Reuters Asia Business

By Veronica Dudei Maia Khongwir BENGALURU (Reuters) – Malaysia’s economic growth likely slowed by more than half to 6.6% in the fourth quarter of 2022 due to tepid consumption and softer global demand, a Reuters poll found. Last month, Malaysia’s central bank unexpectedly kept its benchmark interest rate unchanged at 2.75%, signaling worries about economic …

Malaysia Q4 GDP growth expected to have slowed to 6.6% – Reuters poll Read More »

SEOUL (Reuters) – South Korean electric vehicle maker SK On said on Wednesday the non-binding memorandum of understanding between SK On, Ford Motor Co and Koc Holding AS to build a battery cell venture in Turkey has been terminated by mutual agreement. SK On – whose parent SK Innovation Co Ltd counts Hyundai Motor Co, …

SK On confirms termination of non-binding agreement to build battery cell venture in Turkey Read More »

LONDON (Reuters) – British lawmakers have accused HSBC of mistreating customers who have fled Hong Kong in the wake of China’s anti-democracy crackdown, to protect the bank’s profits and curry favour with the Chinese government, a report on Wednesday showed. The All-Party Parliamentary Group on Hong Kong said the lender had blocked some overseas residents …

HSBC putting China’s interests above exiled Hong Kong customers, UK lawmakers say Read More »

LONDON (Reuters) -A rethink is needed on how to directly regulate activities of Big Tech companies in financial services given their size and influence, Bank for International Settlements General Manager Agustin Carstens said in Wednesday. Big Tech companies such as Alibaba and Amazon have been involved for some time in financial services such as banking, …

Rethink needed to regulate Big Tech in finance, says BIS’ Carstens Read More »

TOKYO (Reuters) – Japan’s Subaru Corp slashed its annual output target by nearly 10% on Wednesday amid ongoing fallout from a semiconductor shortage that continues to hamper automakers around the world. The carmaker said the shortages were most acute among parts for immediate delivery in the spot market and it expected the lack of supply …

Japan’s Subaru cuts annual output target as chip shortage drags on Read More »

(Reuters) – Rating agency Fitch has revised its forecast for China’s economic growth in 2023 to 5.0% from 4.1% previously as consumption and broader activity are recovering faster thaninitially anticipated after the end of the “zero-COVID” regime. Fitch said the recovery will be primarily led by consumption, noting that many high-frequency indicators have recently rebounded …

Fitch raises China’s growth forecast to 5% for 2023 Read More »

NEW DELHI (Reuters) – Sri Lanka’s economy is expected to grow again from the end of this year and the government wants the country to exit bankruptcy by 2026, President Ranil Wickremesinghe told parliament on Wednesday. The island nation of 22 million people has been struggling with its worst economic crisis since independence from Britain …

Factbox-Sri Lanka president prescribes bitter pill for economic revival Read More »

(Reuters) – Japan’s Mitsubishi Corp said on Wednesday it has agreed to jointly study the prospect of producing clean ammonia with South Korea’s Lotte Chemical Corp and German energy firm RWE in the U.S. state of Texas. Ammonia and hydrogen are at a core of developed nations’ efforts, Japan included, to reach zero-carbon emissions towards …

Mitsubishi, Lotte, and RWE form alliance to study clean ammonia in Texas project Read More »

(Reuters) -Zoom Video Communications Inc said on Tuesday it would cut about 1,300 jobs, as demand for the company’s video conferencing services slows with the waning of the pandemic, and take a related charge of up to $68 million. The company’s shares, which fell 63% last year amid a rout in technology shares, closed up …

Zoom to shed about 1,300 jobs as pandemic-fueled demand slows Read More »

By Ankit Kumar (Reuters) -DuPont de Nemours Inc on Tuesday projected results to improve in the second half of the year from steadying consumer electronics demand, normalized inventory levels at customers and China’s reopening. Shares jumped 7% to $77.36 after the company also said it was in talks to settle a lawsuit over toxic “forever …

DuPont expects strong second-half on boost from China’s reopening Read More »