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News & Updates

  • Deutsche Bank fired 300 US-based investment bankers on Wednesday: source

    Thu, 26 April 2018 21:00:57 +0800

    FRANKFURT: Deutsche Bank fired 300 U.S.-based investment bankers on Wednesday as part of a broader overhaul of the global unit, a person with knowledge of the matter said on Thursday. The bank will lay off another 100 U.S. bankers by the end of the week, said the person, who was speaking on ...

  • US weekly jobless claims fall to lowest level since 1969

    Thu, 26 April 2018 20:40:29 +0800

    New applications for U.S. unemployment benefits dropped to their lowest level in more than 48 years last week, suggesting that March's slowdown in job growth was probably temporary.

  • Palma in Spain's Balearic Islands bans almost all Airbnb-style rentals

    Thu, 26 April 2018 20:20:31 +0800

    MADRID: Palma de Mallorca, capital of Mediterranean tourist destination the Balearic Islands, voted on Thursday to ban almost all short-term rentals of private homes like those on Airbnb, which locals say have triggered sharp rises in rental prices. Under the new regulation, Palma joins scores of ...

  • Time Warner revenue beats on strong growth in Turner

    Thu, 26 April 2018 20:40:24 +0800

    Time Warner Inc , which is being bought by AT&T Inc , reported a 15.4 percent rise in quarterly profit on Thursday as its Home Box Office (HBO) and Turner channels added subscribers at a brisk pace.

  • Chip wars - China closing in on second US$19 billion semiconductor fund: Sources

    Thu, 26 April 2018 21:15:54 +0800

    China's state-backed semiconductor fund is near to closing a 120 billion yuan (US$18.98 billion)investment round for a second fund to support the domestic chip sector and help cut reliance on imports amid a bruising trade standoff with the United States.

  • Nasdaq up 1 percent as tech earnings impress, yields pull back

    Thu, 26 April 2018 21:46:07 +0800

    U.S. stock index futures pointed to a strong open for the tech-heavy Nasdaq on Thursday as a slew of upbeat earnings from Facebook and Qualcomm helped set aside worries over rising U.S. bond yields and corporate costs.

  • Fiat Chrysler cuts debt by more than expected

    Thu, 26 April 2018 20:16:35 +0800

    Fiat Chrysler Automobiles (FCA) erased more debt in the first quarter than expected, putting the group on course to become cash positive by the end of this year, and confirmed its full year targets.

  • Facebook to clearly label political advertising in Britain

    Thu, 26 April 2018 22:25:25 +0800

    LONDON: Facebook will introduce new measures to improve transparency around advertising in Britain and require political ads to be clearly label led, an executive said on Thursday, as he faced questions in parliament over a data scandal. Facebook has said the personal information of about 87 ...

  • GM agrees to provide US$3.6 billion funding to South Korean unit: South Korea

    Thu, 26 April 2018 19:20:36 +0800

    General Motors has agreed to provide US$3.6 billion in fresh funding to its troubled South Korean unit, higher than its previously proposed US$2.3 billion as part of a preliminary deal, South Korea said on Thursday.

  • ConocoPhillips profit beats expectations on rising oil prices, cost cuts

    Thu, 26 April 2018 20:06:42 +0800

    U.S. oil producer ConocoPhillips said on Thursday its first-quarter profit jumped 52 percent due to rising crude prices and cost cuts.

  • Results soothe nerves over scandal-hit Facebook

    Thu, 26 April 2018 21:46:09 +0800

    Shares of Facebook Inc rose as much as 7 percent in premarket trading on Thursday after another blockbuster set of quarterly results calmed stock investors' nerves about the fallout of the Cambridge Analytica privacy scandal.

  • Uber to update 'bug bounty' policies after 2016 data breach

    Thu, 26 April 2018 19:16:55 +0800

    SAN FRANCISCO: Uber on Thursday (Apr 26) plans to announce changes to how it rewards cyber researchers who report flaws in its software, a company executive told Reuters, as part of the ride-hailing firm's response to concerns raised about the way it handled a data breach in 2016. Among the ...

