Reuters Asia Business

Foxconn to become biggest shareholder in Lordstown Motors with up to $170 million investment

(Corrects paragraph 2 to say Foxconn’s expected ownership of Lordstown at completion will be 18.3% and not 19.3%) (Reuters) – Lordstown Motors Corp has agreed a deal under which a Foxconn affiliate will invest up to $170 million in the electric vehicle (EV) maker, making the Taiwanese contract manufacturer its biggest shareholder with a near …

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Gap to sell Greater China units to e-commerce firm Baozun

BEIJING (Reuters) – U.S. apparel retailer Gap Inc has agreed to sell its Greater China businesses to Baozun Inc, the e-commerce service provider said on Tuesday, as headwinds persists for global consumer brands in the world’s second-largest economy. Dealmakers have seen opportunities for merger and acquisitions involving multinational firms that look to spin off their …

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German economy ministry favours blocking Chinese takeover of Elmos’ chip production – sources

BERLIN (Reuters) – Germany’s economy ministry has recommended to the cabinet that the government block the Chinese takeover of Elmos’ chip factory, saying it would pose a threat to national security, ministry sources said on Tuesday. Milder measures, such as an injunction, are not suitable for addressing the identified dangers, added the sources. Elmos said …

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Nintendo lifts profit guidance on weaker yen, sees slower console sales

By Kiyoshi Takenaka TOKYO (Reuters) -Japanese videogame maker Nintendo Co Ltd cut its full-year Switch sales projection by nearly 10% after microchip shortages constrained console production, but it raised its annual net profit forecast thanks to a softer yen. Nintendo, which earns about 80% of its revenues overseas, expects its net profit to come to …

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China sold 1.86 million passenger cars in Oct, up 7.2% y/y – CPCA

SHANGHAI (Reuters) – China’s passenger vehicle sales totalled 1.86 million units in October, up 7.2% from the same period in 2021, the China Passenger Car Association (CPCA) said on Tuesday. Sales failed to grow as much as expected at the peak season, known as “Golden September and Silver October” for the auto industry, CPCA secretary …

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Japan’s cabinet approves 2nd extra budget worth 29.1 trln yen – MOF

TOKYO (Reuters) – Japanese Prime Minister Fumio Kishida’s cabinet approved a second supplementary budget on Tuesday for this fiscal year to fund an economic stimulus package, backed by extra new debt, the Ministry of Finance (MOF) said. (Reporting by Tetsushi Kajimoto; Editing by Andrew Heavens)

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