Reuters Asia Business

BEIJING (Reuters) -Changan Ford Motor plans to set up a new-energy passenger car joint venture with state-owned Chongqing Changan Automobile, a document published by China’s market regulator on Friday showed. Changan Ford Motor will own a 60% stake and Chongqing Changan Automobile the remaining 40% stake. Changan Ford is a 50-50 joint venture between Ford …

Changan Ford Motor to set up electric car JV with Chongqing Changan Auto Read More »

(Reuters) – SoftBank Group-owned chip designer Arm is getting investment interest from several major tech firms for what is expected to be one of this year’s biggest initial public offerings. Arm has been in talks with about 10 companies, including Amazon.com, Intel, Alphabet and Nvidia, about investments ahead of its IPO. Here is a list …

Factbox-SoftBank-owned Arm courts Big Tech interest in its IPO Read More »

(Reuters) – While the market mostly shrugged off President Joe Biden’s move to prohibit some U.S. technology investments in China, U.S. investors said they were worried Beijing would retaliate or pull back from buying American technology. Aiming to protect national security and prevent U.S. capital and expertise from aiding China’s military modernization, Biden this week …

US investors flag retaliation risks after Biden’s China tech curbs Read More »

SINGAPORE (Reuters) – Singapore’s biggest bank DBS Group will commit up to S$1 billion ($741.29 million) over the next 10 years to help improve the livelihoods of the low-income and underprivileged, its top executive said on Friday. The move comes as DBS, which is also Southeast Asia’s largest lender by assets, expected a record year …

Singapore bank DBS commits up to $741 million for charity over next decade- CEO Read More »

By Naveen Thukral and Qin Ningwei SINGAPORE/BEIJING (Reuters) – Floods have damaged corn and rice crops in China’s key northern grain-producing belt, traders and analysts said, with more rain in the forecast as another typhoon approaches, threatening to add to global food inflation pressures. The hit to China’s cereal crops – the full extent of …

China floods hit rice, corn crops; trigger food inflation worries Read More »

BEIJING (Reuters) – China’s new bank loans tumbled in July from a month earlier and other key credit gauges also weakened, even after policymakers cut interest rates and promised to roll out more support for the faltering economy. Chinese banks extended 345.9 billion yuan ($47.80 billion) of new yuan loans in July, tumbling from June …

China July new bank loans tumble, credit growth weakens further Read More »

SHENZHEN, China (Reuters) – China’s Huawei Technologies saw modest revenue growth in the first half of the year, with its core information and communications technology (ICT) infrastructure and consumer businesses generating the lion’s share. Revenues rose to 310.9 billion yuan ($43.01 billion), up 3.1% on the same period a year earlier, the Shenzhen-based technology giant …

China’s Huawei reports small revenue bump on back of core businesses Read More »

HONG KONG (Reuters) – Hong Kong’s economy expanded 1.5% in the second quarter from a year earlier, government data showed on Friday, adding that inbound tourism and private consumption will remain the major drivers of economic growth for the rest of the year. On a seasonally adjusted quarterly basis, the economy shrank 1.3% over April …

Hong Kong Q2 GDP expands 1.5% y/y Read More »

BEIJING (Reuters) -China will let local governments raise about 1 trillion yuan ($140 billion) through bond sales to repay the debt of local-government financing vehicles (LGFVs) and other off-balance-sheet issuers, Bloomberg News reported on Friday. Debt-laden municipalities represent a major risk to China’s economy and financial stability, economists say, after years of over-investment in infrastructure, …

China to replace $140 billion LGFV debt with local bonds – Bloomberg News Read More »