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Published: Thu, 22 February 2018 16:57:42 +0800


1,500 jobs to be created by 2025 under blueprint for marine and offshore engineering sector

Thu, 22 February 2018 16:56:12 +0800

SINGAPORE: The marine and offshore engineering (M&OE) sector is expected to add 1,500 new jobs and contribute S$5.8 billion to Singapore's gross domestic product (GDP) by 2025 through its Industry Transformation Map (ITM).  The roadmap, developed by a multi-agency team led by the Economic ...

German court to decide on fate of 15 million diesel cars

Thu, 22 February 2018 15:30:08 +0800

Germany's highest administrative court in Leipzig will on Thursday decide the fate of 15 million diesel vehicles in the country when it rules on whether cities in Europe's largest car market can ban heavily polluting cars.

How General Electric gambled on fossil fuel power, and lost

Thu, 22 February 2018 14:10:13 +0800

NEW YORK: Last March, executives at General Electric Co's power-plant business gave Wall Street a surprisingly bullish forecast for the year. Despite flat demand for new natural gas power plants, they said, GE Power's revenue and profit would rise. Showing data from financial firm Lazard and other ...

Singapore Airlines picks Perth as second destination for new 787s

Thu, 22 February 2018 12:00:38 +0800

SINGAPORE: Singapore Airlines (SIA) has picked Perth as the second destination for its new 787 aircraft.  The national carrier said on Thursday (Feb 22) that flights to the Australian city using the new fleet are expected to begin in May for one of its four daily flights between Singapore and ...

Safran sees quick rampup of Mexico composite fan blade plant

Thu, 22 February 2018 11:20:46 +0800

French aero engine maker Safran expects to be producing 20,000 composite fan blades for the LEAP jet engine by 2021 at its new plant in central Mexico's Queretaro state, the company's chief executive Philippe Petitcolin said on Wednesday.

Asia stocks slip as US rate risk lifts bond yields

Thu, 22 February 2018 09:00:13 +0800

Asian shares slipped on Thursday as the risk of faster hikes in U.S interest rates lifted short-term Treasury yields to the highest in almost a decade and boosted the dollar.

Mexico's labor standards no obstacle to NAFTA deal: Mexican minister

Thu, 22 February 2018 06:55:35 +0800

Tensions over Mexico's labor standards will not prevent the signatories to the North American Free Trade Agreement (NAFTA)from reaching an accord to overhaul the deal, the country's labor minister said on Wednesday.

Commentary: Budget 2018's pervasive innovation vision needs more success stories

Thu, 22 February 2018 06:40:38 +0800

More stories from innovation torchbearers are needed to show firms competing in traditional sectors can disrupt market rules that seem to be cast in stone, says vice-president of PSB Academy.

Qantas outlines pilot academy plans as profit soars

Thu, 22 February 2018 08:00:56 +0800

SYDNEY: Qantas Airways posted a bumper 17.9 per cent jump in interim net profit on Thursday (Feb 22) and announced a share buyback, while outlining plans to create one of the southern hemisphere's biggest pilot academies. The Australian carrier's result came in at Aus$607 million (US$473 million) ...

Ford US chief departs abruptly after behavior probe

Thu, 22 February 2018 07:35:09 +0800

Ford Motor Co said on Wednesday that its president for North America Raj Nair was leaving the company effective immediately following an investigation into reports of inappropriate behavior.

US stocks tumble as Fed minutes revive interest rate fears

Thu, 22 February 2018 05:40:38 +0800

NEW YORK: Wall Street stocks tumbled into negative territory on Wednesday (Feb 21) after the minutes of the last Federal Reserve meeting revived worries about higher interest rates. The Dow Jones Industrial Average lost 166.97 points (0.67 per cent) to close at 24,797.78. The broad-based S&P 500 ...

Air New Zealand interim profit slips 9.4%

Thu, 22 February 2018 06:23:03 +0800

WELLINGTON: Air New Zealand posted a 9.4 per cent fall in interim net profit on Thursday (Feb 22) but said it was still on track for its second-best full-year result. The Kiwi flag carrier said net profit for the six months to Dec 31 was NZ$232 million (US$170 million), down from NZ$256 million in ...

