Reuters Asia Business

By Takahiko Wada and Leika Kihara TOKYO (Reuters) – Japanese banks should scrutinise their foreign currency-denominated portfolios and holdings of low-liquidity assets in the wake of the recent global market rout, Tokio Morita, former executive of the country’s banking regulator said on Monday. Worries of systemic bank stress have jolted global financial markets, as the …

Japan’s ex-bank regulator urges lenders to scrutinise portfolios amid market rout Read More »

HONG KONG (Reuters) – Credit Agricole, France’s second-biggest listed bank, has become the latest foreign lender to boost its China investment banking operations with the launch of a new unit. The new unit, Credit Agricole (Beijing) Advisory Services, focuses on cross-border merger and acquisition, encompassing purchases, disposals and capital raising, it said in a statement …

Credit Agricole launches China M&A and investment banking business Read More »

BEIJING (Reuters) – Chinese commerce minister Wang Wentao met Apple CEO Tim Cook on Monday and exchanged views on the company’s development in China, the commerce ministry said. The two talked about stabilising industrial and supply chains, the ministry said, adding that Wang told Cook China is willing to provide a good environment and services …

Chinese commerce minister in talks with Apple boss Tim Cook Read More »

BEIJING (Reuters) – China’s finance ministry on Monday issued preferential tax policy for some small firms and household businesses, as part of steps to support the economic recovery. China will levy a 20% income tax for small firms with annual sales not exceeding 1 million yuan ($145,340.39), effective from the start of 2023 to the …

China issues preferential tax policy for small firms, household businesses Read More »

BEIJING (Reuters) – The U.S. has made a presumption of guilt against TikTok without presenting any evidence that threatens its national security, the Chinese foreign ministry said on Monday regarding the TikTok bill. “U.S. should respect fair competition, and stop suppressing foreign companies,” Mao said, while answering a question about U.S. lawmakers pushing forward with …

China says U.S. presumption of guilt against TikTok is baseless Read More »

JAKARTA (Reuters) – Two crew members have died and one is missing after a fire broke out on an oil tanker carrying fuel to terminals on the Indonesian islands of Bali and Lombok, the state energy company Pertamina said in a statement late on Sunday. The chartered vessel, MT Kristin, had 17 crew on board …

Indonesia’s Pertamina says two crew killed after fire on tanker Read More »

HONG KONG (Reuters) – Chinese property developer Shimao Group is seeking to sell its hotel in Hong Kong close to the international airport for HK$6.5 billion ($828 million), according to sales agent JLL on Monday, in a move that could help the company repay debt. Shanghai-based Shimao, in the process of restructuring $11.8 billion of …

China developer Shimao seeks to sell Hong Kong hotel for $828 million -agent Read More »

HANOI (Reuters) – Vietnam Prosperity Joint Stock Commercial Bank said on Monday it has sold a 15% stake for $1.5 billion to Sumitomo Mitsui Financial Group Inc, expanding the Japanese bank’s presence in one of Asia’s fastest-growing economies. Following the investment, VPBank, whose business ranges across retail, corporate, consumer finance and wealth management operations, will …

Vietnam’s VPBank completes $1.5 billion stake sale to Japan’s Sumitomo Mitsui Read More »

TOKYO (Reuters) – Tokyo Electric Power Company Holdings (TEPCO) said on Monday that it had won the rights to develop up to 1.9 gigawatts (GW) of floating offshore wind capacity across two projects in Scotland together with Norway-based company Vargronn. Many once-conventional energy and power companies around the globe are switching their attention to renewable …

Japan’s TEPCO to develop 1.9 GW of offshore wind power in Scotland Read More »