Reuters Asia Business

BEIJING (Reuters) – China’s Sinopec posted an 8.9% decline in its first-quarter profit, as rising raw materials costs and more competition hurt its petrochemical business, offsetting higher fuel sales and oil prices. China Petroleum & Chemical Corp as Sinopec is officially known, reported on Sunday a net income of 18.32 billion yuan ($2.53 billion) between …

Sinopec’s Q1 profit falls on subdued chemicals business Read More »

(Reuters) – Solar module manufacturer JinkoSolar said a fire on Friday at one of its silicon wafer slicing and solar cell manufacturing workshops was expected to impact its operations and financial results in 2024. In a statement on Sunday, JinkoSolar said it is reallocating wafer and cell production among different workshops after the fire, which …

Solar panel maker Jinko sees impact from fire at workshop in Shanxi province Read More »

(Reuters) – Elliott Management Corp has built a “large” stake in Japanese trading house Sumitomo Corp, Bloomberg News reported on Sunday, citing a person familiar with the matter. The size of the activist group’s investment is around “several tens of billions of yen,” according to the report. (Reporting by Akanksha Khushi in Bengaluru; Editing by …

Elliott has built ‘large’ stake in Sumitomo, Bloomberg reports Read More »

SEOUL (Reuters) – Hyundai Motor and Kia Corp on Sunday said the companies have signed a memorandum of understanding (MOU) with Baidu Inc to develop technologies for connected cars. (Reporting by Cynthia Kim; Editing by Tom Hogue)

By Selena Li and Julie Zhu HONG KONG/SHANGHAI (Reuters) – China International Capital Corp (CICC) is cutting the base pay of onshore investment bankers by as much as 25%, three sources said, in a major effort to reduce costs amid volatile markets and Beijing’s austerity drive. Some of the impacted dealmakers were notified on Friday …

Exclusive-Chinese brokerage CICC cutting dealmakers’ base pay by 25%, sources say Read More »

HONG KONG (Reuters) – Hong Kong’s gross domestic product (GDP) is expected to grow between 2.5% and 3.5% for the first quarter, maintaining moderate growth for a fifth consecutive quarter, the city’s finance chief said on Sunday. January-March GDP, scheduled to be released on Thursday, is expected to be “within the range of the full-year …

Hong Kong economy to grow 2.5%-3.5% in Q1, financial chief says Read More »

By Orathai Sriring BANGKOK (Reuters) – Thai former energy executive Pichai Chunhavajira was named the country’s finance minister on Sunday, facing a tough task to revive Southeast Asia’s second-largest economy. Pichai, 75, an adviser to Prime Minister Srettha Thavisin, takes over from Srettha as finance minister and becomes deputy prime minister, the official Royal Gazette …

Thai ex-executive Pichai named finance minister, faces growth challenge Read More »

SHANGHAI (Reuters) -Tesla CEO Elon Musk was on a flight heading to Beijing on Sunday to kick off a surprise trip in the electric vehicle maker’s second-biggest market, according to two people with knowledge of the matter. Musk is seeking to meet senior Chinese officials in Beijing to discuss the rollout of Full-Self Driving (FSD) …

Exclusive-Elon Musk heading to China for visit to Tesla’s second-biggest market, sources say Read More »

By Hyunsu Yim and Katya Golubkova SEOUL (Reuters) – South Korea said on Saturday it will consult with Naver, after media reported that the domestic internet company was under pressure from Japan to divest from a venture, adding that its companies should not face discrimination. The South Korean foreign ministry was asked to respond to …

South Korea to consult Naver, after report firm faces Japan pressure to divest stake Read More »