East Asia

A London court heard that lawyers representing Indian businessman Prateek gupta failed to attend a hearing Monday due to funding problems in a longstanding fraud case brought by commodity traders Trafigura regarding nickel cargoes. Trafigura of Geneva, a major industrial metals trader and oil company, sued Gupta for $60 million in fraud in February 2023. It claimed that it was the victim in a $600-million nickel cargo scam masterminded by Gupta. Gupta said that Trafigura employees designed the scheme in the middle of the case, which substituted low-grade materials like scrap with high-grade Nickel. Trafigura, its employees and the company...

Firefly Aerospace, the U.S. rocket manufacturer expanding its satellite launch services worldwide, is looking at the option of launching its Alpha rocket in Japan. A Japanese company that operates a spaceport on the northern island of Hokkaido confirmed this Monday. Firefly's Texas-based competitor to Elon Musk’s market leader SpaceX is planning an Alpha launch for Sweden. SpaceX made its Nasdaq debut this month. Space Cotan (the operator of Hokkaido Spaceport, located approximately 820 km 510 mi northeast of Tokyo) and Firefly have signed a preliminary contract to examine the feasibility of launching Alpha, a small-lift rocket, from the spaceport. Adam...

A source familiar with the preparations told us on Thursday that the Panama Canal is soon to begin consulting with companies in order to launch a competitive bid in the first quarter next year for the construction and operation of two new ports within its zone. The ports are part a larger expansion plan organized by the administration of the canal. The plan aims to improve services for cargo handling including storage, trans shipment and gas transportation and ensure fresh water is available to operations. At a Thursday conference, Ricaurte Vaquez, the head of waterway, said that there was a...

The government announced on Wednesday that South Korea would offer visa-free access to Chinese tourist groups for a limited time, from September 29, 2018 through June 20, 2026. This is to promote foreign tourism in advance of the Asia-Pacific Summit. After China announced last November that it would offer visa exemptions to South Koreans, and other foreign visitors from various countries, the offer of visa-free entry was made public in March. The new South Korean government of President Lee Jae Myung, a liberal, is expected to improve relations between the two nations. After a meeting on measures to revive tourism...

According to data from vessel tracking and company documents, Venezuelan oil exports fell by about 10% in July compared to the previous month. This was because key partners of the state-owned PDVSA were waiting for U.S. approvals to expand their operations in the nation. Washington granted a limited license to Chevron in late July, allowing it to export crude oil to the U.S. and operate in Venezuela under sanctions. The license does not permit any payments to Venezuelan President Nicolas Maduro’s administration. Several other PDVSA partners still await similar authorizations. Mike Wirth, Chevron's CEO, said Friday that the company is...

Six people including a former Minister were arrested Friday for their involvement in the reconstruction of a train station whose roof collapsed in November, killing 16 people and triggering Serbia’s largest anti-government demonstrations in decades. Tomislav Mojii, the former minister of infrastructure, was arrested by the office of prosecutor for organized crime. The six men are suspected of inflating the invoices of a consortium consisting of two Chinese companies, China Railway International Co. and China Communications Construction Co. who were tasked with reconstructing the Novi Sad railway station and its tracks. The statement stated that the Chinese consortium was able...

Anel Flees, Panama's comptroller-general, announced on Wednesday that he filed a lawsuit in the Supreme Court of the country against a contract for the operation of ports near the Panama Canal held by a firm owned by Hong Kong's CK Hutchison. Flores stated that the two lawsuits were filed to declare the unconstitutionality of the port contracts for Balboa & Cristobal and nullify them. The Supreme Court must still accept the request for the complaint of the comptroller. The lawsuits are the result of a month-long audit led by Flores who publicly complained about the contract not serving the nation's...

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Vinay Prashad, chief medical and scientific officer of the U.S. Food and Drug Administration, has resigned from the U.S. Department of Health and Human Services (which oversees the FDA). After a rare 8.8-magnitude earthquake hit Russia's east coast, the National Weather Service upgraded its tsunami warning to cover a 100-mile stretch of Northern California coastline between Cape Mendocino bordering Oregon. Union Pacific announced that it would purchase smaller rival Norfolk Southern...