India's PNB adopts strict SWIFT controls after mega fraud case

Thu, 22 February 2018 12:06:22 +0800

India's state-run Punjab National Bank has stepped up its controls on the use of global payments network SWIFT following an alleged US$1.77 billion fraud, according to memos issued this month and seen by Reuters.

JPMorgan plans new Manhattan headquarters in boost to Midtown

Thu, 22 February 2018 04:00:23 +0800

JPMorgan Chase & Co. plans to build a new headquarters at its existing Manhattan site in the first major project under a rezoning law passed last year that aims to revitalize the Midtown area, the bank and officials said on Wednesday.

US Fed says tax cuts could boost economy more than expected

Thu, 22 February 2018 06:37:48 +0800

WASHINGTON: US central bankers said the recent tax cuts could juice the economy more than expected in the near term, meaning further interest rate hikes likely will be needed, according to meeting minutes released on Wednesday (Feb 21). But the minutes also revealed a split on the Federal ...

Mexico's Televisa says studying whether to keep divisions together

Thu, 22 February 2018 02:40:18 +0800

Mexican broadcaster Televisa said on Wednesday that it was considering whether to keep the company intact or to spin off some divisions, as it tries to adapt to a changing media market and shore up advertising.

General Electric affirms commitment to Baker Hughes, shares jump

Thu, 22 February 2018 02:15:14 +0800

HOUSTON: General Electric Co on Wednesday said it had no plans to exit its investment in oilfield services firm Baker Hughes, A GE Company , before a two-year lockup period. "Given today's valuation levels, we see a lot of upside there. We like the macro trends. At this point in time, we have no ...

Americans prefer bank branches over mobile apps for opening new accounts

Thu, 22 February 2018 02:10:22 +0800

Mobile banking apps keep getting better, but 60 percent of Americans would still rather open a new checking account in person at a bank branch than on a phone, tablet or desktop computer, according to a new survey.

German neo-Nazis are trying to infiltrate Daimler: works council

Thu, 22 February 2018 01:30:26 +0800

Neo-Nazis are attempting to infiltrate one of Germany's biggest car makers, Daimler , to turn a key factory into a showcase for their views, the plant's works council said on Wednesday.

Trump signals open to mileage tax with praise of Oregon program

Thu, 22 February 2018 01:35:16 +0800

The White House on Wednesday praised an experimental program in Oregon that charges a mileage tax to volunteer drivers, adding to signals that President Donald Trump is open to finding new revenue sources to pay for his proposed infrastructure program.

Dollar up ahead of Fed minutes

Thu, 22 February 2018 01:00:38 +0800

LONDON: The dollar continued its discreet recovery on Wednesday (Feb 21), lifted by expectations that the American central bank is shifting towards tightening monetary policy quickly, dealers said. All eyes were on the publication of minutes, scheduled for later Wednesday, of the latest Federal ...

British government braces for Unilever move to Netherlands: FT

Thu, 22 February 2018 00:37:41 +0800

The British government is bracing for Unilever , one of the country's biggest companies, to shift its headquarters to the Netherlands after months of political pressure from both sides, the Financial Times reported on Wednesday.

GE eyes US$4 billion in asset sales, has no plans to sell stock: CFO

Thu, 22 February 2018 09:20:36 +0800

General Electric Co Chief Financial Officer Jamie Miller said on Wednesday that the industrial conglomerate has no plans to raise equity to strengthen its balance sheet, dismissing speculation about such a move.

US existing home sales slump again in January

Thu, 22 February 2018 00:10:38 +0800

WASHINGTON: US sales of existing homes slumped in January, falling for the second straight month and posting the largest decline in three years amid a shortage of affordable options, according to industry figures released on Wednesday (Feb 21). The National Association of Realtors said a stifling ...

Nestle says negotiating with retailers to end pricing row

Thu, 22 February 2018 00:00:13 +0800

Food group Nestle said on Wednesday it was negotiating with customers to end a boycott of its products by several European retailers in a row over pricing.

Broadcom lowers offer for Qualcomm as takeover saga continues

Thu, 22 February 2018 10:22:38 +0800

WASHINGTON: Singapore-based Broadcom said on Wednesday (Feb 21) it was cutting its offer price for mobile chip maker Qualcomm in the wake of the US firm's increased bid for Dutch rival NXP. Broadcom reduced its offer to US$79 a share, which would still be the largest-ever deal in the tech sector ...

