Reuters Asia Business

PARIS (Reuters) – Semiconductor supplier STMicroelectronics and Sanan Optoelectronics plan to set up a silicon carbide manufacturing joint venture in Chongqing, China, they said on Wednesday. The companies said the cost of the venture was expected to be about $3.2 billion, including capital expenditure of about $2.4 billion over the next five years. The venture …

STMicroelectronics and Sanan plan silicon carbide venture in China Read More »

By Qin Ningwei and Josh Arslan XIPING COUNTY, China (Reuters) – After two weeks of continuous heavy rains, a farmer surnamed Chen in China’s Henan province surveys bent stalks of saturated wheat in sodden fields that will take days to dry out before harvesting can start. The rains are also causing the kernels on his …

China’s wheat growers face ‘disaster’ after heavy rain batters crop Read More »

By Kane Wu, Julie Zhu and M. Sriram HONG KONG (Reuters) -U.S. venture capital giant Sequoia plans to split off its Chinese and Indian/Southeast Asian businesses into two independent firms, it said on Tuesday, as it tries to better navigate economic and geopolitical challenges. The split, which will see the two new firms adopt their …

Sequoia to split off China, India/Southeast Asia businesses amid geopolitical tension Read More »

By Jonathan Stempel NEW YORK (Reuters) – The U.S. Securities and Exchange Commission on Tuesday sued Coinbase, accusing the largest U.S. cryptocurrency platform of operating illegally because it failed to register as an exchange, in another blow to the crypto industry. The lawsuit is the SEC’s second in two days against a major crypto exchange, …

US SEC sues crypto exchange Coinbase, one day after suing Binance Read More »

(Reuters) – Bitcoin rose 5.56% to $27,171 at 19:57 GMT on Tuesday, adding $1,432 to its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is up 64.7% from the year’s low of $16,496 on January 1. Ether, the coin linked to the Ethereum blockchain network, rose 4.72% to $1,896.1 on Tuesday, adding $85.4 to …

Bitcoin surges 5.56% to $27,171 Read More »

By Angus Berwick and Tom Wilson LONDON (Reuters) – Two offshore trading firms controlled by Binance founder and CEO Changpeng Zhao lie at the centre of the Securities and Exchange Commission (SEC) lawsuit launched against the world’s largest crypto exchange, which highlights concerns over client funds. Swiss-registered Sigma Chain received customer funds from Binance, the …

Zhao-controlled Binance trading firms at heart of SEC lawsuit Read More »

SHANGHAI (Reuters) – Some Chinese suppliers to state-owned Chongqing Changan Automobile have written to the automaker after it cut their payments by 10%, saying they were unfairly being forced to pay for the industry’s bruising price war. The suppliers said Changan, which also has partnerships with Ford Motor Co and Mazda Motor, told them in …

China’s Changan suppliers push back against forced payment cuts Read More »