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News & Updates

  • Superdry founder joins push for 2nd Brexit vote

    Sun, 19 Aug 2018 19:20:37 +0800

    LONDON: The co-founder of British clothing brand Superdry announced Sunday (Aug 19) he is financially backing a push for a second referendum on Brexit, claiming it is not too late to avert "disaster". British fashion tycoon Julian Dunkerton is pumping £1 million (US$1.3 million) into the push for ...

  • 'Everything is business': Rohingya crisis presents economic opportunity

    Sun, 19 Aug 2018 17:08:13 +0800

    Captain Min Min, a Buddhist from Myanmar, looks on as a stream of Muslim Rohingya labourers zig-zag up narrow gangplanks hauling sacks of ginger from his boat onto Bangladeshi soil -- one of many seizing the economic opportunities presented by a refugee crisis.

  • Bitter pills: Erdogan's possible remedies for Turkey crisis

    Sun, 19 Aug 2018 16:52:13 +0800

    The crash in the Turkish lira sparked by US sanctions has left President Recep Tayyip Erdogan facing the biggest economic challenge of his one-and-a-half decades in power.

  • Chinese police nab suspects after US$87 million cryptocurrency theft

    Sun, 19 Aug 2018 16:40:38 +0800

    BEIJING: Chinese police have arrested three suspects alleged to have stolen assets worth 600 million yuan (US$87 million) through hacking, state media reported Sunday (Aug 19), as cyber criminals target holders of bitcoin and other virtual currencies. Police in the northern city of Xian began ...

  • Proton, Geely sign joint venture agreement to set up facilities in China

    Sun, 19 Aug 2018 07:44:55 +0800

    Proton Holdings Berhad and Zhejiang Geely Holding Group on Saturday (Aug 18) signed a Heads of Agreement to set up a joint venture that will pave the way for Proton to assemble and market their cars in China.

  • How Uber, valued at billions, was sent packing by a start-up in Singapore

    Sun, 19 Aug 2018 18:12:14 +0800

    Looking to expand in Southeast Asia, the ride-hailing giant didn’t expect such a robust resistance from Grab. Inside the Storm looks at what decided this David and Goliath battle.

  • Venezuela on edge as Maduro unveils raft of economic reforms

    Sun, 19 Aug 2018 06:01:19 +0800

    Uncertainty reigned in Venezuela on Saturday after President Nicolas Maduro unveiled a major economic reform plan aimed at halting the spiralling hyperinflation that has thrown the oil-rich, cash-poor South American country into chaos.

  • VW's CEO was told about emissions software months before scandal: Der Spiegel

    Sat, 18 Aug 2018 21:11:56 +0800

    Volkswagen Chief Executive Herbert Diess was told about the existence of cheating software in cars two months before regulators blew the whistle on a multi-billion exhaust emissions scandal, German magazine Der Spiegel said.

  • US tech giants plan to fight India's data localisation plans

    Sat, 18 Aug 2018 19:12:23 +0800

    U.S. technology giants plan to intensify lobbying efforts against stringent Indian data localisation requirements, which they say will undermine their growth ambitions in India, sources told Reuters.

  • Chinese internet stock sell-off may shake faith in FANGs

    Sat, 18 Aug 2018 15:05:21 +0800

    SAN FRANCISCO: A steep downturn in heavyweight Chinese internet stocks and recent weakness in half of the so-called FANG group have some investors worried that a key component of Wall Street's near-decade long rally may be low on fuel. Outstanding gains in Facebook , Amazon , Netflix and Alphabet ...

  • Tesla shares tumble after Musk interview sparks fresh fears

    Sat, 18 Aug 2018 09:37:16 +0800

    WASHINGTON: Tesla shares took a pounding Friday (Aug 18) amid fresh fears about the future of the electric carmaker after a wide-ranging interview with chief executive Elon Musk in which he revealed his struggles with exhaustion and a lengthy but unsuccessful effort to find a number two executive ...

  • ‘Right now, it’s not quite the sale worth waiting for’: How to revitalise the Great Singapore Sale

    Sat, 18 Aug 2018 08:20:58 +0800

    SINGAPORE: After 25 years of the Great Singapore Sale, is it time to refresh or retire the campaign? That is a question that might spring to mind following the dip in retail sales figures at department stores in June. Although the Great Singapore Sale (GSS) was underway at the time, retail sales ...

