Reuters Asia Business

By Yuka Obayashi TOKYO (Reuters) -An Indian joint venture of ArcelorMittal and Nippon Steel will invest 410 billion rupees ($5 billion) to boost crude steel output capacity by 6 million tones a year at its Hazira plant, the Japanese firm said on Wednesday. The AM/NS India joint venture will build two blast furnaces, along with …

Nippon Steel says India JV with ArcelorMittal to spend $5 billion to boost capacity Read More »

By Karen Lema MANILA (Reuters) – Capital outflows are a “temporary phenomenon” and Taiwan, with its foreign currency reserves, has enough capacity to maintain its financial markets stable, Finance Minister Su Jain-rong said on Wednesday. Taiwan’s stock market and currency have tanked in recent weeks due to aggressive interest rate hikes in the United States …

Capital outflows likely ‘temporary’, Taiwan can keep markets stable-Finance Minister Read More »

By Orathai Sriring and Kitiphong Thaichareon BANGKOK (Reuters) – Thailand’s central bank raised its key interest rate modestly for a second straight meeting on Wednesday to tame 14-year high inflation and ensure a continued economic recovery, while maintaining its 2022 growth projection of 3.3%. The Bank of Thailand’s (BOT), among Asia’s less hawkish central banks, …

Thai central bank hikes rate again, keeps 2022 growth outlook Read More »

SINGAPORE (Reuters) -China’s production costs for petrochemicals such as ethylene are lower than Europe’s where electricity prices have surged following a disruption in natural gas supplies from Russia in the wake of the Ukraine war, a Chinese industry executive said on Wednesday. “Because of the Ukraine war, the industrial power consumption cost between China and …

APPEC-China’s petchem production costs way below Europe’s – exec Read More »

By Asif Shahzad ISLAMABAD (Reuters) – Ishaq Dar, Pakistan’s new finance minister, has strongly favoured intervention in currency markets in three previous stints in the job, but faces a nation in economic crisis this time and the conditions of an International Monetary Fund (IMF) programme. Dar, a seasoned politician and chartered accountant, was sworn in …

Pakistan finance minister known for propping up rupee in earlier stints Read More »

By Matthew Chye and Mohi Narayan SINGAPORE (Reuters) – India’s HPCL-Mittal Energy Ltd will start up a bio-ethanol plant at its Bathinda refinery in northern India in 2023 as part of measures to reduce its carbon emissions, a company official said on Wednesday. “Our company is in the process of constructing 100,000 tonnes per annum …

India’s HPCL-Mittal Energy to start 100,000-tpy bio-ethanol plant in 2023 Read More »

MANILA (Reuters) – The Asian Development Bank plans to provide at least $14 billion over 2022-2025 in a comprehensive program of support to ease a food crisis in Asia and the Pacific, its president said on Tuesday. “Our response will be comprehensive, bringing into focus both the immediate and long term aspects of food security,” …

ADB plans $14 billion program to ease food crisis in region Read More »

By Allison Lampert and David Shepardson MONTREAL/WASHINGTON (Reuters) -U.S. Transportation Secretary Pete Buttigieg called on Tuesday to allow Taiwan to participate in a U.N. body overseeing civil aviation, drawing criticism from the Chinese government. “We believe that all of international civil aviation’s important stakeholders — particularly those who administer critical airspace, like Taiwan — should have the …

Buttigieg backs Taiwan participation in UN civil aviation body Read More »