Reuters Asia Business

By Liangping Gao and Ryan Woo BEIJING (Reuters) -China’s industrial profits fell in March and slowed gains for the quarter compared to the first two months, official data showed on Saturday, raising doubts about the strength of a recovery for the world’s second-biggest economy. Cumulative profits of China’s industrial firms rose 4.3% to 1.5 trillion …

China Q1 industrial profits’ growth pace stirs doubts about economic recovery Read More »

By Stephen Nellis (Reuters) – U.S. export controls on sending advanced computing chips to China are not meant to hold back China’s economy or technological development, Secretary of State Antony Blinken said during an interview with National Public Radio on Friday. Since 2022, U.S. officials have imposed sweeping controls on which computing chips can be …

U.S. chip bans not meant to hobble China’s growth, Blinken says Read More »

By Josh Ye HONG KONG (Reuters) – The content recommendation algorithm that powers the online short video platform TikTok has once again come under the spotlight after the U.S. ordered its Chinese owner, ByteDance, to sell the app’s U.S. assets or face a nationwide ban. Here is how it works and why it has attracted …

Explainer-What is so special about TikTok’s technology Read More »

By David Shepardson WASHINGTON (Reuters) -Erich Andersen, general counsel for TikTok and Chinese parent company ByteDance, will step down from that role in June to focus on fighting efforts to force a sale of the video app in the U.S., the company said on Friday. Andersen will remain at the company and become its special …

TikTok general counsel to move to new role focused on fighting US sale Read More »

MOSCOW (Reuters) – Russian firms’ efforts to make payments for goods in China as secondary sanctions fears spook local banks have generated a flourishing market for middlemen, four sources told Reuters, with up to half of transactions now handled by intermediaries. The U.S. Treasury has warned it could apply sanctions on those facilitating transactions with …

Exclusive-Half of Russia’s payments to China made through middlemen, sources say Read More »

By Daniel Leussink and Sarah Wu BEIJING (Reuters) – Global automakers including Volkswagen and Toyota came to this year’s Beijing auto show looking to catch up to surging China EV makers that are dominating the world’s largest auto market. The show that started this week showcased a marked shift in attitude among some foreign automakers, …

Foreign automakers eager for Chinese partners at Beijing auto show Read More »

(Reuters) -BMW said on Friday it planned to invest an additional 20 billion yuan ($2.76 billion) in its Shenyang production base in China, in a sign of the premium carmaker’s “unwavering commitment to the Chinese market”. The sum, which brings total investment in the plant up to some 105 billion yuan, will allow for production …

BMW to invest a further $2.76 billion in key market China Read More »

TOKYO (Reuters) – Toyota Motor supplier Denso plans to eventually sell all of its cross-shareholdings, its president said on Friday, as the company looks to fund acquisitions and other investments. WHY IT’S IMPORTANT Investors have long pressured Japanese companies to sell-off cross-shareholdings and put their capital to better use. Firms have been gradually selling down …

Denso to sell off cross-shareholdings and use proceeds on M&A Read More »

BEIJING (Reuters) – China’s commerce ministry on Friday announced subsidies of up to 10,000 yuan ($1,379.96) apiece for scrapping old cars in exchange for new ones by the year-end, an attempt to boost demand in the world’s largest auto market. Anyone trading in an old gasoline cars for a new one is entitled to a …

China doles out subsidies for car trade-ins to boost demand Read More »