Reuters Asia Business

Nvidia hits record high as chip stocks rally on TSMC’s rosy AI-powered outlook

17 Oct 2024

(Reuters) -Shares of Nvidia hit a record high amid a rally in U.S. chip stocks on Thursday after industry bellwether TSMC’s strong sales forecast boosted investor optimism about demand for processors used to power artificial intelligence applications. Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker, raised its expectation for annual revenue growth and said …

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Tokyo Stock Exchange CEO says talks between firms and investors key to governance

17 Oct 2024

By Anton Bridge TOKYO (Reuters) -The Tokyo Stock Exchange’s role from now on is to facilitate constructive dialogue between companies and investors rather than mandate how businesses are run, its head said on Thursday. “The real power to bring about change lies with investors and shareholders,” Hiromi Yamaji, chief executive officer of Japan Exchange group, …

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Exclusive-Nokia cuts 2,000 jobs in China, 350 in Europe as part of cost cuts, sources say

17 Oct 2024

By Supantha Mukherjee STOCKHOLM (Reuters) – Nokia has laid off close to 2,000 people or about a fifth of its employee base across Greater China and plans to cut another 350 jobs across Europe as part of efforts to lower costs, according to two sources familiar with the matter. A Nokia spokesperson confirmed the company …

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Itochu’s deal to buy stake in Brazil’s CSN Mineracao implies 26% premium

17 Oct 2024

SAO PAULO (Reuters) – Brazilian steelmaker CSN’s deal to sell a stake in CSN Mineracao to Japan’s Itochu implies a 26% premium over the previous closing price for shares in its mining subsidiary, a securities filing showed late on Wednesday. CSN announced the deal to sell up to 11% of CSN Mineracao to Itochu early …

Itochu’s deal to buy stake in Brazil’s CSN Mineracao implies 26% premium Read More »

TSMC bullish on outlook as AI boom blows Q3 profit past forecasts

17 Oct 2024

By Yimou Lee, Ben Blanchard and Faith Hung TAIPEI (Reuters) -TSMC, the world’s largest contract chipmaker, bet on sustaining its strong growth, after reporting on Thursday a forecast-beating 54% jump in quarterly profit driven by soaring demand for chips used in artificial intelligence (AI). Taiwan Semiconductor Manufacturing Co, the dominant producer of advanced chips used …

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China welcomes Austrian firms to invest despite EU tariffs plan

17 Oct 2024

BEIJING (Reuters) – China hopes Austrian enterprises will have the confidence to invest in China and cooperate with Chinese partners, even as the European Union plans tariffs on Chinese electric vehicles, according to a commerce ministry statement. Automobiles form an important area of economic and trade cooperation between China and Austria, with production and supply …

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Singapore’s market regulator lifts ban on brokerage UOB Kay Hian

17 Oct 2024

(Reuters) – Singapore’s market regulator on Thursday lifted a ban on UOB Kay Hian Private Ltd after nearly two years, according to a statement by the regulator. Under the ban, imposed in December 2022, the brokerage firm backed by United Overseas Bank was prohibited from undertaking new mandates as an issue manager or full sponsor …

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Japan’s Chubu Electric eyes increased investment in overseas renewables, SMRs

17 Oct 2024

By Yuka Obayashi TOKYO (Reuters) – Japan’s Chubu Electric Power plans to further invest in overseas decarbonisation assets, including renewable energy, small modular reactors (SMRs), and carbon capture storage (CCS), to fuel future growth, a company executive said. Chubu, a major regional electric utility, outlined a long-term strategy in 2021, including a plan to spend …

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Indonesia Battery Corp, CATL unit sign JV deal, state media says

17 Oct 2024

JAKARTA (Reuters) – Indonesia Battery Corporation (IBC) and a unit of China’s battery giant Contemporary Amperex Technology Co (CATL) have formed a joint venture (JV) firm to build a battery cell manufacturing plant, Indonesian state media Antara reported on Thursday. State firm IBC and the CATL unit, CBL International Development, first announced their cooperation plan …

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Bank of Thailand to hold rates at 2.25% for rest of this year, cut in Q1: Reuters poll

17 Oct 2024

By Veronica Dudei Maia Khongwir BENGALURU (Reuters) – The Bank of Thailand (BOT) will hold its key interest rate at 2.25% at its final policy meeting for the year in December, following an unexpected 25-basis-point cut on Wednesday, according to economists in a Reuters snap poll. While the BOT’s decision on Wednesday to cut rates – …

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