BEIJING – China’s foreign exchange reserves rose more than expected in December, official data showed on Friday. The reserves – the world’s largest – rose $27.78 billion to $3.25 trillion last month, compared with $3.233 trillion forecast in a Reuters poll of analysts and $3.222 trillion in November. China held 62.64 million fine troy ounces …
By Muyu Xu and Gavin Maguire BEIJING/SINGAPORE (Reuters) – Coal traders in China, the world’s top consumer and importer of the fuel, are shrugging off a ban on coal exports imposed by Indonesia, saying utilities already hold hefty stockpiles with power demand set to weaken for the Lunar New Year holidays. Coal stocks at key …
Chinese coal traders shrug off Indonesian coal export ban Read More »
By Tetsushi Kajimoto and Leika Kihara TOKYO (Reuters) -Japan’s Finance Minister Shunichi Suzuki stressed on Friday the need for currency stability and said he was watching market moves “carefully,” in the wake of the yen’s recent declines against the dollar. Domestic media and some market participants have warned of the potential demerits of a weak …
Japan warns of need for currency stability as yen falls persist Read More »
By Joyce Lee and Heekyong Yang SEOUL (Reuters) -Samsung Electronics Co Ltd said on Friday its fourth-quarter operating profit likely jumped 52% on-year to its highest for the quarter in four years, helped by solid demand for server memory chips and higher margins in chip contract manufacturing. The world’s largest memory chip and smartphone maker …
Samsung Electronics Q4 profit jumps on server chip demand, foundry margins Read More »
BEIJING (Reuters) – An auto sheet joint venture between Chinese steel producer HBIS Group and South Korea’s POSCO with an investment of 4.125 billion yuan ($647 million) started construction in China’s steel hub Hebei on Friday. The venture, split equally between the two steel giants, involves two production lines in the northern Hebei province and …
POSCO-HBIS Group JV kicks off construction in China Read More »
BEIJING (Reuters) – China’s auditing regulator said officials should “keep their eyes open” when conducting audits, after recovering more than 300 billion yuan ($47.04 billion) in government funds, the state-run Xinhua news agency reported. The task of auditing this year will focus on fiscal expenditure, including implementing tax cuts and reductions, Xinhua quoted Hou Kai, …
China regulator recovers $47 billion in funds after audit review Read More »
PARIS (Reuters) – French healthcare company Sanofi, which has been under pressure to revive its drug pipeline after some setbacks in the COVID-19 vaccine race, announced on Friday a research deal with the company Exscientia to develop new medicines. The two companies said they would work on developing an artificial-intelligence (AI) driven pipeline of new …
Healthcare group Sanofi forms research deal with the company Exscientia Read More »
By Gaurav Dogra (Reuters) – Asian shares’ relative price valuations hit a more than 18-year low compared to their global counterparts last week, after regional equities dropped in 2021 due to investor concerns over slower growth amid COVID-19-induced curbs. The MSCI Asia-Pacific index’s forward 12-month P/E ratio stood at 14.27 at the end of last …
Asian stocks trade at steep valuation discount to global peers Read More »
BEIJING (Reuters) – Chinese authorities rapped Walmart for allegedly violating cybersecurity laws, local media reported, the latest trouble for the U.S. retailer that is already a target of accusations in the country for supposedly stopping sales of products from Xinjiang. Police in the southern Chinese city of Shenzhen discovered 19 “vulnerabilities” in Walmart’s network system …
Chinese police rap Walmart for cybersecurity loopholes – local media Read More »
SEOUL (Reuters) -South Korea’s Lotte Chemical Corp said on Friday it plans to build a large-scale petrochemical complex in Indonesia worth $3.9 billion in investment. The project’s commercial production target is 2025, and is aiming to generate annual revenue of about $2.06 billion, the company said in a statement. The complex, which will also involve …
S.Korea’s Lotte Chemical to build $3.9 billion petchem project in Indonesia Read More »
