Reuters Asia Business

Chaos at Apple supplier Quanta shows strains of Shanghai COVID lockdown

8 May 2022

SHANGHAI (Reuters) – Quanta Shanghai Manufacturing City would seem like an ideal site to implement China’s “closed-loop” management system to prevent the spread of COVID that requires staff to live and work on-site in a secure bubble. Sprawled over land the size of 20 football fields, the campus houses factories, living quarters for 40,000 workers, …

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Thailand urges care over content as Lazada promotion angers royalists

7 May 2022

BANGKOK (Reuters) – Thailand on Saturday warned against the creation of online content that risked insulting the country’s monarchy, after a video by a social media influencer promoting e-commerce platform Lazada incensed royalists, who said it was mocking the palace. Thai law prescribes punishments of up to 15 years in jail for each offence if …

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U.S., Chinese regulators in talks for audit deal – sources

7 May 2022

By Xie Yu HONG KONG (Reuters) – U.S. and Chinese regulatory officials are in talks to settle a long-running dispute over the auditing compliance of U.S.-listed Chinese firms, three people briefed on the matter told Reuters. The standoff, if not resolved, could see Chinese firms kicked off New York bourses. The U.S. Public Company Accounting …

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China orders livestreaming platforms to step up oversight of underage users

7 May 2022

SHANGHAI (Reuters) -China on Saturday ordered internet platforms to step up governance of how under-18s use their livestreaming services as part of an ongoing regulatory crackdown on the booming sector. The platforms need to step up controls to stop underage users from tipping livestreamers or becoming livestreamers themselves without guardian consent, the National Radio and …

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Illumina ordered to pay BGI subsidiary $333 million in DNA-sequencing patent case

7 May 2022

By Blake Brittain (Reuters) – A Delaware jury on Friday ordered Illumina Inc to pay more than $333 million to a U.S. unit of Chinese genomics company BGI Group after finding that Illumina’s DNA-sequencing systems infringed two patents. The jury also said Illumina infringed the patents willfully, and that three patents it had accused BGI’s …

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Oil gains 1.5%, posts another weekly rise on supply concerns

6 May 2022

By Arathy Somasekhar HOUSTON (Reuters) -Oil prices rose nearly 1.5% on Friday, posting a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter supply and had traders shrugging off worries about global economic growth. Brent futures rose $1.49, or 1.3%, to settle at $112.39 per barrel. U.S. …

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Dollar index slips from 20-year high, Fed rate path in focus

6 May 2022

By Karen Brettell NEW YORK (Reuters) – The dollar slipped against a basket of currencies on Friday after two volatile days as investors focused on how aggressive the Federal Reserve might be in hiking rates as it tackles rising inflation. The dollar index hit a 20-year high overnight on safe-haven demand, following Thursday’s sharp stock …

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Pakistan central bank reserves fall to $10.4 billion, total liquid reserves at $16.5 billion

6 May 2022

ISLAMABAD (Reuters) – Pakistan’s central bank reserves have fallen to $10.4 billion, and the country’s total liquid reserves including commercial banks stood at $16.5 billion, the bank said on Friday. “During the week ended on 30-April-2022, SBP reserves recorded a decline of US$59 million to US$10,499.0 million due to external debt payments,” a statement from …

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Under Armour profit to take hit from higher costs, China curbs; shares tank

6 May 2022

By Deborah Mary Sophia (Reuters) – Under Armour Inc forecast full-year profit below estimates on Friday, as the sportswear maker grapples with higher transportation costs and a hit to its business from renewed COVID-19 curbs in China. Shares of Under Armour tumbled over 23% and were on pace to record their worst day since October …

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