  • GM quarterly profit falls but beats Wall St estimates

    Thu, 26 April 2018 19:16:05 +0800

    General Motors Co on Thursday reported a lower first-quarter net profit as it began the changeover to a redesigned family of high-margin pickup trucks that resulted in lower production, but came in above Wall Street expectations.

  • PepsiCo tops estimates on growth in developing markets

    Thu, 26 April 2018 18:50:51 +0800

    REUTERS: PepsiCo Inc's quarterly revenue and profit beat Wall Street's targets on Thursday as it sold more beverages and snacks in developing markets and posted a smaller sales decline in its North America beverages unit. Sales in the beverage unit, which also makes Lipton tea and Mountain Dew ...

  • Shell, Total start 2018 on a high thanks to rising oil prices

    Thu, 26 April 2018 18:50:47 +0800

    Higher output and soaring oil prices helped European majors Royal Dutch Shell and Total to begin 2018 on a high note with better than expected first-quarter results on Thursday.

  • Disney plays up local ties in China amid trade standoff

    Thu, 26 April 2018 19:07:04 +0800

    SHANGHAI: Shanghai Disneyland should be viewed as a local company in China, Walt Disney said on Thursday (Apr 26), shrugging off concerns that US-China trade tensions could affect visitor numbers or import costs for the US$5.5 billion theme park. Bob Weis, President of Walt Disney Imagineering ...

  • South Korea antitrust chief says activist Elliott's demand on Hyundai "inappropriate"

    Thu, 26 April 2018 18:31:32 +0800

    South Korea's antitrust chief on Thursday said U.S. activist fund Elliott Management's proposal for Hyundai Motor Group to adopt a holding company structure is "inappropriate" and, if implemented, would be in violation of antitrust law.

  • SoftBank poaches Japan Post Bank's investment chief for its board

    Thu, 26 April 2018 17:44:48 +0800

    SoftBank Group said Katsunori Sago, currently Japan Post Bank Co's chief investment officer, would join its board - an appointment that comes as it transforms itself into one of the world's largest technology investors.

  • EU moves to regulate tech giants' business practices

    Thu, 26 April 2018 17:15:19 +0800

    BRUSSELS: Tech giants like Google, Apple and Amazon will for the first time face rules regulating their commercial relations with smaller businesses under a law proposed by the European Union on Thursday. The new rules will specifically target app stores, search engines, e-commerce sites and hotel ...

  • EU starts monitoring aluminum imports after US tariffs

    Thu, 26 April 2018 16:51:06 +0800

    The European Union has started monitoring imports of aluminum to determine whether U.S. tariffs have led to a surge in shipments of the metal into Europe, the EU official journal said on Thursday.

  • US probing Huawei for possible Iran sanctions violations: sources

    Thu, 26 April 2018 16:41:15 +0800

    U.S. prosecutors in New York have been investigating whether Chinese tech company Huawei violated U.S. sanctions in relation to Iran, according to sources familiar with the situation.

  • MAS moots guidelines for conduct of senior managers in financial institutions

    Thu, 26 April 2018 21:24:29 +0800

    SINGAPORE: Financial institutions in Singapore may be required to set out clear policies and processes, such as establishing a whistle-blowing channel, to enforce conduct standards throughout the organisation. This is one of the guidelines the Monetary Authority of Singapore (MAS) has proposed in ...

  • Tesla's head of Autopilot leaves, ex-Apple exec to succeed

    Thu, 26 April 2018 16:46:05 +0800

    REUTERS: Tesla Inc said on Thursday Jim Keller, the head of its low-voltage hardware, Autopilot software and infotainment, is leaving the automaker to focus on microprocessor engineering with another company. Pete Bannon, who has been with Tesla for over two years and has previously overseen ...

  • Nintendo annual profits soar 36 percent to $1.27bn on Switch sales

    Thu, 26 April 2018 15:59:40 +0800

    Nintendo on Thursday said its annual net profit soared 36.1 percent, thanks to the immense popularity of its Switch console, and announced it was appointing a new president.

