Reuters Asia Business

By Karen Freifeld (Reuters) -U.S. legislation that would restrict business with China’s BGI, WuXi AppTec and certain other biotech companies on national security grounds was approved by a U.S. House of Representatives committee on Wednesday. The House Committee on Oversight and Accountability voted overwhelmingly to approve the Biosecure Act, which now must get through the …

US House committee advances bill to restrict BGI, WuXi AppTec Read More »

By Zoey Zhang and Miyoung Kim SHANGHAI (Reuters) -Chinese electric vehicle maker Nio on Wednesday launched the first vehicle in its new lower-priced brand Onvo which aims to compete there with Tesla’s Model Y, the world’s best-selling EV. Nio unveiled the Onvo L60 SUV with a sticker price starting from 219,900 yuan ($30,476), 12% below …

China’s Nio launches Onvo brand to challenge Tesla’s best-selling model Read More »

By Josh Ye HONG KONG (Reuters) – Huawei is revamping its retail strategy and aggressively opening flagship stores in China, with some just a stone’s throw away from Apple shops, as it seeks to retake the premium electronics throne in the world’s biggest smartphone market. Situated directly across from Apple’s Shanghai flagship store, Huawei’s recently …

Huawei flagship store surge in China signals showdown with Apple Read More »

By Nick Carey LONDON (Reuters) – Chinese electric vehicle maker Aiways will go public via a merger with U.S. special purpose acquisition company Hudson Acquistion Corp in a deal that should value the company around $400 million, the two companies said. The deal is a lifeline for Aiways, which halted production at its Shangrao plant …

Chinese EV maker Aiways to go public in US via deal with Hudson Acquisition SPAC Read More »

By Gayatri Suroyo and Ananda Teresia JAKARTA (Reuters) -Indonesia posted a slightly bigger-than-expected trade surplus in April of $3.56 billion, as the country saw smaller-than-estimated imports, statistics bureau data showed on Wednesday. A Reuters poll of economists had expected a surplus of $3.30 billion. The March surplus was upwardly revised to $4.58 billion. Southeast Asia’s …

Indonesia records $3.56 billion trade surplus in April, above forecast Read More »

TOKYO (Reuters) – Mitsubishi UFJ Financial Group (MUFG) posted a narrower-than-expected decline in fourth-quarter profit on Wednesday, and forecast slight profit growth in the current financial year. For the January-March fourth quarter, MUFG reported a group net profit of 192.87 billion yen ($1.24 billion), compared with 773.3 billion yen in the same period a year …

Japan’s top bank MUFG posts narrower-than-expected Q4 decline Read More »