Reuters Asia Business

(Reuters) – China Petroleum and Chemical Corp, or Sinopec Corp, reported interim net income surged 10.4% to a record 43.53 billion yuan ($6.33 billion), thanks to strong oil and gas prices despite weakened domestic fuel sales. Sinopec, the world’s largest refiner by capacity, reported revenues of 1.61 trillion yuan for the six months, up 27.9% …

Sinopec’s interim profit soars on stronger oil, gas prices Read More »

SEOUL (Reuters) – The weakness in the won currency should help South Korea’s economy, Prime Minister Han Duck-soo said on Sunday, adding that he expected monetary policy to be tightened more slowly and by less than in the United States. “The won’s weakness should be helpful for the economy in aspects of exports and the …

S.Korea PM says weak won helpful for exports, expects policy tightening to lag U.S Read More »

BEIJING (Reuters) -China’s CATL is working on new battery materials that can improve energy density by 10% to 20% compared to iron phosphate batteries, the company’s chairman said, as the battery giant scrambles to retain its top position amid competition. The new material technology known as M3P can enable an electric vehicle to run 700 …

China’s CATL to develop new battery materials to improve energy density -chairman Read More »

SHANGHAI (Reuters) – Chinese premier Li Keqiang praised the country’s domestic new energy vehicle (NEV) industry on Saturday, stating that the sector “will continue to deepen international cooperation” in a letter shared with attendees at the World New Energy Vehicle Congress in Beijing. Li added that the country’s support for NEVs is “in line with …

Chinese premier Li Keqiang praises new energy vehicle sector at industry event Read More »

SHANGHAI (Reuters) -Chinese chip foundry Semiconductor Manufacturing International Corp (SMIC) said it had signed a framework agreement to invest $7.5 billion for a new 12-inch foundry production line in Tianjin. The plans mark an ongoing expansion for the Shanghai-based company, which is under U.S. sanctions related to ties to China’s military, which the company denies. …

Chinese chip foundry SMIC to invest $7.5 billion in new fab in Tianjin Read More »

SHANGHAI (Reuters) – The global market for electric vehicle (EV) batteries is expected to reach $250 billion by 2030, with demand exceeding 3.5 terrawatt hours, said Wan Gang, president of China’s World New Energy Vehicle Congress, speaking in Beijing on Saturday. (Reporting by Josh Horwitz and Zoey Zhang; Editing by Kenneth Maxwell)

HONG KONG (Reuters) – Washington and Beijing have reached an agreement allowing U.S. auditors to inspect China-based accountants, the first step in a process that could prevent around 200 Chinese companies being kicked off American stock exchanges. SAMUEL SIEW, MARKET SPECIALIST, CGS-CIMB, SINGAPORE “This is seen as a positive first step. However, things are not …

China and U.S agree deal on audit dispute Read More »

SHANGHAI (Reuters) -Profits at China’s industrial firms sank in July, reversing previous gains as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production. Profits at China’s industrial firms fell 1.1% in January-July from a year earlier, wiping out the 1.0% growth logged during the first six …

China July industrial profits down as COVID curbs, heatwaves hit Read More »