Reuters Asia Business

Inaction on emissions could cut developing Asia’s GDP by 17% by 2070, ADB says

31 Oct 2024

MANILA (Reuters) – Developing Asia faces a potential 17% loss in its collective gross domestic product (GDP) by 2070 if high emissions persist, the Asian Development Bank (ADB) said on Thursday, underscoring the urgency for stronger and more ambitious climate action. While mitigation efforts have gained momentum, they remain insufficient to meet global targets, the …

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Samsung says it is making headway in AI chip supply after disappointing results

31 Oct 2024

By Heekyong Yang and Hyunjoo Jin SEOUL (Reuters) -Samsung Electronics said it would focus on producing high-end chips and was making progress on a major supply deal, as it sought to allay investor concerns over its semiconductor business that suffered a 40% quarter-on-quarter profit plunge. The comments by an executive on an earnings call helped …

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China Oct PMI expansions point to impact of fiscal support

31 Oct 2024

By Joe Cash BEIJING (Reuters) – China’s manufacturing activity expanded for the first time in six months and services picked up in October, indicating that Beijing’s latest stimulus measures are helping the battered economy turn a corner. The National Bureau of Statistics purchasing managers’ index (PMI) on Thursday rose to 50.1 from 49.8 in September, …

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China’s big banks post Q3 profit gains, squeeze on net interest margins

31 Oct 2024

BEIJING/SHANGHAI (Reuters) – China’s largest lenders posted increases in their third-quarter profits on Wednesday, mostly on reduced provisions, with slimmer net interest margins for some. The frontrunner was Agricultural Bank of China Ltd (AgBank), which reported a 5.88% rise in third-quarter net profit.  Four of the country’s other biggest banks also reported profit increases of …

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Australia sues Optus for ‘misconduct’ in phone sales to vulnerable customers

31 Oct 2024

(Reuters) – Australia’s competition watchdog is taking Singapore Telecommunications-owned Optus to court, alleging it engaged in “misconduct” while selling mobile phones and plans, particularly to vulnerable customers. The Australian Competition and Consumer Commission (ACCC) on Thursday alleged that Optus’ conduct disproportionately impacted consumers and its practices were, in a way, backed by remuneration for sales …

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BOJ keeps interest rates steady, roughly maintains price forecasts

31 Oct 2024

TOKYO (Reuters) – The Bank of Japan kept interest rates steady on Thursday and roughly maintained its forecast that inflation will hover near its 2% inflation target in coming years, signalling its readiness to continue rolling back its massive monetary stimulus. As widely expected, the nine-member board decided to keep the BOJ’s short-term policy rate …

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China’s Oct non-manufacturing activity breaks back into expansion

31 Oct 2024

BEIJING (Reuters) – China’s non-manufacturing activity expanded in October, an official survey showed on Thursday, providing some relief to policymakers even as other indicators have suggested recovery in the world’s No. 2 economy remains distant. The official non-manufacturing purchasing managers’ index (PMI), which includes services and construction, quickened slightly to 50.2 from 50.0 in September, …

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