SINGAPORE (Reuters) – Southeast Asia’s biggest ride-hailing firm, Grab, is in advanced negotiations to buy parts of Uber Technologies Inc’s business in the region and offer a stake in itself, said a source with knowledge of the talks, in a move that would mark Uber’s pullback from its global […]
TOKYO (Reuters) – Asian shares found relief on Thursday as fears about a global trade war amid U.S. President Donald Trump’s push to introduce protectionist tariffs were tempered by signs the move could include exemptions for key partners. European shares were also seen rising, with spread-betters expecting Germany’s Dax to rise 0.2 percent, France’s Cac to gain 0.3 percent and Britain’s FTSE to open flat.
European shares were also seen rising, with spread-betters expecting Germany’s Dax to rise 0.2 percent, France’s Cac to gain 0.3 percent and Britain’s FTSE to open flat. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.0 percent, while in Japan the Nikkei gained 0.5 percent. Hong Kong’s Hang Seng led the region with rise of 1.4 percent after China posted surprisingly strong trade data for the first two months of the year. On Wall Street, the S&P 500 ended down just 0.05 percent at 2,726.8 after an initial loss of almost one percent, with tech shares being a major bright spot.
SEOUL (Reuters) – South Korea announced on Thursday that it would offer about 240 billion won ($224.72 million) in loan guarantees and low-interest loans to regions hit by corporate restructuring, including the area of the local unit of General Motors’ (GM.N) soon-to-be-shut factory.mA total of 395 subcontractors, small business owners and workers of Gunsan – the site of GM Korea’s factory that the Detroit automaker plans to shut by May – and Tongyeong are eligible for support, the Ministry of Trade, Industry and Energy said in a statement.
Tongyeong, based south of Seoul, is the home of mid-sized shipyard Sungdong Shipbuilding & Marine which is entering court receivership.
“Crises in industries that take up a large portion of the regional economy have raised concern about the increased dangers of unemployment and subcontractors’ financial difficulties,” the ministry said.
Out of the 240 billion won, 130 billion won is earmarked for loan guarantees for subcontractors, 50 billion won for low-interest loans for small business owners, and the balance 60 billion won for special loan guarantees.
BEIJING (Reuters) – China will respond as necessary in the event of a trade war with the United States, Foreign Minister Wang Yi said on Thursday, while warning that such a war would only harm all sides. U.S. President Donald Trump is expected to establish tariffs of 25 percent on imported steel and 10 percent on imported aluminum this week, but the White House has said there could be a 30-day exemption for Mexico and Canada and some other countries based on national security.
Such a move aims to counter cheap imports, especially from China, that Trump says undermine U.S. industry and jobs. Trump’s administration has faced growing opposition to the tariffs from prominent congressional Republicans and business officials worried about their potential impact on the economy. Trump’s administration has faced growing opposition to the tariffs from prominent congressional Republicans and business officials worried about their potential impact on the economy. Wang, speaking on the sidelines of an annual meeting of China’s parliament, said China and the United States did not have to be rivals, and history showed that trade wars were not the correct way to resolve problems.
What’s the best way to reach the top? And what’s the most irrelevant question you’ve been asked as a woman? We asked three senior business women from across Asia on International Women’s Day.