By Samuel Shen and Tom Westbrook SHANGHAI/SINGAPORE (Reuters) – The trademark Chinese patriotism is back at play in markets. As Japan and the United States place fresh curbs on Chinese technology firms, local investors are scooping up shares of those firms and state companies, and reaping handsome rewards. China has for years been guiding money …
Sanctioned China stocks win sudden boost from patriotic buyers Read More »
By Karen Freifeld WASHINGTON (Reuters) – A top U.S. lawmaker on Thursday asked for more detail on the Biden administration’s proposed executive order on U.S. investments in China, questioning whether the planned restrictions would be effective. Republican U.S. Representative Patrick McHenry, chair of the House of Representatives Committee on Financial Services, sent a letter to …
House panel chair seeks info on proposed U.S. order for China investment Read More »
SHANGHAI/BEIJING (Reuters) -Great Wall Motor has filed a report with China’s regulators against BYD, it said on Thursday, claiming its rival’s two top-selling hybrid models did not meet emissions standards and triggering a rare public spat. BYD rejected the claim, saying its vehicles met China’s emission standards and that it reserved the right to take …
Great Wall Motor says rival BYD failing on hybrid emissions Read More »
By David Shepardson (Reuters) – Ford Motor Co CEO Jim Farley said on Thursday Chinese electric vehicle makers are its main rivals in the sector, but the company has hurdles competing on cost at a smaller scale. “I think we see the Chinese as the main competitor, not GM or Toyota,” Farley said at the …
Ford CEO says China main EV rival, not GM, Toyota Read More »
By Joseph White DETROIT (Reuters) – U.S. trade policy with China and other nations must strike a more equitable balance between needs of workers and corporate profits, leaders of two big U.S. unions said at the Asia Pacific Economic Cooperation trade ministers meeting on Thursday. “We’re not anti-trade,” United Auto Workers union President Shawn Fain …
At APEC trade meeting, union leaders call for new ‘balance’ with China Read More »
By Josh Ye HONG KONG (Reuters) -Social media platform TikTok said on Thursday it is in the early stages of exploring a chatbot called “Tako” that can converse with users about short videos and help them discover content, and is conducting tests with select users in the Philippines. OpenAI, backed by Microsoft Corp, last year …
TikTok tests AI chatbot ‘Tako’ in the Philippines Read More »
HONG KONG (Reuters) – Bank of America Corp has told around 40 bankers in Asia to look for new roles within the organisation, a person familiar with the matter said, as it moves to control costs globally and cut back amid slowing Chinese dealmaking. The bank on Wednesday notified the staff in Asia Pacific markets …
Bank of America redeploys 40 Asia bankers as China dealmaking stalls Read More »
By Asif Shahzad ISLAMABAD (Reuters) – Pakistan has cut its GDP growth estimate for fiscal year 2022-23 to 0.29%, from an earlier estimate of 2%, the national accounts committee said, with a contraction in industrial growth underscoring concern of an acute economic crisis. The country’s growth was stunted by slowdowns in the agriculture, industrial and …
Pakistan cuts growth forecast, foreign exchange reserves drop Read More »
By Casey Hall SHANGHAI (Reuters) -Chinese food delivery giant Meituan on Thursday reported a return to net profit in the first quarter on forecast-beating revenue as it fended off competition from rivals such as Alibaba-backed Ele.me and ByteDance unit Douyin. Meituan, whose app provides services including bike-sharing, ticket-booking and maps, made net profit of 3.36 …
Meituan returns to profit as Q1 revenue beats estimates Read More »
TOKYO (Reuters) – Japan’s government raised its overall view of the economy for the first time in ten months in May, after recent data showed the country emerged from recession in the first quarter amid a post-COVID consumption rebound. The Cabinet Office also upgraded its assessment of consumer spending, exports and factory output, suggesting economic …
Japan raises view on economy for 1st time since July 2022 Read More »
