Reuters Asia Business

By Luc Cohen NEW YORK (Reuters) – An exiled Chinese businessman spent hundreds of millions of dollars he raised from online followers for sham investments on luxury goods including a red Lamborghini and a yacht, a U.S. prosecutor said on Wednesday.   In his closing argument at Guo Wengui’s trial on racketeering and fraud charges, prosecutor …

Exiled Chinese businessman stole millions from followers, US prosecutor says Read More »

JAKARTA (Reuters) -Danish drugmaker Novo Nordisk has signed a deal with Indonesia’s state-owned pharmaceutical company Bio Farma to package insulin to combat diabetes in the Southeast Asian country, a Bio Farma senior official said on Wednesday. Novo Nordisk has made international news in recent months for its popular diabetes drug Ozempic and is known for …

Novo Nordisk, Indonesia’s Bio Farma sign deal to package insulin Read More »

By Joyce Lee SEOUL (Reuters) – Samsung Electronics unveiled its latest foldable smartphones on Wednesday, making its priciest flagship model lighter and slimmer and bolstering AI functions as it challenges Apple’s dominance in the premium market. Samsung is also offering more sophisticated health monitoring functions to drive new demand for accessories such as its smartwatch, …

Samsung bolsters AI in foldable phones, health monitoring in smartwatch, ring Read More »

BEIJING (Reuters) -China’s securities regulator on Wednesday announced more curbs on short-selling and pledged tighter scrutiny of computer-driven programme trading in its latest effort to bolster a flagging stock market. Short-selling, involving the sale of borrowed shares, is often blamed in China by regulators and investors for exacerbating market declines. The China Securities Regulatory Commission …

China announces more short-selling curbs to stabilise stocks Read More »

BEIJING (Reuters) – The mayor of Beijing has told the governor of Saudi Arabia’s sovereign wealth fund he hoped the fund would further expand its business in the Chinese capital, state media said on Wednesday. Beijing’s diplomatic push to court U.S. ally Saudi Arabia comes amid its frustration over what it sees as Washington’s weaponisation …

Beijing eyes more investments from Saudi sovereign wealth fund Read More »

By Andreas Rinke BERLIN (Reuters) -The German government and mobile phone carriers have agreed in principle on steps to phase components by Chinese technology companies out of the nation’s 5G wireless network over the next five years, two people familiar with the matter told Reuters on Wednesday. Newspaper Sueddeutsche Zeitung as well as broadcasters NDR …

Germany in deal to cut Huawei’s role in 5G wireless network, sources say Read More »

By Rodrigo Campos (Reuters) – Emerging market portfolios attracted foreign inflows for an eighth consecutive month in June with flows to Asia ex-China taking the lion’s share, but the high U.S. interest rates are affecting the scale and the outlook of flows, a report showed on Wednesday. The banking trade group Institute of International Finance …

Asia leads as EM portfolios see 8th consecutive month of inflows -IIF Read More »

By Gleb Stolyarov (Reuters) – Payment issues between Russia and China, caused by U.S. sanctions, pose serious issues for Russian imports of Chinese cars that have supplied the domestic market over the last two years, the head of Russia’s car dealers’ association told Reuters. Moscow and Beijing have resorted to complex steps to try to …

Payment problems stifle Russian imports of Chinese cars Read More »

By Ellen Zhang and Kevin Yao BEIJING (Reuters) – China’s economy likely grew 5.1% in the second quarter from a year earlier, slowing from a strong start in the first three months due to sluggish consumer demand, keeping alive expectations Beijing will need to unleash more stimulus. While that kind of growth would keep China’s …

China’s GDP recovery likely lost steam in Q2 as consumption sags: Reuters poll Read More »

By Julie Zhu and Xie Yu HONG KONG (Reuters) – China’s Ministry of Finance is conducting more rigorous checks of work done by the Big Four auditing firms for local companies, three people with knowledge of the matter said, amid concerns auditors are not doing enough to uncover corporate wrongdoing. The tighter scrutiny, which has …

China dials up scrutiny of Big Four audit firms after Evergrande probe, sources say Read More »