Reuters Asia Business

Standard Chartered becomes first foreign bank to trade bond futures in China

5 Jan 2023

SHANGHAI (Reuters) – Standard Chartered Plc’s China unit said it had become the first foreign bank to trade treasury bond futures in the country which is deregulating capital markets. The move comes as China steps up efforts to draw global investors amid months of foreign money outflows from its $20-trillion bond market. In a statement …

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Dell looks to phase out China-made chips by 2024 – Nikkei

5 Jan 2023

(Reuters) -Dell Technologies Inc plans to stop using China-made chips by 2024 and has told suppliers to reduce the amount of other made-in-China components in its products amid concerns over U.S.-Beijing tensions, the Nikkei reported on Thursday. The news comes after the United States added Chinese memory chipmaker YMTC and 21 “major” companies in the …

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China has a 10,000 euro cost advantage in small EVs, auto supplier says

5 Jan 2023

By Joseph White LAS VEGAS (Reuters) – Chinese automakers can build an electric vehicle (EV) for 10,000 euros ($10,618) less than European automakers, an overwhelming cost advantage that will put pressure on European manufacturers in their home market, the head of auto supplier Forvia said. As European consumers seek cheap EVs, Forvia Chief Executive Patrick …

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Sony, Honda roll out prototype of ‘Afeela’ EV that uses Qualcomm tech

5 Jan 2023

By Kiyoshi Takenaka (Reuters) -Japan’s Sony on Wednesday unveiled a prototype of the new “Afeela” electric vehicles it will build together with Honda, saying it would harness its vast entertainment content as it looks to become a player in next-generation cars. Sony gave a glimpse of the Afeela, which sports rounded corners and a sleek …

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China’s southern manufacturing hub Guangzhou plans projects worth $945 billion

5 Jan 2023

BEIJING (Reuters) – China’s southern manufacturing hub of Guangzhou plans 1,722 projects in 2023 worth more than 6.5 trillion yuan ($945 billion), state media CCTV reported on Thursday, after the city was hit by stringent COVID-19 curbs in late 2022. In 2023 alone, 526.1 billion yuan is expected to be invested in the projects which …

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Japan PM Kishida urges faster wage hikes to avoid stagflation

5 Jan 2023

By Yoshifumi Takemoto and Tetsushi Kajimoto TOKYO (Reuters) -Japanese Prime Minister Fumio Kishida called on Thursday for business leaders to accelerate wage rises, warning that the economy risked falling into stagflation if pay rises lagged price increases. “There are alarm bells warning that stagflation emerges if wage growth lags behind price hikes,” Kishida told a …

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Walmart paid most of $1 billion tax for PhonePe shifting base to India

5 Jan 2023

By Nandan Mandayam BENGALURU (Reuters) – Walmart Inc late on Wednesday confirmed that it had already paid the Indian government most of the nearly $1 billion in tax owed after digital payments company PhonePe, which the U.S. retailer owns through Flipkart, shifted its headquarters from Singapore to India. Walmart bought a controlling stake in Indian …

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BOJ’s policy tweak hasn’t led to lending windfall, Mizuho head says

5 Jan 2023

By Ritsuko Shimizu TOKYO (Reuters) – The Bank of Japan’s decision to let long-term rates rise more has not sparked a boom in revenue from lending as the central bank has yet to end its policy of negative interest rates, the head of the country’s third-largest lender said on Thursday. The comments from Masahiro Kihara, …

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As travel resumes, China’s luxury shoppers ask: Paris or Hainan?

5 Jan 2023

By Casey Hall SHANGHAI (Reuters) – An end to China’s travel curbs this month is expected to revive demand in the global luxury retail market, which has been starved of mainland visitors for three years, but many consumers now see more reasons to do their high-end shopping locally. Share prices of global luxury brands jumped …

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