  • Private-hire car service RydeX to launch on May 2

    Thu, 26 April 2018 16:42:40 +0800

    SINGAPORE: Commuters looking to book private-hire car services can turn to a new platform, RydeX, from May 2.  Homegrown company Ryde announced this on Thursday (Apr 26), about two weeks after it said it was moving into the private-hire car service space as part of its expansion strategy ...

  • South Korea's Lotte to sell some China stores after missile row

    Thu, 26 April 2018 15:45:06 +0800

    South Korea's retail giant Lotte Shopping will sell some of its Chinese stores to a local chain after suffering huge losses due to a diplomatic row with Beijing over a US missile defence system, it said Thursday.

  • Ford gets record fine in Australia for 'unconscionable' conduct

    Thu, 26 April 2018 15:42:03 +0800

    SYDNEY: Car giant Ford is set to pay out A$10 million (US$7.6 million) for its "unconscionable" handling of gearbox complaints in Australia after a court on Thursday (Apr 26) slugged the auto manufacturer with a record penalty. The Australian Competition and Consumer Commission (ACCC) began legal ...

  • Teva to reduce size of board after June shareholder's' meeting

    Thu, 26 April 2018 15:40:27 +0800

    Three directors are stepping down from the board at Teva Pharmaceutical Industries and only one new director is being nominated to replace them, the generic drugmaker said on Thursday.

  • Hyundai Motor first quarter net profit slumps 48%

    Thu, 26 April 2018 15:00:45 +0800

    South Korea's largest automaker Hyundai Motor saw its first-quarter net profits plunge 48 percent as strikes and a strong won weighed on its bottom line, it said Thursday.

  • Volkswagen first-quarter profit drops 3.6 percent on accounting changes

    Thu, 26 April 2018 15:00:42 +0800

    Volkswagen on Thursday posted a surprise drop in first-quarter operating profit as accounting changes, currency headwinds and technology costs weighed on group results.

  • Shell profit soars on stronger oil prices

    Thu, 26 April 2018 14:45:19 +0800

    Royal Dutch Shell on Thursday reported a 42 percent rise in profits in the first quarter of 2018, the highest in over three years, boosted by higher oil prices and beating analysts' expectations.

  • Deutsche Bank scales back investment bank as profit drops

    Thu, 26 April 2018 17:40:28 +0800

    Deutsche Bank announced cutbacks to its bond and equities trading on Thursday in a major overhaul of its troubled investment bank, after posting a 79 percent drop in net profit in the first quarter.

  • Singapore manufacturing output in March up 5.9%

    Thu, 26 April 2018 13:10:38 +0800

    SINGAPORE: Singapore’s manufacturing output rose 5.9 per cent in March from a year ago, according to figures released by the Economic Development Board (EDB) on Thursday (Apr 26). March’s jump continues an upward trend after manufacturing output increased by 8.9 per cent year-on-year in February ...

  • China considering cutting duty on imported cars by about half: Bloomberg

    Thu, 26 April 2018 12:50:58 +0800

    China is considering cutting the import duty on passenger cars by about half as part of the country's plan to further open up the automobile market, Bloomberg News reported on Thursday, citing people familiar with the matter.

  • Women listed as inventors in third of global patent filings: UN

    Thu, 26 April 2018 12:42:32 +0800

    The UN on Thursday hailed a significant increase in women listed as inventors in global patent filings over the past decade, but warned a pronounced gender gap remained.

  • Samsung Electronics flags mobile weakness as chips power record first-quarter profit

    Thu, 26 April 2018 12:20:17 +0800

    Samsung Electronics Co Ltd said weakness in the global smartphone market would slow earnings growth, as it reported record quarterly profit on Thursday thanks to strong demand for semiconductors used in servers.

  • Asia a bright spot for Japan carmakers facing sluggish US sales, trade concerns

    Thu, 26 April 2018 12:05:24 +0800

    Japanese automakers that rely heavily on exports to sell their models in the United States would be hardest hit by trade restrictions the country is threatening to impose, as rivals with more limited exposure focus on growing, niche markets.

  • ZTE tells suppliers China trade row may be factor in US ban: source

    Thu, 26 April 2018 13:35:19 +0800

    China's ZTE Corp held a conference call on Wednesday with major suppliers, during which a company representative suggested the trade dispute with Beijing may have been a factor in last week's U.S. order banning American firms from selling goods to the smartphone maker, according to a person ...