  • Walmart asks some beauty suppliers to consider sourcing outside of China

    Sat, 18 Aug 2018 06:10:45 +0800

    Walmart Inc has asked some beauty suppliers to consider sourcing products from outside China, as it looks for ways to mitigate the impact of a new set of tariffs on Chinese products proposed by the Trump administration.

  • Wall Street stocks end higher on US-China trade hopes

    Sat, 18 Aug 2018 05:40:37 +0800

    Wall Street stocks finished solidly higher for a second straight session on Friday (Aug 17) on hopes of a breakthrough in US-China trade talks.

  • Venezuelans rush to shop, fill tanks before monetary overhaul

    Sat, 18 Aug 2018 05:30:28 +0800

    CARACAS/MARACAIBO: Jittery Venezuelans on Friday rushed to shops and lined up at gas stations on concerns that a monetary overhaul to lop off five zeros from prices in response to hyperinflation could wreak financial havoc and make basic commerce impossible. Shoppers sought to ensure their homes ...

  • US government seeks Facebook help to wiretap Messenger: Sources

    Sat, 18 Aug 2018 05:03:08 +0800

    The U.S. government is trying to force Facebook Inc to break the encryption in its popular Messenger app so law enforcement may listen to a suspect's voice conversations in a criminal probe, three people briefed on the case said.

  • Kill quarterly reporting? Some investors ring alarm bells

    Sat, 18 Aug 2018 03:25:29 +0800

    Less reporting by U.S. corporations could put shareholders in the dark, allow companies to drift off course and even make U.S. stocks less attractive and create less public company investment, some investors and analysts argue.

  • Mexico hopeful to conclude NAFTA talks with US next week

    Sat, 18 Aug 2018 06:23:30 +0800

    US and Mexican negotiators are making progress and could resolve remaining issues to revamp the North American Free Trade Agreement by next week, Mexico's Economy Minister Ildefonso Guajardo said on Friday (Aug 17).

  • Goldman faces UK probe over reporting practices: Bloomberg

    Sat, 18 Aug 2018 03:24:07 +0800

    Goldman Sachs Group Inc is facing a probe from U.K. regulators over its reporting practices tied to new rules in European markets, Bloomberg reported on Friday, citing people with knowledge of the matter.

  • Investors query funding costs at a private Tesla

    Sat, 18 Aug 2018 01:55:30 +0800

    Several Tesla Inc shareholders have told Reuters they are concerned that the electric car maker will have to pay more to fund its growth if it becomes a private company and loses the ability to sell new shares to stock market investors.

  • US value stocks capitalize on 'FANG' stumbles, with room to run

    Sat, 18 Aug 2018 00:05:28 +0800

    The summer roller-coaster in two of the four big-cap 'FANG' names - Facebook Inc, Amazon.com Inc, Netflix Inc and Google-parent Alphabet Inc - has led to a shift, albeit slight, into value stocks.

  • Tesla stock sinks after Musk gives tearful NYT interview

    Sat, 18 Aug 2018 04:05:32 +0800

    Tesla Inc's shares slumped 8 percent on Friday after Chief Executive Elon Musk told the New York Times his tweet about taking the company private was not reviewed by anybody, and a brokerage raised doubts about the profitability of the electric carmaker's Model 3 sedan.

  • Britain's 'Aramco' listing category attracts interest from a single firm

    Fri, 17 Aug 2018 22:01:37 +0800

    Britain's markets watchdog has so far been contacted by only one company interested in taking advantage of a rule it introduced to attract state-owned firms like Saudi Aramco to London, the regulator told Reuters without naming the firm.

  • M&A lending to US blue-chip firms on summer hiatus

    Fri, 17 Aug 2018 22:10:53 +0800

    Bank lending to high-quality US companies to fund acquisitions has slowed due to concern over government policies amid the summer doldrums, but is expected to pick up after the Labor Day holiday, bankers said.

  • Brazil's Marfrig to sell US unit to Tyson for US$2.5 billion, sources say

    Sat, 18 Aug 2018 00:00:50 +0800

    Tyson Foods agreed to acquire U.S.-based chicken processor Keystone Foods from Brazilian meatpacker Marfrig Global Foods SA for US$2.5 billion, two sources with knowledge of the matter said on Friday.

