Reuters Asia Business

By Casey Hall SHANGHAI (Reuters) -Alibaba co-founder Jack Ma has penned a lengthy memo to employees that expresses support for the internet giant’s restructuring efforts, a rare move from the billionaire after spending the last few years out of the spotlight. Alibaba’s Hong Kong-listed shares surged 5% after the post. The post, made in an …

Alibaba’s Jack Ma steps out from the shadows with morale-boosting post Read More »

By Andrew Hayley BEIJING (Reuters) – China said it was concerned by what it called discriminatory measures by the European Union against its firms after the bloc said it would investigate subsidies received by Chinese suppliers of wind turbines destined for its countries. “The outside world is worried about the rising tendency of protectionism in …

China says EU’s wind turbine subsidy probe ‘discriminatory’ Read More »

By Summer Zhen and Jason Xue HONG KONG (Reuters) – Spot bitcoin exchange-traded funds could be launched in Hong Kong this month with the first approvals likely to be announced next week, two people familiar with the matter said. That timeline would make Hong Kong Asia’s first city to offer the popular ETFs and is …

Hong Kong set to approve its first spot bitcoin ETFs in April, sources say Read More »

SHANGHAI (Reuters) -China stocks fell on Wednesday, dragged by real estate shares, while Hong Kong shares rose, led by tech stocks. Ratings agency Fitch revised its outlook on China to negative, citing increasing risks to the country’s public finance outlook. “So far the market reaction to the Fitch downgrade news seems to be quite muted, …

China stocks fall pressured by real estate; HK shares rise Read More »

BERLIN (Reuters) – Mercedes Benz sales fell 6% in the first quarter, hit by supply bottlenecks in Asia and its luxury model range changeover, the German premium carmaker said on Wednesday. Deliveries fell to 568,400 cars and vans in the January-March period, while sales of battery electric vehicles dropped even more sharply, by 9%, to …

Mercedes-Benz Q1 sales drop on supply bottlenecks in Asia Read More »

BEIJING (Reuters) -Fitch cut its outlook on China’s sovereign credit rating to negative on Wednesday, citing risks to public finances as the economy faces increasing uncertainty in its shift to new growth models. The outlook downgrade follows a similar move by Moody’s in December and comes as Beijing ratchets up efforts to spur a feeble …

Fitch cuts China’s ratings outlook on growth risks Read More »

By Andrew Hayley BEIJING (Reuters) – The European Union will investigate subsidies received by Chinese suppliers of wind turbines destined for Europe, the bloc’s anti-trust commissioner, Margrethe Vestager, has said. Tuesday’s move is the latest in a growing effort in both Europe and the United States to shield domestic clean energy industries from cheap Chinese …

Explainer-China’s dominance in wind turbine manufacturing Read More »

MADRID (Reuters) – Spanish drug maker Grifols plans to meet its debt payments in 2025 with the proceeds of new senior secured notes and the sale of its 20% stake in Shanghai RAAS to Haier Group, it said on Wednesday. The company said in a stock market filing it will use the $1.8 billion it …

Grifols to refinance debt due in 2025 via sales of notes, Shanghai RAAS stake Read More »

BEIJING (Reuters) -China’s auto factories had a capacity utilisation rate of more 70% in 2023 and idled capacity is being closed, a senior official of the China Association of Automobile Manufacturers (CAAM) said on Wednesday. Such closures should help the capacity utilization rate improve faster, according to Chen Shihua, CAAM’s deputy secretary-general. His comment comes …

China has been closing idled auto output capacity, industry body says Read More »