Reuters Asia Business

(Reuters) -Faraday Future Intelligent Electric Inc said on Wednesday it has started production of its much-delayed first luxury electric car, FF 91 Futurist, at its California factory. Last November, the Los Angeles-based electric-vehicle company had raised doubts about its ability to continue as a “going concern” and the delivery timeline for FF 91, shortly after …

Faraday Future starts EV production of FF 91 after months-long delay Read More »

SOROWAKO, Indonesia (Reuters) – U.S. carmaker Ford Motor Co signed a final investment agreement with PT Vale Indonesia, and China’s Zhejiang Huayou Cobalt on Thursday to build a $4.5 billion nickel processing plant in Indonesia’s Southeast Sulawesi. The high-pressure acid leaching (HPAL), located in Pomalaa where Vale operates a nickel mine, is expected to produce …

Ford, Vale Indonesia, Huayou sign deal for $4.5 billion EV battery material plant Read More »

BEIJING (Reuters) – China’s Bank of Communications Co Ltd (BoCom) reported a 4.5% rise in fourth-quarter net profit on Thursday.    The second of the country’s biggest lenders to post earnings this week, China’s sixth-largest commercial bank by assets reported a net profit of 24.3 billion yuan ($3.53 billion), up from 23.2 billion yuan a year …

China’s Bank of Communications Q4 profit rises 4.5% Read More »

By Marie Mannes and Helen Reid STOCKHOLM (Reuters) – Fashion retailer H&M reported a surprise operating profit for the December to February period as cost-cutting measures started to bear fruit despite consumers curbing spending, but said a cold spell was holding back sales in March. While H&M showed signs of bringing its costs under control, …

Fashion retailer H&M surprises with Q1 profit but March sales disappoint Read More »

SEOUL/TAIPEI (Reuters) -The criteria to qualify for new U.S. semiconductor subsidies could be “burdensome” for companies such as Samsung Electronics Co Ltd and SK Hynix Inc, South Korea’s trade minister said on Thursday, as Taiwan’s TSMC also expressed concern. Conditions include sharing excess profit with the U.S. government, and three industry sources said the application …

S.Korea, TSMC express concern about US chip subsidy criteria Read More »

By Ellen Zhang and Marius Zaharia BEIJING/HONG KONG (Reuters) – Some of China’s most indebted local governments are on a hiring spree, a move that analysts say could put fragile regional finances under more strain as officials seek to create jobs for a record number of graduates entering the workforce this year. China’s huge and …

Analysis-Hiring spree by China’s debt-laden local governments fuels fiscal fears Read More »

TOKYO (Reuters) – Japan is set to ease border rules for Chinese visitors as early as April, permitting entrance without prior coronavirus testing if they have been vaccinated at least three times, Fuji News Network (FNN) reported on Thursday. The move could pave the way for the return of more Chinese tourists, who visited Japan …

Japan to ease border rules for Chinese visitors as early as April – FNN Read More »

TOKYO (Reuters) -Softbank Group said on Thursday it would recognise a 359.6 billion yen ($2.7 billion) gain from the transfer of a stake in Alibaba Group Holdings to a wholly-owned subsidiary called Shiodome Project 17 GK. Chinese e-commerce giant Alibaba’s shares jumped on Wednesday after it said it would split into six units and explore …

SoftBank to book $2.7 billion gain for Alibaba share transfer Read More »

WASHINGTON (Reuters) – The head of the Federal Communications Commission (FCC) on Wednesday proposed new rules to periodically reassess existing authorizations for foreign-owned companies to provide telecommunications services in the United States. The FCC has raised mounting concerns about Chinese telecom companies in recent years which had won permission to operate in the United States …

FCC proposes new rules to reassess foreign-owned U.S. telecom services authority Read More »