Reuters Asia Business

India’s JSW Steel, POSCO to invest $7.7 billion in Odisha steel plant, sources say

5 Nov 2024

By Neha Arora NEW DELHI (Reuters) – India’s JSW Steel and South Korea’s POSCO plan to invest 650 billion rupees ($7.73 billion) in their proposed plant in India in the coming years, sources said, part of efforts to capitalise on rising steel demand in the world’s fastest-growing major economy. Last week, JSW Steel and POSCO …

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Trading firms to deliver 5 million bbls of MidEast crude to China exchange, sources say

5 Nov 2024

By Florence Tan SINGAPORE (Reuters) – Trading firms will deliver about 5 million barrels of Middle East crude oil to the Shanghai International Energy Exchange (INE) this month, an unusually large volume, after domestic prices rose against global benchmark Brent, trade sources said. The volume of oil to be delivered into the November contract was …

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Former Sinopec gas executive gets jail time for taking bribes, Chinese media reports

5 Nov 2024

SINGAPORE (Reuters) – A former Sinopec Corp executive was sentenced to 14 years in jail for taking bribes, China’s semi-official news agency China News Service reported on Tuesday. Duan Yanxiu, former communist party secretary of Sinopec Natural Gas Company, received the jail sentence as well as a fine of 3.9 million yuan ($548,670) at a …

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Schroders hit by big ticket client exits, shares slide

5 Nov 2024

By Iain Withers LONDON (Reuters) -Schroders reported worse-than-expected third quarter outflows and the imminent loss of further big-ticket client mandates on Tuesday, in a gloomy update that sent shares tumbling days before new CEO Richard Oldfield steps into his role. Shares of Britain’s largest standalone fund manager fell as much as 14% in early trading. …

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Malaysia’s end-October palm oil stocks fall on lower output, higher exports

5 Nov 2024

By Ashley Tang KUALA LUMPUR (Reuters) – Malaysia’s palm oil inventories are forecast to fall in October, marking their first decline in three months, due to lower output and higher exports, a Reuters survey showed on Tuesday. Palm oil stocks are expected to drop to 1.92 million metric tons, down 4.64% from September, according to …

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Foxconn says Oct revenue +8.59% y/y, Q4 outlook good

5 Nov 2024

TAIPEI (Reuters) – Taiwan’s Foxconn, the world’s largest contract electronics maker and Apple’s biggest iPhone assembler, on Tuesday reported revenue for October rose 8.59% year-on-year to reach the highest on record for the month at T$804.8 billion ($25.20 billion). “Looking ahead to the fourth quarter, operations are anticipated to show both quarterly and yearly growth,” …

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Q3 earnings half-time in Europe: Investors reward beats but fret about China

5 Nov 2024

By Lucy Raitano and Samuel Indyk LONDON (Reuters) – Europe’s third-quarter earnings have mostly topped markets’ low expectations and investors are rewarding beats more handsomely than they have in years, even though weak China demand is a cause for caution. In the two months prior to the start of Europe’s earnings season, analysts cut their …

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Sunac proposes four debt restructuring options to mainland China creditors, source says

5 Nov 2024

By Clare Jim HONG KONG (Reuters) – Sunac is offering four options to mainland China creditors, aiming to cut its onshore debt by more than half, a source with direct knowledge of the plan said, adding that one option was swapping debt for rights to returns from its shares. The plan marks the first time …

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BOJ to raise rates again most likely in January, says ex-policymaker

5 Nov 2024

By Leika Kihara and Takahiko Wada TOKYO (Reuters) – The Bank of Japan is likely to raise interest rates in coming months with January emerging as the most likely timing, when there will be more clarity on political and market developments, former BOJ board member Makoto Sakurai said on Tuesday. The central bank will eventually …

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