Reuters Asia Business

BEIJING (Reuters) -Duty-free spending slumped 29.3% last year in China’s island province of Hainan, where global luxury players from LVMH to Kering have set up shop, as a weak economy led to a sharp drop in numbers of domestic visitors. Shoppers visiting Hainan, known for its glitzy seafront hotels and sandy beaches, spent 30.94 billion …

Trouble in China’s shopping paradise as Hainan duty-free spending tumbles Read More »

(Reuters) – U.S. President Joe Biden has decided to officially block Nippon Steel’s proposed purchase of U.S. Steel, Washington Post reported on Thursday, citing two administration officials who were not authorized to speak publicly about the matter. (Reporting by Devika Nair in Bengaluru; Editing by Mrigank Dhaniwala)

JAKARTA (Reuters) -Indonesia has yet to implement a higher mandatory blend of biodiesel planned for Jan. 1 as industry participants await technical details of the new regulation, causing confusion among palm oil traders. The government had pledged to mandate a 40% mix of palm oil-based fuel in biodiesel from Jan. 1, known as B40, from …

Indonesia’s B40 palm oil delay causes market uncertainty Read More »

By Ernest Scheyder, Eric Onstad (Reuters) -Cobalt miner Jervois Global said on Thursday that one of its lenders will take the company private as part of a pre-packaged bankruptcy, the latest Western miner scrambling to survive as competition from China intensifies. U.S. fund manager Millstreet Capital Management will take control of Jervois as part of …

Cobalt miner Jervois in rescue deal to better compete with China Read More »

(Reuters) – Hutchmed (China), controlled by tycoon Li Ka-shing, is selling stakes in its health subsidiary for around $608 million as the billionaire and his flagship conglomerate look to ramp up capital and pivot towards core operations at the drugmaker. Hutchmed will sell a total 45% stake in Shanghai Hutchison Pharmaceuticals to Chinese firms GP …

Billionaire Li Ka-shing’s Hutchmed in $608 million health unit stake sales Read More »

BEIJING (Reuters) -China’s commerce ministry has proposed export restrictions on some technology used to make battery components and process critical minerals lithium and gallium, a document issued on Thursday showed. If implemented, they would be the latest in a series of export restrictions and bans targeting critical minerals and the technology used to process them, …

China proposes further export curbs on battery, critical minerals tech Read More »