Reuters Asia Business

By Selena Li and Lawrence White HONG KONG/LONDON (Reuters) – HSBC announced on Monday a fresh $3 billion share buyback, and a more than doubling of third-quarter profit that nonetheless disappointed as upward pressure on wages and technology spending pushed costs above forecasts. The results from Europe’s biggest bank showed the hurdles it faces in …

HSBC launches $3 billion buyback, profit disappoints on rising costs Read More »

By David Kirton GUANGZHOU (Reuters) – Foreign buyers returned in force for the autumn round of the world’s largest trade show, heading towards pre-COVID numbers, but Chinese sellers said orders remain low as Christmas nears, with few expecting global demand to recover soon. With three days left of the Canton Fair’s final phase, some 157,200 …

Buyers return to China’s largest trade fair but orders still elusive Read More »

By Khanh Vu HANOI (Reuters) – Vietnam’s textile and garment exports are expected to fall 5.0%- to 6.3% to between $40.5 billion and $41 billion this year on the continued weak global demand, the head of the country’s textile and garment association said. Textiles and garments are Vietnam’s third-largest export earner after smartphones and electronics, …

Vietnam’s 2023 garments and textile exports likely to drop 5.0%-6.3% – official Read More »

BEIJING (Reuters) – The number of property foreclosures in China rose 32.3% in the first nine months of the year, according to a private survey, as home owners grappled with debt amid a property market slump and shaky economic recovery. Property foreclosures in January-September rose to 584,000 units from 441,000 the same period last year, …

China’s property foreclosures up by a third so far in 2023 Read More »

By Clare Jim and Xie Yu HONG KONG (Reuters) -A Hong Kong court gave China Evergrande Group a five week reprieve to come up deal with creditors or face liquidation after the embattled developer said on Monday it was working on a revised debt restructuring plan. The Hong Kong High Court agreed to further adjourn …

China Evergrande winding-up hearing adjourned as it seeks new debt deal Read More »

TOKYO (Reuters) – Kansai Electric Power Co, Japan’s top nuclear power operator, on Monday boosted its full-year profit guidance after a strong performance in the first half on higher sales and restarts for some of its plants. It is now forecasting net profit of 405 billion yen ($2.7 billion) for the year to end-March, up …

Japan’s Kansai Elec lifts guidance after strong first-half results Read More »

TOKYO (Reuters) -Panasonic Holdings, which supplies Tesla, said on Monday it had cut automotive battery production in Japan in the September quarter and shrank the division’s annual profit forecast by 15%, underscoring a global slowdown in EV sales. The company’s less positive outlook for its battery segment follows similar warnings by several automakers and suppliers, …

Panasonic cuts battery unit’s profit outlook, warns on high-end EV sales Read More »

By Laurie Chen and Brenda Goh BEIJING/SHANGHAI (Reuters) – China will send Wu Zhaohui, a Vice Minister of Science and Technology, to a global summit on artificial intelligence this week in Britain, two sources familiar with the matter said. Britain is bringing together representatives of AI companies, political leaders and experts on Nov. 1-2 to …

China to send tech vice minister to global AI summit in Britain-sources Read More »

SHANGHAI (Reuters) – More than 30 Chinese listed companies unveiled share buyback and purchase plans over the weekend while major mutual fund house E Fund Management Co said it would invest in its own product as Beijing steps up efforts to put a floor under a sliding stock market. China has already announced a slew …

More China companies buyback shares as Beijing seeks to stabilise market Read More »

By Francesco Guarascio HANOI (Reuters) – Group of Seven (G7) members offered Vietnam more than $300 million in grants to support plans to reduce coal use, documents seen by Reuters show, accounting for 2% of a financial package made up mostly of costly loans that Hanoi has been reluctant to accept. The documents, which were …

G7 offers costly loans, few grants to help Vietnam cut coal – documents Read More »