Reuters Asia Business

(Reuters) – Singtel said on Tuesday it was not looking to divest from its Optus unit, Australia’s second-largest wireless operator, refuting a report from Australian Financial Review (AFR). AFR had earlier reported on Tuesday that Optus executives were exploring options including selling off the company’s enterprise and business divisions. Optus is a wholly owned subsidiary …

Singtel says not considering divesting from Australia’s Optus Read More »

TOKYO (Reuters) -Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group and Mizuho Financial Group plan to lend Nippon Steel a combined $16 billion for its planned acquisition of U.S. Steel, the Japanese steelmaker said on Tuesday. “We have received a commitment letter for a combined $16 billion in loans from the three Japanese megabanks on …

Nippon Steel says Japan’s 3 megabanks plan $16 billion loan for U.S. Steel acquisition Read More »

SHANGHAI (Reuters) – China Eastern Airlines expects its 2023 results to show a reduced loss of up to 8.3 billion yuan ($1.2 billion), it warned on Tuesday, citing a slower than expected recovery in overseas travel after the end of COVID-19 curbs. The Shanghai-headquartered carrier, which is due to report full-yer earnings in March, forecast …

China Eastern Airlines forecasts 2023 full-year loss Read More »

By Leika Kihara TOKYO (Reuters) – The International Monetary Fund (IMF) on Tuesday projected emerging Asian economies would expand 5.2% this year, slowing from 2023 but revised up from its forecast three months ago on stronger-than-expected growth in China. The region’s growth forecast for 2024, which compared with a 5.4% expansion last year, was upgraded …

IMF revises up Asia’s growth forecast, warns of China risk Read More »

BEIJING (Reuters) – The world’s largest steelmaker China Baowu Steel Group has raised 10 billion yuan ($1.4 billion) from a bond issue, in part for the giant Simandou iron ore project in Guinea, it said on Monday. The capital, raised by issuing three-year fixed rate bonds with an annual coupon rate of 2.45%, will be …

China Baowu raises $1.4 billion via bond, mostly for Simandou iron ore project Read More »

BEIJING (Reuters) -Chinese electric vehicle (EV) battery giant CATL forecast net profit growth of up to 48.1% in 2023 on Tuesday, representing sharply weaker growth than the previous year as it grappled with slowing demand and stiff competition. The world’s largest EV battery maker has been faced with challenges from smaller rivals and slowing demand …

China EV maker CATL expects weaker earnings growth for 2023 Read More »

By Daniel Leussink TOKYO (Reuters) – Toyota Motor retained its crown as the world’s top-selling automaker for the fourth consecutive year after posting record annual sales of 11.2 million vehicles in 2023, though its chairman apologised on Tuesday for scandals at three group companies. The Japanese automaker reported a 7.2% jump in global group sales …

Toyota remains world’s top-selling automaker; chairman apologises over scandals Read More »

By Pratima Desai LONDON (Reuters) – The London Metal Exchange (LME) is studying Hong Kong as a location to expand its global metal warehouse network, five sources with knowledge of the matter said, hopeful success there might open the door to mainland China, its ultimate target. Registering warehouses in China, the world’s largest consumer of …

Exclusive-LME targets Hong Kong as option for warehouse expansion Read More »