By Joyce Lee and Heekyong Yang SEOUL (Reuters) – Samsung Electronics Co Ltd said on Friday it would make a “meaningful” cut to chip production, following the lead of smaller rivals, as it grapples with a sharp global downturn in semiconductor demand that has sent prices plummeting. The unusual output cut by the world’s biggest …
Samsung to cut chip output to ride out downturn; shares rally Read More »
By Asif Shahzad ISLAMABAD (Reuters) – Saudi Arabia will provide a $240 million loan to co-finance Pakistan’s multi-purpose Mohmand dam project, a major hydro-power complex being built in northwest of the country, statements from both sides said on Friday. The project will “contribute to Pakistan’s energy security, increase sustainable water supply for agriculture and human …
Saudi provides $240 million for Pakistan hydro-power dam Read More »
By Daniel Leussink and Maki Shiraki TOKYO (Reuters) – Toyota Motor Corp will introduce 10 new battery-powered models and target sales of 1.5 million EVs a year by 2026, aiming for steep growth in a market where it has long been lapped by rivals. The world’s largest automaker by sales will also set up a …
Toyota to launch 10 new battery EV models by 2026 Read More »
By Leika Kihara TOKYO (Reuters) -Haruhiko Kuroda took a slightly less dovish tack in his farewell as Japan’s central bank chief on Friday, ending a decade of unconventional policy that included a “bazooka” of stimulus aimed at boosting inflation and sustainable growth. Handing the reins of the Bank of Japan (BOJ) to academic Kazuo Ueda, …
Kuroda less dovish as he departs BOJ after decade of massive stimulus Read More »
BEIJING (Reuters) – China’s new yuan loans are expected to rebound in March from a sharp drop in February, a Reuters poll showed, as the central bank keeps policy accommodative to support a nascent economic recovery. Chinese banks are estimated to have issued 3.24 trillion yuan ($471.30 billion) in net new yuan loans last month, …
China’s new yuan loans seen rebounding in March: Reuters poll Read More »
BEIJING (Reuters) – China’s foreign exchange reserves rose in March, official data showed on Friday, as the dollar fell against other major currencies. The country’s foreign exchange reserves – the world’s largest – rose $51 billion to $3.184 trillion last month, compared with $3.149 trillion tipped by a Reuters poll of analysts and up from …
China forex reserves rise to $3.18 trln in March Read More »
BEIJING (Reuters) – Dai Shihong, a former head of the Export-Import Bank of China’s Yunnan branch, has been expelled from the Communist Party and dismissed from public office, the anti-graft watchdog said in a statement on Friday. Dai was found to have taken bribes and abused his position to seek benefits for others, it said. …
Former head of Exim Bank of China in Yunnan expelled from Communist party Read More »
By Heekyong Yang SEOUL (Reuters) – South Korea on Friday said it will provide 7 trillion won ($5.32 billion) in financial support for its battery makers seeking to invest in infrastructure in North America over the next five years to help firms cope with the U.S. Inflation Reduction Act. Government support will include lowering lending …
TOKYO (Reuters) -ValueAct Capital criticised Seven & i Holdings on Friday for having failed to provide clear answers to key questions about the Japanese retail giant’s strategy, building up tension ahead of its annual shareholders meeting. “Seven & i did not answer any of the nine questions posed by ValueAct in a clear and specific …
ValueAct ratchets up criticism of Japan’s Seven & i Read More »
By Leika Kihara TOKYO (Reuters) -Japan’s new central bank chief will take baby steps in any shift away from the radical monetary experiment of his predecessor, if recent comments are any guide, but a deeper history of his thinking shows a taste for bolder action. Markets are rife with speculation that Kazuo Ueda, who becomes …
New BOJ chief to slowly unwind Kuroda’s policy experiment Read More »
