By Joyce Lee and Heekyong Yang SEOUL (Reuters) -SK Innovation, parent of South Korea’s largest oil refiner and battery maker SK On, said on Wednesday it will merge with energy affiliate SK E&S as the nation’s No. 2 conglomerate undertakes a major overhaul to boost profitability. The move, which creates a 100 trillion won ($72.57 …
South Korea’s SK Innovation agrees merger with SK E&S as part of overhaul Read More »
By Sudarshan Varadhan and Panu Wongcha-um SINGAPORE/BANGKOK (Reuters) – The extension of a multilateral deal by Singapore to import hydropower from Laos is stuck due to disagreements over how the energy will be transmitted through Malaysia and Thailand, two regional government sources familiar with the matter said. The Lao PDR-Thailand-Malaysia-Singapore (LTMS) Project to supply up …
Singapore-Laos clean power deal stuck over transmission, sources say Read More »
By Gayatri Suroyo and Stefanno Sulaiman JAKARTA (Reuters) -Indonesia’s central bank held its benchmark interest rate steady on Wednesday, as expected, saying the current level remained consistent to manage inflation through to 2025 and stabilise the rupiah, while eyeing room for easing in the fourth quarter. The seven-day reverse repurchase rate, known as the Bank …
Indonesia central bank holds interest rates steady, as expected Read More »
By Chayut Setboonsarng BANGKOK (Reuters) – Tech startup Amity Corp, run by the grandson of Thai billionaire Dhanin Chearavanont, closed an investment round raising $60 million, its chief executive said on Wednesday, with plans to list its Thai unit in 2025. Amity’s generative artificial intelligence (AI) chat bots allows its enterprise customers to quickly resolve …
Thai billionaire heir’s AI startup Amity raises $60 million Read More »
By Luc Cohen NEW YORK (Reuters) -Guo Wengui, an exiled Chinese businessman and outspoken opponent of Beijing’s communist government, was convicted on Tuesday in his U.S. trial on charges of stealing hundreds of millions of dollars from online followers. Guo was convicted on nine of the 12 criminal counts he faced, including racketeering conspiracy and …
Exiled Chinese businessman Guo convicted at US fraud trial Read More »
(Reuters) -Daimler Truck on Tuesday said it was booking an impairment in the second quarter on the value of its joint venture in China due to a “persistent weak market” there and added that its full-year guidance was “under review”. The German company said the writedown at the venture, Beijing Foton Daimler Automotive, had a …
Daimler Truck makes impairment due to weakness in China Read More »
By Seher Dareen and Divya Rajagopal (Reuters) -Canadian miner Montage Gold on Tuesday said Chinese mining firm Zijin Mining Group would take a 9.9% strategic stake in the company through its brokered private placement. Zijin Mining will purchase 32.7 million shares out of nearly 97.1 million common shares of the Vancouver, Canada-based company at C$1.75 …
China’s Zijin Mining to take 9.9% stake in Canada’s Montage Gold Read More »
By Philip Blenkinsop BRUSSELS (Reuters) -European Union governments exposed divided views on the merits of EU tariffs on imports of China-built electric vehicles in a non-binding but still influential vote, sources with knowledge of the vote said on Tuesday. The European Commission, which oversees the bloc’s trade policy, has set provisional duties of up to …
EU countries divided on Chinese EV tariffs in vote, sources say Read More »
(Reuters) – A profit alert from Hugo Boss and weak China sales at Richemont added to evidence that Chinese appetite for luxury goods may have peaked, knocking share prices on Tuesday, while Porsche’s exposure to the world’s No. 2 economy also rattled investors. China has been a major source of growth for the luxury industry, …
China’s reduced spending saps European luxury stocks Read More »
By Christina Amann BERLIN (Reuters) -The European Commission has signalled to Volkswagen and BMW that it may consider lowering tariffs on the two carmakers’ imports of China-made EVs, two sources with knowledge of the matter said. The European Commission was willing to classify the two carmakers as so-called cooperating companies, the sources said, making them …
EU may cut China EV import tariffs for Volkswagen and BMW, sources say Read More »