  • Vietnam Airlines and ST Aerospace sign deal to boost aviation operations

    Thu, 26 April 2018 17:21:41 +0800

    SINGAPORE: ST Aerospace and Vietnam Airlines have teamed up to boost aviation operations and help Vietnam increase its footprint in the sector. The two companies signed a memorandum of understanding (MOU) on Thursday (Apr 26) to set up a joint venture for ST Aerospace to provide Vietnam Airlines ...

  • Qualcomm easing licensing terms in bid to strike deals

    Thu, 26 April 2018 11:48:13 +0800

    Qualcomm Inc's earnings call on Wednesday showed just how far the company is willing to go to preserve one of its core business practices of taking a cut of the selling price of phones.

  • GM president says close to resolution to fix its South Korean unit

    Thu, 26 April 2018 10:15:17 +0800

    General Motors Co's president said on Thursday that it was very close to a resolution to fix its ailing South Korean unit.

  • Samsung Electronics Q1 net profits up by more than half

    Thu, 26 April 2018 09:57:15 +0800

    South Korean telecoms giant Samsung Electronics saw net profits leap by more than half in the first quarter, it said Thursday, thanks to strong demand for memory chips and its latest high-end smartphone.

  • Sembcorp Marine Q1 profit slumps 86%

    Thu, 26 April 2018 09:01:37 +0800

    SINGAPORE: Singaporean rig builder Sembcorp Marine on Wednesday (Apr 25) posted an 86 per cent fall in first-quarter profit and signalled a subdued outlook for rig orders. Sembcorp Marine said profit came in at S$5.3 million for the three-month period ended March, compared with S$37 million in the ...

  • World stocks edgy as rising bond yields raise fears for growth and profits

    Thu, 26 April 2018 17:30:33 +0800

    World markets remained edgy on Thursday, with shares eking out gains amid concern over the global economic outlook and with U.S. bond yields at four-year highs after breaking above the psychologically significant 3 percent line this week.

  • China's Huawei under US probe for Iran sanctions violations

    Thu, 26 April 2018 07:06:17 +0800

    WASHINGTON: The US Justice Department has opened an investigation into suspected violations of Iran sanctions by China's Huawei Technologies, the Wall Street Journal reported on Wednesday (Apr 25). A probe would come on the back of subpoenas issued to the company by the US Commerce and Treasury ...

  • Sizzling competition, ‘encouraging’ sign-ups as electricity market opens up in Jurong

    Thu, 26 April 2018 09:55:38 +0800

    Nearly a month since the roll-out of the Open Electricity Market in Jurong, retailers have cut prices, doled out steeper discounts and freebies to entice consumers who are, for the first time, given the option to buy electricity from a retailer of their choice.

  • GM to add 700 US jobs to plant building SUVs

    Thu, 26 April 2018 06:00:38 +0800

    NEW YORK: General Motors said on Wednesday (Apr 25) it plans to add 700 jobs in September to boost production of its popular sport-utility vehicles and models for export to Australia and New Zealand. The decision comes less than two weeks after the company announced it was cutting as many as 1,500 ...

  • Canada sees progress on NAFTA auto rules; steel tariffs loom

    Thu, 26 April 2018 09:06:23 +0800

    Canadian Foreign Minister Chrystia Freeland on Wednesday reiterated Canada's opposition to proposed U.S. steel and aluminum tariffs due to come into force next week, as pressure mounted to seal a quick deal on updating NAFTA.

  • Proxy adviser ISS backs call for gun safety report at Sturm Ruger

    Thu, 26 April 2018 05:20:23 +0800

    Proxy adviser Institutional Shareholder Services on Wednesday recommended investors vote to support a shareholder resolution calling on Sturm Ruger & Co to report on gun safety.

  • Qualcomm chip sales indicate some smartphone strength

    Thu, 26 April 2018 08:00:18 +0800

    REUTERS: U.S. chipmaker Qualcomm Inc's quarterly profit and revenue topped Wall Street forecasts, suggesting that a slowdown in the global smartphone business might be less severe than feared after a string of weak forecasts from suppliers. The results announced in Qualcomm's smartphone chip ...

