Reuters Asia Business

By Julian Luk and Joyce Lee LONDON/SEOUL (Reuters) – Canadian miner Teck Resources has agreed to pay Korea Zinc $165 per metric ton, a three-year low, to turn its zinc concentrate into refined metal, according to two sources familiar with the matter. Known as treatment charges (TCs), the fees paid for converting raw materials into …

Korea Zinc agrees 40% fee cut to turn Teck’s mined zinc into metal, sources say Read More »

By Sarah Wu BEIJING (Reuters) -Shares of China’s Xiaomi surged as much as 16% on Tuesday as the electronics maker’s sporty electric vehicle launched last week drew strong interest, though a brokerage forecast the firm would lose nearly $10,000 per car this year. Xiaomi added about $7.6 billion to its market value as its shares …

China Xiaomi’s EV launch propels its market value by $7.6 billion, above GM and Ford Read More »

BEIJING (Reuters) – BYD, China’s biggest electric vehicle (EV) maker, reported first quarter 2024 sales fell 43% compared to the fourth quarter of 2023, which may mean it will hand back the title of world’s biggest EV seller to Tesla after winning it last year. BYD sold 300,114 EVs in the first quarter of this …

BYD may hand back top EV seller title to Tesla after Q1 sales decline Read More »

BEIJING (Reuters) – U.S. automaker Tesla sold 89,064 China-made electric vehicles in March, a 0.2% increase from a year earlier, China Passenger Car Association (CPCA) data showed on Tuesday. Deliveries of China-made Model 3 and Model Y vehicles were up 47.5% from February. Chinese rival BYD, with its Dynasty and Ocean series of EVs and …

Tesla’s China-made EV sales edge up 0.2% y/y in March Read More »

BEIJING (Reuters) -The former chairman of Jianghuai Automobile Group (JAC), An Jin, is under investigation, China’s anti-graft watchdog said. An retired from the state-owned automaker in 2021 after 46 years, having served as chairman for nine years. The Central Commission for Discipline Inspection said on its website that An was suspected of “serious violations of …

Former head of Chinese automaker JAC under investigation, anti-graft watchdog says Read More »

SEOUL (Reuters) – South Korea’s Hyundai Motor Co and PT Adaro Minerals Indonesia Tbk have ended an aluminium supply agreement after calls by a climate campaigner backed by K-pop fans not to procure supplies of the metal produced using coal power. Millions of young K-pop fans have thrown their considerable weight at times behind various …

Hyundai Motor ends Indonesia aluminium deal after climate campaign by K-pop fans Read More »

BEIJING (Reuters) – Bank of China (BoC) said its net interest margin – a key gauge of profitability – will still face significant pressure this year. Vice President Zhang Yi made the remarks in an earnings press conference on Tuesday. (Reporting by Ziyi Tang, Judy Hua and Ryan Woo; Editing by Jacqueline Wong)

By Uditha Jayasinghe COLOMBO (Reuters) – Job creation in South Asian economies is not keeping pace with the rise in the working age population, putting the region on a path that risks “squandering its demographic dividend”, the World Bank said on Tuesday. “The danger is the demographic dividend is missed. Its squandered,” Franziska Ohnsorge, World …

South Asia’s jobs creation lags population growth, says World Bank Read More »

By Uditha Jayasinghe COLOMBO (Reuters) -The World Bank raised its forecast for Sri Lanka’s economy on Tuesday, projecting growth of 2.2% for 2024 as the crisis-hit nation makes a faster-than-expected recovery from its worst financial crisis in decades. Sri Lanka secured a $2.9 billion bailout from the International Monetary Fund (IMF) in March last year, …

World Bank raises Sri Lanka’s growth forecast to 2.2% for 2024 Read More »