According to traders and LSEG, India and Taiwan were the top destinations for Russian seaborne Naphtha exports during June. Lower volumes and domestic demand attracted buyers. Naphtha, a feedstock used in the petrochemical sector, is a key ingredient for the production of olefins. These are then used as a raw material to make a variety of products such as plastics. The main destination for Russian naphtha has been the Middle East and Asia since the European Union's embargo against Russian oil products came into force in February 2023. In June, the total export of naphtha from Russian ports to India...

CK Hutchison announced on Monday that it is in discussions with a consortium pursuing a $22.8 billion port business, to add a Chinese “major strategic investor” to the bid. This comes after Beijing launched an investigation into the deal as tensions between the United States and China increased. Hong Kong's conglomerate said this the day after exclusive negotiations for a deal, which included two ports along with the Panama Canal, ended. The consortium was led by U.S. Investment firm BlackRock as well as Italian billionaire Gianluigi Aponte’s family-run ship-owning company MSC. Media reports indicate that Beijing is unhappy with the...

Legal sources reported that six workers in Greece's biggest port Piraeus were arrested on Friday for allegedly being part of a gang involved in the smuggling of cocaine concealed in shipping containers imported from Latin America. They have been jailed until their trial. This is the third case since 2023 where port workers have been arrested on charges of drug trafficking. On Monday, the suspects were arrested. They worked for a private cargo company in Piraeus. According to police officials, they answered charges on Friday including membership in an international criminal organization at least since 2024. They deny any wrongdoing....

Bloomberg News reported that China Cosco Shipping, the state-owned Chinese shipping company, is seeking to join a global consortium acquiring the overseas ports of Hong Kong business tycoon Li Kashing. The company is requesting veto or similar power within the entity that will be taking over 43 ports. The report cited people who were familiar with the issue to say that Cosco argued that these rights are essential to prevent any decisions which could be potentially detrimental to China's interest. The report states that CK Hutchison Holdings, a subsidiary of Li, and the original group, including BlackRock's Global Infrastructure Partners...

White House announced on Wednesday that the United States has suspended a "de minimis exemption" which allowed low-value commercial goods to be sent to the United States free of tariffs. The White House announced that, under an executive order signed on Wednesday by President Donald Trump, packages sent to the U.S. valued at less than $800 outside the international postal system will be subject to "all applicable duty" as of August 29. Trump had earlier targeted packages coming from China and Hong Kong. The White House has said that the tax and spending bill recently signed by the President repeals...

Two sources familiar with the trip said on Monday that a high-level delegation from the United States will be visiting China to meet senior Chinese officials. The trip is being organized by the U.S. China Business Council (USCBC). The visit coincides the latest round U.S. - China trade negotiations, which are taking place in Sweden from July 27-30. Vice Premier He Lifeng of China will be meeting with U.S. officials for a fresh round of economics and trade discussions. One of the sources who were briefed about the trip stated that the delegation would be led by FedEx CEO Rajesh...

The South China Morning Post reported Sunday that a high-level delegation of the U.S. China Business Council would visit China this coming week. They are expected to meet with senior Chinese officials. Reports indicate that the delegation will include Boeing executives, USCBC President Sean Stein and FedEx Chief Executive Rajesh Subramaniam. Could not verify immediately the report. A source told SCMP that "they are expected to meet Chinese officials, possibly to revive business talks". The SCMP reported that both sides were working on securing a visit by the U.S. President to China this year. The council didn't respond to the...

A public inquiry into Britain’s Post Office IT Scandal revealed on Tuesday that six postal workers committed suicide, while others fell seriously ill or declared bankrupt. The report also revealed the impact of this scandal on over 1,000 sub-postmasters. State-owned Post Office pursued Branch Managers for losses on their accounts due to flaws in a computer system between 2000 and 2013, leading to about 1,000 of them being found guilty in one of the biggest injustices of the country. ITV's dramatization of the managers' campaign, "Mr Bates Vs. the Post Office", last year sparked outrage and led to legislation exonerating...