  • Ford targets higher margins faster, to drop unpopular cars

    Thu, 26 April 2018 04:55:19 +0800

    DETROIT: Ford Motor Co on Wednesday outlined a plan to cut costs and boost profit margins at a faster pace than previously announced, which includes dropping traditional sedan models in North America that have become increasingly unpopular with consumers. The No. 2 U.S. automaker said it now ...

  • US stocks end mostly up as Boeing surges

    Thu, 26 April 2018 04:40:38 +0800

    NEW YORK: Wall Street stocks finished a volatile session mostly higher on Wednesday (Apr 25) with strong earnings from Boeing offsetting worries about higher interest rates. The Dow Jones Industrial Average added 59.70 points (0.25 per cent) to close the session at 24,083.83. The broad-based S&P ...

  • Facebook quarterly profit leaps 63% to US$5b

    Thu, 26 April 2018 08:57:11 +0800

    SAN FRANCISCO: Facebook on Wednesday (Apr 25) reported a sharp jump in profits in the past quarter, with gains in its user base and strong ad growth as the social network appeared to see no impact from a controversy on privacy. Profit in the first quarter of 2018 jumped 63 per cent from a year ...

  • Chevron evacuates Venezuela executives following staff arrests

    Thu, 26 April 2018 05:45:17 +0800

    U.S. oil major Chevron Corp has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned oil company PDVSA, according to four sources familiar with the matter.

  • Nasdaq open to cryptocurrency exchange in future, says CEO

    Thu, 26 April 2018 00:30:52 +0800

    Nasdaq Inc is open to launching a cryptocurrency exchange in the future as the regulatory environment evolves, the head of the exchange operator said on Wednesday.

  • Deutsche Bank gets permission to use Postbank deposits more widely

    Thu, 26 April 2018 00:30:48 +0800

    The European Central Bank will allow Deutsche Bank to use deposits from its Postbank division elsewhere in the group, a spokesman for the German bank said on Wednesday, a move that may reduce the cost of financing its various operations.

  • Boeing reports jump in Q1 profits, lifts 2018 forecast

    Thu, 26 April 2018 01:46:00 +0800

    NEW YORK: Boeing profits jumped, and the company upgraded its earnings forecast for this year on Wednesday (Apr 25) amid a strong commercial aviation market and as executives expressed optimism the US and China will avoid a trade war. The aerospace giant reported earnings of US$2.5 billion, up 56 ...

  • General Electric workers, shareholders protest at annual meeting

    Wed, 25 April 2018 23:35:46 +0800

    General Electric CO employees and shareholders voiced frustration on Wednesday with the company's poor performance, while attending the first annual meeting under Chief Executive Officer John Flannery, who has presided over a 43 percent decline in GE's stock price since taking over on Aug. 1.

  • Peak or pause? Global economy's hesitation unnerves markets

    Wed, 25 April 2018 23:11:33 +0800

    World markets entered 2018 speculating that the most synchronized global economic expansion in a decade was about to overheat but growth has since proved underwhelming.

  • Twitter shares fall on outlook of slower growth, rising costs

    Thu, 26 April 2018 04:05:23 +0800

    REUTERS: Twitter Inc shares fell on Wednesday after the social network said its revenue growth would slow this year and costs rise as it works to fight the spread of hate speech and allegations of election manipulation through its service. That outlook overshadowed the second profitable quarter ...

  • Qatar Airways confirms "substantial" annual loss, blames regional row

    Wed, 25 April 2018 22:25:26 +0800

    Qatar Airways made a "substantial" loss in its last financial year because of a regional dispute that has banned the airline from four Arab countries, its chief executive said on Wednesday without revealing the extent of the losses.

  • Bud brewer hopeful that aluminum tariffs won't hit US allies

    Wed, 25 April 2018 22:22:12 +0800

    Anheuser-Busch InBev , the world's largest brewer, is hopeful that the United States will grant permanent exemptions to aluminum imported from allies and wants U.S. Congress to look into price spikes that have already set in.