Scotch whisky makers see dram half full over Brexit

Wed, 21 February 2018 23:30:25 +0800

Scotch whisky makers were among the most fervent industry advocates for staying in the European Union, but if Britain has to leave, they prefer a clean break.

US top court refuses to widen whistleblower protections

Wed, 21 February 2018 23:25:22 +0800

The U.S. Supreme Court on Wednesday refused to broaden protections for corporate insiders who call out misconduct, throwing out a lawsuit brought against a real estate trust by a former employee who had reported alleged wrongdoing internally but not to the Securities and Exchange Commission.

Boeing CEO says Embraer acquisition is a 'not a must do'

Wed, 21 February 2018 23:20:42 +0800

Boeing Co sees a "great strategic fit" in a possible acquisition of Brazilian plane maker Embraer SA but the deal is not essential, Boeing Chief Executive Officer Dennis Muilenburg said on Wednesday.

US Treasury recommends preserving Dodd-Frank bank resolution regime

Wed, 21 February 2018 22:40:18 +0800

The U.S. Treasury Department has recommended preserving powers created after the 2007-2009 financial crisis that allow regulators to step in and wind down a failing bank.

Saudi Arabia terminates Jeddah airport deal with Changi Airport Group-led consortium

Wed, 21 February 2018 22:40:40 +0800

SINGAPORE: Saudi Arabia’s aviation authority has terminated an agreement with a consortium led by Changi Airports International to operate and manage the new King Abdulaziz International Airport (KAIA) in the city of Jeddah.  The General Authority of Civil Aviation (GACA) announced on Wednesday ...

Wall Street climbs further after Fed minutes; industrials lead

Thu, 22 February 2018 03:45:25 +0800

REUTERS: U.S. stocks advanced on Wednesday, with the Dow and S&P 500 on track for their seventh gain in eight sessions, buoyed by stocks in economically sensitive areas such as industrials and technology. After the Federal Reserve left interest rates unchanged in January, minutes of that meeting ...

SAP hikes dividend payout to at least 40 percent of profit

Wed, 21 February 2018 22:00:18 +0800

German business software maker SAP said on Wednesday it had hiked its dividend payout ratio and proposed a 12 percent hike in its annual payout for 2017.

H&M, C&A, 3M investigate China prison labor report

Wed, 21 February 2018 21:45:25 +0800

European fashion giants H&M and C&A, as well as technology company 3M , are looking into a report in the Financial Times alleging that inmates of a Chinese prison made packaging used by the companies.

Nokia sees no path for 'struggling' digital health business: Report

Wed, 21 February 2018 22:34:31 +0800

HELSINKI: Nokia does not see meaningful potential for its "struggling" digital health business which includes activity trackers and smartwatches, according to an internal memo seen by Reuters on Wednesday (Feb 21). The Finnish company, which is mainly focused on making telecom network equipment ...

Broadcom trims Qualcomm offer to US$117 billion after new NXP deal

Thu, 22 February 2018 00:45:25 +0800

Broadcom Corp has lowered its takeover offer for chipmaker Qualcomm Inc to US$79 per share from US$82 to account for the latter's increased offer for NXP Semiconductors NV, Broadcom said on Wednesday.

KFC counts its chickens as UK stores slowly reopen

Thu, 22 February 2018 02:00:21 +0800

LONDON: Less than a third of KFC's outlets in Britain remained shut on Wednesday (Feb 21) afternoon, following a supply crisis that closed hundreds of its restaurants and left customers struggling to find their deep-fried chicken fix. Around 628 of the American fast-food chain's 900 British ...

Pratt may revert to previous engine seal for A320neo: sources

Wed, 21 February 2018 20:40:32 +0800

Engine maker Pratt & Whitney is likely to return to a previous seal as a way of temporarily dealing with the latest issues on the geared turbofan engine for the Airbus A320neo, according to several people familiar with the matter.

Daimler to invest 2.6 billion euros in trucks division by 2019

Wed, 21 February 2018 20:30:09 +0800

Daimler said it will invest 2.6 billion euros (US$3.2 billion) in research and development at its trucks division by 2019, as part of a broader effort to mass produce electric heavy-duty commercial vehicles from 2021.

Intel plans US$5 billion investment in Israel by 2020: minister

Wed, 21 February 2018 20:25:36 +0800

Chipmaker Intel Corp plans to invest US$5 billion to expand production at its Kiryat Gat plant in Israel in the next three years, Israeli Economy Minister Eli Cohen said on Wednesday.

