Reuters Asia Business

Vietnam’s VinFast seeks India EV import duty cut as plant construction starts

25 Feb 2024

By Praveen Paramasivam THOOTHUKUDI, India (Reuters) – Vietnamese electric vehicle maker VinFast has asked India to reduce import duties on its cars for about two years so customers can get familiar with its products while a local manufacturing plant comes on stream, an executive said on Sunday. VinFast has started building a factory in the …

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Japan takes Taiwan’s helping hand on long road to chip revival

24 Feb 2024

By Sam Nussey and Miho Uranaka TOKYO (Reuters) -Chipmaker TSMC formally opens its first Japanese plant on Saturday, highlighting the Taiwanese firm’s critical role in Tokyo’s multi-billion dollar efforts to reboot its once-mighty semiconductor manufacturing industry. That Japan turned to TSMC for help on an industry it once dominated reflects the Taiwan chipmaker’s dominant position …

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China’s woes won’t slow US economy, but excess capacity a concern, says Treasury’s Adeyemo

24 Feb 2024

By David Lawder (Reuters) -U.S. Deputy Treasury Secretary Wally Adeyemo said on Friday that he is concerned about China’s excess manufacturing capacity spilling over to the global economy, even if China’s current economic woes are unlikely to slow U.S. growth in the near term. “I am not concerned about the headwinds from China having a …

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China’s new home prices extend declines despite policy support

23 Feb 2024

By Liangping Gao and Ryan Woo BEIJING (Reuters) -China’s new home prices slowed their month-on-month declines in January with the biggest cities seeing some stabilisation, but the nationwide downward trend persisted despite Beijing’s efforts to revive demand. New home prices fell 0.3% month-on-month in January after dipping 0.4% in December, according to Reuters calculations based …

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China securities regulator says penalties will be severe in market crackdown

23 Feb 2024

BEIJING/SHANGHAI (Reuters) -China’s securities regulator said on Friday it would mete out increasingly tough penalties on fraudulent listings, accounting scams and misappropriation of funds by big shareholders, as part of a crackdown to boost confidence in the stock market. In its first news conference since the appointment of a new chairman, the China Securities Regulatory …

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Tesla to fix software in 8,700 vehicles in China product recall, regulator says

23 Feb 2024

BEIJING (Reuters) – China’s market regulator said on Friday that Tesla Inc would fix software in 8,700 vehicles to reduce the chance of accidents. The action involving 1,071 imported Model S and Model X and 7,629 China-produced Model 3 is described as a product recall under Chinese regulations, the regulator said. It was not immediately …

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Record numbers at Singapore Airshow as post-COVID boom raises hopes

23 Feb 2024

By Xinghui Kok SINGAPORE (Reuters) -Record numbers attended the trade section of the first fully post-pandemic Singapore Airshow this week, with exhibitors and delegates optimistic about the aviation industry despite suppliers’ struggles to keep up with rebounding travel demand. Close to 60,000 people attended the four trade days of the show, nearly four times as …

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Taeyoung E&C’s creditors to provide further $300 million of funding

23 Feb 2024

SEOUL (Reuters) – Creditors of Taeyoung Engineering & Construction have agreed to provide up to 400 billion won ($300.5 million) in additional funds to the South Korean builder, primary creditor Korea Development Bank (KDB), said on Friday. The decision will allow the normalisation of management and help operations until a restructuring plan is established, KDB …

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