Reuters Asia Business

By Sudarshan Varadhan and Yimou Lee NEW DELHI/TAIPEI (Reuters) – Apple supplier Foxconn plans to quadruple the workforce at its iPhone factory in India over two years, two government officials with knowledge of the matter said, pointing to a production adjustment as it faces disruptions in China. Foxconn has grabbed headlines in recent weeks, with …

Exclusive-Apple supplier Foxconn plans to quadruple workforce at India plant-sources Read More »

By Tim Kelly and Elaine Lies TOKYO (Reuters) -Japan said on Friday it will invest an initial 70 billion yen ($500 million) in a new semiconductor venture led by tech firms including Sony Group Corp and NEC Corp as it rushes to re-assert itself as a leading maker of advanced chips. “Semiconductors are going to …

Japan to invest $500 million to manufacture advanced chips Read More »

By Kiyoshi Takenaka TOKYO (Reuters) -Japan’s SoftBank Group Corp reported its first quarterly profit in three quarters, buoyed by the sale of some of its stake in China’s Alibaba even as its massive Vision Fund posted another heavy quarterly loss. The sprawling Vision Fund, which upended the world of technology with its big bets on …

Japan’s SoftBank returns to quarterly profit but unveils more Vision Fund pain Read More »

By Leika Kihara and Yoshifumi Takemoto TOKYO (Reuters) – The Bank of Japan (BOJ) must redefine its inflation target and phase out a radical yield-cap policy to mitigate mounting costs of prolonged monetary easing, Yuri Okina, a member of a key government panel and possible future BOJ executive, said on Friday. The BOJ remains an …

BOJ must phase out yield cap, negative rate – govt panel member Okina Read More »

TOKYO (Reuters) -Japan’s Seven & i Holdings Co Ltd said on Friday it will sell its Sogo & Seibu department store unit to U.S. fund Fortress Investment Group. Seven & i, operator of 7-Eleven convenience stores and the Speedway gas station chain in the United States, has been under pressure from activist fund ValueAct Capital …

Japan’s Seven & i to sell Sogo & Seibu unit to U.S. fund Fortress Read More »

By Makiko Yamazaki TOKYO (Reuters) -Toshiba Corp on Friday cut its full-year operating profit outlook after a 75% slump in second-quarter profit – dismal results that heighten the uncertainty surrounding its prospects for a buyout deal. The Japanese industrial conglomerate said its earnings were being hit by a slew of factors including a slump in …

Japan’s Toshiba slashes profit outlook after second-quarter slump Read More »

HONG KONG (Reuters) – A land plot in Shenzhen for building China Evergrande Group headquarters is put up for auction at a starting price of 7.5 billion yuan ($1.06 billion), a notice at the Shenzhen public resources exchange showed on Friday. The sale of the 10,000 square meter (2.47 acres)land will be held between Nov …

Land for Evergrande Shenzhen headquarters put up for auction Read More »

(This story contains language some readers may find offensive, paragraph 2) By Angus Berwick and Tom Wilson (Reuters) – On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message. “I’m sorry,” he told them. “I fucked up.” The reason for the mea culpa: His announcement half an …

Behind FTX’s fall, battling billionaires and a failed bid to save crypto Read More »