Reuters Asia Business

KUALA LUMPUR (Reuters) – Indonesia plans to raise its mandatory palm oil-based biodiesel blending to 40% in the next few years, but for now will keep it unchanged at 35%, the country’s energy minister said on Monday. The world’s biggest palm oil producer raised mandatory blending from 30% to 35% in February, however it has …

Indonesia plans to hike biodiesel mandate in next few years Read More »

By Nick Carey, Paul Lienert and Victoria Waldersee LONDON (Reuters) – Global automakers have touted plans to re-use electric vehicle (EV) batteries when they lose power, but competition for battery packs and cell materials, and the appetite for affordable cars cast doubt on this part of the circular economy. An array of startups offers second-life …

A second life for EV batteries? Depends how long the first is Read More »

By Mei Mei Chu and Muyu Xu KUALA LUMPUR (Reuters) -Hydrocarbons will be an important part of Asia’s energy mix, Malaysian Prime Minister Anwar Ibrahim and industry executives said on Monday, as affordability and energy security remain key concerns for the region. Achieving net-zero emissions targets should not come “at the expense of economic growth …

At Asia energy event, officials warn against sacrificing growth for transition Read More »

SINGAPORE (Reuters) – Singapore’s industrial output in May fell 10.8% year-on-year, the eighth consecutive contraction and below forecast, official data showed on Monday. The fall was mainly due to a decline in output for electronics Economists had expected a 7.4% year-on-year contraction in May, according to a Reuters poll. On a month-on-month and seasonally adjusted …

Singapore May manufacturing output down 10.8% y/y, below forecast Read More »

COLOMBO (Reuters) – Debt-laden Sri Lanka will unveil its domestic debt restructuring strategy this week, central bank chief P. Nandalal Weerasinghe said on Sunday, as the island navigates its worst financial crisis in decades. Sri Lanka will also likely obtain Cabinet and parliamentary approval for the debt restructuring strategy this week, Weerasinghe told local TV …

Sri Lanka to unveil domestic debt restructuring strategy this week – report Read More »

MANILA (Reuters) – Philippine Finance Secretary Benjamin Diokno said he expected the central bank, of which he is a policymaker, to take a “long pause” in raising interest rates steady as inflation is expected to ebb. The bank held its key policy rate steady at 6.25% for a second straight meeting on Thursday. “I think …

Philippine finance secretary sees ‘long pause’ in rate hikes Read More »

BEIJING (Reuters) – China needs to step up measures as soon as possible to bolster a faltering post-COVID recovery in the world’s second-largest economy, a senior economic official with the country’s top political advisory body said on Sunday. Analysts at major international banks have downgraded economic growth forecasts for 2023 after May data showed demand …

China must act fast to bolster recovery, says senior economic official Read More »

By Asif Shahzad ISLAMABAD (Reuters) – Pakistan’s parliament on Sunday approved the government’s 2023-24 budget which was revised to meet International Monetary Fund conditions in a last ditch effort to secure the release of more bailout funds. The IMF in mid-June expressed dissatisfaction with the country’s initial budget, saying it was a missed opportunity to …

Pakistan’s parliament approves revised budget to clinch IMF deal Read More »

BANGKOK (Reuters) – Thailand’s policy interest rate remains low and further tightening will be gradual to curb inflation risks as the economy continues to recover, a deputy central bank governor said on Sunday. The Bank of Thailand raised its main interest rate six times since August to 2% to tame inflation and policymakers have pledged …

Thai rates still low, tightening to be gradual, says central bank official Read More »