Reuters Asia Business

(Reuters) – Singapore Airlines reported a 38.4% fall in first-quarter net profit on Wednesday, hurt by lower yields and a rise in fuel costs. The city-state’s flag carrier said net profit fell S$452 million ($337.5 million) for the three months ended June 30, from S$734 million a year earlier and a Visible Alpha consensus of …

Singapore Airlines reports lower first-quarter profit Read More »

TOKYO (Reuters) -Japan’s largest lender Mitsubishi UFJ Bank will raise its short term prime lending rate for the first time in 17 years after the Bank of Japan hiked short term interest rates to 0.25%, it said on Wednesday. The rate will rise to 1.625% from 1.475% from Sept. 2, the banking arm of Mitsubishi …

Mitsubishi UFJ Bank raises prime lending rate for first time in 17 years Read More »

TOKYO (Reuters) -Panasonic Holdings said on Wednesday its first-quarter operating profit fell 7%, weighed by lower sales at its battery-making energy unit and an output drop at its automotive battery factory in Japan, but kept its profit outlook for the year. Operating income for the key segment, which makes batteries for Tesla and other automakers, …

Panasonic’s battery unit Q1 operating profit sinks as sales drops Read More »

By Karen Freifeld NEW YORK (Reuters) -The Biden administration plans to unveil a new rule next month that will expand U.S. powers to stop exports of semiconductor manufacturing equipment from some foreign countries to Chinese chipmakers, two sources familiar with the rule said. But shipments from allies that export key chipmaking equipment – including Japan, …

Exclusive-New US rule on foreign chip equipment exports to China to exempt some allies, sources say Read More »

BEIJING (Reuters) – Hundreds of Chinese sellers on Temu have protested against what they call unbearably high penalties imposed by the firm, one of the merchants involved in the protest told Reuters, a fresh sign of tough price competition with low-cost rival Shein. Temu, the international online site owned by PDD Holdings, sells a wide …

China’s Temu vendors protest over penalty policy Read More »

By Sam Nussey TOKYO (Reuters) -Japan’s Advantest raised its full-year operating profit forecast by 53% on Wednesday citing stronger than expected growth in demand for chip testing equipment. Advantest expects profit of 138 billion yen ($903.02 million) in the year ending March 2024, pointing to the increasing complexity of chips related to generative artificial intelligence …

Japan’s Advantest ups FY profit outlook by 53% on stronger chip tester demand Read More »

TOKYO (Reuters) -The Japanese government ordered Toyota Motor on Wednesday to make “drastic reforms” after discovering new violations in the automaker’s vehicle certification procedures. In a so-called corrective order, the transport ministry said on-site inspections had uncovered widespread, intentional misconduct and irregularities in seven additional models that had not been previously disclosed. Toyota said the …

Japan orders ‘drastic reforms’ after new Toyota certification violations Read More »

By Leika Kihara and Takaya Yamaguchi TOKYO (Reuters) -The Bank of Japan raised interest rates in a mostly unexpected move on Wednesday and unveiled a detailed plan to slow its massive bond buying, taking another step towards phasing out a decade of huge stimulus. The decision, which defied dominant market expectations for the BOJ to …

BOJ lifts rates, signals slow end to historic bond buying binge Read More »

By Daniel Leussink TOKYO (Reuters) – Demand for hybrids is likely to deliver another quarter of double-digit growth for Japan’s Toyota Motor when it reports earnings on Thursday, although it is expected to show signs of slowing after a run of record profits. Analysts will be paying close attention to how much momentum the world’s …

Toyota to post rise in Q1 profit on hybrid demand, but momentum may be slowing Read More »