Reuters Asia Business

Alibaba-backed fintech Akulaku secures HSBC financing, aims for double-digit growth

22 Mar 2024

JAKARTA (Reuters) -Southeast Asian online lending platform Akulaku, which is backed by China’s Alibaba, secured $100 million of debt financing from London-based HSBC, Akulaku’s CEO said, as it aims to make the company more profitable. William Li told Reuters in an interview on Friday the proceeds from the financing will be used to settle some …

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US still assessing if China’s SMIC broke US rules to make Huawei chip

21 Mar 2024

By Alexandra Alper and Karen Freifeld WASHINGTON (Reuters) -The Biden administration still needs to determine whether China’s top chipmaker SMIC violated U.S. export rules to produce a chip to power Huawei’s Mate 60 Pro phone, a senior Commerce Department official said during a congressional hearing on Thursday. When asked by Representative Michael McCaul if SMIC …

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Airbus wins jet orders from two Asian customers of rival Boeing

21 Mar 2024

By Maki Shiraki, Mariko Katsumura and Allison Lampert TOKYO/SEOUL/MONTREAL (Reuters) -Airbus clinched orders for 65 jets from two of Boeing’s key Asian customers on Thursday, in a win for the European planemaker as its U.S. rival grapples with quality issues after a mid-flight panel blowout on a 737 MAX 9 jet. The orders are a …

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Louis Dreyfus upbeat about China’s agri-food demand, CEO says

21 Mar 2024

PARIS (Reuters) – Louis Dreyfus Company (LDC) remains positive about Chinese demand as a source of growth for agricultural markets, despite rebalancing in other parts of the Asian nation’s economy, the CEO of the global commodity merchant told Reuters on Thursday. China is the world’s biggest buyer of farm goods, but slowing economic growth and …

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China’s consumer lenders set for shakeout as new rules raise the bar

21 Mar 2024

BEIJING (Reuters) – China’s tightening of rules for consumer finance companies is likely to force consolidation in the roughly $120 billion sector that provides high-interest loans for millions of people shut out of traditional banking. The National Financial Regulatory Administration (NFRA) announced revamped and stricter rules for the sector on Monday, measures that are expected …

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Hyundai, Kia to recall US vehicles over damaged charging unit, NHTSA says

21 Mar 2024

(Reuters) – Hyundai Motor America and Kia America are recalling a combined 147,100 U.S. vehicles over a damaged charging unit, the National Highway Traffic Safety Administration (NHTSA) said on Thursday. Hyundai will recall 98,878 vehicles, affecting certain Ioniq and Genesis models, while Kia will recall 48,232 vehicles impacting certain EV6 models. The Integrated Charging Control …

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Global sugar supply surplus rises on India, Thailand, says broker

21 Mar 2024

NEW YORK (Reuters) – The global sugar market is projected to have a larger than expected supply surplus in the 2023/24 October to September season due to production recoveries in India and Thailand in the later stages of their crops, broker StoneX said on Thursday. It projected that global sugar production exceed total demand by …

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Wary of inflation, Taiwan central bank raises key rate in surprise move

21 Mar 2024

By Liang-sa Loh and Faith Hung TAIPEI (Reuters) -Taiwan’s central bank surprised markets by raising its policy rate on Thursday, wary of continued inflationary pressures and ahead of an expected rise in electricity prices next month, a tightening at odds with the broader global trend. Major central banks are signalling that interest rates will likely …

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New York keeps top spot, London second in Z/Yen financial centre survey

21 Mar 2024

By Huw Jones LONDON (Reuters) – New York easily remains the world’s top financial centre, cementing its position for the past six years after it overtook London, in second place ever since, ahead of Singapore, the latest Z/Yen rankings of global financial centres showed on Thursday. Hong Kong remains in fourth place, followed by San …

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