Reuters Asia Business

Singapore charges two ex-bankers for helping $2.2 billion money laundering ring

15 Aug 2024

SINGAPORE (Reuters) – A Singapore court on Thursday charged two former bankers for helping a group of foreigners who were convicted of laundering $2.2 billion last year in the biggest such financial crime in the Asian financial hub. Both Wang Qiming and Liu Kai were relationship managers and Chinese nationals employed by Citibank and Swiss …

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Adani Power says it is committed to supplying electricity to Bangladesh

15 Aug 2024

SINGAPORE (Reuters) – Adani Power said on Thursday it was committed to supplying electricity to Bangladesh, saying a recent amendment to power export rules does not affect its existing contract. The amendment by the government facilitates connectivity to the Indian grid but does not impose any obligation on India to buy electricity, Adani Power said …

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Lenovo Q1 revenue jumps 20%, beats estimates as PC market recovers

15 Aug 2024

BEIJING (Reuters) -China’s Lenovo Group reported a 20% rise in quarterly revenue on Thursday, as the global personal computer market showed signs of recovery after a two-year slump. For the three months ending in June, the company’s revenue rose to $15.4 billion, above the average estimate of $14.1 billion expected by analysts polled by LSEG. …

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China’s home-price slump deepens to new 9-year low despite stimulus

15 Aug 2024

By Liangping Gao and Ryan Woo BEIJING (Reuters) -China’s new home prices fell at their fastest pace in nine years in July, as a slew of support policies failed to stabilise prices and restore confidence in the struggling property sector. The prolonged housing market slump has weighed heavily on the world’s second-largest economy and its …

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Decentralized AI network Sahara raises fresh capital in Samsung NEXT-backed round

14 Aug 2024

By Manya Saini (Reuters) – Sahara AI, a startup integrating the blockchain and artificial intelligence, said on Wednesday it raised $43 million in a funding round led by venture capital investors Pantera Capital, Binance Labs and Polychain Capital. The series A funding also drew investments from Samsung NEXT alongside early-stage investor Matrix Partners, crypto investment …

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China’s latest blockbuster casts rare, harsh light on gig economy

14 Aug 2024

By Casey Hall and Kevin Krolicki SHANGHAI/BEIJING (Reuters) – One of the biggest movies to hit China’s cinemas this summer tackles several of its biggest economic pain points: an uncertain job market, downward mobility and the hardscrabble life of millions working gig jobs. “Upstream” tells the story of a middle-aged programmer who is laid off, …

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Hong Kong’s CK Infrastructure gets approval for secondary listing in London

14 Aug 2024

(Reuters) -Hong Kong’s CK Infrastructure Holdings said on Wednesday it has received approval from the UK’s financial regulatory body for a secondary listing on the London Stock Exchange. The company, a part of conglomerate CK Hutchison and Hong Kong tycoon Li Ka-shing’s business empire, said its admission prospectus was approved by the United Kingdom’s Financial …

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Tencent’s second-quarter revenue rises on gaming business recovery

14 Aug 2024

BEIJING (Reuters) -China’s Tencent Holdings reported an 8% rise in second-quarter revenue on Wednesday, driven by a recovery in its gaming business after a launch of a new mobile game in May that got off to a strong start. The company’s core gaming business had faced headwinds, with revenue from China declining for two consecutive …

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Bangladesh turmoil may slow financial reform, weaken banks, S&P says

14 Aug 2024

NEW DELHI/DHAKA (Reuters) -Political turmoil in Bangladesh is likely to slow planned financial reforms and has already added to weakness in the banking sector, S&P Global Ratings said on Wednesday. Prime Minister Sheikh Hasina quit and fled to India last week after student-led protests against her spiralled into some of the worst violence since Bangladesh’s …

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