By Joe Cash BEIJING (Reuters) -Chinese Premier Li Qiang went to the World Economic Forum in Davos last week with a mission to present a positive image of the economy and schmooze financial elites: “Investing in the Chinese market is not a risk, but an opportunity.” The message fell flat. As soon as Chinese markets …
China’s attempts to lift confidence in economy fall flat Read More »
By Hakan Ersen and Supantha Mukherjee (Reuters) -Shares of SAP SE jumped 7% to an all-time high after the German software firm forecast growth in cloud revenue and said it will restructure roles for 8,000 jobs to focus on growth in artificial intelligence (AI)-driven business areas. The company said it will spend 2 billion euros …
SAP to restructure 8,000 jobs in push towards AI, shares hit record Read More »
BEIJING (Reuters) -China’s central bank will cut the amount of cash that banks must hold as reserves from Feb. 5, the first such cut for the year as policymakers extend efforts to shore up a fragile economic recovery amid plunging stock markets. The world’s second-largest economy struggled to mount a strong post-COVID recovery last year …
China announces biggest bank reserve ratio cut since December 2021 Read More »
HANOI (Reuters) -South Korean aero parts supplier KP Aero Industries said on Wednesday it plans to invest $20 million in a Vietnam factory to assemble components for Boeing planes, a move that would expand the U.S. aviation firm’s manufacturing network in the Southeast Asian country. The U.S. aviation giant already has seven “sub-tier” suppliers – …
Boeing to boost manufacturing in Vietnam as supplier builds plant Read More »
By Helen Reid LONDON (Reuters) – Carrying more stock, switching to suppliers nearer to consumers and reducing dependence on China are tactics European and U.S. retailers used to build more resilient supply chains following disruptions during the COVID-19 pandemic. Faced now with transport delays of two weeks or more as cargo ships are rerouted from …
European, US retailers absorb Red Sea shock, wary of hiking prices Read More »
By Josh Smith and Hyunsu Yim SEOUL (Reuters) -North Korea is developing artificial intelligence (AI) and machine learning for everything from how to respond to COVID-19 and safeguard nuclear reactors to wargaming simulations and government surveillance, according to a new study. International sanctions imposed over its nuclear weapons program may have hindered North Korea’s attempts …
North Korea’s AI development raises concerns, report says Read More »
(Reuters) -China’s central bank will cut the amount of cash that banks must hold as reserves from Feb. 5, governor Pan Gongsheng said on Wednesday, the first such cut for the year as policymakers extend efforts to shore up a fragile economic recovery. The People’s Bank of China (PBOC) would cut the reserve requirement ratio …
China central bank acts to support markets, economy Read More »
AMSTERDAM (Reuters) – Dutch computer chip equipment maker ASML on Wednesday said it expected new U.S. and Dutch export restrictions to reduce its potential sales to China by some 10-15% this year after they hit record levels in 2023. CFO Roger Dassen also confirmed that two older tools not covered by Dutch licensing requirements would …
ASML expects US, Dutch export rules to hit China sales by 10-15% Read More »
By Danial Azhar KUALA LUMPUR (Reuters) -Malaysia’s central bank kept its benchmark interest rate unchanged for the fourth straight meeting on Wednesday, seeking to support economic growth ahead of an expected pickup in inflation following planned subsidy changes. Bank Negara Malaysia (BNM) maintained its overnight policy rate (OPR) at 3.00% at its first meeting of …
Malaysia central bank holds rates again, flags inflation risks Read More »
TOKYO (Reuters) -Japanese electric motor maker Nidec Corp slashed its full-year operating profit forecast by nearly a fifth on Wednesday, warning of uncertainty in demand and intensifying price competition in China’s electric vehicle market. The sobering outlook for the company’s signature e-axle traction motor business highlights the challenges parts makers face in the world’s biggest …
Facing tough China EV competition, Nidec cuts profit forecast 18% Read More »