Dish Network profit surges on US$1.2 billion US tax law benefit

Wed, 21 February 2018 19:35:41 +0800

Dish Network Corp reported a jump in fourth-quarter profit on Wednesday due to a benefit of about US$1.2 billion related to changes in U.S. tax laws.

3 companies submit bids to operate Singapore Expo

Wed, 21 February 2018 22:50:12 +0800

SINGAPORE: Singapore Expo could be managed by a different operator for the first time in its nearly 20-year history, if SingEx loses its tender bid to two new contenders. A tender to operate the space was launched by the Singapore Tourism Board (STB) on Dec 6 last year, and three ...

Bosch starts new division, acquires US carpooling start-up

Wed, 21 February 2018 19:05:18 +0800

Germany's Robert Bosch on Wednesday created a new division to expand its reach in the markets for ride services and connected vehicles and acquired a small U.S. ride services company as part of the strategic shift.

Daimler to start serial production of eActros truck in 2021

Wed, 21 February 2018 22:43:29 +0800

STUTTGART: Daimler said on Wednesday (Feb 21) it aims to start serial production of an electric heavy truck with a range of 200km in 2021, Daimler Trucks chief Martin Daum said. A year ago, Daimler had said its eActros could be ready for serial production in 2020. Ten customers, including ...

Lotte Group Chairman Shin Dong-bin relinquishes management rights at Japanese holding company

Wed, 21 February 2018 17:25:17 +0800

Lotte Group Chairman Shin Dong-bin has relinquished his representative rights at a key Japanese holding company, the Japanese company announced on Wednesday.

Indian police arrest six as inquiry widens into bank fraud

Wed, 21 February 2018 17:18:50 +0800

MUMBAI:  India's federal police have arrested six people, including employees of a billionaire jeweller, as an inquiry into one of the country's biggest bank scams widens, investigators said Wednesday (Feb 21). The Central Bureau of Investigation is looking into allegations that Nirav Modi, a ...

Slowing US auto sales prompts Japan automakers to rethink discounts

Wed, 21 February 2018 17:15:32 +0800

A second year of slowing growth in the U.S. auto market is forcing Japanese automakers to look beyond discounts to grow market share and focus more on boosting profitability in their largest market.

Samsung set to launch new flagship smartphones

Wed, 21 February 2018 17:14:18 +0800

SEOUL: Samsung Electronics will unveil its next flagship smartphones - the Galaxy S9 and Galaxy S9+ - on Sunday (Feb 25), after it reported record profits in recent weeks and its vice chairman was released from prison. Samsung, the flagship subsidiary of South Korea's biggest business group ...

Trump Jr says presidency is costing the family firm

Wed, 21 February 2018 15:22:24 +0800

NEW DELHI: Donald Trump's presidency has cost the family firm "millions of dollars" in lost business, his son told an Indian newspaper during a visit aimed at drumming up sales of new luxury apartment complexes. Donald Trump junior told the Times of India that the Trump Organization was turning ...

Apple in talks to buy cobalt directly from miners: Report

Wed, 21 February 2018 15:41:57 +0800

NEW YORK: Apple Inc is in talks to buy long-term supplies of cobalt for iPhone batteries directly from miners, Bloomberg reported on Wednesday (Feb 21), citing sources. The iPhone maker is seeking contracts to buy several thousand metric tons of cobalt for five years or longer, Bloomberg reported ...

Moncler bids farewell to catwalk with eight new collections

Wed, 21 February 2018 15:26:16 +0800

MILAN: The traditional catwalk show is dead and the way forward is to attract customers with new products each month, the chairman of Moncler said, as the luxury group kicked off Milan fashion week by revealing not one, but eight new collections. The Italian clothing designer wowed the fashion ...

Volkswagen reaches German deal on wages, leave, pensions

Wed, 21 February 2018 20:00:13 +0800

Carmaker Volkswagen and labor union IG Metall reached a wage agreement for more than 120,000 workers in Germany in a fourth round of talks, the union said on Wednesday.

Bitcoins for free? Japanese cryptocurrency exchange lands in hot water again

Wed, 21 February 2018 17:15:42 +0800

TOKYO: A blunder at a Japanese cryptocurrency exchange let investors briefly buy bitcoins for free: though none were able to profit from the mistake. Zaif, a government-registered exchange run by Osaka-based Tech Bureau Corp, said on Tuesday that a system glitch had let seven customers buy bitcoin ...