  • US sanctions encourage McDonald's to cook up Russian fries

    Wed, 25 April 2018 22:22:07 +0800

    French fries at McDonald's restaurants from Moscow to Murmansk will be Russian from now on, as U.S. sanctions have spurred on a shift by the American fast-food chain to use local potatoes.

  • Austrian court blocks Uber in Vienna: taxi group

    Wed, 25 April 2018 21:50:24 +0800

    A commercial court in Vienna has issued a temporary injunction to stop ride-hailing service Uber from operating in Vienna, a taxi company that had sued Uber said on Wednesday.

  • Trump, top aides talk trade with Apple CEO Cook at White House

    Thu, 26 April 2018 05:20:19 +0800

    President Donald Trump will meet with Apple Inc Chief Executive Officer Tim Cook on Wednesday, as the technology industry finds itself in the crosshairs of a U.S. trade spat with China, a manufacturing hub for the iPhone maker and other companies.

  • Glass Lewis urges vote against Deutsche Boerse board actions at AGM

    Wed, 25 April 2018 20:52:53 +0800

    Influential proxy adviser Glass Lewis has recommended shareholders in Deutsche Boerse vote against ratifying the actions of the management and supervisory boards at the exchange's 2018 annual general meeting.

  • Ahead of Malaysia polls, 1MDB CEO on nationwide tour to tackle tough questions

    Wed, 25 April 2018 21:00:39 +0800

    In the lead up to Malaysia's 14th general elections, the president and CEO of 1Malaysia Development Berhad (1MDB) has been taking part in "ceramah" or talks across the nation.

  • China's ZTE will take 'certain actions' against US ban

    Wed, 25 April 2018 20:20:36 +0800

    China's ZTE Corp said on Wednesday it planned to take "certain actions" under U.S. laws following a ban by the U.S. government on American firms doing business with the company.

  • Wall Street ekes out small gain as earnings offset cost worries

    Thu, 26 April 2018 05:05:19 +0800

    U.S. equity futures pointed to a fifth day of losses for the main indexes on Wednesday, spooked by a rise in bond yields and nerves ahead of earnings from scandal-hit Facebook.

  • Boeing cruises past forecasts as margins, sales grow

    Thu, 26 April 2018 01:00:49 +0800

    Boeing Co reported a 57 percent rise in profit for the first quarter on Wednesday, while also raising its full-year forecast for earnings per share and cash flow.

  • Noble Group shareholder files lawsuit to stall meeting

    Wed, 25 April 2018 19:30:38 +0800

    SINGAPORE: Goldilocks Investment, a leading stakeholder of Noble Group, said on Wednesday (Apr 25) it had filed a lawsuit in Singapore against the embattled commodities trader, seeking to prevent a scheduled shareholder meeting on April 30. Goldilocks, which holds an 8.1 per cent stake, also seeks ...

  • Twitter gains momentum with second straight profitable quarter

    Thu, 26 April 2018 04:47:13 +0800

    The San Francisco-based social network earned US$61 million in the first three months of the year, helped by strong growth in advertising revenue and modest gains in users.

  • Porsche appeals against seizure of files in emissions raid

    Wed, 25 April 2018 19:16:22 +0800

    Porsche has appealed against the seizure of files by prosecutors during a raid last week on the sports car brand's premises related to inquiries into emissions manipulations, prosecutors said.

  • Comcast confirms US$31 billion bid for Sky, sparking battle with Fox

    Wed, 25 April 2018 23:30:44 +0800

    U.S. cable company Comcast Corp made a 22 billion pound (US$31 billion) offer for pay-TV group Sky on Wednesday, beating an already agreed takeover bid from Rupert Murdoch's Fox by 16 percent.

  • Singapore shipbuilder Keppel says to deliver Southeast Asia's first LNG-powered tug

    Wed, 25 April 2018 18:30:40 +0800

    Singapore-based Keppel Corp said on Wednesday (Apr 25) its offshore rig-building unit is on track to deliver in May what the shipbuilder said will be the first tugboat in southeast Asia that can run on liquefied natural gas (LNG).

