Reuters Asia Business

BEIJING (Reuters) – Shares in Chinese e-commerce giant JD.com fell as much as 13% to a record low on Friday after several banks and brokers cut price targets and revenue growth forecasts for the firm, citing a weaker-than-expected recovery in consumer spending. The brokerages and banks including Citi, Daiwa and Jefferies, which issued notes to …

JD.com shares hit record low, banks cut Q3 growth target on retail slowdown Read More »

By Danial Azhar KUALA LUMPUR (Reuters) – Malaysia on Friday unveiled a tighter budget for 2024, focusing on subsidy rationalisation to strengthen its fiscal position, as an economic slowdown puts a strain on government spending. Prime Minister Anwar Ibrahim is under pressure to revive Malaysia’s export-driven economy amid moderating growth, a weakening local currency and …

Malaysia announces smaller budget, eyes subsidy cuts to narrow deficit Read More »

FRANKFURT (Reuters) – Volkswagen on Friday said that group deliveries rose by 7.4% in the third quarter, thanks to strong demand in Europe and North America that was able to offset a decline in China, the world’s top auto market. Overall, Volkswagen recorded group deliveries of 2.34 million vehicles in the July-September period. In China, …

Volkswagen’s Europe, U.S. vehicle deliveries offset China weakness in Q3 Read More »

BEIJING (Reuters) – China’s new bank loans came in softer than expected in September, figures from the central bank showed on Friday, even as it strives to bolster a shaky economic recovery amid tepid demand. Chinese banks issued 2.31 trillion yuan ($316.15 billion) of new yuan loans in September, up sharply from 1.36 trillion in …

China’s Sept new bank lending jumps less than expected Read More »

By Alexandra Alper and Karen Freifeld (Reuters) -The Biden administration is considering closing a loophole that gives Chinese companies access to American artificial intelligence (AI) chips through units located overseas, according to four people familiar with the matter. The United States last year shook relations with Beijing when it unveiled new restrictions on shipments of …

Biden eyes adding AI chip curbs to Chinese companies abroad Read More »

HONG KONG (Reuters) – The founding family of Country Garden recently loaned the embattled Chinese property developer $300 million interest free, and the family was also trying to sell its private jet, a Chinese online news outlet, The Paper, reported on Friday. Citing insiders, The Paper said the family was seeking to support liquidity for …

Country Garden founding family provides $300 million loan, selling jet – report Read More »

KARACHI, Pakistan (Reuters) – Pakistan’s central bank has met an end-September deadline for a forward book target of $4.2 billion agreed with the IMF, and is comfortably placed to meet others on net international reserves and net domestic assets, the bank said on Friday. The South Asian nation is trying to navigate a tricky path …

Pakistan set to meet some key targets set by IMF – central bank chief Read More »

By Sarah Wu and Ben Blanchard TAIPEI (Reuters) -Taiwanese chipmaker TSMC said on Friday that it expects to receive from the United States permission to supply U.S. chip equipment to its factory in China indefinitely. TSMC said in a statement to Reuters that the U.S. Bureau of Industry and Security had advised it to apply …

TSMC says it expects to receive permanent US authorisation for China operations Read More »

By Laurie Chen and Philip Blenkinsop BEIJING (Reuters) -The European Union’s foreign policy chief, Josep Borrell, urged China on Friday to redress economic and trade imbalances or efforts by Europe to reduce its dependence on China may “accelerate far more than is good”. Borrell is on a three-day visit to China and is expected to …

EU’s Borrell warns China ‘de-risking’ may speed up if imbalances persist Read More »