Reuters Asia Business

(Reuters) – TikTok-owner ByteDance’s profit jumped roughly 60% in 2023, Bloomberg News reported on Wednesday, citing people familiar with the matter. The company’s earnings before interest, tax, depreciation and amortization (EBITDA) rose to more than $40 billion last year, from about $25 billion in 2022, the report said. (Reporting by Shreya Biswas in Bengaluru; Editing …

ByteDance full-year profit jumps 60%, Bloomberg News says Read More »

By Joan Faus BARCELONA (Reuters) -China’s Chery Auto is nearing a deal to start making cars in Spain, its first manufacturing site in Europe, the Spanish government and lead negotiator EV Motors said on Tuesday. The Industry Ministry said in a statement it was confident that an agreement to start production in Barcelona, the capital …

China’s Chery nearing deal to manufacture cars in Spain Read More »

By Rishav Chatterjee and Lawrence White LONDON (Reuters) -HSBC is selling its business in Argentina and booking a $1 billion loss on the deal, the bank said on Tuesday, as it continues to shrink its once globe-spanning empire to focus on Asia. HSBC is selling the business, which covers banking, asset management and insurance, to …

HSBC takes $1 billion hit from Argentina sale as Asia pivot continues Read More »

LONDON (Reuters) – Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a slower pace than in previous months as North American and Asian inflows cushioned European losses, the World Gold Council (WGC) said. Spot gold prices have been hitting record highs for the last …

Outflows from gold ETFs slowed in March Read More »

By David Brunnstrom and Michael Martina WASHINGTON (Reuters) -Japanese Prime Minister Fumio Kishida said on Tuesday he saw opportunities for more collaboration with the United States in next-generation computer chips. Kishida made the comment a day before a summit with U.S. President Joe Biden that will focus on boosting economic and defense ties to offset …

Japan’s Kishida expects more US chip collaboration opportunities Read More »

LIMA (Reuters) – China’s Cosco Shipping confirmed that investment in Peru’s Chancay port continues and that it expects a quick resolution to a pending question over exclusivity rights to the facility, a local executive told reporters on Tuesday. Carlos Tejada, the company’s general manager in Peru, made the announcement at an international trade event in …

China’s Cosco Shipping sees quick resolution to Peru port question Read More »

(Reuters) -Mazda Motor will probably have to temporarily move shipments to another port from Baltimore to avoid delays, the automaker’s CEO said in a CNBC interview. The Port of Baltimore ranks first in the U.S. for volume of autos and light trucks and farm and construction machinery handled and a cargo ship crash into the …

Japan’s Mazda may temporarily reroute Baltimore auto shipments, CEO on CNBC Read More »

By Julie Zhu HONG KONG (Reuters) -Hong Kong Monetary Authority (HKMA) is considering deepening some investment connection schemes between the city and mainland China, CEO Eddie Yue said on Tuesday. Yue told the HSBC Global Investment Summit in Hong Kong that there was capacity for greater “southbound” activity from Chinese investors into Hong Kong’s financial …

HKMA CEO says Hong Kong considering ‘deepening’ some connect schemes with China Read More »

BEIJING (Reuters) -Sales of electric passenger vehicles in China rose 10.5% in March from the same month a year earlier, industry data showed on Tuesday, as automakers led by homegrown darling BYD deepened discounts and offered financing tools to boost sales. For January-March, sales totalled 1.03 million EVs, up 14.7% on year and the slowest …

China’s first-quarter EV sales growth slowest in a year Read More »