Reuters Asia Business

SEOUL (Reuters) – A South Korean court has granted bail to a former executive of Samsung Electronics accused of stealing sensitive information developed by the technology giant, court records showed on Tuesday. In a case that underscores the country’s efforts to crack down on industrial espionage, prosecutors have alleged that the former executive Choi Jinseog, …

South Korea court grants ex-Samsung exec bail in industrial espionage case Read More »

TAIPEI (Reuters) -Apple Inc supplier Foxconn reported on Tuesday a surprise 11% increase in third-quarter profit, boosted by strong demand for smartphones ahead of the year-end holiday shopping season in Western markets. Net profit for the July-September quarter rose to T$43.1 billion ($1.3 billion), beating market estimates for an 11% drop. The world’s largest contract …

Apple supplier Foxconn books surprise rise in quarterly profit Read More »

By Sam Nussey TOKYO (Reuters) – Japan’s Kioxia on Tuesday reported a 100.8 billion yen ($664.5 million) operating loss in the second quarter as earnings were hit by a slump in demand for memory chips used in smartphones and personal computers (PCs). The result at Bain Capital-backed Kioxia, formerly Toshiba Memory, compares with a loss …

Japan’s Kioxia reports Q2 loss, says prices have bottomed out Read More »

By David Lawder SAN FRANCISCO (Reuters) – The commerce chiefs of the United States and China will meet at the Asia Pacific Economic Cooperation (APEC) forum this week, one of a series of cabinet-level engagements surrounding high-stakes talks between U.S. President Joe Biden and Chinese President Xi Jinping. A U.S. Commerce Department spokesperson confirmed that …

US Commerce chief Raimondo to meet Chinese counterpart Wang during APEC Read More »

By David Shepardson WASHINGTON (Reuters) -Democratic Senator Joe Manchin urged the U.S. Treasury on Monday to adopt the “strictest possible standards” to prevent Chinese-produced minerals or Chinese battery companies from winning electric vehicle tax credits. Manchin, who chairs the Senate Energy Committee, raised concerns in a letter to Treasury Secretary Janet Yellen about reports Chinese …

Senator asks Treasury to bar Chinese battery firms, minerals from US EV tax credits Read More »

(Reuters) -Chinese chipmaker Yangtze Memory Technologies Co (YMTC) has filed a lawsuit against U.S. rival Micron Technology alleging infringement of eight of its patents. YMTC filed the lawsuit against Micron and unit Micron Consumer Products Group on Nov. 9 at the U.S. District Court for the Northern District of California. According to the lawsuit, Micron …

Chinese chipmaker YMTC sues Micron alleging patent infringement Read More »

By David Lawder SAN FRANCISCO (Reuters) – U.S. Treasury Secretary Janet Yellen called on Pacific Rim finance ministers on Monday to boost the productive capacity of their economies while working to finance the transition to low-carbon energy and provide more opportunities for the poor. Opening a meeting of finance ministers of Asia Pacific Economic Cooperation …

Yellen calls on APEC finance ministers to boost growth potential sustainably Read More »

By Uditha Jayasinghe COLOMBO (Reuters) -Sri Lanka’s government announced a smaller-than-expected expansion in its budget for 2024 on Monday while projecting a significant jump in revenues crucial to keep its bailout programme from the International Monetary Fund afloat. The government set a budget deficit target of 2.85 trillion Sri Lankan rupees ($8.73 billion) in 2024, …

Sri Lanka’s 2024 budget sets ambitious revenue, deficit targets Read More »

BEIJING (Reuters) -China’s finance ministry has proposed that auditors undergo or conduct additional cybersecurity checks when their work involves national security. The new draft measures, which were made public on Friday, also lay out how accounting firms should manage data that relate Chinese firms. Over the past two years, China’s cybersecurity authority has established policies …

China proposes auditors undergo cybersecurity checks if national security involved Read More »

JAKARTA (Reuters) -Indonesia’s central bank expects headline inflation to accelerate to 3.2% next year due to higher global food and energy prices, its governor said on Monday, vowing to manage rising costs. Perry Warjiyo made the remarks in a parliamentary hearing discussing the central bank’s budget for 2024. The new forecast was higher than Bank …

Indonesia central bank sees stronger inflation in 2024 as food, energy prices rise Read More »