  • Airbus, Dassault to team up for new fighter jet project

    Wed, 25 April 2018 19:52:32 +0800

    Airbus and Dassault Aviation have signed an initial agreement for cooperation on Europe's Future Air Combat System (FCAS), the two companies said on Wednesday.

  • Boeing adds German partners for heavy-lift helicopter battle

    Wed, 25 April 2018 18:06:16 +0800

    Boeing has teamed up with 10 German firms as part of its bid to win a 4 billion euro (US$4.9 billion) heavy-lift helicopter contract from Berlin, the U.S. company said on Wednesday.

  • Asian markets sink with Wall St as tech firms take another hit

    Wed, 25 April 2018 18:04:59 +0800

    Asian markets went into reverse on Wednesday (Apr 25), tracking fresh losses on Wall Street as investors fret about rising US Treasury yields and speculation that interest rates will rise four times this year.

  • Shire bid marks Takeda's latest - and biggest - push for global status

    Wed, 25 April 2018 17:48:58 +0800

    Takeda Pharmaceutical Co Ltd's US$64 billion bid for London-listed rare disease specialist Shire Plc bolsters its credentials as Japan's most outward facing drugs firm, a mould-breaking image that has been more than a decade in the making.

  • China invites overseas investors to propel local chip ambitions

    Wed, 25 April 2018 17:48:51 +0800

    China is looking for billions of dollars in funds to propel its domestic ambitions in chips to cut a heavy reliance on imports, and has invited overseas investors to help it get there.

  • Global banks fear China will limit JV control through new rules

    Wed, 25 April 2018 15:25:55 +0800

    Western banks are seeking clarification from China's securities watchdog on proposals to allow them to take over their onshore securities ventures, amid concerns about high asset value requirements and limits to ownership by non-financial investors.

  • Google overhauls Gmail to lure businesses away from Microsoft

    Wed, 25 April 2018 15:59:52 +0800

    Alphabet Inc's Google unveiled on Wednesday its first Gmail redesign since 2013, capping what the company says was an expensive overhaul two years in the making to adopt security and offline functionality and better resemble Microsoft Outlook.

  • Singapore to step up development assistance for other countries in maritime sector

    Wed, 25 April 2018 15:40:38 +0800

    SINGAPORE: Singapore will step up development assistance for other countries in the maritime sector, with the launch of an enhanced five-year technical cooperation and training package for the International Maritime Organization (IMO) and its member states. Launched by Transport Minister Khaw ...

  • Whitbread to spin off Costa Coffee

    Wed, 25 April 2018 14:20:19 +0800

    Whitbread plc said it would spin off its Costa Coffee business, leaving it with its Premier Inn hotels operation, with the split expected to be completed within 24 months.

  • Plan for new 'Hong Kong Town' in mainland China sparks backlash

    Wed, 25 April 2018 16:26:32 +0800

    A proposal to build a commuter town for Hongkongers in mainland China to solve a housing crisis was slammed on Wednesday (Apr 25) as ghettoising poorer residents and compromising the city's autonomy.

  • Ford hopes China easing will speed up Zotye venture approval

    Wed, 25 April 2018 13:45:23 +0800

    Ford Motor Co's Asia head said on Wednesday he hoped recent Chinese moves to relax ownership rules in the country's auto market would speed up regulatory approval for its electric vehicle joint venture with local firm Zotye Automobile Co Ltd .

  • Hostile takeover? Daimler CEO says no fears about Chinese magnate Li Shufu

    Wed, 25 April 2018 16:33:21 +0800

    German car maker Daimler AG's boss said on Wednesday there was no indication the firm's largest shareholder, Chinese auto magnate Li Shufu, was planning a hostile takeover, after he took a US$9 billion stake in the firm earlier this year.

  • Audi aims to double China production with partner FAW in five years: CEO

    Wed, 25 April 2018 13:25:38 +0800

    German luxury carmaker Audi AG aims to double China production with local partner China FAW Group Corp Ltd within five years, its chief executive said on Wednesday, as global automakers look to localize in the world's largest vehicle market.