  • Currency shocks knock platinum to 10-year lows

    Fri, 17 Aug 2018 20:20:45 +0800

    Platinum prices tumbled to 10-year lows as the collapse of Turkey's lira rippled through markets and weakened the currency of top producer South Africa, underlining persistent oversupply of the autocatalyst metal.

  • Nordstrom shares climb as e-commerce sales boost quarterly results

    Fri, 17 Aug 2018 20:20:43 +0800

    Nordstrom Inc's shares surged over 9 percent on Friday, a day after its quarterly same-store sales numbers trounced Wall Street estimates, leaving analysts impressed with the upscale retailer's online channels and its clear inventories.

  • Investors flee risk as bear markets multiply: BAML

    Fri, 17 Aug 2018 20:12:17 +0800

    Investors pulled billions from equities this week, shifting into bonds and high dividend-yielding sectors as Turkey's currency crisis sparked a global selloff and emerging markets entered bear territory, an analysis of fund flows showed on Friday.

  • Trump backs CEOs, proposes easing corporate reporting rules

    Sat, 18 Aug 2018 04:26:49 +0800

    U.S. President Donald Trump on Friday said meetings with corporate executives prompted him to ask the U.S. Securities and Exchange Commission (SEC) to study letting public companies file financial reports every six months instead of every quarter.

  • Wall Street rises on upbeat trade news

    Sat, 18 Aug 2018 04:50:28 +0800

    U.S. stock index futures dipped on Friday as dour forecasts from Applied Materials and Nvidia weighed on shares of chipmakers and a recovery in Turkey's lira ran out of steam.

  • Air France-KLM shares fall, Dutch pilots threaten to strike

    Fri, 17 Aug 2018 18:35:27 +0800

    Air France-KLM shares fell on Friday in response to the hostile reception from unions to the company's new boss Benjamin Smith, while the airline's Dutch pilots threatened to strike over working conditions.

  • Indonesia's Go-Jek close to profits in all segments, except transport: CEO

    Fri, 17 Aug 2018 17:25:57 +0800

    Go-Jek, Indonesia's first billion-dollar startup, is "extremely close" to achieving profitability in all its segments, except transportation, its founder and CEO Nadiem Makarim told Reuters.

  • Toyota to increase production capacity in China by 20%: Source

    Fri, 17 Aug 2018 15:46:03 +0800

    BEIJING: Japan's Toyota Motor Corp will build additional capacity at its auto plant in China's Guangzhou, a company source said, in addition to beefing up production at a factory in Tianjin city by 120,000 vehicles a year. A person close to the company said Toyota will build capacity at the ...

  • Greece set to exit bailout, still faces daunting challenges

    Fri, 17 Aug 2018 15:10:59 +0800

    Greece exits the last of its three bailouts on Aug. 20 and hopes to be able to borrow again in international markets after a nearly nine-year debt crisis that shrank the economy by a quarter and forced it to implement painful austerity measures.

  • Rusal says board backs change of domicile to Russia

    Fri, 17 Aug 2018 14:35:32 +0800

    Russia's sanctions-hit aluminum giant Rusal said on Friday its board had discussed and approved a change of domicile from Britain's Jersey to Russia in order to take advantage of new special tax regulations.

  • Russian oil industry would weather US 'bill from hell'

    Fri, 17 Aug 2018 18:25:34 +0800

    Stiff new U.S. sanctions against Russia would only have a limited impact on its oil industry because it has drastically reduced its reliance on Western funding and foreign partnerships and is lessening its dependence on imported technology.

  • Angry Birds maker Rovio's games get sales boost

    Fri, 17 Aug 2018 16:10:26 +0800

    HELSINKI: Rovio Entertainment, the maker of the "Angry Birds" mobile game series and movie, on Friday reported an increase in second-quarter sales at its games business, providing a positive sign for investors after a profit warning in February. The Finnish company, which listed on the stock ...

  • Musk's SpaceX could help fund take-private deal for Tesla: NYT

    Fri, 17 Aug 2018 16:00:57 +0800

    Elon Musk has no plans to relinquish his dual role as chairman and chief executive officer of Tesla Inc , he said in an interview with the New York Times on Thursday.

  • Google employees sign protest letter over China search engine: Report

    Fri, 17 Aug 2018 13:10:37 +0800

    WASHINGTON: Hundreds of Google employees have signed a protest letter over the company's reported work on a censor-friendly search engine to get back into China, The New York Times said Thursday (Aug 16). The employees are demanding more transparency so they can understand the moral implications ...

