Reuters Asia Business

Taiwan Q3 growth seen slowing on dull investment, consumption: Reuters poll

28 Oct 2024

TAIPEI (Reuters) – Economic growth in trade-dependent Taiwan was expected to slow in the third quarter with exports still robust on AI demand but moderating, while domestic investment and consumption are losing steam, a Reuters poll showed on Monday. Gross domestic product (GDP) in July-September was expected to expand 3.4% from a year earlier, down …

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Battery maker LGES offers measured 2025 outlook after slow EV demand drags down Q3 profit

28 Oct 2024

By Heekyong Yang and Ju-min Park SEOUL (Reuters) – South Korean battery maker LG Energy Solution said on Monday it had a “conservative” view of revenue growth next year and that it will significantly reduce capital expenditure due to slowing electric vehicle demand, after booking a 39% third-quarter profit drop. The company, which supplies Tesla, …

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Olympus CEO ousted after allegation of illegal drug purchase, shares slump

28 Oct 2024

By Kiyoshi Takenaka TOKYO (Reuters) -Japanese endoscope manufacturer Olympus Corp said on Monday it has sacked Chief Executive Stefan Kaufmann after an allegation that he had purchased illegal drugs, sending its shares sliding 6%. Kaufmann, a German national who only took the helm in April last year, had been tasked with expanding Olympus’ medical equipment …

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China again warns EU against separate talks with EV makers

28 Oct 2024

BEIJING (Reuters) – China renewed warnings to the European Union that if the bloc conducts separate negotiations with electric vehicle companies while in talks with China, that would “shake mutual trust” and interfere with the overall negotiations, Chinese commerce ministry said on Monday. The ministry issued a similar warning earlier this month, but this reiteration …

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Indonesian sovereign wealth fund INA’s platform invests in Trans Sumatra Toll Roads

28 Oct 2024

JAKARTA/SINGAPORE (Reuters) – Indonesia’s sovereign wealth fund, Indonesia Investment Authority, or INA, said on Monday its toll road platform has invested in the Medan-Binjai and Bakauheni-Terbanggi Besar sections of the Trans Sumatra Toll Road. INA said in a statement the move by its platform, which includes investments from the largest Dutch pension fund APG and …

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Analysis-Some companies change tack in China with no recovery in sight

28 Oct 2024

By Bernadette Hogg, Ananya Mariam Rajesh and Helen Reid GDANSK/BENGALURU/LONDON (Reuters) – Companies around the world are starting to cut prices and costs and scale back activity in China, as the world’s second-biggest economy continues to flag despite Beijing’s efforts to turn things around. Big names including Hermes, L’Oreal, Coca-Cola, United Airlines, Unilever and Mercedes …

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Indonesia labour group urges state bailout for troubled textile giant Sritex

28 Oct 2024

JAKARTA (Reuters) – A major labour group in Indonesia has called on the government to bail out troubled textile giant Sritex, after President Prabowo Subianto ordered his ministers to save the firm from bankruptcy. Prabowo, who took office last week, has ordered his cabinet to find solutions for Sritex quickly, after a court last week …

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Analysis-BOJ on quest for better communication as more rate hikes loom

28 Oct 2024

By Leika Kihara WASHINGTON (Reuters) – Aside from the mixed policy signals dropped during his trip to the International Monetary Fund and World Bank meetings in Washington, Bank of Japan Governor Kazuo Ueda offered a glimpse of how the central bank was doing some soul searching on ways to better communicate with markets. The BOJ …

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Singapore central bank expects GDP at upper end of 2%-3% range in 2024 and 2025

28 Oct 2024

By Xinghui Kok SINGAPORE (Reuters) – Singapore’s central bank said on Monday it expects 2024 gross domestic product growth at the upper end of the 2%-3% forecast range, and for next year to have a similar growth pace. In its macroeconomic review released on Monday, the Monetary Authority of Singapore (MAS) said economic growth “strengthened …

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