India's Wipro climbs after quarterly earnings beat estimates
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Reuters
27 minutes ago
- Reuters
Chinese automakers should pursue 'rational competition' in EV industry, official says
BEIJING, July 18 (Reuters) - Major automakers should push for "rational competition" in the electric vehicle industry, a senior Chinese official said on Thursday, according to a statement from the industry ministry published on Friday. The comments from Che Jun, head of a Communist Party central leading group, came a day after China's cabinet pledged to regulate what it called "irrational" competition in the EV market and vowed to strengthen price-monitoring. Che Jun spoke at a meeting attended by officials from the industry ministry and representatives from automakers BYD ( opens new tab and BAIC Group ( opens new tab. Authorities in China have urged companies to stop excessive competition in the auto industry and in more recent regulatory comments, described such competition as "irrational." On Friday, China's industry ministry, market regulator and state planner jointly held a separate meeting on the EV industry's development with representatives from 17 key auto enterprises, automobile industry association and local officials.
Reuters
28 minutes ago
- Reuters
India's JSW Steel says low priced imports a concern after profit beats estimates
July 18 (Reuters) - India's top steelmaker JSW Steel ( opens new tab flagged concerns of cheaper steel imports on Friday after the company beat first-quarter profit estimates. Indian steelmakers have been under pressure from a surge in low-cost shipments primarily from China, prompting production cuts and job concerns across the industry. The government imposed a temporary 12% import tariff, locally known as safeguard duty in April to curb cheap imports. Although domestic steel prices improved quarter-on-quarter, they remained below year-ago levels. "There is a case for the government to consider the safeguard duty favorably, in terms of extension as well as in terms of the overall duty percentage," Jayant Acharya, chief executive of JSW Steel, said. Given that many countries are putting trade barriers, lower-priced imports are coming to India, which is impacting sentiment, Acharya said. He added that some low-priced imports from Russia also require monitoring. Earlier in the day, JSW Steel reported a consolidated net profit of 21.84 billion rupees ($253.52 million) for the three months ended June 30, exceeding analysts' average estimate of 20.39 billion rupees, supported by easing raw material costs. Revenue from operations largely remained flat at 431.47 billion rupees, as weaker year-on-year steel prices offset a 9% rise in sales volumes. JSW's total expenses decreased by 3.3% to 403.25 billion rupees, primarily due to a similar decline in the cost of materials consumed. JSW Steel's shares closed flat ahead of the quarterly results. ($1 = 86.1475 Indian rupees)
Reuters
34 minutes ago
- Reuters
Asian bonds see first monthly foreign outflow in five months
July 16 (Reuters) - Foreign investors pulled funds from Asian bonds in June for the first time in five months, as concerns over a U.S. tariff deadline and heightened tensions in the Middle East weighed on sentiment. They divested a net $2.11 billion worth of local bonds during the month, registering the first monthly net sales since January, data from regulatory authorities and bond market associations in India, Indonesia, Thailand, Malaysia and South Korea showed. Foreigners have, however, still pumped a net $31.97 billion into Asian bonds, so far this year, the biggest figure for the first six months since 2021. U.S. President Donald Trump last week, postponed his tariff deadline to August 1, but announced 25% tariffs for key regional trade partners Japan and South Korea. Last month, Indonesian bonds witnessed approximately $1.9 billion worth of foreign outflows, the largest amount since November 2024. President Donald Trump said on Tuesday, the U.S. would impose a 19% tariff on goods from Indonesia under a new agreement with the Southeast Asian country. Foreigners also shed $1.29 billion of Malaysian bonds, $883 million of Thai bonds and $717 million of Indian bonds last month. "Foreign investors sold debt assets from Indonesia, Malaysia and Thailand as elevated geopolitical tensions led investors to shift to safer assets in June," said Khoon Goh, head of Asia research at ANZ. Bucking the trend, South Korean bonds attracted a net $2.68 billion worth of foreign inflows, with net cross-border purchases extending into a fifth successive month. "We continue to believe that Asia's local government bonds are well positioned for a decent performance, supported by accommodative central banks amid an environment of benign inflation and moderating growth," said Nikko Asset Management in a report last week.
