Reuters Asia Business

By Rishav Chatterjee (Reuters) – Mynt, which operates the Philippine e-wallet brand and IPO-hopeful GCash, has more than doubled its valuation to $5 billion following investments from Ayala Corp and Japan’s Mitsubishi UFJ Financial, the companies said in separate statements on Friday. Ayala Corp, one of the Philippines’ oldest conglomerate, said it has acquired an …

Philippine’s Mynt gets valuation boost at $5 billion with Ayala, MUFG funding Read More »

BEIJING (Reuters) – U.S. automaker Tesla’s sales of China-made electric vehicles rose 15.3% from a year earlier to 74,117 units in July, data from the China Passenger Car Association (CPCA) showed on Friday. Deliveries of China-made Model 3 and Model Y vehicles were up 4.4% from June. Chinese rival BYD, with its Dynasty and Ocean …

Tesla’s China-made EV sales rise 15.3% y/y in July Read More »

By Sam Nussey TOKYO (Reuters) – Nintendo said sales of its aging Switch console almost halved in the April-June first quarter and profit slumped, falling far short of estimates. The Kyoto-based gaming company sold just 2.1 million units of the Switch, which is in its eighth year, during the quarter but maintained its full-year sales …

Nintendo Switch sales halve and profit tumbles as successor device awaited Read More »

BEIJING (Reuters) -The Shanghai Stock Exchange (SSE) deputy general manager, Dong Guoqun, is under investigation, China’s anti-graft watchdog said on Friday. Dong is being investigated over suspected serious violations of laws and discipline, according to a statement on the Central Commission for Discipline Inspection (CCDI) website. The SSE did not immediately reply to a Reuters …

Shanghai bourse’s vice general manager under investigation by anti graft watchdog Read More »

By Uditha Jayasinghe (Reuters) -Sri Lanka must make further efforts to raise fiscal revenue if it is to maintain economic stability and restore debt sustainability, the International Monetary Fund said on Friday, after wrapping up a staff visit to the country. After September’s presidential election in the Indian Ocean nation, the global lender will discuss …

Sri Lanka needs to raise fiscal revenue to maintain stability, IMF says Read More »

TOKYO (Reuters) – A joint venture of Japan’s SoftBank Corp and South Korea’s Naver will sell back about 2% of its 64.42% stake in LY Corp, which operates the popular messaging app Line, LY said in a share buyback disclosure on Friday. The voting rights of LY owned by the SoftBank-Naver venture “A Holdings” will …

SoftBank, Naver JV to tender minor stake in Line operator’s $1 billion buyback Read More »

BEIJING (Reuters) – China’s new type of urbanisation is beneficial to boost consumption and investment, Zheng Bei, a vice head of the country’s state planner, said on Friday in Beijing. She estimated that every one percentage point rise in the urbanisation rate can generate more than 200 billion yuan ($27.72 billion) consumption demand each year …

China’s new type of urbanisation conducive to boost consumption, investment, says official Read More »

By Max A. Cherney and Aditya Soni (Reuters) -Apple on Thursday reported a return to sales growth in its fiscal third quarter as iPhone revenue topped Wall Street targets, helping cushion a bigger-than-expected sales decline in China. Shares of the company rose nearly 1% in extended trading. Apple said revenue rose 4.9% to $85.78 billion …

Apple revenue returns to growth as iPhone sales top expectations Read More »

By Howard Schneider and David Milliken WASHINGTON/LONDON (Reuters) – Decisions by major central banks this week brought the end of pandemic-era monetary policy into closer view, but also highlighted how long the road back to “normal” will be as officials now probe for the endpoint of interest rate cuts and manage the wind-down of massive …

Central banks are turning the ship, but their path is unclear Read More »

By Divya Rajagopal TORONTO (Reuters) – Canadian labour union Unifor called on the federal government on Thursday to impose tariffs on all Chinese-made electric vehicles (EVs), EV batteries and other components, aligning it with some of the measures already proposed by the United States. In July, Canada began a public consultation process as it weighs …

Canadian union Unifor calls for strict tariffs on imported Chinese EVs, components Read More »