Reuters Asia

Pinduoduo owner’s revenue falls short on weak China consumer spending

By Chavi Mehta and Casey Hall (Reuters) -PDD Holdings Inc, which owns discount e-commerce platforms Pinduoduo and Temu, missed expectations on Monday for fourth-quarter revenue as China’s post-reopening consumer recovery remains patchy. U.S.-listed shares of PDD Holdings fell as much as 13.9% in premarket trading. PDD reported revenue of 39.82 billion yuan ($5.79 billion) for …

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Japan plans $75 billion investment across Indo-Pacific to counter China

By Sakura Murakami and Krishn Kaushik TOKYO/NEW DELHI (Reuters) – Japan’s Prime Minister Fumio Kishida on Monday announced a new plan to promote an open and free Indo-Pacific, promising billions of dollars in investment to help economies across the region in everything from industry to disaster prevention. The plan he announced in New Delhi is …

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Indonesia sets aside $455 million to subsidise electric motorcycle sales

JAKARTA (Reuters) – Indonesia will allocate 7 trillion rupiah ($455.88 million) in state funds to subsidise electric motorcycle sales through 2024, officials said on Monday, as it pushes mass adoption of EVs with the aim of attracting investment in the domestic industry. The government will also announce incentives for electric cars on April 1, said …

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North Korea’s use of missile silo could mean less warning of launches -analysts

By Hyonhee Shin and Minwoo Park SEOUL (Reuters) – North Korea’s presumed use of a silo in its latest missile test was aimed at boosting the speed and reliability of launches, and could be used in future flights of intercontinental ballistic missiles (ICBMs), analysts said on Monday. State media called Sunday’s launch of the solid-fuelled …

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Indian central bank fines RBL Bank for non-compliance with rules on loan recovery agents

BENGALURU (Reuters) – The Reserve Bank of India (RBI) said on Monday it fined private lender RBL Bank Ltd 22.7 million rupees ($274,915) for not complying with certain directives on loan recovery agents. The RBI noticed “deficiencies in regulatory compliance” after it examined complaints received against the Mumbai-based lender’s recovery agents during the financial years …

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Explainer-How resilient are Indian lenders amid a global banking turmoil?

By Siddhi Nayak MUMBAI (Reuters) – Turbulence in the United States and the European banking sectors has prompted Indian policymakers to assure investors that the domestic financial institutions are resilient. Prime Minister Narendra Modi and Central Bank Governor Shaktikanta Das have both said that local lenders are strong, after the U.S. banking crisis spilled over …

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Analysis-UBS swallows doomed Credit Suisse, casting shadow over Switzerland

By John O’Donnell and Stefania Spezzati LONDON (Reuters) -UBS Group has emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender. The move announced late on Sunday in Zurich capped a race against …

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Stunned Credit Suisse staff fear uncertain future despite UBS rescue deal

By Yantoultra Ngui, Summer Zhen and Selena Li SINGAPORE/HONG KONG (Reuters) – Credit Suisse staff arriving to work in Asian financial centres on Monday morning fretted about retrenchments and retaining business after larger Swiss rival UBS agreed to swallow the 167-year-old bank in a state-backed rescue. “I don’t know if I get to stay, leave, …

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Japan PM Kishida, India’s Modi set to strengthen cooperation, Kishida says

NEW DELHI (Reuters) – Japan’s Prime Minister Fumio Kishida said on Monday he confirmed with his Indian counterpart Narendra Modi that they would strengthen cooperation between the two nations. Kishida was speaking to reporters in New Delhi. (Reporting by Sakura Murakami, writing by Kaori Kaneko; Editing by Bernadette Baum)