Reuters Asia Business

China urges its consumer goods firms to make more ‘innovative’ products

10 Jan 2022

BEIJING (Reuters) – China’s industry ministry on Monday proposed guidelines that it said it hoped could encourage its consumer goods enterprises to be more innovative with their products, giving examples such as smart rice cookers and robot vacuum cleaners. The Ministry of Industry and Information Technology (MIIT), said the guidelines were aimed at the country’s …

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Indonesia may allow coal exports to resume Monday or Tuesday – minister

10 Jan 2022

JAKARTA (Reuters) – Indonesia may allow coal exports to resume by the end of Monday or Tuesday, as domestic demand has been met, senior minister Luhut Pandjaitan said. “End of today or tomorrow we can release some of the big vessels,” Luhut said in an interview on Monday with CNBC. He said the government was …

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China to impose anti-dumping tariffs on U.S. chemical products

10 Jan 2022

BEIJING (Reuters) – China’s commerce ministry said on Monday it will impose anti-dumping deposits on certain monoalkyl ethers of ethylene glycol and propylene glycol imported from the United States. Effective from Jan 11, the new levy on imports will be 57.4% for products by the Dow Chemical Company and 65.3% for the rest of U.S. …

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China’s aviation sector aims for profitability this year – regulator

10 Jan 2022

BEIJING (Reuters) – China’s aviation sector will aim to turn losses into profits this year with an expected recovery to 85% of its pre-COVID volume of domestic passenger trips, the aviation regulator said on Monday. China’s domestic air traffic, once the world’s envy after a fast rebound during the pandemic, is faltering due to a …

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China fines Bank of East Asia $2.6 million for violating credit information rules

10 Jan 2022

BEIJING (Reuters) – China’s central bank said on Monday it fined Hong Kong’s Bank of East Asia 16.74 million yuan ($2.63 million) for violating rules on collecting credit information, a filing showed. The penalty, which was conducted on Jan. 6 but revealed on Monday, did not provide other details, the filing posted on the Shanghai …

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South Korea’s SsangYong Motor sold for $255 million to local consortium

10 Jan 2022

SEOUL (Reuters) – A consortium led by South Korean electric carmaker Edison Motors Co has agreed to acquire debt-ridden SsangYong Motor Co Ltd for 305 billion won ($254.65 million), SsangYong Motor said on Monday. SsangYong is burdened with high debt and its vehicle sales last year fell to 84,496, down about 21% from a year …

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CNOOC’s Bohai overtakes Daqing as China’s largest oil field

10 Jan 2022

SINGAPORE (Reuters) – China’s offshore oilfield cluster Bohai, run by state-run CNOOC Ltd, has become the country’s largest crude oil producer with output hitting 30.132 million tonnes (602,640 barrels per day) in 2021, state news agency Xinhua reported. Bohai field, off north China, overtook the country’s flagship onshore producer Daqing, in northeast China, which pumped …

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Sri Lanka’s president asks China to restructure debt repayments

10 Jan 2022

By Uditha Jayasinghe COLOMBO (Reuters) -Sri Lanka’s President Gotabaya Rajapaksa asked China to help restructure debt repayments as part of efforts to help the South Asian country weather a worsening financial crisis, his office said in a statement on Sunday. Rajapaksa made the request during a meeting with Chinese Foreign Minister Wang Yi in Colombo …

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Foxconn India iPhone plant to reopen on Wednesday -legislator

10 Jan 2022

By Sudarshan Varadhan CHENNAI (Reuters) -Apple Inc supplier Foxconn will reopen an iPhone manufacturing facility in southern India on Wednesday, government officials and a legislator in the region where the plant is located told Reuters. The Foxconn plant, in the town of Sriperumbudur near the Tamil Nadu state capital of Chennai, employed about 17,000 people …

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Indian fintech firm Pine Labs confidentially files for U.S. IPO – Bloomberg News

10 Jan 2022

BENGALURU (Reuters) -Indian merchant commerce platform Pine Labs has confidentially filed for a U.S initial public offering to raise about $500 million, Bloomberg News reported on Monday, citing people familiar with the matter. The Temasek and Mastercard-backed company’s listing could give it a valuation of about $5.5 billion to $7 billion, according to the report …

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