Reuters Asia Business

By Sophie Yu and Yew Lun Tian BEIJING (Reuters) – At Nanchengxiang restaurants in Beijing, customers treat themselves to a breakfast buffet with three types of rice porridge, sour and spicy soup, and milk – all for the price of 3 yuan ($0.40). “Many good, cheap choices popped up during the pandemic,” said 71-year-old Gao …

Breakfast for 40 cents: what China’s deflation looks like Read More »

LONDON (Reuters) – Britain said on Thursday it was weighing how to respond to a decision by U.S. President Joe Biden to prohibit some tech investments in China, adding it was continuing to assess potential national security risks. Biden signed an executive order on Wednesday that authorizes the U.S. Treasury secretary to prohibit or restrict …

UK considers response to U.S ban on tech investments in China Read More »

By Anton Bridge TOKYO (Reuters) -Japan’s Rakuten Group will fold its payments and points businesses into its credit card unit, it said on Thursday, a move that could set up the struggling e-commerce company to eventually list the card business. Despite strong revenue from its core e-commerce offerings, Rakuten has lost money for 12 straight …

Japan’s struggling Rakuten to combine credit card and mobile payments business Read More »

By Tetsushi Kajimoto TOKYO (Reuters) -Japan’s wholesale inflation eased for a seventh month in July as pressure from high global commodity prices eased, a development economists say is likely to encourage the central bank to keep its monetary stimulus in place. The 3.6% rise in the corporate goods price index (CGPI), which measures the price …

Japan wholesale inflation slows again, bolstering case for stimulus Read More »

By Scott Murdoch (Reuters) – Chinese home appliance maker Midea Group said on Wednesday it is studying a potential listing in Hong Kong as part of its global strategy. The new shares to be issued would account for no more than 10% of enlarged capital, Midea, already listed in the Shenzhen stock exchange, said in …

China home appliance maker Midea studying potential HK listing Read More »

By Casey Hall SHANGHAI (Reuters) – In an unassuming industrial park on the outskirts of Shanghai, an unusual taste test was happening. As part of an event on Wednesday for government, investors and media, the cultivated meat company CellX served up meat developed in a laboratory from animal cells. The offerings included lab-grown meat kebabs …

China’s CellX pilots lab-grown meat production, eyes U.S. market Read More »

(Reuters) -China’s internet giants are rushing to acquire high-performance Nvidia chips vital for building generative artificial intelligence systems, making orders worth $5 billion, the Financial Times reported on Wednesday. Baidu, TikTok-owner ByteDance, Tencent and Alibaba have made orders worth $1 billion to acquire about 100,000 A800 processors from the U.S. chipmaker to be delivered this …

China’s internet giants order $5 billion of Nvidia chips to power AI ambitions -FT Read More »

By Andrea Shalal and Karen Freifeld WASHINGTON (Reuters) – The White House on Wednesday announced plans to prohibit some U.S. investments in certain sensitive technologies in China, and require that the government be notified of other investments, but said it could take time before the moves take effect. President Joe Biden on Wednesday signed an …

Explainer-U.S. starts process to restrict some investment in key tech in China Read More »

NEW DELHI (Reuters) – India’s imports from China across at least 25 major commodity groups such as consumer electronics, auto components, and iron and steel products rose in fiscal 2023, the government told parliament on Wednesday. The statement, which listed Chinese imports in a total of 31 commodity groups, comes amid New Delhi’s concerted efforts …

India’s imports from China across at least 25 major commodity groups rise on year Read More »