Reuters Asia Business

HONG KONG (Reuters) – Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 2.48 million Hong Kong-listed shares of electric vehicle maker BYD for HK$539.93 million ($68.78 million), a stock exchange filing showed. The sale on March 31 lowered Berkshire’s holdings in BYD’s issued H-shares to 10.90% from 11.13%, the filing to the …

Berkshire Hathaway sells $68.8 million worth of shares in China’s BYD Read More »

BEIJING (Reuters) – Travel bookings in China have recovered to pre-pandemic levels after being suppressed last year by zero-COVID policies, and are set to boom for the upcoming May Day holiday, according to data from popular booking apps. By April 6, orders of domestic travel for the holiday had reached pre-COVID levels and were seven …

China travel booking apps show May Day holiday recovery to pre-COVID levels Read More »

BEIJING (Reuters) – Chinese banks extended 3.89 trillion yuan ($565 billion) in new yuan loans in March, up sharply from February and surpassing analysts’ expectations. Analysts polled by Reuters had predicted new yuan loans would rise to 3.24 trillion yuan last month, versus 1.81 trillion yuan in February. Broad M2 money supply grew 12.7% in …

China March new bank loans rise to 3.89 trln yuan, exceed forecasts Read More »

By Heekyong Yang SEOUL (Reuters) -Hyundai Motor Group said on Tuesday it planned to invest 24 trillion won ($18.14 billion) in South Korea’s electric vehicle (EV) industry through 2030, bolstering its presence in a segment that is set to dominate long-term global automotive demand. The investment plan by the group, which includes Hyundai Motor Co, …

Hyundai Motor Group to invest $18 billion in South Korean EV industry by 2030 Read More »

BEIJING (Reuters) – Boeing said on Tuesday that 11 Chinese airlines have resumed operation of the 737 MAX as of April 10, in a positive sign for the U.S. planemaker’s attempts to rebuild its business in the world’s second-largest aviation market. Based on these airlines, the number of 737 MAX returning to commerical service reached …

Boeing says 11 Chinese airlines have resumed operating 737 MAX Read More »

By Josh Horwitz and Josh Ye SHANGHAI (Reuters) – Alibaba Group Holding Ltd on Tuesday showed off its generative AI model – its version of the tech that powers chatbot sensation ChatGPT – and said it would be integrated into all of the company’s apps in the near future. The unveiling, which came on the …

Alibaba to roll out generative AI across apps, Beijing flags new rules Read More »

BEIJING (Reuters) – Several small and mid-sized banks in China have lowered their deposit interest rates, a move that could help ease costs as loan growth faces more pressure amid rising economic risks. Rural commercial banks and credit unions in Hubei and Henan provinces cut rates on a range of deposits over the weekend, following …

Smaller Chinese banks cut deposit rates on squeezed margins Read More »

By Rocky Swift TOKYO (Reuters) – Second-quarter results from Japan’s Fast Retailing Co, owner of clothing brand Uniqlo, will on Thursday offer a window into how rapidly demand in China is recovering after the lifting of pandemic curbs. The company, Japan’s biggest retailer, reported a 2% dip in operating profit in the first quarter, partly …

Uniqlo owner expected to post 30% profit rise, as investors eye China results Read More »

ASTANA (Reuters) -Kazakhstan has started arbitration proceedings against companies developing its Kashagan and Karachaganak oilfields over $13 billion and $3.5 billion respectively in costs deducted as part of profit-sharing deals, its energy minister said on Tuesday. “I can only say these lawsuits have been filed in the interest of the people of Kazakhstan,” Energy Minister …

Kazakhstan takes oil majors to arbitration over costs Read More »