Reuters Asia Business

SHANGHAI/HONG KONG (Reuters) -China’s securities regulator said on Friday that online brokerages Futu Holding and UP Fintech Holding have conducted unlawful securities businesses, and will be banned from opening new accounts from mainland Chinese investors, sending their shares tumbling. The long-awaited official penalty comes more than a year after Chinese official media warned that New …

China regulator asks Futu and UP Fintech to stop soliciting mainland clients Read More »

By Ananda Teresia and Gayatri Suroyo JAKARTA (Reuters) -Indonesia’s President Joko Widodo signed an emergency regulation on Friday to replace a controversial job creation law that a court had ruled was flawed, arguing global economic uncertainty next year gives him a legal basis for such a move. Some legal experts criticised the regulation as a …

Indonesia issues emergency regulation to replace jobs law Read More »

SHANGHAI (Reuters) – Chinese fund managers who made big bets on energy companies are celebrating a year that was brutal for many of their peers. Huang Hai, who manages three funds for Wanjia Asset Management, far outperformed the market by wagering on energy stocks such as CNOOC, China Shenhua Energy and Shaanxi Coal. His Wanjia …

China funds with energy bets stand out in a bleak year Read More »

By Kevin Krolicki (Reuters) – Baidu Inc and Toyota Motor Corp-backed startup Pony. ai said on Friday they been granted the first licences to test fully autonomous vehicles without safety operators as a backup in Beijing. Baidu and Pony.ai said they would begin testing 10 driverless vehicles each in a technology park developed by the …

Baidu, Pony.ai start driverless robotaxi tests in Beijing Read More »

SHANGHAI (Reuters) – China’s yuan finished the domestic session at a two-week high against the dollar on Friday, but still looked set for the worst annual performance in 28 years. The onshore yuan finished the domestic trading session at 6.9514 per dollar, the strongest such close since Dec. 14. If it finishes the late night …

China’s yuan looks set for biggest annual loss since 1994, down 8.6% Read More »

SEOUL (Reuters) – South Korea’s central bank sold a net $17.54 billion as it intervened in the foreign exchange market during the quarter from July to September, up from a net $15.41 billion in the prior quarter. It was the fifth straight quarter in which the Bank of Korea sold dollars in the local market …

Bank of Korea sells net $17.54 billion in Q3 forex intervention Read More »

By Siyi Liu and Dominique Patton FOSHAN, China (Reuters) – Shrinking orders at home and abroad are forcing many metal goods factories in China’s southern Guangdong province to shut for the Lunar New Year holiday weeks earlier than usual, while some are also cutting production plans next year, producers said. The extended shutdowns in the …

China’s metal factories cut production on poor outlook Read More »

By Chen Aizhu SINGAPORE (Reuters) – Chinese refining giant Sinopec Corp has appointed Zhong Fuliang, vice president of its trading arm Unipec, as the new managing director of the unit, according to a company representative. Zhong, 54, replaces Chen Gang, who is set to hand over the managing director’s position in January after reaching the …

China’s Sinopec appoints new chief for trading arm Unipec Read More »