Reuters Asia Business

By Liangping Gao and Clare Jim BEIJING/HONG KONG (Reuters) – China on Friday announced “historic” steps to stabilise the crisis-hit property sector, allowing local governments to buy “some” apartments, relaxing mortgage rules and pledging to deliver unfinished homes. Investors hoped the measures marked the beginning of more decisive government intervention to compensate for waning demand …

China unveils ‘historic’ steps to stabilise crisis-hit property sector Read More »

HONG KONG (Reuters) -Chinese electric vehicle maker Xpeng said on Friday new U.S. tariffs on Chinese EVs are detrimental to achieving carbon neutrality and green energy transition. “It will result in higher costs,” Xpeng co-President Brian Gu told media in Hong Kong where the company launched two EV models. “This has no impact on Xpeng …

Xpeng says US tariffs on Chinese EVs detrimental to meeting carbon neutrality Read More »

By Maki Shiraki TOKYO (Reuters) – Toyota Motor was forced to repeatedly halt production at a Mexico plant in February and March after local labour shortages snarled output at suppliers, according to people with knowledge of the automaker’s operations. The stoppages, details of which were corroborated by documents from Toyota and suppliers reviewed by Reuters, …

Exclusive-Toyota repeatedly halted Mexico plant after suppliers hit by worker shortage, sources say Read More »

(Reuters) -General Motors and South Korea’s LG Energy Solution, LG Electronics reached a settlement to establish a $150 million fund to provide relief to Chevrolet Bolt EV owners affected by defective batteries, documents filed in a U.S. court on Thursday showed. General Motors first launched Chevrolet Bolt EVs in 2015, and used batteries made by …

GM, LG agree on $150 million relief for Chevy Bolt EV owners over faulty batteries Read More »

HONG KONG (Reuters) – Hong Kong’s economy expanded 2.7% in the first quarter from a year earlier, the government said on Friday, adding that inbound tourism and major business and entertainment events would support growth for the rest of the year. The economy expanded by 4.3% in the fourth quarter of 2023. On a seasonally …

Hong Kong Q1 GDP expands 2.7% y/y Read More »

By Chen Aizhu SINGAPORE (Reuters) – Biofuel firms are pouring more than $1 billion into building China’s first plants to turn waste cooking oil into aviation fuel for export and meet domestic demand once Beijing mandates the fuel’s use on airplanes to cut emissions. The world’s second-largest aviation market, with about 11% of global jet …

Chinese firms invest in ‘green’ jet fuel, anticipating blending rule Read More »

By Selena Li HONG KONG (Reuters) – Ping An Asset Management, HSBC Holdings PLC’s largest shareholder, will continue to hold its investment in the Asia-focussed lender, a source close to the Chinese fund manager said on Friday, after reports it was considering selling more shares. “We continue to be positive about HSBC and will continue …

Top HSBC shareholder Ping An will retain investment in bank, source says, amid sale talk Read More »

(Reuters) – Turkey is in advanced discussions with Chinese electric car makers BYD and Chery Automobile for factory investments in the country, Industry Minister Fatih Kacir said in an interview to Bloomberg News on Friday. The development comes as the European Commission is investigating whether fully-electric cars manufactured in China were receiving distortive subsidies and …

Turkey in advanced talks with China’s BYD, Chery for EV plants, Bloomberg News reports Read More »

By Foo Yun Chee BRUSSELS (Reuters) -Chinese fast-fashion e-commerce retailer Temu was hit with a European Union complaint on Thursday over a potential breach of online content rules by the PDD Group-owned business. Under the European Union’s Digital Services Act, online marketplaces and intermediaries are required to fight illegal and harmful content as well as …

Temu targeted in EU consumer group’s complaint to EU tech regulator Read More »

By Karen Freifeld and Susan Heavey WASHINGTON (Reuters) -The United States blocked imports from 26 Chinese cotton traders or warehouse facilities on Thursday as part of its effort to eliminate goods made with the forced labor of Uyghur minorities from the U.S. supply chain. The companies are the latest additions to the Uyghur Forced Labor …

US bars imports from 26 Chinese textile firms over suspected Uyghur forced labor Read More »