  • Malaysia Q2 GDP growth drops to 4.5%, slowing for a 3rd quarter

    Fri, 17 Aug 2018 13:06:25 +0800

    KUALA LUMPUR: Malaysia's economy expanded at a much slower annual pace of 4.5 per cent in the April to June period, hit by commodity production "shocks", leading the central bank to cut its full-year growth forecast for Southeast Asia's third-largest economy. The rate was well below the 5.2 per ...

  • Uber opens Brazil center to improve driver, passenger safety

    Fri, 17 Aug 2018 23:05:46 +0800

    SAO PAULO: Ride-hailing company Uber Technologies Inc plans to open a 250 million reais (US$64 million) center in Brazil to develop technology to improve safety for its riders and drivers, including for drivers to accept cash, a key payment method in its rapid expansion in Latin America, the ...

  • Apple reassures customers after Australian media reports hack by teen

    Fri, 17 Aug 2018 12:05:38 +0800

    SYDNEY/SAN FRANCISCO: Apple said on Friday (Aug 17) no customer data was compromised after Australian media reported a teenager had pleaded guilty to hacking into its main computer network, downloading internal files and accessing customer accounts. The boy, 16, from the southern city of Melbourne ...

  • First crack at Musk could give top Tesla funds an edge

    Fri, 17 Aug 2018 10:40:56 +0800

    BOSTON: Information about Elon Musk's efforts to take Tesla private is scarce. But some small investors wonder if top funds have an edge. In a blog post on Monday (Aug 13), the Tesla chief executive said he would sound out some of his largest shareholders on the idea. The list could include T Rowe ...

  • As Nvidia expands in artificial intelligence, Intel defends turf

    Fri, 17 Aug 2018 09:31:18 +0800

    Nvidia Corp dominates chips for training computers to think like humans, but it faces an entrenched competitor in a major avenue for expansion in the artificial intelligence chip market: Intel Corp .

  • Asian shares gain on US-China trade talks, lira recovers

    Fri, 17 Aug 2018 14:35:29 +0800

    Asian shares won a modest reprieve on Friday after China and the United States agreed to hold their first trade talks since June next week and as the Turkish lira extended gains from its record low earlier this week.

  • Whistleblower accuses Tesla of spying on employees at Gigafactory: Lawyer

    Fri, 17 Aug 2018 12:15:53 +0800

    SAN FRANCISCO: An employee fired from Tesla Inc's Nevada battery factory filed a whistleblower complaint with the U.S. Securities and Exchange Commission, accusing the company of spying on employees and failing to act after learning that a Mexican cartel may be dealing drugs inside the plant, his ...

  • Singapore July exports jump 11.8%, above expectations

    Fri, 17 Aug 2018 12:13:35 +0800

    SINGAPORE: Singapore's non-oil domestic exports (NODX) rose more than expected in July from a year earlier thanks to a surge in pharmaceutical shipments, official data showed on Friday (Aug 17). Exports rose 11.8 per cent in July year-on-year, data from the trade agency Enterprise Singapore showed ...

  • Exclusive: OxyContin maker Purdue taps financial restructuring adviser - sources

    Fri, 17 Aug 2018 08:00:48 +0800

    OxyContin maker Purdue Pharma LP has tapped law firm Davis Polk & Wardwell LLP for financial restructuring advice, as its potential liabilities swell with a wave of lawsuits over the opioid addiction epidemic sweeping the United States, people familiar with the matter said on Thursday.

  • From food court to IPO: Koufu fires up appetite for expansion

    Fri, 17 Aug 2018 12:33:15 +0800

    Hungry for growth, the Singapore-listed F&B firm has plans for overseas expansion and a new integrated facility on its plate.

  • Nvidia forecast lags Wall Street as crypto demand evaporates

    Fri, 17 Aug 2018 07:10:22 +0800

    Nvidia Corp shares sank as much as 5 percent in after-hours trading on Thursday after the chip maker said cryptocurrency-fueled demand had dried up and it forecast sales below Wall Street targets, overshadowing quarterly results that otherwise beat expectations.

  • SEC pressing Tesla directors for details on communications with Musk: Wall Street Journal

    Fri, 17 Aug 2018 04:40:43 +0800

    Federal regulators are pressing Tesla Inc's directors for details on how much information Chief Executive Elon Musk shared with them before he tweeted last week about a potential deal to take the company private, the Wall Street Journal reported on Thursday, citing a person familiar with the ...

