Reuters Asia Business

SHANGHAI (Reuters) – China’s State Council issued guidelines on improving an operating budget system for state-owned capital, according to a statement on the government website on Saturday. The government will expand coverage of the budget system and optimise a mechanism for state-owned companies to hand over their profits, among a series of measures seeking to …

China sets guidelines for budgeting state-owned capital – govt Read More »

BANGKOK (Reuters) – Thailand’s lower house of parliament approved a budget of 3.48 trillion baht ($101 billion) covering the rest of the 2024 fiscal year, voting 311 to 177 to pass the bill on its first reading, in line with expectations. Friday’s approval of the spending budget, up 9.3% from the previous period, was delayed …

Thai lower house passes first reading of $100 billion budget Read More »

SHANGHAI (Reuters) – Tang Shuangning, former party chief and chairman of state-owned financial conglomerate China Everbright Group, has been expelled from the Communist Party for serious violations of discipline and the law, according to China’s anti-graft watchdog. Tang, who had been reported under probe in July, was found taking publications with severe political issues inbound …

Everbright ex-Chairman Tang Shuangning expelled from China’s Communist Party – CCDI Read More »

By Phuong Nguyen HANOI (Reuters) -Vietnamese electric vehicle (EV) maker VinFast on Saturday named its founder and biggest financial backer, Pham Nhat Vuong, as chief executive as it plans an ambitious overseas expansion and ramps up sales via dealerships. Vuong, 55, replaces Le Thi Thu Thuy, who had held the post since late 2021, VinFast …

Vietnam EV maker VinFast names founder as CEO, replaces CFO Read More »

(Reuters) – Insured losses from the devastating earthquake in Japan could reach $6.4 billion, according to an estimate from U.S.-based catastrophe modeling firm Karen Clark & Co (KCC). Losses from residential properties account for more than two thirds of the total, according to KCC, as most commercial and industrial buildings in the affected cities are …

Japan earthquake estimated to cost insurers $6.4 billion – report Read More »

(Reuters) – China has launched an anti-dumping investigation on brandy imported from the European Union, a step that appears to be mainly targeted at France. Below are some facts about China’s brandy imports and European companies exposed to the market. CHINA’S TASTE FOR BRANDY China imported $1.57 billion worth of spirits from distilled grape wine …

Factbox-Spirits makers exposed to China’s EU brandy probe Read More »

By Selena Li HONG KONG (Reuters) -BlackRock Inc has appointed Hua Fan, formerly general manager of its majority-owned China asset management unit, as head of China, two sources with knowledge of the matter said. Fan, who joined the world’s largest asset manager in 2022 to lead its 51%-owned China joint venture, has been promoted to …

BlackRock appoints Hua Fan head of China, succeeding Tony Tang -sources Read More »

By Yuka Obayashi TOKYO (Reuters) – Japan’s top steelmaker Nippon Steel is confident of successfully completing its planned acquisition of U.S. Steel, despite opposition from labour union and certain U.S. senators, its president said on Friday. The world’s fourth-largest steelmaker’s planned $14.9 billion deal has drawn criticism from Democratic and Republican lawmakers and the powerful …

Nippon Steel confident of completing US Steel acquisition Read More »