Reuters Asia

Britain, China strike conciliatory note during top diplomat’s visit

By Laurie Chen BEIJING/LONDON (Reuters) -China and Britain took steps towards further reconciliation on Friday, with Beijing heralding the new Labour government’s plan to develop “pragmatic” bilateral ties as a “new starting point”. British Foreign Secretary David Lammy is only the second top UK diplomat to visit China in six years, and his trip seeks …

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India’s central bank lifts restrictions on JM Financial’s non-banking unit

(Reuters) – JM Financial said on Friday that the Reserve Bank of India has lifted the ban on one of its units, allowing it to resume financing activities related to shares and debentures, including providing loans for IPO subscriptions. In March, the central bank barred JM Financial Products from giving out loans against shares and …

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US lawmakers ask Justice, Defense departments to probe McKinsey, review contracts

A group of U.S. lawmakers have asked the Department of Justice and the Department of Defense (DoD) to investigate McKinsey’s failure to disclose its work with China’s government, saying that the consulting giant might face conflicts of interest that require reviewing. In letters dated Oct 17 but which were made public on Friday, Congressman John …

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UK says foreign minister’s meeting with Chinese counterpart was constructive

LONDON (Reuters) – Britain on Friday described foreign minister David Lammy’s meeting with his Chinese counterpart Wang Yi as constructive, and said both sides committed to keeping an open dialogue between the two nations. “The meeting was constructive across the full breadth of the bilateral relationship, from areas of pragmatic cooperation to issues of contention,” …

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Tata Steel signs contract with Tenova for electric arc furnace at Port Talbot plant

(Reuters) – India’s Tata Steel signed a contract with Italy-based Tenova on Friday for an electric arc furnace at its Port Talbot plant in Wales, weeks after Britain’s biggest steelworks ended blast furnace-based production. The closure of the last blast furnace at Port Talbot, once the largest steel works in Europe, was the culmination of …

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India’s JSW Steel to acquire thyssenkrupp Electrical Steel India via JV

(Reuters) – Indian steel producer JSW Steel said on Friday its joint venture firm entered into a deal to buy thyssenkrupp Electrical Steel India for $482.1 million. Jsquare Electrical Steel Nashik is a 50:50 joint venture between JSW Steel and Japanese steel producer JFE Steel Corp. Thyssenkrupp Electrical Steel – the Indian unit of German …

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Exclusive-Tokio Marine pauses sale of $1 billion Southeast Asia life insurance business, sources say

By Yantoultra Ngui and Kane Wu SINGAPORE/HONG KONG (Reuters) – Japanese insurer Tokio Marine has paused the sale of its $1 billion Southeast Asia life insurance business, partly due to a dispute with a Malaysian partner over an expiring products distribution agreement, four sources with knowledge of the matter said. The Tokyo-listed company hired Goldman …

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‘Worth zero’: Founder of India’s once biggest startup Byju’s concedes mistakes

By Arpan Chaturvedi NEW DELHI (Reuters) – Byju Raveendran, the founder of what was once India’s biggest start-up, Byju’s, said he overestimated the growth potential of his education-technology company which is now “worth zero” as it faces insolvency, but remains hopeful of rescuing it. Byju’s, which operates in more than 21 countries, became popular during …

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