Reuters Asia Business

Mitsubishi Materials, Freeport Indonesia expand copper smelter capacity

19 Feb 2022

JAKARTA (Reuters) – Indonesia’s PT Smelting, a joint venture between Mitsubishi Materials Corp and Freeport Indonesia, on Saturday launched construction of a 3.2 trillion rupiah ($223 million) expansion of its East Java copper smelting facility. The expansion will increase output capacity at the plant to 342,000 tonnes of copper cathode from 300,000 tonnes currently, the …

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Yen eases but up for week as investors stay worried over Ukraine tensions

18 Feb 2022

By Caroline Valetkevitch NEW YORK (Reuters) – The safe-haven Japanese yen fell slightly against the dollar on Friday, pulling back after recent gains, but was up for the week as a series of developments in the Ukraine-Russia crisis put investors on edge. In afternoon New York trading, the dollar was up 0.1% at 115.025 yen. …

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India, UAE eye $100 billion in annual trade after signing trade pact

18 Feb 2022

By Manoj Kumar and Alexander Cornwell NEW DELHI/DUBAI (Reuters) -India and the United Arab Emirates signed a broad trade and investment pact on Friday that will eventually cut all tariffs on each other’s goods and aims to increase annual trade between the two nations to $100 billion within five years. The virtual signing ceremony marks …

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EU launches WTO dispute against China over telecom patents

18 Feb 2022

By Philip Blenkinsop BRUSSELS (Reuters) -The European Union launched a legal challenge against China at the World Trade Organization on Friday, arguing that Chinese courts were preventing European companies from protecting their telecom technology patents. The European Commission, which filed the challenge on behalf of the EU’s 27 members, said EU companies were being deterred …

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Indian insurer LIC set to launch $8 billion IPO on March 11, sources say

18 Feb 2022

(Corrects para 12 to reflect India has not yet privatised BPCL) By Scott Murdoch, Aftab Ahmed and Nupur Anand SYDNEY/NEW DELHI (Reuters) -A public offering of shares by India’s state-run Life Insurance Corp (LIC), set to be the country’s biggest yet at $8 billion, is expected to open for anchor investors on March 11, three …

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Malaysia brings fresh charge against Aker Solutions’ employee

18 Feb 2022

KUALA LUMPUR (Reuters) – Malaysia on Friday filed a fresh charge against a local manager of Norwegian oil services provider Aker Solutions, accusing him of giving false information to the country’s corporate regulator, according to the company and a court document. Ahmad Hatta Kamaruzzaman allegedly submitted false information about Aker Engineering Malaysia, a local unit …

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China NEV sales drop 18.6% in January after subsidy cut

18 Feb 2022

BEIJING (Reuters) -Sales of new energy vehicles (NEVs) in China fell 18.6% month-on-month in January after the country cut subsidies for NEVs by 30%, industry data showed on Friday. Sales of NEVs, which include battery-powered electric vehicles, plug-in petrol-electric hybrids and hydrogen fuel-cell vehicles, in January reached 431,000, representing an annual increase of 135.8%, according …

China NEV sales drop 18.6% in January after subsidy cut Read More »

Singapore Finance Minister announces $372 million jobs support package

18 Feb 2022

SINGAPORE (Reuters) – Singapore’s Finance Minister Lawrence Wong announced a S$500 million ($372 million) package to support jobs and businesses as part of his budget proposals on Friday. Singapore’s government has committed close to S$100 billion over the past two years to cushion its people, businesses and the economy from the impact of the COVID-19 …

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China central bank warns of default risks after climate stress test

18 Feb 2022

SHANGHAI (Reuters) – China’s banks face rising default risks as a result of higher climate-related costs in carbon-intensive sectors like thermal power, steel and cement, Liu Guiping, vice governor of the central bank, said in comments published on Friday. The People’s Bank of China completed the first phase of climate risk stress tests at 23 …

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