  • Contract for Tuas Terminal Phase II worth S$1.46b awarded to international consortium

    Wed, 25 April 2018 11:30:38 +0800

    SINGAPORE: A S$1.46 billion contract for the Tuas Terminal Phase 2 development project has been awarded to an international consortium. A statement from the Maritime and Port Authority of Singapore (MPA) announced on Wednesday (Apr 25) that it signed the agreement with Penta Ocean Construction ...

  • Razer to buy out e-payments platform MOL for S$81m

    Wed, 25 April 2018 09:52:19 +0800

    SINGAPORE: Gaming lifestyle company Razer plans to fully acquire e-payments platform MOL, it said in a press release on Monday (Apr 23). The company, which currently holds a 34.9 per cent stake in MOL, plans to buy out the remaining 65.1 per cent for about US$61m (S$81 million). "This acquisition ...

  • Stocks slide for fifth day as US 10-year yield tops 3 percent

    Thu, 26 April 2018 00:20:24 +0800

    Asian shares were under pressure on Wednesday, with a rise in U.S. bond yields above the 3 percent threshold and warnings from bellwether U.S. companies of higher costs driving fears that corporate earnings growth may peak soon.

  • Shire board says it favours US$64b Takeda takeover bid

    Wed, 25 April 2018 08:10:38 +0800

    TOKYO: The board of Irish pharmaceutical company Shire will recommend a new £46 billion (US$64 billion) takeover bid by Japanese firm Takeda to its shareholders, it said in a statement released on Tuesday (Apr 24) night. It said it was "willing to recommend the revised proposal to Shire ...

  • Beijing auto show opens in world's largest market

    Wed, 25 April 2018 07:49:42 +0800

    Industry behemoths like Volkswagen, Daimler, Toyota, Nissan, Ford and others will display more than 1,000 models and dozens of concept cars at the Beijing auto show.

  • Commentary: Electric vehicles have a long way to go, so don't write off oil yet

    Wed, 25 April 2018 06:30:38 +0800

    One expert discusses the limitation and factors affecting the slow growth of adoption of electric vehicles.

  • DoubleLine's Gundlach says US Treasuries 'not attractive'

    Wed, 25 April 2018 07:40:35 +0800

    Jeffrey Gundlach, chief executive officer of DoubleLine Capital, said on Tuesday that U.S. Treasuries are "not attractive" even though the benchmark 10-year Treasury yield crossed the critical 3 percent threshold earlier in the day.

  • Lockheed lauds US arms sales push, sees foreign sales rising

    Wed, 25 April 2018 04:50:25 +0800

    Top U.S. weapons maker Lockheed Martin Corp welcomed a push by U.S. President Donald Trump to speed up approvals of arms sales, saying it would reassure allies who had been frustrated by bureaucratic delays in the past.

  • US stocks end down on interest rate fears, earnings

    Wed, 25 April 2018 04:40:38 +0800

    NEW YORK: Wall Street stocks fell sharply on Tuesday (Apr 24) on worries about higher interest rates and disappointment over corporate earnings that have not met lofty expectations. The Dow Jones Industrial Average shed 424.56 points (1.74 per cent) to 24,024.13. The broad-based S&P 500 fell 35 ...

  • Shire, Takeda reach breakthrough in US$64 billion deal talks

    Wed, 25 April 2018 08:10:15 +0800

    London-listed drugmaker Shire Plc and Japan's Takeda Pharmaceutical Co Ltd plan to announce a preliminary deal on Wednesday, after the latter sweetened its US$62 billion acquisition offer, people familiar with the matter said.

  • Oil, metals prices set to rise amid trade tensions: World Bank

    Wed, 25 April 2018 04:10:38 +0800

    WASHINGTON: Crude oil prices are expected to jump 23 per cent this year amid strong economic growth, while metals prices are rising, hit by ongoing trade tensions, the World Bank said on Tuesday (Apr 24). The World Bank raised its forecast for oil prices to an average of US$65 a barrel this year ...

  • Apple shares drop on more warnings from iPhone supply chain

    Wed, 25 April 2018 03:10:33 +0800

    Shares of Apple Inc dropped nearly 2 percent on Tuesday as investors worries intensified about soft demand for iPhones after a warning from a company that supplies components for smartphones.

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