Reuters was first to report UBS Group plans to set up a wholly owned mutual fund business in China, as the Swiss bank seeks to expand its footprint in the country’s $3.9 trillion retail fund market. The bank’s asset management arm began hiring key personnel in recent months for the planned business, including a head of the company. 

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Reuters exclusively revealed that the Biden administration is investigating Chinese telecoms equipment maker Huawei over concerns that U.S. cell towers fitted with its gear could capture sensitive information from military bases and missile silos that the company could then transmit to China. Sources said authorities are worried Huawei could obtain sensitive data on military drills and the readiness status of bases and personnel via the equipment.

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Reuters revealed South Korea is pouring resources into its strategy of deterring any North Korean nuclear attack by preparing for preemptive strikes, if necessary. South Korean President Yoon Suk-yeol, who took office in May, has publicly given new emphasis to the so-called “Kill Chain” system to counter a North Korean nuclear attack.

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Reuters exclusively revealed Bangladesh asked the International Monetary Fund to start talks on a new loan under the creditor’s Resilience and Sustainability Trust, which is designed to help countries ensure sustainable growth. Bangladesh’s $416 billion economy is the first in Asia to put such a request forward to the Washington-based lender as it seeks to ramp up its attention on how to mitigate the impact of climate change.

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Reuters shed light on how Chinese beef hotpot restaurant chain Baheli, which makes only a third of the revenue it earned before the COVID-19 pandemic, has no intention to resume its expansion, even if authorities bring new infections to zero. The problem, founder Lin Haiping says, is that consumers would not regain their confidence in a hurry, as China’s pursuit of its “zero-COVID” strategy, against a global trend of living with the virus, has upended their lives.

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Reuters was first to report that Indian drug and medical services startup PharmEasy is in talks with investors to raise $200 million, but at a valuation that could be 15% or even 25% lower than last year’s $5.1 billion. Indian startups have been jolted by uncertain global and domestic stock markets and growing investor skepticism over what they say are sky-high valuations, making it difficult for PharmEasy to raise funds at same or a higher valuation. 

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Reuters exclusively revealed a rights group documenting alleged abuses in Sri Lanka has filed a criminal complaint with Singapore’s attorney general, seeking the arrest of former President Gotabaya Rajapaksa for his role in the South Asian nation’s decades-long civil war. The International Truth and Justice Project said Rajapaksa committed grave breaches of the Geneva Conventions during the civil war in 2009 when he was the country’s defence chief.

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Reuters was first to report that India’s central bank is prepared to sell a sixth of its foreign exchange reserves to defend the rupee against a rapid depreciation after it plumbed record lows in recent weeks. The rupee has lost over 7% of its value in 2022 and weakened past the psychological level of 80 per U.S. dollar on Tuesday. Despite the drawdown, the Reserve Bank of India’s reserves of $580 billion remain the fifth largest in the world, giving the central bank confidence in its ability to prevent any sharp, jerky depreciation of the currency.

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