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Asia-Pacific News Southeast Asia

  • *Moody's says expects China growth to slow to close to 5 pct. *China: Moody's over-estimates risks, methodology inappropriate. "The downgrade reflects Moody's expectation that China's financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows," the ratings agency said in a statement,...

  • *Moody's says expects China growth to slow to close to 5 pct. SHANGHAI/ BEIJING, May 24- Moody's Investors Service downgraded China's credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. "The downgrade reflects Moody's...

  • VIENNA— OPEC countries and other producers including oil giant Russia are backing prolonging last year's production cut to shore up crude prices, strongly indicating that an extension is a done deal even before they meet formally on the issue Thursday. The output reductions have been in effect since November, when the 13- country Organization of the...

  • KUALA LUMPUR, May 24- Chinese automaker Zhejiang Geely Holding Group on Wednesday said it would buy a 49.9 percent stake in Malaysia's national carmaker Proton from conglomerate DRB-HICOM, marking another major Chinese auto investment in Southeast Asia. Geely, parent company of Hong Kong- based Geely Automobile Holdings Ltd and Sweden's Volvo Car Group,...

  • KUALA LUMPUR, Malaysia— The Chinese owner of Sweden's Volvo Cars agreed Wednesday to buy 49.9 percent of Malaysian automaker Proton, gaining a platform to expand into Southeast Asia. The deal gives Geely a distribution network in Southeast Asia, where non-Japanese brands have struggled. The remaining 49 percent is being purchased by Etika Automobile, which is...

  • *Moody's says expects China growth to slow to close to 5 pct. *China: Moody's over-estimates risks, methodology inappropriate. "The downgrade reflects Moody's expectation that China's financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows," the rating agency said in a statement,...

  • *China: Moody's over-estimates risks, methodology inappropriate. *S&P rates China one notch higher, on negative watch. "The downgrade reflects Moody's expectation that China's financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows," the rating agency said in a statement, changing its...

  • *S&P rates China one notch higher, on negative watch. SHANGHAI/ BEIJING, May 24- Moody's Investors Service downgraded China's credit ratings on Wednesday, saying it expects the financial strength of the world's second-biggest economy will erode in coming years as growth slows and debt continues to rise. The ratings agency also changed its outlook for China to...

  • *India to tax hybrids higher than EVs from July 1. *Policy uncertainty is forcing car makers to delay plans in India. India also plans to impose higher taxes on hybrid vehicles compared with electric, under a new unified tax regime set to come into effect from July 1, upsetting car makers like Maruti Suzuki and Toyota Motor.

  • Shares of Bunge soared on media reports that Glencore Agriculture Limited, a joint venture owned by Glencore and two Canadian pension funds, had approached White Plains, New York- based Bunge about a "possible consensual business combination." Large grain traders have struggled in recent years as a global oversupply and thin trading margins have squeezed...

  • Shares of Bunge soared on media reports that Glencore Agriculture Limited, a joint venture owned by Glencore and two Canadian pension funds, had approached White Plains, New York- based Bunge about a "possible consensual business combination." Large grain traders have struggled in recent years as a global oversupply and thin trading margins have squeezed...

  • The company did not say more about a potential offer that its Glencore Agriculture Ltd unit made to Bunge. Shares of Bunge surged earlier on Tuesday after the Wall Street Journal reported that commodities trader Glencore Plc has approached the U.S. agribusiness group about a takeover. The report comes amid heightened expectations of consolidation among...

  • May 23- Shares of Bunge Ltd surged on Tuesday after the Wall Street Journal reported that commodities trader Glencore Plc has approached the U.S. agribusiness group about a takeover. The report comes amid heightened expectations of consolidation among large grain traders as a global oversupply and thin trading margins have squeezed the core grain trading...

  • May 23- Shares of Bunge Ltd surged about 16 percent on Tuesday after a media report suggested the U.S. agribusiness a takeover target of commodities trader Glencore PLC. It is unclear where any discussions between the companies stand and there may not be any deal, sources familiar with the matter told The Wall Street Journal. Shares of Bunge, which had a market...

  • *Deal might include new, small non- OPEC producers. VIENNA, May 23- OPEC is likely to extend production cuts for another nine months, ministers and delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to...

  • PARIS/ BEIJING, May 23- Chinese automaker Geely has agreed to buy struggling Malaysian manufacturer Proton from DRB-Hicom, sources said on Tuesday, beating out rival bidder PSA Group. Zhejiang Geely Holding Group, which controls Hong Kong- based Geely Automobile and Sweden's Volvo Car Group, will acquire 49 percent of Proton, the sources said.

  • MUMBAI, May 23- India's Tata Motors reported a 17 percent fall in fourth-quarter net profit on Tuesday as losses in its domestic business outweighed strong sales at luxury British arm Jaguar Land Rover. Consolidated net profit for the three months to March 31 fell to 43.36 billion rupees from 52.11 billion rupees a year earlier. Analysts had expected a profit of...

  • HARIDWAR, India, May 23- Narendra Modi leaned to whisper in the ear of the man sitting cross-legged and barefoot next to him, the one clad in saffron robes with a long beard and squinty gaze. About two months after the rally, when voting had rolled across the vast country, Modi's Bharatiya Janata Party swept the long-ruling Congress Party from power.

  • *India's bullion industry ramps up first-half imports. MUMBAI, May 23- India's gold imports could plunge in 2017 during the traditional period of peak demand in the second half of the year, after jewelers have aggressively restocked inventory ahead of a national sales tax that takes effect on July 1. India's gold imports could hit 450 tonnes in the first half of...

  • After heading Netflix's international expansions, Greg Peters will assume his new role as chief product officer in July.