Reuters Asia Business

US lawmakers ask Justice, Defense departments to probe McKinsey, review contracts

18 Oct 2024

A group of U.S. lawmakers have asked the Department of Justice and the Department of Defense (DoD) to investigate McKinsey’s failure to disclose its work with China’s government, saying that the consulting giant might face conflicts of interest that require reviewing. In letters dated Oct 17 but which were made public on Friday, Congressman John …

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Exclusive-Tokio Marine pauses sale of $1 billion Southeast Asia life insurance business, sources say

18 Oct 2024

By Yantoultra Ngui and Kane Wu SINGAPORE/HONG KONG (Reuters) – Japanese insurer Tokio Marine has paused the sale of its $1 billion Southeast Asia life insurance business, partly due to a dispute with a Malaysian partner over an expiring products distribution agreement, four sources with knowledge of the matter said. The Tokyo-listed company hired Goldman …

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Malaysia to widen tax net, raise minimum wages in 2025 as budget spending hits record

18 Oct 2024

By Danial Azhar and Ashley Tang KUALA LUMPUR (Reuters) -Malaysia will introduce a slew of new taxes, cut subsidies for a widely used fuel, and raise the minimum wage from next year, Prime Minister Anwar Ibrahim said on Friday as he announced a record budget spending plan of 421 billion ringgit ($98 billion). Anwar said …

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TSMC stock hits new high after forecast-beating earnings

18 Oct 2024

TAIPEI (Reuters) – The Taipei-listed shares of TSMC hit a record high on Friday after the world’s largest contract chipmaker posted forecast-beating third-quarter earnings and gave a rosy outlook for strong artificial intelligence (AI) demand. Shares closed up 4.8% at T$1,085 ($33.77), surpassing the previous record of T$1,080 on July 11. That gives TSMC a …

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Indonesia to export EV battery material to US next month, minister says

18 Oct 2024

JAKARTA (Reuters) – Indonesia plans to export nickel-based material used to make electric vehicle batteries to the United States next month, its energy minister said on Friday. Bahlil Lahadalia said Indonesia would provide the material, known as EV battery precursor, to U.S. electric carmaker Tesla, but did not give details on the volume involved. “We …

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Foreign outflows from Indian stocks on track for record monthly high as China takes spotlight

18 Oct 2024

By Hritam Mukherjee and Shubham Batra (Reuters) – Foreign investors are on track to sell a record amount in Indian equities in October in absolute terms, as fund managers diverted their focus from richly valued local equities to China in hopes that Beijing’s recent stimulus may boost its ailing economy. Foreign portfolio investors have sold …

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