Sometimes the pain of China limiting exports is so severe that it can be crippling. This can cause a huge outcry to occur almost instantly. Sometimes the pain is felt immediately, while other times it can take longer. China's late-last-year restrictions on the critical mineral antimony have caused major headaches for lead-acid battery makers around the world. Their customers are also affected by these high costs, as they have to pay more. Steve Christensen is the executive director of the Responsible Battery Coalition in America, which includes battery manufacturer Clarios, Honda, and FedEx. He mentioned the importance of batteries in...

The Japanese stock market rose for the third day in a row on Tuesday, boosted by the gains of technology stocks and the optimism of investors about the government's attempts to stabilize the debt markets. The Nikkei Index rose 0.9%, while the Topix index grew 0.5%. The Nikkei Index saw 171 advancing issues against 52 declining ones. Stocks and Japanese government bonds have advanced in tandem, as concerns about the fiscal health of Japan's economy and its borrowing costs continue to grow. Katsunobu Kato, the Japanese Finance Minister, said that the government would work to maintain confidence in the JGB...

On Friday, the Chinese president Xi Jinping met with some of the biggest business leaders in the world. The Chinese leader has met with chairmen, CEOs, and company presidents from major international firms that operate in China for the second consecutive year after the China Development Forum (an annual business conference) held over the weekend. The meeting last year was focused on the executives of U.S. businesses doing business in China. This year, there were more than 40 participants from around the world. RAY DALIO BRIDGEWATER ASSOC. Billionaire Dalio is the head of one of the largest hedge funds in...

Dozens of foreign CEOs will visit Beijing this month for a flagship development conference where some are expected to meet President Xi Jinping, according to a draft agenda and three sources familiar with the matter. The annual China Development Forum will take place on March 23-24 at the Diaoyutai State Guesthouse in the capital, two sources told . Beijing is keen to attract foreign investment at a time of heightened geopolitical tensions, as policymakers try to boost domestic consumption to offset fresh U.S. tariff pressure. Those attending include the CEOs of FedEx, Siemens , automakers BMW and Mercedes-Benz , chip...

Ocean shipping, which handles 80% of the world's trade, is in a state of uncertainty. U.S. president Donald Trump has stoked trade and geopolitical frictions with historic foes and neighbors as well as allies and partners. This is the background for the S&P Global TPM Container Shipping and Supply Chain Conference in Long Beach, California this week, an event that marks the beginning of the container shipping contract negotiation season. This year's attendees include major logistics companies like DSV and DHL, as well as industry heavyweights such as container carriers MSC and Hapag-Lloyd, and marquee customers Walmart. These companies are...

Ocean shipping, which handles 80% of the world's trade, is in a sea full of uncertainty as U.S. president Donald Trump escalates trade and geopolitical frictions with historic foes and neighbors as well as allies and partners. This is the background for the S&P Global TPM Container Shipping and Supply Chain Conference in Long Beach, California this week, an event that marks the beginning of the container shipping contract negotiation season. This year's attendees include major industry players like container carriers MSC and Hapag-Lloyd, as well as Walmart and major logistics firms such DSV and DHL. These companies are likely...

DHL Express, a division of Germany's Deutsche Post, said on Tuesday it would purchase sustainable air travel fuel (SAF) from an unit of Japan's Cosmo Energy Holdings starting in April. The German logistics company will acquire 7,200 kilolitres of SAF each year from Cosmo, which will be produced locally. DHL will start utilizing the green fuel for set up air cargo flights from Chubu Centrair International Airport in central Japan, making Chubu the first airport in Asia where it procures SAF. DHL intends to increase its SAF usage to 30% or more by 2030 and plans to add 3 more...

The following are the top stories in the Financial Times. Reuters has not validated these stories and does not vouch for their accuracy. Headings - Fujitsu's UK goodwill eliminated in wake of Post Office scandal - Apple steps up growth of its News platform - Shein implicated of 'not respecting' UK MPs in grilling on labour practices - Thames Water junior lenders implicate rivals of 'predatory'. loan conditions Summary - Fujitsu's choice to limit bidding for UK. government agreements following the Post Workplace Horizon scandal. has actually resulted in a total write-off of goodwill worth on the balance. sheet of...