Reuters Asia Business

Global stock markets fall, U.S. yields rise after strong employment data

3 Jun 2022

By Chibuike Oguh NEW YORK (Reuters) -Global equity markets fell as U.S. Treasury yields reached two-week highs on Friday after data showed the American economy generated a greater-than-expected number of jobs in May, signaling the Federal Reserve will likely continue raising interest rates in its effort to curb inflation. The Labor Department’s closely watched employment …

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Exclusive-Kazakhstan renames its export oil to avoid Russia sanctions risk

3 Jun 2022

(Reuters) – Kazakhstan is changing the name of the oil it exports via Russian sea ports to Kazakhstan Export Blend Crude Oil (KEBCO) to dissociate it from oil originating in Russia in order to avoid sanction risks and issues with financing. “Due to recent significant geopolitical changes … and to avoid negative effect of the …

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Instant View: Elon Musk’s ‘super bad feeling’ about the economy

3 Jun 2022

FRANKFURT (Reuters) – Tesla chief executive Elon Musk told top managers he had a “super bad feeling” about the economy and that the electric carmaker needed to cut staff by around 10%, according to an internal email seen by Reuters. The email, titled “pause all hiring worldwide”, was sent to Tesla executives on Thursday, and …

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Take Five: Inflation stations

3 Jun 2022

Investors will be crossing their fingers for a calmer inflation print from the United States, possibly allowing the Federal Reserve to go slower with its interest rate rises. They are less concerned about Chinese inflation, focusing instead on what upcoming trade figures say about the economy. But high oil prices, spurred by supply squeezes, will …

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Crisis-hit Sri Lanka hopes for over $1 billion in foreign investment this year

3 Jun 2022

By Uditha Jayasinghe COLOMBO (Reuters) – Sri Lanka is aiming to attract well over $1 billion in foreign direct investment this year, an official said on Friday, as the country wrestles with its worst financial crisis since independence in 1948. These include proposals by Marubeni Corp and India’s Adani Group to set up renewable energy …

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Xiaomi India names founding member Alvin Tse as general manager

3 Jun 2022

BENGALURU (Reuters) – The Indian unit of Chinese smartphone maker Xiaomi Corp said on Friday it has appointed founding member Alvin Tse as its general manager, a change of guard as the company faces government scrutiny over its business practices. Tse, a British national who was also the former general manager of Xiaomi Indonesia, has …

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Toshiba to flag that activist board nominees not approved unanimously -sources

3 Jun 2022

By Makiko Yamazaki TOKYO (Reuters) -Toshiba Corp plans to notify shareholders that two board director nominees from activist hedge funds were not approved unanimously by its nomination committee, people familiar with the matter said on Friday. While divided votes on director nominations are not particularly rare, taking the step to formally disclose the matter is …

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Malaysia end-May palm oil stocks seen down as exports hit 5-month high

3 Jun 2022

By Mei Mei Chu KUALA LUMPUR (Reuters) – Malaysia’s palm oil inventories at the end of May are set to fall for a sixth month out of seven, squeezed by declining production and as exports surged to the highest since December, a Reuters survey showed on Friday. The stockpile in the world’s second-largest producer is …

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