  • Dow leads as US and China revive trade talks

    Fri, 17 Aug 2018 04:30:37 +0800

    NEW YORK: Wall Street stocks powered higher on Thursday (Aug 16) on news the US and China will resume trade talks and as strong Walmart earnings lifted the Dow. The Dow Jones Industrial Average rose 396.32 points (1.58 per cent) to finish the session at 25,558.73. The broad-based S&P 500 gained ...

  • Air Canada's Ben Smith named head of Air France-KLM

    Fri, 17 Aug 2018 07:52:11 +0800

    PARIS: Air France-KLM named its first non-French chief executive on Thursday (Aug 16), handing the reins to Air Canada's Ben Smith despite strong resistance from the group's powerful trade unions. It was "inconceivable that the Air France company, French since 1933, falls into the hands of a ...

  • Google employees demand more oversight of China search engine plan

    Fri, 17 Aug 2018 13:06:25 +0800

    Google's plan to launch a censored search engine in China requires more "transparency, oversight and accountability," hundreds of employees at the Alphabet Inc unit said in an internal petition seen by Reuters on Thursday.

  • White House counsel asked FCC chair about Sinclair Tribune merger status

    Fri, 17 Aug 2018 01:50:27 +0800

    White House counsel Don McGahn called the head of Federal Communications Commission in July to ask about the status of Sinclair Broadcast Group Inc’s now abandoned US$3.9 billion acquisition of Tribune Media Co .

  • Exclusive: US seed sellers push for limits on Monsanto, BASF weed killer

    Fri, 17 Aug 2018 02:30:39 +0800

    America's two biggest independent seed sellers, Beck's Hybrids and Stine Seed, told Reuters they are pushing U.S. environmental regulators to bar farmers from spraying dicamba weed killer during upcoming summers in a potential blow to Bayer AG's Monsanto Co.

  • Trump pushes US lawsuit against drug companies over opioids

    Fri, 17 Aug 2018 00:46:01 +0800

    U.S. President Donald Trump on Thursday again pressed U.S. Attorney General Jeff Sessions to sue drug companies over the nation's ongoing opioids crisis.

  • European stocks regain composure on US-China trade talk news

    Fri, 17 Aug 2018 00:40:53 +0800

    LONDON: European and US stocks rebounded on Thursday (Aug 16) on news that Beijing and Washington will hold trade talks, while the Turkish lira rose after Qatar offered to invest US$15 billion in Turkey. Frankfurt, London and Paris clawed back much of their losses of more than 1.5 per cent the ...

  • Citi settles SEC charges over bad controls, supervision

    Fri, 17 Aug 2018 00:06:16 +0800

    Citigroup has agreed to pay US$10.5 million to settle charges related to bad loans made by its Mexican subsidiary, Banamex, between 2008 and 2014, and to trader mismarking and unauthorized proprietary trading by Citigroup Global Markets Inc. from 2013 to 2016, the Securities and Exchange Commission ...

  • Turkey will emerge stronger from lira crisis, minister tells investors

    Thu, 16 Aug 2018 23:30:39 +0800

    Finance Minister Berat Albayrak assured international investors on Thursday that Turkey would emerge stronger from its currency crisis, insisting that the country's banks were healthy and strong.

  • Malaysian PM heading to China with mega-projects in focus

    Thu, 16 Aug 2018 21:01:18 +0800

    Malaysian Prime Minister Mahathir Mohamad begins a visit to China Friday, seeking to renegotiate or even cancel major Beijing-backed projects signed under the country's scandal-plagued, former regime.

  • Bayer says can begin integration of Monsanto

    Thu, 16 Aug 2018 21:08:16 +0800

    Bayer can begin folding Monsanto into its organization as the antitrust-related sale of assets has been completed, fulfilling final requirements by the U.S. Department of Justice, the German drugmaker said on Thursday.

  • Kroger begins tests of driverless grocery delivery in Arizona

    Thu, 16 Aug 2018 22:56:38 +0800

    U.S. supermarket operator Kroger Co said it will start testing driverless grocery delivery on Thursday with technology partner Nuro at a single Fry's Food Store in Scottsdale, Arizona.

