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WASHINGTON (Reuters) – The Biden administration on Wednesday said it would extend tariff exclusions on 81 COVID 19-related medical products from China for another 90 days, avoiding a scheduled expiration on Nov. 30. “In light of the continuing efforts to combat COVID, the exclusions have been extended for an additional 90 days, through February 28, …

U.S. extends tariff exclusions on Chinese COVID-related medical products Read More »

NEW YORK (Reuters) – The U.S. dollar extended its losses against the euro and the yen on Wednesday, after minutes released from the Federal Reserve’s November meeting showed a “substantial majority” of policymakers agreed it would “likely soon be appropriate” to slow the pace of interest rate hikes. The euro was 0.9% higher against the …

Dollar extends losses after Fed minutes Read More »

By Gibran Naiyyar Peshimam ISLAMABAD (Reuters) – Pakistan’s timely finalisation of a recovery plan from devastating floods is essential to support discussions and continued financial support from multilateral and bilateral partners, the International Monetary Fund (IMF) said on Wednesday. Pakistan was already battling a full-blown economic crisis, with decades-high inflation and dwindling foreign exchange reserves, …

Pakistan flood recovery plan key to continued financial support -IMF Read More »

CAIRO (Reuters) – Saudi Basic Industries Corporation (SABIC) and Saudi Aramco are planning to start a joint project to convert crude into petrochemicals in Ras Al Khair, the kingdom’s energy minister Prince Abdulaziz bin Salman said on Wednesday. The project, the first of its kind in Saudi Arabia, will be completed in coming years and …

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SHANGHAI (Reuters) – Chinese smartphone maker Xiaomi Corp on Wednesday reported quarterly revenue of 70.17 billion yuan, a 9.7% fall year-on-year and a touch below analyst expectations. Net income reached 2.12 billion yuan, down 59.1% year-on-year and slightly above analyst expectations. (Reporting by Josh Horwitz, Editing by Louise Heavens)

By Julie Zhu and Kane Wu HONG KONG (Reuters) – Debt-laden Chinese conglomerate Fosun International is seeking to offload a minority stake in Alibaba Group’s logistics arm Cainiao, in a deal that could fetch up to $1 billion, two people with direct knowledge of the matter said. Fosun has appointed a financial adviser to run …

China’s Fosun seeks to sell stake in Alibaba’s logistics arm Cainiao- sources Read More »

By Heekyong Yang and Ju-min Park SEOUL (Reuters) – South Korea said on Wednesday it would consider deploying military trucks for urgent transport as it prepares for a planned strike by truckers that is stoking fears over the nation’s post-pandemic recovery and global supply chains. The nationwide strike by trucker unions, expected to start at …

S. Korea braces for supply disruptions as trucker strike looms Read More »

By David Lawder WASHINGTON (Reuters) – The International Monetary Fund urged China on Wednesday to boost COVID-19 vaccination rates and give more robust support to its troubled property sector to restore confidence and reduce risks from a global economic slowdown and high energy prices. In a statement following virtual meetings for its annual review of …

IMF urges China to boost COVID vaccinations, restore property sector confidence Read More »