Reuters Asia Business

SHANGHAI/SINGAPORE (Reuters) – Chinese banks are facing increasing risks from rising non-performing loans (NPLs) and diminishing returns, making them a lightning rod for investors’ worries about the world’s second-largest economy. Concerns about their exposure to local government financing vehicles (LGFVs), the investment firms that fund mainly infrastructure projects for local governments, and the crisis-hit property …

Analysis-China’s banks bear brunt of concerns around growth and debt Read More »

(Reuters) -U.S. inspectors have started a fresh round of routine checks on Wall Street-listed Chinese companies’ audits in Hong Kong in recent weeks, a source familiar with the matter said on Friday. The latest inspections, led by the Public Company Accounting Oversight Board (PCAOB), a U.S. audit watchdog, are part of an agreement signed between …

US starts new round of audit inspections on China firms – source Read More »

SAO PAULO (Reuters) – Chinese company ByteDance, which owns short-video company TikTok, on Thursday said it will launch a new music streaming service in Brazil and Indonesia, as it tries to become a player in that market. The initiative is a new attempt by ByteDance, as the company in a statement said it will stop …

ByteDance launches new music streaming service in Brazil, Indonesia Read More »

By Ben Blanchard and Jan Schwartz TAIPEI (Reuters) -Volkswagen is monitoring metals markets after China imposed export restrictions on two minor metals used in semiconductors and electric vehicles, it said on Thursday, while some chipmakers played down fears of shortages. Fears are growing that more curbs on strategic exports including rare earths could be coming …

VW ready to deal with China metal curbs; chipmakers play down fallout Read More »

By Joice Alves LONDON (Reuters) – A lack of clarity on Beijing’s planned stimulus measures will mean a mixed appetite for European stocks over the rest of 2023, investors say, with China the EU’s third biggest export market. From high-end cars to luxury watches, Europe’s consumer discretionary and staples, technology, industrials and materials sectors all …

Analysis-China slowdown prompts export-reliant Europe stocks rethink Read More »

MILAN (Reuters) – Generali has agreed to buy Connecticut-based asset manager Conning Holdings as part of a partnership with Cathay Life, a unit of Taiwan’s Cathay Financial Holding, the Italian insurer said on Thursday. The deal, structured as an exchange of assets without a cash consideration, realises Generali CEO Philippe Donnet’s ambition of expanding into …

Generali buys U.S. asset manager Conning under deal with Cathay Life Read More »

By Muyu Xu (Reuters) -Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal. Saudi Aramco hiked the official selling prices (OSP) for August-loading Arab Light …

Saudi Arabia hikes most August oil prices to Asia after supply cuts Read More »

(Reuters) – Goldman Sachs on Thursday said the West may need more than $25 billion in investments to match China’s supply of rare earths, as export curbs by Beijing on minor metals fuel fears that rare earths could be next. Europe and the U.S. are scrambling to wean themselves off rare earths from China, which …

Goldman says West needs over $25 billion investments in rare earths to match China Read More »

SHANGHAI/HONG KONG (Reuters) – Chinese investors are rushing offshore to make dollar deposits and buy Hong Kong insurance in a signal domestic confidence is languishing and that the ailing yuan faces more pressure. The outflows highlight deep-seated concern about the state of China’s economy as its much-awaited pandemic recovery stalls. Consumer spending is flagging, the …

Chinese rush to buy Hong Kong insurance, dollars as confidence cracks, yuan weakens Read More »

By Joyce Lee SEOUL (Reuters) -Samsung Electronics’ June-quarter profit is expected to plunge 96% on-year to the lowest for any quarter in more than 14 years, as a chip glut continues to drive large losses in the tech giant’s cash cow business despite a supply cut. Operating profit for the world’s biggest maker of memory …

Samsung profit likely lowest in more than 14 years as chip glut persists Read More »