Reuters Asia

TrendForce says SK Hynix to raise legacy chip output capacity in China

SEOUL (Reuters) -South Korea’s SK Hynix Inc plans to expand its legacy chip production capacity at its chip manufacturing facilities in Wuxi, China, market research firm TrendForce said. The world’s second-biggest memory chip maker’s long-term strategy involves shifting its capacity expansion back to South Korea, while its Wuxi chip production site caters to domestic demand …

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India tribunal allows bankruptcy proceedings against Future Lifestyle

MUMBAI (Reuters) – A company court on Thursday admitted Bank of India Ltd’s petition to begin insolvency proceedings against Future Lifestyle Fashions Ltd on an alleged loan default of 4.96 billion rupees ($60.69 million). The National Company Law Tribunal (NCLT), while pronouncing the order, also approved the appointment of Ravi Sethia as an Interim Resolution …

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Alibaba’s global online commerce arm weighs US IPO – Bloomberg News

(Reuters) -Alibaba Group Holding Ltd’s international online shopping unit is exploring a U.S. initial public offering, Bloomberg News reported on Thursday citing people familiar with the matter. The e-commerce giant is in the early stages of consideration and the IPO’s size is yet to be determined, the report added. The business group is in talks …

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China’s top financial data provider restricts offshore access due to new rules-sources

By Julie Zhu and Xie Yu HONG KONG (Reuters) – China’s biggest financial data provider Wind Information Co told some customers late last year that it was restricting offshore users from accessing certain business and economic data as a result of the cybersecurity regulator’s new data rules, two sources said. Restricted access to Wind by …

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IMF sees uncertainty over Japan’s monetary policy, spillover globally

By Leika Kihara (Reuters) -The International Monetary Fund on Thursday warned of “uncertainty” around the direction of Japan’s monetary policy, saying a possible shift from ultra-low interest rates could have a significant impact on global financial markets. Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, also pointed to risks surrounding Asia’s economic outlook …

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China’s factory activity skids in April on weak demand – Caixin PMI

BEIJING (Reuters) – China’s factory activity unexpectedly dipped in April, a private sector survey showed on Thursday, due to softer domestic demand and suggesting the manufacturing sector is losing momentum amid a bumpy post-COVID economic recovery. The Caixin/S&P Global manufacturing purchasing managers’ index (PMI) fell to 49.5 in April from 50.0 the previous month prior. …

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Pinduoduo owner PDD moves headquarters to Ireland from China

(Reuters) – PDD Holdings Inc, which owns discount e-commerce platforms Pinduoduo and Temu, has moved its headquarters from China to Ireland, according to recent filings from the company. The latest filings list Dublin as the company’s “principal executive offices”. Filings as recently as February show Shanghai as the listed address. The Chinese company, which recently …

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