(Reuters) – Shanghai-based Zhenro Properties Group Ltd on Tuesday warned of a huge loss for fiscal 2022, hurt by a steep decline in demand for new homes amid a crisis in the country’s real estate sector. Cash-strapped Zhenro is expected to post an attributable loss of between 12.5 billion yuan ($1.82 billion) and 13.5 billion …
China’s Zhenro warns of big annual loss as real estate crisis bites Read More »
(Refiles to remove extraneous word in third paragraph) By Corina Pons BARCELONA, Spain (Reuters) -Spanish fashion retailer Mango is focusing on U.S. expansion after turning its back on China, Chief Executive Officer Toni Ruiz said. Mango is returning to the United States – after two previous attempts failed – offering higher-priced clothes meant for special …
Spain’s Mango plans U.S. expansion after China retreat Read More »
NEW DELHI (Reuters) – The Shanghai Cooperation Organisation (SCO) said on Tuesday that its members, including Russia, China and India, would consider jointly developing emerging fuel projects to connect countries emerging as major fuel producers and consumers. Energy ministers from the regional bloc, which also includes Pakistan and four Central Asian nations, met virtually on …
SCO members to consider jointly developing emerging fuel projects Read More »
By Victoria Waldersee BERLIN (Reuters) – Volkswagen plans to invest 180 billion euros ($192.76 billion) over the next five years in areas including battery production and its North American operations, it said on Tuesday, with spending on combustion engines to fall from 2025. As it works toward a target of 50% electric vehicle (EV) sales …
Volkswagen to invest $193 billion over 5 years to hit EV target Read More »
COLOMBO (Reuters) – Sri Lanka has approved an anti-corruption legislation that is a key clause in the actions needed for its $2.9 billion bailout from the International Monetary Fund (IMF), a government spokesperson said on Tuesday. The proposed anti-corruption legislation is part of the IMF staff-level agreement that economic crisis-hit Sri Lanka agreed to last …
Sri Lanka clears key anti-corruption legislation mandated by IMF – spokesperson Read More »
By Scott Murdoch, Julie Zhu and Kane Wu HONG KONG (Reuters) – Chinese battery giant CATL’s plan to raise at least $5 billion in Swiss global depository receipts (GDR) has been delayed as Beijing regulators raise concerns over the large scale of the offering, three people with direct knowledge of the matter said. The world’s …
By Leika Kihara TOKYO (Reuters) -Japanese financial institutions have sufficient capital buffers to absorb losses caused by various external factors, including risks caused by the collapse of U.S. lender Silicon Valley Bank, the Bank of Japan (BOJ) said on Tuesday. They have continued to channel funds to borrowers smoothly even under various stress factors such …
Japanese banks have sufficient buffers to counter risks -BOJ Read More »
SEOUL (Reuters) – A big majority of the Bank of Korea’s board members voted to hold interest rates steady at the Feb. 23 meeting but agreed it was premature to declare an end to its tightening campaign, meeting minutes showed on Tuesday. Four of the five board members who voted to keep the policy rate …
Most BOK board members wanted door open for further tightening – minutes Read More »
TOKYO (Reuters) – Sapporo Holdings Ltd investor 3D Investment Partners Pte said in a letter to shareholders on Tuesday the Japanese beer maker’s board has failed to create corporate value. The Singapore-based fund said Sapporo’s board is ill-suited to addressing the challenges and opportunities facing the company. (Reporting by Rocky Swift; Editing by Tom Hogue)
JAKARTA (Reuters) – Indonesia’s trade surplus likely fell further last month to $3.27 billion as imports rose ahead of the Muslim fasting month of Ramadan, when consumption typically peaks, a Reuters poll showed on Tuesday. Southeast Asia’s largest economy has been recording trade surpluses every month since May 2020, but they have narrowed in in …
Indonesia’s Feb trade surplus seen shrinking as imports rise for Ramadan – Reuters Poll Read More »
