Reuters Asia

China Ping An Bank names 41 property firms eligible for funding support -Bloomberg News

(Reuters) -Chinese lender Ping An Bank has drawn up a list of 41 real estate developers eligible for its funding support, marking the latest move aimed at reviving the country’s crisis-hit property sector, Bloomberg News reported on Tuesday. Ping An Bank, a unit of Ping An Insurance (Group) Co of China Ltd, decided to adjust …

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India’s HDFC Bank beats Q3 profit forecast, plans listing consumer finance unit

By Siddhi Nayak and Sethuraman N R MUMBAI (Reuters) -HDFC Bank, India’s biggest private lender, posted a bigger-than-expected profit for the third quarter on Tuesday, bolstered by robust loan growth, and said it will soon start work on listing its non-bank consumer financing business. Indian banks have consistently clocked double-digit loan growth over the past …

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Mahindra calls for EV level playing field amid Tesla’s India entry plans

By una galani DAVOS, Switzerland, Jan 16 (Reuters) – Indian automaker Mahindra & Mahindra has told the government there must be a level playing field between domestic and foreign players and local manufacturing must be promoted, a top executive said, as New Delhi seeks to lure carmakers such as Tesla. Mahindra and Tata Motors have …

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Toyota to announce plans for scandal-hit Daihatsu in a month

TOKYO (Reuters) – Japan’s Toyota Motor plans to announce in about a month steps to overhaul its small-car specialist Daihatsu Motor after an investigation into misconduct at its unit related to rigged collision-safety tests found issues going back decades. “We’re taking this very seriously,” Toyota CEO Koji Sato told reporters. Toyota will consider whether to …

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India’s L&T Technology retains full-year forecast after all units post Q3 growth

By Sai Ishwarbharath B (Reuters) – Indian tech services provider L&T Technology Services retained its revenue growth forecast for the current financial year on Tuesday as all its five business verticals posted year-on-year growth for the third quarter. The Mumbai-based firm expects revenue for the current fiscal year ending March 31 to grow 17.5%-18.5% in …

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Most cobalt producers loss-making after 2023 price slump – ERG

By Divya Chowdhury and Savio Shetty DAVOS, Switzerland (Reuters) – Most cobalt producers are likely to be losing money on every ton of cobalt they produce after a price slump last year, Benedikt Sobotka, chief executive at metals miner Eurasian Resources Group (ERG), said on Tuesday. Chinese-owned companies are aggressively expanding cobalt mining in Congo …

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Taiwan dollar relatively stable, central bank says after falls

By Liang-sa Loh and Roger Tung TAIPEI (Reuters) – Taiwan’s central bank said on Tuesday that the exchange rate trend of the Taiwan dollar was relatively stable, after the currency hit its weakest in more than a month, which some traders blamed on post-election political uncertainty. Taiwan’s ruling Democratic Progressive Party won Saturday’s presidential election …

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China’s Premier Li tells world it is growing and open for business

By Antoni Slodkowski DAVOS, Switzerland (Reuters) -Chinese Premier Li Qiang said on Tuesday in Davos the Chinese economy was open for business and highlighted its potential for foreign investment as its vast population becomes rapidly more urban and its middle class is forecast to grow. As China grapples with a sluggish post-pandemic recovery and a …

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