Reuters Asia Business

SEOUL (Reuters) – South Korea’s Posco Future M said on Wednesday that it is suspending a plan to build a new battery materials factory with China’s Zhejiang Huayou Cobalt in South Korea, citing slowing demand for electric vehicles. The two companies last year signed a preliminary deal to create a joint venture to build a …

POSCO Future M suspends plan for battery materials factory with Chinese firm in S.Korea Read More »

By Julie Zhu and Selena Li HONG KONG (Reuters) – A top 10 Chinese fund manager has asked senior executives to return pay received over the past five years that exceeds a new cap, to tally with a government initiative promoting economic equality, said two people with direct knowledge of the matter. China Merchants Fund …

Exclusive-Chinese fund manager asks staff to return excess pay from past five years, sources say Read More »

By Ellen Zhang and Ryan Woo BEIJING (Reuters) – The city of Hangzhou in eastern China with its tech focus is the country’s best-performing big city, while Wuhan in central China has also made great strides to become the second-best, according to updated rankings by an independent U.S. think tank. Hangzhou, the capital of China’s …

Hangzhou and Wuhan jump in rankings of best-performing Chinese cities, report says Read More »

LONDON (Reuters) – HSBC has named Jo Miyake as interim CEO of its global commercial banking business, according to an internal memo seen by Reuters on Wednesday, in the latest of a series of appointments since new group CEO Georges Elhedery took charge. Miyake, who is currently chief commercial officer for the commercial bank, takes …

HSBC appoints Jo Miyake as interim CEO of global commercial banking -memo Read More »

By Casey Hall SHANGHAI (Reuters) -Chinese e-commerce giant Alibaba’s domestic platforms Taobao and Tmall will begin accepting payments from Tencent’s WeChat pay, Alibaba said in a statement on Wednesday. Alibaba is affiliated with the Jack Ma-founded Ant Group’s Alipay, which is WeChat’s main rival for online payments in China. Tencent has also been a major …

Alibaba’s China e-commerce platforms to accept Tencent’s Wechat Pay Read More »

By Victoria Waldersee and Christina Amann WOLFSBURG, Germany (Reuters) -Volkswagen management is facing workers at a crunch meeting at its headquarters on Wednesday as the automaker seeks to push through deep cost cuts – including factory closures in Germany – in an effort to revive profits at its namesake brand. Chief Financial Officer Arno Antlitz …

Volkswagen goes head-to-head with workers over proposed cuts Read More »

By Takaya Yamaguchi and Makiko Yamazaki TOKYO (Reuters) – Japan’s budget demands hit a record for the next fiscal year, exceeding $800 billion, the finance ministry said on Wednesday, as the world’s No. 4 economy struggles to slow spending and as debt-servicing costs rise. A new leadership race could complicate Tokyo’s efforts to restore fiscal …

Japan’s budget demands hit record as leadership race steps up Read More »