Former ANZ Group CEO Shayne Elliott has launched legal action against the Australian banking giant, claiming the lender breached his departure contract by withholding bonuses worth A$13.5 million ($9 million). The case, filed in the New South Wales Supreme Court, revolves around Elliott’s remuneration for the 2025 financial year and highlights ongoing tensions over executive

Read more...

China’s ambitious small bank consolidation drive has accelerated over the past year, but recent data shows that mergers of regional banks and rural lenders may be creating new financial risks. While Beijing aims to strengthen the country’s $8 trillion small banking sector, profit declines, shrinking capital buffers, and rising non-performing loans are testing the effectiveness

Read more...

India has streamlined business visa approvals for Chinese professionals, cutting bureaucratic hurdles and reducing approval times to less than a month. This major policy shift marks a significant step in improving India-China relations, addressing chronic delays that previously cost the Indian electronics sector an estimated $15 billion in lost production. The move comes as Prime

Read more...

Italian luxury fashion house Prada has announced a limited-edition collection of sandals made in India, priced at around €800 ($930) per pair. This initiative comes in response to criticism over cultural appropriation and aims to collaborate with Indian artisans, blending traditional craftsmanship with Italian luxury design. The sandals, inspired by 12th-century Indian Kolhapuri chappals, will

Read more...

JD.com, one of China’s largest e-commerce giants, has announced a major investment in its delivery workforce, pledging 22 billion yuan ($3.12 billion) in housing support for its couriers. This initiative aims to improve the living conditions of delivery riders as competition in the instant retail market continues to escalate. The announcement was made via JD.com’s

Read more...

Britons are expected to spend £24.6 billion ($32.9 billion) during the 2025 Christmas period, marking a 3.5% increase compared with 2024, according to a survey by PwC published Friday. Despite a slow start to festive trading in November, retailers anticipate stronger consumer activity in the weeks leading up to Christmas. With the UK’s headline inflation

Read more...

Japan’s core inflation likely remained well above the Bank of Japan’s (BOJ) 2% target in November, according to a Reuters poll of economists, as moderating food price increases helped offset rising energy costs ahead of a widely anticipated rate hike next week. The nationwide core consumer price index (CPI), which includes energy but excludes fresh

Read more...

Britain’s economy shrunk unexpectedly in the three months to October, official data released Friday shows, raising the likelihood of interest rate cuts by the Bank of England (BoE) in response to softening economic activity. The Office for National Statistics (ONS) reported that gross domestic product (GDP) contracted 0.1% in the August-to-October period, defying economists’ forecasts

Read more...

The Bank of Japan (BOJ) is expected to maintain its commitment to raising interest rates at its upcoming policy meeting on December 18-19, although the pace of further hikes will depend on economic responses to prior increases, according to sources familiar with the central bank’s thinking. Markets have largely priced in a potential increase from

Read more...