Reuters Asia Business

By Ziyi Tang, Liangping Gao and Ryan Woo BEIJING (Reuters) – China has been cutting mortgage rates since last year to boost sales in its moribund property market, but the main result so far has simply been a rush by households to pay off existing mortgages early, potentially squeezing banks’ profits. Analysts estimate that nearly …

Analysis-China’s mortgage rate cuts spur prepayment rush, threaten bank earnings Read More »

By Josh Ye HONG KONG (Reuters) – China’s Lenovo Group Ltd reported a 24% revenue decline for the third quarter, its largest revenue fall in 14 years as global demand for electronics slumped, and said it would look to cut spending and make workforce adjustments. The world’s largest maker of personal computers (PCs) said on …

China’s Lenovo posts worst revenue fall in 14 years as PC demand slumps Read More »

BEIJING (Reuters) – China has launched a national wind and solar resources climate prediction model to enable provincial authorities to forecast energy demand and supply, the central government said on Friday. The model, which provides data and graphic predictions on major variables in renewable energy supply, such as wind speed and solar radiation, as well …

China launches climate prediction model for wind and solar power Read More »

By Leika Kihara TOKYO (Reuters) -Japan will start a pilot programme in April to test the use of a digital yen, its central bank said on Friday, joining a growing number of countries seeking to catch up with front-runner China in launching a central bank digital currency (CBDC). The widely expected move follows two years …

Japan to launch pilot programme for issuing digital yen Read More »

SHANGHAI (Reuters) – China is widely expected to leave its benchmark lending rates unchanged at the monthly fixing on Monday, a Reuters survey showed, as investors believe the world’s second-largest economy is on track to recover from COVID-19 slumps. Some early signs of recovery seen from a bout of better-than-expected economic data since Beijing’s abrupt …

China set to leave lending benchmarks unchanged as economic recovery seen on track Read More »

By Chen Aizhu and Muyu Xu SINGAPORE (Reuters) – China is expected to import a record amount of crude oil in 2023 due to increased demand for fuel as people travel more following the dismantling of COVID-19 controls and as a result of new refineries coming onstream, analysts said. The prospect of strong demand from …

China set for record crude oil imports in 2023 – analysts Read More »

By Josh Smith SEOUL (Reuters) – Mongolia sees South Korea’s high-tech industry and busy ports as an ideal customer as well as gateway to the wider world for copper and rare earth materials, Mongolian Prime Minister Luvsannamsrain Oyun-Erdene told Reuters on Friday. Oyun-Erdene was wrapping up a four-day trip to Seoul, where his delegation signed …

Mongolian PM sees South Korea as customer and gateway for rare metals trade Read More »

By Josh Ye HONG KONG (Reuters) – Tencent Holdings is abandoning plans to venture into virtual reality hardware, as a sobering economic outlook prompts the Chinese tech giant to cut costs and headcount at its metaverse unit, three sources familiar with the matter said. The world’s largest video game publisher had ambitious plans to build …

Exclusive: Tencent scraps plans for VR hardware as metaverse bet falters – sources Read More »

SINGAPORE (Reuters) – Credit Suisse Singapore chief executive officer, Chien Chien Wong, is leaving to pursue outside interests, according to a memo seen by Reuters, in the latest senior banker departure from the Swiss bank. Rehan Anwer will be appointed the bank’s Singapore chief executive, in addition to his current role as CEO Southeast Asia …

Credit Suisse Singapore CEO to leave in latest banker exit at firm Read More »

By Leika Kihara and Tetsushi Kajimoto TOKYO (Reuters) – For Prime Minister Fumio Kishida, Japan’s next central bank chief had to symbolise a departure from the unconventional policies of his predecessor Shinzo Abe – but without angering pro-growth lawmakers of Abe’s powerful political faction. The tricky task of steering the Bank of Japan (BOJ) out …

With Japan’s new central bank boss, Kishida bids farewell to Abenomics Read More »