  • J.C. Penney shares dive 25 percent on forecast cut, weak results

    Thu, 16 Aug 2018 22:30:41 +0800

    J.C. Penney Co Inc on Thursday reported sales at established stores below analysts' estimates as the department store chain discounted heavily to clear inventory, sending its shares down 15 percent.

  • Walmart's second-quarter comparable sales rise most in a decade, shares soar

    Thu, 16 Aug 2018 20:25:36 +0800

    NEW YORK: Walmart Inc on Thursday said its U.S. comparable sales grew the most in a decade and its e-commerce sales grew 40 percent, higher than 33 percent growth in the previous quarter, sending its shares up nearly 11 percent in premarket trade. Walmart also raised its sales and earnings ...

  • Wall St. rebounds as Walmart beats, trade worries ease

    Fri, 17 Aug 2018 03:00:48 +0800

    U.S. stock index futures rose on Thursday, helped by upbeat earnings, a dip in the dollar and after China said it will hold trade talks with the United States later this month.

  • Companies not required to stamp government forms from October

    Thu, 16 Aug 2018 17:54:50 +0800

    SINGAPORE: Companies will no longer need to affix their company stamps on government forms starting this October, unless required by legislation. This includes tender-related documents submitted through government e-procurement portal GeBIZ. The initiative is one of two that the Pro-Enterprise ...

  • China, US to hold lower-level trade talks in late August

    Thu, 16 Aug 2018 17:47:32 +0800

    BEIJING: China will hold a fresh round of trade talks with the United States in Washington later this month, Beijing said on Thursday, offering a glimmer of hope for progress in resolving a conflict that has set world financial markets on edge. A Chinese delegation led by Vice Minister of Commerce ...

  • Investors turn on Italy bridge operator after disaster

    Thu, 16 Aug 2018 16:50:37 +0800

    GENOA, Italy: Italy's biggest toll-road operator came under heavy stock-market attack on Thursday (Aug 16) after Rome criticised it for a deadly bridge collapse this week, moving to revoke its concession and accusing it of failing to ensure the viaduct's safety. An 80-metre-long section of the ...

  • Taiwan bakery chain disappears from major Chinese food apps amid Tsai visit row

    Thu, 16 Aug 2018 16:44:14 +0800

    Chinese food delivery platforms Meituan-Dianping and Ele.me have taken down listings for Taiwan's 85 Degrees Celsius Bakery Cafe, checks on their apps showed, amid boycott calls from social media users who said the chain supported Taiwan independence.

  • Trade unions unite in protest at likely new Air France KLM boss

    Thu, 16 Aug 2018 15:05:29 +0800

    The major trade unions representing Air France KLM staff issued a joint statement on Thursday to protest the likely choice of Air Canada executive Benjamin Smith as Air France KLM's new chief executive.

  • Private stock exchanges: What are they and are they allowed to operate in Singapore?

    Thu, 16 Aug 2018 22:56:24 +0800

    SINGAPORE: Picture having a meal at your favourite restaurant, and you thoroughly enjoy its food, service, as well as the ambience.  Then, you wonder if you could actually own a stake in the restaurant because you love it, and also perhaps you think its business will continue to thrive. However ...

  • Taiwan hotel axes Marriott contract over China naming row

    Thu, 16 Aug 2018 15:00:37 +0800

    TAIPEI: The owner of a Starwood-branded hotel in Taiwan said Thursday (Aug 16) it will terminate its contract with Marriott International, in protest over the US group caving in to Beijing pressure to list the island as part of China. Marriott was strongly criticised by Chinese authorities in ...

  • Trump's latest boost to the dollar: US-Turkey spat

    Thu, 16 Aug 2018 16:50:45 +0800

    President Donald Trump has repeatedly called for a weaker U.S. dollar in a bid to help U.S. exporters, but his recent trade policies, including the imposition of import tariffs on some Turkish goods, have had the opposite effect of strengthening the greenback.

  • Digital payment firms fight for Hong Kong market

    Thu, 16 Aug 2018 14:25:35 +0800

    Hong Kong's shopping districts are well known for their fierce competition. Now, a new battleground is forming as digital payments firms fight for retailers and shoppers.

  • China to widen foreign access to A-shares

    Thu, 16 Aug 2018 13:50:37 +0800

    SHANGHAI: China's securities regulator said it will allow individual foreign investors working in the country to buy and sell yuan-dominated Chinese A-shares, the latest incremental step by Beijing to widen access to its long-cloistered equities markets. The change would go into effect on Sep 15 ...

