Reuters Asia Business

Goldman Sachs combines three Asia IB businesses, names Drayton new unit head

22 May 2025

By Selena Li HONG KONG (Reuters) -Goldman Sachs is merging three Asian investment banking businesses it previously managed separately into a single unit to integrate its regional deals advisory and capital market capabilities, according to a memo reviewed by Reuters. Iain Drayton, head of the Wall Street bank’s investment banking business in Asia excluding Japan, …

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Freeport Indonesia says Manyar smelter resumes operations after fire

22 May 2025

JAKARTA (Reuters) – Copper miner Freeport Indonesia said its $3.7 billion Manyar smelter in East Java has resumed operations earlier than anticipated after a fire took it offline last year, and is expected to produce copper cathode by the fourth week of June. CEO Tony Wenas said in a statement on Thursday the plant was …

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Former PBOC deputy governor Liu Guiping to head Bank of China, sources say

22 May 2025

BEIJING (Reuters) -China will appoint financial veteran Liu Guiping as chairman of Bank of China, the nation’s fourth largest state-owned bank, two sources with knowledge of the matter said. Liu, who currently serves as executive vice mayor of Tianjin city, will replace current chairman Ge Haijiao, who will move to become governor of China’s northern …

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Sri Lanka cenbank cuts rate by 25 bps in surprise move to foster growth

22 May 2025

By Uditha Jayasinghe COLOMBO (Reuters) -Sri Lanka’s central bank cut the policy rate by 25 basis points in a surprise move on Thursday, aiming to foster stronger economic growth after a lingering financial crisis and buffer any fallout from potential U.S. tariffs. The Central Bank of Sri Lanka (CBSL) changed the overnight policy rate to …

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Indonesia’s Attorney General’s Office arrest CEO of Indonesia’s textile giant Sritex

22 May 2025

(This May 21 story has been corrected to change the name to Setiawan, not Kurniawan, in paragraph 2) JAKARTA (Reuters) -The president director of bankrupt Indonesian textile giant Sritex has been arrested as part of a corruption investigation, Indonesia’s Attorney General’s Office said on Wednesday.     The AGO confirmed to Reuters that the arrest of Iwan …

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Samsung BioLogics spin-off to separate contract drug making, new growth drivers

22 May 2025

By Hyunjoo Jin and Joyce Lee SEOUL (Reuters) -South Korean drug maker Samsung BioLogics said on Thursday it plans to separate the company into contract manufacturing and development companies, to help allay customer concerns about conflicts of interest between businesses. BioLogics said in a regulatory filing that it will keep its drug contract manufacturing business while …

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Guangdong Pearl River agrees LNG purchase deal with ConocoPhillips

22 May 2025

BEIJING (Reuters) – Guangdong Pearl River Investment Management Group said on Wednesday it has signed a 15-year sales and purchase agreement to buy liquefied natural gas from ConocoPhillips. The company did not disclose the volume of LNG covered under the agreement, which was signed on the sidelines of the World Gas Conference. One source with …

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Singapore could enter technical recession, trade ministry official says

22 May 2025

SINGAPORE (Reuters) – Singapore could enter a technical recession, marked by two quarters of contraction, but the economy may not necessarily suffer a full-blown recession, Beh Swan Gin, Permanent Secretary at the Trade Ministry, said on Thursday after the release of GDP data. Edward Robinson, Deputy Managing Director at the Monetary Authority of Singapore, said …

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Japan’s May factory activity contracts for 11th month, PMI shows

22 May 2025

TOKYO (Reuters) -Japan’s manufacturing activity extended declines for nearly a year in May, as factories continued to take a hit from U.S. tariffs on Japanese goods, a business survey showed on Thursday. While service-sector activity showed some resilience and stayed in expansionary territory, feeble manufacturing performance drove overall Japanese businesses back to contraction. Japan’s trade …

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