Reuters Asia Business

By Alexandra Alper WASHINGTON (Reuters) – The Biden administration plans to announce it is awarding between $6 billion and $7 billion to South Korea’s Samsung next week to expand its chip output in Taylor, Texas, as it seeks to ramp up chipmaking in the U.S., two people familiar with the matter said. The subsidy, which …

Samsung to get $6-7 billion in chip subsidy next week for Texas expansion, sources say Read More »

ZURICH (Reuters) – UBS said on Monday its Japanese wealth management joint venture with SuMi TRUST Wealth Management Co, will acquire Credit Suisse’s wealth management business in Japan following the Swiss bank’s absorption of its stricken rival in 2023. Following addition of Credit Suisse client assets in Japan, the partners will rebalance their investments in …

UBS JV to acquire Credit Suisse Japan wealth management business Read More »

By David Lawder BEIJING (Reuters) -U.S. Treasury Secretary Janet Yellen warned China on Monday that Washington will not accept new industries being decimated by Chinese imports, as she wrapped up four days of meetings to press her case for Beijing to rein in excess industrial capacity. Yellen told a press conference that U.S. President Joe …

US will not accept Chinese imports decimating new industries, Yellen says Read More »

SINGAPORE (Reuters) – China’s Sinopec Corp is set to promote its Asia trading chief Wang Yahang to become general manager of its trading arm Unipec, several senior trading sources said. Wang, 51, who started as a gasoline trader with Unipec, was in charge of Unipec Singapore for about eight years. Sinopec is the world’s largest …

China Sinopec to appoint new head for trading arm Unipec, sources say Read More »

By David Shepardson and Stephanie Kelly WASHINGTON (Reuters) – The U.S. Commerce Department said Monday it would award Taiwan Semiconductor Manufacturing Co’s (TSMC) U.S. unit a $6.6 billion subsidy for advanced semiconductor production in Phoenix, Arizona and up to $5 billion in low-cost government loans. TSMC agreed to expand its planned investment by $25 billion …

TSMC wins $6.6 billion US subsidy for Arizona chip production Read More »

By Scott Murdoch and Joyce Lee SEOUL (Reuters) – About 5.25 million shares in Samsung Electronics are being offered in a block deal worth up to $330 million, according to a term sheet seen by Reuters on Monday. The shares are offered by Lee Boo-jin, a sister of Samsung Electronics Chairman Jay Y. Lee, the …

Samsung Elec shares offered in $330 million block sale, term sheet shows Read More »

By David Lawder BEIJING (Reuters) -The U.S. and China are deepening co-operation on financial stability issues, Treasury Secretary Janet Yellen said on Monday, with more simulations of financial shocks due after a recent exercise on tackling the failure of a large bank. Wrapping up four days of meetings in China, Yellen issued a stern warning …

U.S., China to hold more financial shock exercises, Yellen says Read More »

(Reuters) – Chinese ride-hailing giant Didi Global said its self-driving unit’s joint venture with EV maker GAC Aion has received a business license, registering itself as the first JV in China for mass production of fully self-driving electric robotaxis in the country. Andi, the joint venture between DiDi Autonomous Driving and GAC Aion, will roll …

China’s Didi, GAC Aion to mass produce robotaxis next year Read More »