  • Indonesia urges exporters to use FX earnings to support rupiah

    Thu, 16 Aug 2018 13:40:37 +0800

    JAKARTA: Indonesia's government has made a fresh appeal to the country's exporters to exchange their holdings of foreign currencies to help support the tumbling rupiah, as Turkey's financial crisis sparks fears of emerging market contagion. The rupiah slipped another 0.2 per cent on Thursday (Aug ...

  • US blacklists Russian, Chinese companies for breaking North Korea embargo

    Thu, 16 Aug 2018 19:01:09 +0800

    WASHINGTON: The US Treasury announced sanctions on Russian and Chinese companies on Wednesday (Aug 15) for violating the economic embargo on North Korea as Washington seeks to maintain pressure on Pyongyang over its nuclear programme. The Treasury accused China-based Dalian Sun Moon Star ...

  • Asian stocks recover after US-China trade talk news

    Thu, 16 Aug 2018 11:48:29 +0800

    TOKYO: Asia stocks opened sharply lower on Thursday (Aug 16), joining a global sell-off on concerns over Turkey's financial crisis but later pared losses on news that China and the US would hold trade talks. Equities across the region suffered steep losses at the opening bell, with Tokyo and ...

  • China to send negotiator to US for trade talks this month

    Thu, 16 Aug 2018 11:07:01 +0800

    BEIJING: China will send a top negotiator to the United States in late August to resume trade talks, the commerce ministry said Thursday (Aug 16), the first public meeting on the subject in weeks as the trade conflict intensifies. Vice Commerce Minister Wang Shouwen, the deputy representative on ...

  • Asian shares hit one-year low on Turkey, China worries

    Thu, 16 Aug 2018 10:15:32 +0800

    TOKYO: Asian shares hit fresh one-year lows in early trading on Thursday, while oil and precious metal prices also tumbled as Turkey's currency crisis and fears of an economic slowdown in China fanned worries about global growth. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.0 ...

  • Australia telecom giant Telstra flags tough times as profit slides

    Thu, 16 Aug 2018 09:58:10 +0800

    SYDNEY: Australia's dominant telecommunications company Telstra Thursday warned of "enormous challenges" ahead as it posted an 8.9 percent slump in annual profit. Its net result in the year to Jun 30 fell to Aus$3.52 billion (US$2.54 billion), while revenue was flat at Aus$26 billion. Chief ...

  • Japan's trade surplus with US slumps in July

    Thu, 16 Aug 2018 09:48:09 +0800

    TOKYO: Japan's politically sensitive trade surplus with the United States shrank sharply in July, according to official data published on Thursday (Aug 16), as the two allies continue to cross swords over US trade policy. The surplus with the US shrank 22.1 per cent with reduced shipments of motor ...

  • Exclusive: In Chinese port city, Japan's Toyota lays foundation to ramp up sales

    Thu, 16 Aug 2018 08:15:39 +0800

    Toyota Motor Corp is likely to make 120,000 more cars a year in the Chinese port city of Tianjin as part of a medium-term strategy that's gathering pace as China-Japan ties improve, said four company insiders with knowledge of the matter.

  • Uber quarterly loss jumps as it invests in 'big bets'

    Thu, 16 Aug 2018 07:40:37 +0800

    SAN FRANCISCO: Uber on Wednesday (Aug 15) disclosed that its quarterly loss jumped despite taking in more money, as it invested in scooters and other "big bets." The San Francisco-based smartphone ride star reported it lost US$891 million on net revenue of US$2.8 billion, while overall bookings ...

  • Commentary: How the 1MDB scandal brought down a century-old Swiss bank

    Thu, 16 Aug 2018 09:06:46 +0800

    The world's largest financial scandal has toppled a government, threatened a currency, and revealed deeply problematic failings at a buccaneering Swiss bank, say two observers from IMD Business School.

  • Commentary: Saving too little, starting too late, do we have enough for retirement?

    Thu, 16 Aug 2018 16:41:34 +0800

    Many of us put off planning for our retirement until we’re in our forties but it doesn’t have to be an onerous chore, says one financial advisor.

  • Commentary: Planning rules are driving the global housing crisis

    Thu, 16 Aug 2018 07:03:42 +0800

    Some analysts insist there is no problem with supply. They are wrong, says one observer at the Financial Times.

