By Josh Ye HONG KONG (Reuters) -Chinese internet giant Tencent Holdings is cutting prices for cloud services by up to 40% from June amid similar moves from rivals that have plunged the sector into a price war. The fierce competition comes amid soft corporate demand, with the Chinese economy in the midst of a wobbly…
DUBAI (Reuters) – Arab League Secretary General Ahmed Aboul Gheit welcomed Syria back into the bloc on Wednesday, as Arab foreign ministers gathered for a preparatory meeting ahead of the full summit. Earlier this month, the Arab world’s top diplomats agreed to fully reinstate Syria’s membership after a 12-year suspension over the Syrian government’s crackdown…
By Andrew Hayley XIAN, China (Reuters) -China wants to further deepen relations with Kazakhstan in times of both “prosperity and adversity”, President Xi Jinping told his visiting Kazakh counterpart on Wednesday. This week, China will for the first time host an in-person summit of Central Asian leaders, building ties in Russia’s backyard as Beijing’s relations…
By David Carnevali NEW YORK (Reuters) – Investors are scrambling to assess the fallout of a U.S. regulatory challenge against Amgen Inc’s proposed $27.8 billion acquisition of Horizon Therapeutics Plc, with some fearing a spillover to other big deals in the drug sector. While investors are accustomed to regulators under U.S. President Joe Biden citing…
BEIJING (Reuters) – Nomura has cut its forecast for China’s 2023 gross domestic product (GDP) growth to 5.5% from 5.9% previously, after April data showed a post-COVID recovery in the world’s second-largest economy is losing steam. Data on Tuesday showed China’s April factory output and retail sales growth undershot forecasts, adding pressure on policymakers to…
(Reuters) – Online fashion giant Shein raised $2 billion in its latest fundraising round that values the company at $66 billion, about a third less than a year earlier, the Wall Street Journal reported on Wednesday, citing people close to the company. (Reporting by Sheena K Thomas)
By Tetsushi Kajimoto and Leika Kihara TOKYO (Reuters) – Japan’s economy emerged from recession and grew faster than expected in the first quarter as a post-COVID consumption rebound offset global headwinds, shoring up hopes for a sustained recovery. But mounting signs of a slowdown in U.S., European and Chinese growth cloud the outlook for the…
MUNICH (Reuters) – Hyundai Motor Co’s European chief said the carmaker was not making a direct change to its pricing in response to Tesla’s price cuts, adding consumers needed reassurance that prices wouldn’t go up and down. “We are not taking what I’d call a knee-jerk reaction to what the competition does… we know that…
By Phuong Nguyen HANOI (Reuters) -Vietnam’s VinFast expects to sell as many as 50,000 electric vehicles (EVs) this year, an almost seven-fold increase over 2022 as it ramps up exports to North America and starts shipping to Europe, the company’s founder said on Wednesday. VinFast could hit break even as soon as the end of…
By Hyunjoo Jin and Akash Sriram (Reuters) -Tesla Inc CEO Elon Musk warned on Tuesday that the electric-vehicle maker was not immune to the global economy, which he said will be difficult for the next 12 months. At the company’s annual shareholder meeting in Austin, Texas, Musk played down market rumors that he may step…
