Reuters Asia Business

South Korean opposition leader agrees to scrap financial investment tax

4 Nov 2024

SEOUL (Reuters) – South Korea’s main opposition Democratic Party leader Lee Jae-myung on Monday agreed to back government plans to scrap a scheme to tax profits on financial investments, citing the need to boost the country’s undervalued stock market. Lee said he supported the government and ruling People Power Party’s push to scrap the financial …

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Wealth fund INA and VC firm Granite plan to invest $1.2 billion in Indonesia tech

4 Nov 2024

SINGAPORE (Reuters) – Indonesian sovereign wealth fund INA and Singapore-based venture capital firm Granite Asia said on Monday they will jointly invest up to $1.2 billion in Indonesia’s technology sector and in businesses with strong ties to the Southeast Asian nation. The firms said in a joint statement that the investments will span both equity …

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China’s DeepRoute.ai raises $100 million as smart driving adoption speeds up

4 Nov 2024

SHANGHAI (Reuters) – Chinese autonomous driving technology developer DeepRoute.ai has raised $100 million from an automaker, the company said on Monday, as it looks to bolster mass adoption of its systems on vehicles ahead of Tesla in China. The Shenzhen-based startup expects nearly 200,000 cars to be equipped with its advanced assisted driving system on …

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Morning Bid: Navigating US election, Fed, bond market tumult

3 Nov 2024

By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets.  Global markets will be overwhelmingly dominated by the U.S. presidential election and interest rate decision later this week, so Monday’s activity may be driven by position adjustments as investors take in the latest polls, newsflow, earnings and economic indicators. If Friday’s …

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Indonesia plans to increase minimum period for exporters to retain earnings

3 Nov 2024

JAKARTA (Reuters) – Indonesia plans to increase the minimum period to retain export earnings for natural resource exporters to beyond three months, its Chief Economic Affairs Minister Airlangga Hartarto said on Sunday. Under a rule introduced last year, natural resource exporters must retain for three months in the domestic financial system 30% of their proceeds …

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China’s BYD boosts production and hiring amid Q3 growth

3 Nov 2024

BEIJING (Reuters) – China’s electric vehicle giant BYD ramped up production by nearly 200,000 units from August to October, while hiring close to 200,000 new employees in car manufacturing and components, Executive Vice President He Zhiqi said on Weibo on Saturday. BYD posted an 11.5% rise in third-quarter net profit as it maintained strong sales …

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China’s Premier Li Qiang to speak at import expo in Shanghai

3 Nov 2024

BEIJING (Reuters) – China’s Premier Li Qiang will deliver remarks at the opening ceremony of this week’s China International Import Expo, the Chinese commerce ministry said on Sunday, as Beijing seeks to show the faltering economy is open for business. Leaders from Malaysia, Uzbekistan, Slovakia, Kazakhstan, Mongolia and Serbia are among those expected for the …

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Boeing shares rise on hopes new wage offer will end strike

1 Nov 2024

By Dan Catchpole and Utkarsh Shetti SEATTLE (Reuters) -Boeing shares gained 3.5% on Friday on bets that the planemaker’s U.S. West Coast factory workers will approve a new wage offer and end a seven-week strike that has halted jet production and hammered the company’s finances. Around 33,000 machinists, who have been on strike since Sept. …

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US fines GlobalFoundries for shipping chips to sanctioned Chinese firm

1 Nov 2024

By Alexandra Alper, Jasper Ward and David Ljunggren (Reuters) -The U.S. said on Friday it imposed a $500,000 penalty on New York-based GlobalFoundries, the world’s third-largest contract chipmaker, for shipping chips without authorization to an affiliate of blacklisted Chinese chipmaker SMIC. In a statement, the Commerce Department said GlobalFoundries sent 74 shipments worth $17.1 million …

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