Reuters Asia Business

By Gibran Naiyyar Peshimam and Ariba Shahid KARACHI (Reuters) – Pakistan is renegotiating contracts with independent power producers to rein in “unsustainable” electricity tariffs, the head of the power ministry said, as households and businesses buckle under soaring energy costs. Rising power tariffs have stirred social unrest and shuttered industries in the $350 billion economy, …

Pakistan renegotiating power deals to cut costs, minister says Read More »

By Karen Freifeld (Reuters) – An influential Democratic U.S. congressman said on Friday that he will vote against legislation that would restrict business with China’s WuXi Biologics, BGI and other biotech companies on national security grounds. Rep. Jim McGovern of Massachusetts, the ranking member on the House Rules committee, told Reuters he is trying to …

Democrat to vote against bill restricting China’s WuXi Biologics, BGI Read More »

(Reuters) -China’s central bank held back on buying gold for its reserves for a fourth straight month in August, official data showed on Saturday. China’s gold holdings stood at 72.8 million fine troy ounces at the end of last month. The value of the gold reserves, however, rose to $182.98 billion compared with $176.64 billion …

China’s central bank pauses gold purchases for a fourth month in August Read More »

BEIJING/SHANGHAI (Reuters) – China’s foreign exchange reserves rose to the highest level in more than 8-1/2 years in August, official data showed on Saturday, thanks largely to a broadly weaker U.S. dollar. The country’s foreign exchange reserves – the world’slargest – grew by $31.8 billion to $3.288 trillion lastmonth, booking the second straight monthly expansion …

China FX reserves rise to highest level since 2015 in August Read More »

By David Shepardson WASHINGTON (Reuters) – A bipartisan group of lawmakers asked the CEOs of six major auto parts retailers if they bought products from a Chinese company that may have evaded U.S. tariffs, according to letters seen by Reuters on Friday. Representative John Moolenaar, a Republican who chairs a House panel on China, and …

Lawmakers probe if US retailers bought Chinese auto parts that evaded tariffs Read More »

By Victoria Waldersee, Christina Amann and Christoph Steitz BERLIN/FRANKFURT (Reuters) – In May, Volkswagen finance chief Arno Antlitz warned that Europe’s top carmaker had about two or three years to prepare for cut-throat competition from abroad, mainly China. This week, he cut that already-tight timetable by a year, sending shockwaves through the global auto sector …

Analysis-China, price cuts and costs: the fuel driving Volkswagen’s crisis Read More »

By Anna Chaberska and Alban Kacher (Reuters) – Several airlines are carrying out precautionary inspections on their Airbus A350 fleets after Hong Kong’s Cathay Pacific found 15 planes that needed fuel line repairs following the in-flight failure of an engine part. The issue occurred on a five-year-old Airbus A350-1000, which uses Rolls-Royce’s Trent XWB-97 engines, …

What are airlines doing in response to Cathay Pacific’s Airbus A350 engine failure Read More »