Reuters Asia Business

China issues draft rules to regulate booming lithium battery expansion

8 May 2024

BEIJING (Reuters) – China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit industry profits and sparked concerns about overcapacity in international market. The proposals, issued by the Ministry of Industry and Information Technology, are intended to safeguard the healthy development of the lithium battery sector, …

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Taiwan April exports up less than expected, but shipments to US hit record

8 May 2024

TAIPEI (Reuters) – Taiwan’s exports rose less than expected in April, hurt by weak demand from China although robust demand for artificial intelligence-related products had shipments to the United States surging to a record. The Finance Ministry said it expects stable growth in exports for the first half of the year, adding demand created by …

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BOJ will raise interest rates if inflation meets forecast, Governor Ueda says

8 May 2024

TOKYO (Reuters) – Bank of Japan Governor Kazuo Ueda said on Wednesday the central bank will raise interest rates if trend inflation accelerates in line with the bank’s current projections. “If inflation overshoots our forecasts or if upside risks become high, it will be appropriate for us to adjust interest rates earlier,” Ueda said in …

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Indonesia says nickel reserves enough for expansion, despite moratorium call

8 May 2024

By Fransiska Nangoy JAKARTA (Reuters) -Indonesia’s nickel reserves are sufficient for expanded processing operations, an investment ministry official said on Wednesday, amid calls from a miners’ group to curb construction of new smelters to ease a global glut. Indonesia banned exports of nickel ore in 2020 to encourage domestic value addition, resulting in massive investment …

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Shell to sell Singapore refinery, petchem assets to Chandra Asri and Glencore

8 May 2024

By Trixie Yap SINGAPORE (Reuters) -Shell said on Wednesday it has agreed to sell its refinery and petrochemical assets in Singapore, Asia’s main oil hub, to a joint venture between Indonesian chemicals firm Chandra Asri and Swiss miner and commodities trader Glencore. Reuters reported last August that Shell had hired Goldman Sachs to explore a …

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Ship maintenance firm HD Hyundai Marine Solution’s shares nearly double in Seoul debut

8 May 2024

By Joyce Lee SEOUL (Reuters) -HD Hyundai Marine Solution shares closed up 97% versus their initial public offering (IPO) price in the company’s trading debut on Wednesday, after a 742 billion won ($538 million) IPO, South Korea’s largest in two years. The successful listing of the ship maintenance and repair firm, backed by U.S. private …

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Malaysia to assess response to unilateral sanctions amid concern over Iran oil shipments

8 May 2024

KUALA LUMPUR (Reuters) – Malaysia said on Wednesday it would need to assess its response to unilaterally applied sanctions, following concerns raised by the United States over the role of Malaysia-based service providers in shipments of sanctioned Iranian oil. A senior U.S. treasury official said this week the United States saw Iran’s capacity to move …

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Stocks and bonds wobble as global economy throws off mixed signals

8 May 2024

By Harry Robertson LONDON (Reuters) -Investors have gone from bracing for a U.S. recession to positioning for the world’s biggest economy to keep chugging along. European growth is also better than anticipated a few months ago, a challenge for traders trying to divine how much central bankers will lower interest rates. Here’s what markets tell …

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China Vanke to auction Shenzhen land plot with loss-making reserve price

8 May 2024

HONG KONG (Reuters) – Cash-strapped China Vanke is selling a large Shenzhen land plot at a reserve price of 2.24 billion yuan ($310 million) via auction, the developer’s latest move to raise funds to ease its liquidity stress. The auction of the 19,000 square-metre block, which the state-backed property developer bought in late 2017 for …

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