Reuters Asia Business

By Josh Horwitz SHANGHAI (Reuters) -China’s Xiaomi Corp posted a steep drop in second quarter revenue on Friday as the world’s biggest smartphone market shrank, hit by strict COVID restrictions. Sales fell 20% year on year to 70.17 billion yuan ($10.31 billion), missing estimates and marking a steeper decline from the previous quarter when the …

Xiaomi posts 20% revenue fall, hurt by China COVID curbs Read More »

By Ann Wang TAOYUAN, Taiwan (Reuters) – At a row of greenhouses around 50 km (30 miles) from Taiwan’s capital Taipei, vanilla farmer Tseng Tien-fu is installing dozens of solar panels, part of the island’s plan to meet its renewable energy goals without sacrificing scarce farmland. Tseng, who exports most of his crop to Japan, …

Taiwan farmers find space for solar to meet renewable energy targets Read More »

MANILA (Reuters) – The Philippine central bank will likely continue to tighten its monetary policy this year in response to the U.S. Federal Reserve’s rate hikes, but it does not have to move in pace with its policy adjustments, its governor said on Friday. “We will not match them point by point,” Bangko Sentral ng …

Philippine central bank to respond, but not match Fed rate hikes Read More »

KARACHI, Pakistan (Reuters) -Pakistan named Jameel Ahmad, a deputy governor of the State Bank of Pakistan (SBP), as the central bank’s new governor on Friday, appointing him for a five-year term. The Pakistani central bank had been without a full-time governor since May and one of Ahmad’s first tasks will be to chair a monetary …

Pakistan picks central bank veteran Jameel Ahmad as new governor Read More »

SINGAPORE (Reuters) – A consortium of Singapore and Japanese companies have signed an initial agreement to build a power plant fuelled only by ammonia in the city state. Singapore’s Jurong Port, Mitsubishi Heavy Industries Asia Pacific (MHI-AP) and JERA plan to build the 60 megawatt (MW) gas turbine combined cycle plant on Singapore’s Jurong Island, …

Jurong Port, MHI and JERA plan to build ammonia power plant in Singapore Read More »

JAKARTA (Reuters) – Indonesia’s president may announce a fuel price hike next week to reduce spending on energy subsidies, senior minister Luhut Pandjaitan said on Friday. Southeast Asia’s largest economy has tripled its 2022 energy subsidy budget to 502 trillion rupiah ($33.82 billion) amid rising oil prices and a depreciating rupiah. President Joko Widodo said …

Indonesia may hike fuel prices next week – minister Read More »

TAIPEI (Reuters) -Taiwan said on Friday it has not been informed about a so-called ‘Chip 4’ meeting that would include it, the United States, South Korea and Japan but added the island has always cooperated closely with the United States on supply chains. South Korean Foreign Minister Park Jin this week said Seoul expects to …

Taiwan says it has not been informed of ‘Chip 4’ meeting Read More »

BANGKOK (Reuters) – Thailand saw 3.78 million tourist arrivals from January to Aug 17, a government official said on Friday. The arrivals, mainly from Malaysia, India and Singapore, generated revenues of 176 billion baht ($4.93 billion), said Taweesin Visanuyothin, a spokesperson for the government’s COVID-19 taskforce. Thailand will extend the duration of its visa-on-arrival, which …

Thailand saw 3.78 million tourists from Jan to mid-Aug – govt Read More »

By Sheila Dang (Reuters) – Billionaire entrepreneur Elon Musk, who is attempting to walk away from his deal to acquire Twitter Inc, is seeking documents from advertising technology firms as part of his quest to gain more information on bot and spam accounts on Twitter, according to filings in a Delaware court on Thursday. Twitter …

Musk targets ad tech firms in Twitter suit over takeover deal Read More »