TOKYO (Reuters) -Japan’s top refiner Eneos on Wednesday raised its net profit forecast to 240 billion yen ($1.6 billion) for the year ending in March 2024, as higher oil prices and weaker yen are set to support results after a drop in its quarterly profit. Eneos posted a 31% fall in the second-quarter net profit …
Japan’s Eneos raises full-year profit forecast on higher oil, weaker yen Read More »
HONG KONG (Reuters) -Top executives at global asset managers on Wednesday talked up China at an event in Hong Kong on Wednesday, championing long-term investment opportunities in an economy battling to break free of pandemic disruption. While many multinational firms are working to spread risk away from China amid ongoing tension with the West, the …
Global asset managers talk up China as long-term bet Read More »
By Farah Master and Kane Wu HONG KONG (Reuters) -Some shareholders of Dulwich College International are in talks for a sale of the British school’s China-heavy Asia operations, two sources said, in the latest indication of how turmoil in China’s $570 billion education industry is forcing overhauls at institutions. Dozens of international and private schools …
Private schools rethink China future after flunking growth test Read More »
SEOUL (Reuters) – Hyundai Motor Group’s air taxi unit Supernal plans to build a manufacturing facility in the United States to make flying electric taxis for commuters, the South Korean auto group said on Wednesday. A prototype of the electric vertical take-off and landing (eVTOL) craft will be shown at global tech show Consumer Electronics …
Hyundai Motor Group air taxi unit plans US manufacturing facility Read More »
By Kane Wu HONG KONG (Reuters) -Chinese private equity firm Trustar Capital’s Chairman and CEO Yichen Zhang said on Wednesday that a lot of multinationals are looking to reduce their exposure to China but do not want to exit completely. Speaking at the Global Financial Leaders Investment Summit in Hong Kong, Zhang said the property …
Trustar CEO Zhang says multinationals want to reduce China exposure but not exit Read More »
By Ruma Paul and Krishna N. Das DHAKA/NEW DELHI (Reuters) – Several clothing factory owners in global fashion manufacturing hub Bangladesh are asking clients that include H&M to help them pay for an almost 60% government-mandated hike in wages, well aware that weaker sales might stymie their efforts. Following a week of deadly clashes between …
Global fashion factories in Bangladesh resigned to slimmer margins ahead of wage hike Read More »
By Heekyong Yang and Ju-min Park SEOUL (Reuters) – Automaker Kia Corp said on Wednesday it had suspended most operations at a major manufacturing complex in South Korea because parts supplies were disrupted after a deadly accident at one of its suppliers. Poongki Industrial Co Ltd, a Kia supplier that makes chassis parts, halted its …
Kia halts operations at S.Korea auto facility after accident at supplier Read More »
By David Lawder WASHINGTON (Reuters) -The U.S. Treasury on Tuesday said no major trading partners appeared to be manipulating their currencies, but it put Vietnam back onto a foreign exchange “monitoring list,” while removing Switzerland and South Korea from the same scrutiny. The Treasury’s semi-annual currency report for the four quarters ended June 2023 showed …
US finds no major trade partners manipulated currencies Read More »
By Niket Nishant and Anirban Sen NEW YORK (Reuters) – SoftBank Group Corp, the Japanese conglomerate led by Masayoshi Son, invested about $16 billion in WeWork in the years that led up to the flexible-workspace company’s bankruptcy, according to Reuters calculations. The spectacular implosion of WeWork, which has inspired books, podcasts and a TV show, …
How SoftBank’s bets on WeWork totaled $16 billion Read More »
BEIJING/SHANGHAI (Reuters) -Baidu ordered artificial intelligence chips from Huawei this year, two people familiar with the matter said, adding to signs that U.S. pressure is prompting Chinese acceptance of the firm’s products as an alternative to Nvidia’s. One of the people said Baidu, one of China’s leading AI firms, which operates the Ernie large language …
Exclusive-Baidu placed AI chip order from Huawei in shift away from Nvidia -sources Read More »
