China breaks up $64b underground banking

Chinese authorities have uncovered the country's biggest underground banking case involving transactions totalling more than 410 billion yuan ($64 billion), official media reported, part of a drive to combat illegal capital outflows.

The investigation, which started in September and focused on the costal province of Zhejiang, found that dozens of Hong Kong-registered shell companies forged more than 1.3 million fake transactions to transfer money offshore, the official People's Daily reported on Friday.

China started cracking down on underground banks in April and has so far uncovered more than 170 cases of money laundering and illegal fund transfers, involving more than 800 billion yuan ($125.34 billion). The cases come as capital outflows reach hundreds of billions of dollars, triggering alarm in some circles.

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AirAsia Market News Update

Shares of AirAsia Bhd (5099.KU), Southeast Asia's largest discount carrier by fleet, Thursday fell to its lowest level in three weeks after reporting a 85% fall in third-quarter net profit.

The stock opened 2.0% lower at 2.41 ringgit a share ($0.72) and hit a low of 2.38 ringgit, its lowest since Oct. 30, in early trade on the Malaysian stock exchange. AirAsia was traded at 2.39 ringgit at 0130 GMT, valuing the company at about 6.6 billion ringgit.

AirAsia's July-September net profit fell to 5.4 million ringgit from 35.5 million ringgit a year earlier as borrowing costs surged 25% and the budget airline incurred a deferred tax of 10.5 million ringgit. Operating cost also increased. Revenue however rose 3.1% to 1.32 billion ringgit from 1.28 billion ringgit a year earlier, aided by an increase in passengers.

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