Reuters Asia Business

(Reuters) -Apple supplier Foxconn plans to invest an additional 139.11 billion rupees ($1.67 billion) in India’s Karnataka state, the state government said in a statement on Tuesday. The Taiwan-based company, which assembles around 70% of iPhones and is the world’s largest contract manufacturer, has been diversifying production away from China following COVID-19 disruptions and geopolitical tensions. …

Foxconn to invest additional $1.7 billion in India’s Karnataka state Read More »

By Kane Wu and Yantoultra Ngui HONG KONG/SINGAPORE (Reuters) -Two Southeast Asian paper makers, Royal Golden Eagle (RGE) and Asia Pulp & Paper (APP), have emerged as final bidders for Swedish tissue maker Essity’s 52% stake in Hong Kong-listed Vinda International, three people with direct knowledge of the matter said. A deal for tissue and …

Royal Golden Eagle, Asia Pulp & Paper in final race for Essity’s Vinda stake -sources Read More »

(Reuters) – Myanmar’s economy is expected to grow just 1% in the year to March 2024, the World Bank said in a report published on Tuesday, describing a “broad-based slowdown” across its key sectors, including agriculture, manufacturing, and trade. Myanmar has seen major upheaval since a 2021 military coup upended a wave of unprecedented reforms …

Myanmar to see growth of just 1% in year to March 2024 – World Bank Read More »

PARIS (Reuters) – French carmaker Renault will sell a 5% stake in Nissan, the first stage of a planned disposal of its holding in the Japanese carmaker as part of a wider rebalancing of the two companies’ long-standing alliance, Renault said on Tuesday. The move, which Renault said will reflect a loss on its initial …

Renault to sell first tranche of Nissan stake, booking 1.5 billion euro loss Read More »

(Reuters) – China’s Country Garden Holdings is likely to avoid its first default on yuan bonds after most holders of a local note agreed not to demand repayment this week, Bloomberg News reported on Tuesday, citing people familiar with the matter. (Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Christian Schmollinger)

By Ananda Teresia JAKARTA (Reuters) – China’s TikTok and Indonesia’s tech group GoTo will carry out a trial e-commerce partnership for several months as regulators assess its impact on small merchants in the Southeast Asian country, Indonesia’s trade minister said on Tuesday. TikTok said on Monday it agreed to spend $840 million to buy most …

Indonesia says will audit TikTok, Tokopedia trial e-commerce tieup Read More »

By Kane Wu and Rocky Swift (Reuters) – Japanese civil engineering group Infroneer Holdings said on Tuesday it would buy Japan Wind Development from Bain Capital for about $1.4 billion – an acquistion that will expand its renewable energy business. Japan Wind Development says it operates 293 wind turbines, the vast majority in Japan, with …

Japan’s Infroneer to buy Japan Wind Development from Bain for $1.4 billion Read More »

SEOUL (Reuters) – South Korea will extend tax breaks on oil products for two more months until the end of February, the finance minister said on Tuesday. Although oil prices fell recently, there are still uncertainties over the Middle East crisis and others, Minister Choo Kyung-ho said during a meeting with reporters. Choo said inflation …

South Korea to extend tax breaks on oil products until end-Feb -Finance Minister Read More »