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Pakistan approves four potential bidders for struggling national airline PIA

8 Jul 2025

(Reuters) -The Pakistani government said on Tuesday it had approved four parties, including business groups and a military-backed firm, to potentially bid for a stake in debt-ridden Pakistan International Airlines. Pakistan has been seeking to sell a 51-100% stake in the struggling national airline to raise funds and reform cash-draining, state-owned enterprises as envisaged under …

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Indonesia signs oil deal with US, minister says

8 Jul 2025

(Reuters) -Indonesia’s state energy firm Pertamina has signed a memorandum of understanding for the purchase of LPG, gasoline and crude oil from U.S., the country’s chief economic minister Airlangga Hartarto told Reuters on Tuesday. FKS Group and Sorini Agro Asia Corporindo have also signed an agreement to purchase corn from Cargill, the minister said. (Reporting …

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Singapore’s Great Eastern to resume trading after delisting proposal fails

8 Jul 2025

(Reuters) -Great Eastern is set to resume trading on the Singapore Exchange after the insurer failed to secure enough votes to delist from the domestic bourse at a shareholders’ meeting on Tuesday. Great Eastern said 63.49% of its minority shareholders voted in favour of its de-listing proposal, falling short of the 75% approval needed to …

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Xi says China’s heavy industries must not be ‘abandoned’

8 Jul 2025

BEIJING (Reuters) -Chinese President Xi Jinping urged the country to hold on to its manufacturing capacity while developing new industries, as China seeks to restructure its economy amid flaring tensions with some of its largest trading partners. “The real economy should not be abandoned, nor should the heavy industries within it,” Xi said during an …

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GAC Fiat Chrysler Automobiles joint venture declared bankrupt

8 Jul 2025

BEIJING (Reuters) -GAC Fiat Chrysler Automobiles, a joint venture between Stellantis and China’s Guangzhou Automobile Group, said on Tuesday it has been declared bankrupt. The joint venture posted images of a ruling issued by a court in China’s Hunan province declaring the bankruptcy, alongside its announcement, in a social media post. (Reporting by Beijing Newsroom; …

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Glencore to sell struggling copper refinery to Filipino billionaire, Bloomberg News reports

8 Jul 2025

(Reuters) -Britain’s Glencore has agreed to sell its struggling copper refinery in the Philippines to the Villar family, headed by real estate billionaire Manny Villar Jr., Bloomberg News reported on Tuesday, citing people familiar with the matter. The commodities trading firm had already put its Philippine Associated Smelting and Refining Corp, or Pasar, on care …

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Shein files for Hong Kong IPO to save London listing, FT reports

8 Jul 2025

(Reuters) -China-founded fast-fashion retailer Shein has filed for an IPO in Hong Kong to accelerate the listing process and pressure Britain’s regulators to approve its planned London debut, the Financial Times reported on Tuesday. The company privately filed a draft prospectus last week with Hong Kong’s exchange and sought a regulatory nod from the China …

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China’s Car Inc launches self-driving rental service with Baidu’s Apollo

8 Jul 2025

BEIJING (Reuters) -China’s Car Inc has launched an autonomous driving rental service with Baidu’s smart driving business Apollo, it said on Tuesday. The first batch of customised Apollo self-driving cars accommodate up to three passengers, Car Inc’s statement said. The auto rental company has opened reservations, ranging between four hours and seven days, for users …

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Thai exports could take $27 billion hit from US tariffs, industry group says

8 Jul 2025

BANGKOK (Reuters) -The Federation of Thai Industries on Tuesday estimated that damage to Thai exports could reach 800 billion to 900 billion baht ($24.5 billion to $27.6 billion) from U.S. tariffs of 36%, slated to start in August. (Reporting by Chayut Setboonsarng and Orathai Sriring; Editing by Martin Petty)

Malaysia trade ministry clarifies 25% US levy not on top of 10% baseline tariff

8 Jul 2025

KUALA LUMPUR (Reuters) -Malaysia’s trade ministry on Tuesday said a 25% tariff rate on its exports to the United States was not on top of an existing base tariff of 10% imposed by Washington, clarifying earlier remarks by the country’s plantations and commodities minister Johari Abdul Ghani.   Citing Malaysia’s trade minister, Johari had said …

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