nikkei Asia newsroom when an unexpected event like this hits. My first step is to alert the news editor responsible for our newsroom's day-to-day operations. The news editor immediately contacts our Japan editor, who then assigns reporters to gather facts and publish a breaking news story based on the information available. The news is also immediately shared with our audience engagement editors, who begin preparing breaking news alerts for the Nikkei Asia smartphone app and email. During those first few minutes, I start thinking about how significant the incident could become and how we should cover it on Nikkei Asia.

South Korea’s Lee rules out any combat deployment to Middle East
Economy

South Korea’s Lee rules out any combat deployment to Middle East

Country has come under US pressure to contribute to war against Iran South Korean President Lee Jae Myung holds a news conference at the presidential Blue House in Seoul on Sept. 18. © Reuters SEOUL -- Pushing back on pressure from Washington, South Korean President Lee Jae Myung said on Friday that his country will not become involved in fighting the U.S. war against Iran in the Strait of Hormuz, though it could send assets to assist navigation in the vital global waterway.

BOJ hikes rates to 1.25% as chief Ueda cites shift in policy phase
Economy

BOJ hikes rates to 1.25% as chief Ueda cites shift in policy phase

Japan central bank accelerates monetary tightening as market pressure mounts Following a two-day board meeting, the BOJ decided to bump up its uncollateralized overnight call rate. (Photo by Akira Kodaka) TOKYO -- Bank of Japan Gov. Kazuo Ueda on Friday said monetary policy had entered a new phase at a time of growing upside inflation risks, after the central bank raised its benchmark interest rate to a multidecade high of 1.25% in a split vote amid investor expectations that the bank would act to keep inflation in check.

Yen touches 158 to the dollar as market weighs further BOJ tightening pace
Economy

Yen touches 158 to the dollar as market weighs further BOJ tightening pace

Currency swings as BOJ chief signals hawkish bias while keeping options open The currency market is trying to assess where the Japanese yen is headed after a Bank of Japan interest rate increase. (Photo by Naoko Inoue) TOKYO -- The yen slumped against the dollar in Tokyo on Friday, trading at around 157.50 against the greenback after repeated attempts at recovery faded, as the market tried to assess the pace and scale of any further Bank of Japan policy tightening following a quarter-point interest hike earlier in the day.