Reuters Asia Business

JD Logistics takes full ownership of Kuayue-Express with $892 million stake buy

6 Dec 2024

(Reuters) -China’s JD Logistics will acquire the 36.43% stake it does not already own in Kuayue-Express Group for not more than 6.48 billion yuan ($892 million) to further enhance express delivery offerings, the logistics services firm said on Friday. Under an agreement, Suqian Jingdong Bohai Enterprise Management, a unit of JD Logistics, will acquire the …

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Indonesia’s president has agreed to selective VAT hike, senior lawmaker says

6 Dec 2024

JAKARTA (Reuters) – Indonesian President Prabowo Subianto has agreed to raise value-added tax by one percentage point to 12% next year, but only on luxury goods, Sufmi Dasco Ahmad, deputy speaker of parliament, told reporters on Friday. Starting Jan. 1, 2025, VAT will rise to 12% from 11% currently. There has been public pressure to …

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Rattled by China, West scrambles to rejig critical minerals supply chains

6 Dec 2024

By Amy Lv, Divya Rajagopal and Ernest Scheyder BEIJING/TORONTO/LONDON (Reuters) – China’s trade restrictions on strategic minerals are starting to hit Western companies where it hurts. Blaming Beijing’s curbs on antimony exports announced in August, German chemicals and consumer goods heavyweight Henkel told customers last month it had declared force majeure and suspended deliveries of …

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Two critical online views on China’s economy vanish ahead of policy meeting

6 Dec 2024

BEIJING (Reuters) – A bearish commentary by a prominent economist on China’s weak consumption, unemployment and “dispirited” youth that went viral on social media has vanished from the country’s tightly controlled internet. The loss of access to the comments by Gao Shanwen, chief economist at state-owned SDIC Securities, come ahead of a meeting of Chinese …

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Global equity funds see robust inflows as investors bet on growth, ignore political turmoil

6 Dec 2024

(Reuters) – Global equity funds saw a notable rise in inflows in the week through Dec. 4, driven by a record-setting rally fueled by strong U.S. economic growth prospects and optimism about tech stocks, despite political turmoil in France and South Korea. Investors pumped a robust $21.8 billion into global equity funds during the week, …

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Chen Dexin appointed chairman of China Minmetals

6 Dec 2024

BEIJING (Reuters) – Chen Dexin, formerly general manager of commodities giant China Minmetals, has been appointed chairman and party secretary of the group, the company said on Friday. (Reporting by Amy Lv, Ella Cao and Ryan Woo; Editing by Jacqueline Wong)

Singapore’s Aelios offers to buy rest of Suntec REIT

6 Dec 2024

By John Biju and Yantoultra Ngui (Reuters) -Singapore’s Aelios, owned by billionaire couple Gordon and Celine Tang, on Thursday launched a mandatory general offer to buy shares in Suntec Real Estate Investment Trust that valued the REIT at S$3.39 billion ($2.53 billion). The investment holding company, which already owns almost a third of the REIT, …

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Singapore’s Temasek unveils $7.5 billion private credit entity

6 Dec 2024

By Yantoultra Ngui SINGAPORE – Singapore’s state investment company Temasek said on Friday that it has established a wholly owned private credit entity with an initial portfolio amounting to S$10 billion ($7.5 billion), consisting of direct investments and credit funds. Institutional global investors in recent years have been ramping up activity in the booming private …

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Analysis-In South Korea’s crisis playbook, currency stability is paramount

6 Dec 2024

By Cynthia Kim and Yena Park SEOUL (Reuters) – Minutes after South Korean President Yoon Suk Yeol declared martial law on Tuesday night, plunging the country into its worst crisis in decades, his stunned finance minister knew his priorities: throw everything at defending the currency. By around 11 p.m., Choi Sang-mok, who was among the …

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