Reuters Asia Business

BERLIN (Reuters) -Volkswagen’s passenger car brand will implement savings and cost-cutting measures amounting to 10 billion euros ($10.83 billion) by 2026 to hit a return on sales target of 6.5%, a spokesperson said on Wednesday. Chief Financial Officer Arno Antlitz posted on LinkedIn earlier on Wednesday that the company would improve production efficiency across the …

Volkswagen passenger cars targets 10 billion euros of efficiency gains Read More »

MADRID (Reuters) – Shares in Spanish pharmaceutical Grifols soared on Wednesday morning after it disclosed a plan to reduce its stake in Shanghai RAAS in a deal that would bring in $1.5 billion. Shares in Grifols, which produces drugs made out of blood plasma, were up 8.0% in morning trade after the company announced it …

Grifols shares soar on possible sale of $1.5 billion stake in Shanghai RAAS Read More »

SHANGHAI (Reuters) – Global investment houses have rushed to downgrade forecasts for the Chinese yuan after it weakened past the closely watched 7 per dollar level, pressured by widening yield differentials with the United States and signs that Beijing is ready to roll out more stimulus to support a bumpy post-COVID economic recovery. The yuan …

Global investment banks rush to cut yuan forecasts Read More »

By Winni Zhou, Tom Westbrook and Brenda Goh SHANGHAI/SINGAPORE (Reuters) – Bond markets are putting Chinese and global rates on opposite paths, speculating on cuts in China against hikes in the U.S. and prompting banks and Chinese companies to prepare for a weaker currency as Beijing rolls out more stimulus. The yuan fell past the …

Analysis-Diverging rates outlook has China’s yuan eying 2022 lows Read More »

KARACHI (Reuters) – Shell Pakistan on Wednesday said that parent Shell has notified it of the group’s intent to sell its shareholding in the business. Shell Petroleum Company (SPCo), the immediate parent company, owns 77% of the local operations, which suffered losses in 2022, due to exchange rates, the devaluation of the Pakistani rupee, and …

Shell to sell its stake in Pakistan unit Read More »

TOKYO (Reuters) – Toyota shareholders backed the board and voted down the first resolution proposed in 18 years at an annual general meeting (AGM) on Wednesday, an endorsement of the automaker a day after it laid out an extensive electric vehicle strategy. EV ROADMAP Toyota aims to produce more efficient, faster-charging versions of current batteries …

Toyota wins over shareholders at AGM after questions on strategy, governance Read More »

By Daniel Leussink TOYOTA CITY, Japan (Reuters) – Toyota shareholders backed the board and voted down the first resolution proposed in 18 years at an annual general meeting (AGM) on Wednesday, an endorsement of the automaker a day after it laid out an extensive electric vehicle strategy. The resolution from three European asset managers called …

Toyota shareholders vote down climate resolution, back board Read More »

By Orathai Sriring and Kitiphong Thaichareon BANGKOK (Reuters) – Thailand’s central bank expects further gradual policy tightening as the benchmark rate is not at neutral levels yet and core inflation remains elevated, officials said on Wednesday. The Bank of Thailand (BOT) has increased rates six times since August as policymakers stepped up efforts to tame …

Thai central bank to hike more as rate not neutral yet, says core inflation high Read More »