  • Tesla shares fall on reports of SEC subpoena

    Thu, 16 Aug 2018 05:40:37 +0800

    NEW YORK: Shares of Tesla fell on Wednesday (Aug 15) following reports US securities regulators have subpoenaed the electric car manufacturer's Chief Executive Elon Musk over his statements about taking the company private. Shares finished down 2.6 per cent at US$338.69 after news of the formal ...

  • US stocks fall on worries about Turkey, slowing China

    Thu, 16 Aug 2018 05:57:40 +0800

    NEW YORK: Wall Street stocks fell on Wednesday (Aug 15), with technology and energy shares among the biggest losers, on worries about Turkey and a slowing Chinese economy. The Dow Jones Industrial Average dropped 137.51 points (0.54 per cent) to 25,162.41. The broad-based S&P 500 shed 21.59 ...

  • Britain's biggest banks report 64 payment outages in last three months

    Thu, 16 Aug 2018 03:08:23 +0800

    LONDON: Britain's five biggest banks had a total of 64 security or operational incidents that cut customers off from telephone, mobile or online banking in the second quarter of 2018, according to disclosures on the banks' websites. New rules from the Financial Conduct Authority (FCA), which came ...

  • US judge rules securities suit against Exxon, executives can proceed

    Thu, 16 Aug 2018 02:05:32 +0800

    A federal judge rejected Exxon Mobil Corp's motion to dismiss a securities suit alleging the company and top executives misled investors about the impact of climate change on its business.

  • Swiss ban some Mercedes, Porsche models with manipulated engines

    Thu, 16 Aug 2018 00:25:35 +0800

    Swiss authorities have halted registering some new Mercedes-Benz Vito and Porsche Macan and Cayenne vehicles whose diesel engines were manipulated to cloak emissions levels, the Astra roads agency said on Wednesday.

  • European stocks tumble as strong dollar dents commodities

    Thu, 16 Aug 2018 00:30:37 +0800

    LONDON: European stock markets fell sharply on Wednesday (Aug 15), with commodities-linked assets hit by dollar strength, while the lira recovered despite Turkish-US tensions ratcheting higher. "It's a broad based sell-off across Europe as dealers are worried about the currency crisis in Turkey ...

  • SEC scrutiny of Tesla grows as Goldman hints at adviser role

    Thu, 16 Aug 2018 08:15:37 +0800

    WASHINGTON: The U.S. Securities and Exchange Commission has sent subpoenas to Tesla Inc regarding Chief Executive Elon Musk's plan to take the company private and his statement that funding was "secured," Fox Business Network reported on Wednesday, citing sources. The electric carmaker's shares ...

  • From blue lipstick to Facebook Live, home shopping networks refine their pitch

    Wed, 15 Aug 2018 23:17:19 +0800

    WEST CHESTER, Pa.: HSN, once known as the Home Shopping Network, is getting an image makeover. A U.S. television network where shoppers can buy everything from electronics to kitchen gadgets, HSN is overhauling its lineup to offer more beauty products while adding streamed video content to win ...

  • Uber told by investors to sell self-driving unit: The Information

    Wed, 15 Aug 2018 22:50:40 +0800

    Investors have told Uber Technologies Inc it would be wise to sell off its self-driving car unit after it racked up losses of US$125 million to US$200 million each quarter for the past 18 months, tech news site The Information reported on Wednesday, citing an unnamed person familiar with the issue.

  • US retail sales, manufacturing data bolster Q3 economic outlook

    Thu, 16 Aug 2018 01:30:27 +0800

    WASHINGTON: US retail sales rose more than expected in July as households boosted purchases of motor vehicles and clothing, suggesting the economy remained strong early in the third quarter. Other data on Wednesday (Aug 15) showed manufacturing output rising steadily last month and worker ...

  • China's rainbow trout gets a new name: 'salmon'

    Wed, 15 Aug 2018 22:24:05 +0800

    When Chinese state TV accidentally revealed much of the "salmon" sashimi eaten in the country was actually rainbow trout, domestic fish farmers faced a crisis of consumer confidence.

  • US business inventories edge up in June

    Wed, 15 Aug 2018 22:15:47 +0800

    U.S. business inventories barely rose in June and the inventory-to-sales ratio fell to more than a 3-1/2-year low, suggesting businesses would need to ramp up the accumulation of stock, which would boost economic growth in the third quarter.

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