US FDIC sues 16 banks alleging Libor manipulation in Doral collapse

Wed, 21 February 2018 12:55:23 +0800

A U.S. regulator on Tuesday filed a lawsuit against 16 U.S. and international banks alleging they had manipulated bbaLIBOR, which is a series of interest-rate benchmarks, leading to the collapse of Puerto Rico's Doral Bank.

Commentary: Forget the politics, let's look at the economics of the GST hike

Wed, 21 February 2018 13:00:33 +0800

NUS tax expert Associate Professor Simon Poh discusses the economics behind the timing and likely structure of the GST hike.

South Korea regulator flags better deal for cryptocurrency industry

Wed, 21 February 2018 12:15:11 +0800

SEOUL: A better deal for South Korea's cryptocurrency industry might be in the offing as the market regulator changes tack from its tough stance on the virtual coin trade, promising instead to help promote blockchain technology. The regulator said on Tuesday that it hopes to see South Korea ...

Taiwan looks south for Muslim tourist dollars

Wed, 21 February 2018 11:54:21 +0800

From halal fried chicken to hot springs hotels with prayer facilities, Taiwan is adapting its traditional tourist draws to woo Muslim visitors as Chinese arrivals dwindle.

3M settle Minnesota water pollution lawsuit for US$850 million

Wed, 21 February 2018 11:50:40 +0800

NEW YORK: US-based international conglomerate 3M Company, accused of polluting water and soil in Minnesota, will pay the Midwestern US state a settlement of $850 million, according to a statement released Tuesday. The company, based in the state capital St Paul for more than 115 years, said it ...

Range of imported digital services to be taxed under GST: IRAS draft guide

Wed, 21 February 2018 12:43:52 +0800

SINGAPORE: The recently announced goods and services tax (GST) on imported digital services will cover a wide umbrella of services, ranging from the downloading of mobile apps, e-books and movies, to subscriptions for online gaming and newspapers and the streaming of TV shows and music. The ...

GM offers US$2.8 billion investment in South Korea over 10 years: South Korea official

Wed, 21 February 2018 10:00:10 +0800

SEOUL: General Motors has proposed US$2.8 billion fresh investment in South Korea over the 10 years as part of its plan to restructure its embattled Korean unit, a South Korean senior government official said. The official with direct knowledge of the matter added the U.S. carmaker had requested ...

Asia stocks dip, dollar recovery continues as yields rise

Wed, 21 February 2018 09:30:16 +0800

Stock markets dipped after a long winning run on Wall Street ended overnight, while the dollar gained momentum on Wednesday as yields on U.S. Treasury debt headed for highs not seen in four years.

Spending more of returns from investing reserves a ‘slippery slope’: Indranee

Wed, 21 February 2018 23:35:27 +0800

SINGAPORE: Spending more than half of the returns from investing Singapore’s reserves is a “slippery slope”, said Senior Minister of State for Law and Finance Indranee Rajah on Tuesday (Feb 20).  Speaking on the sidelines of a REACH dialogue on the Budget, Ms Indranee explained why the Government ...

Grocery retailer Albertsons to acquire Rite Aid drug stores

Wed, 21 February 2018 07:40:38 +0800

WASHINGTON: Privately-held grocery retail chain Albertsons will buy the remaining parts of Rite Aid Corp that have not been sold to Walgreens Boots Alliance, the companies announced on Tuesday (Feb 20). The combined company is expected to have annual revenues of US$83 billion, with earnings of ...

Reduced tax exemptions to have minimal impact on Singapore start-ups

Wed, 21 February 2018 12:25:15 +0800

Tax-paying start-ups remain a minority and with the various support schemes in place, the reduction in tax exemptions announced in Budget 2018 will unlikely have a significant impact.

Commentary: An appeal to banish lateness at meetings

Wed, 21 February 2018 08:37:49 +0800

If I had to make a list of solutions, I would start with a ban on pointless meetings, says one observer at the Financial Times.

Steven Cohen loses bid to seal lawsuit alleging sexism at Point72

Wed, 21 February 2018 10:51:32 +0800

A U.S. judge on Tuesday rejected billionaire investor Steven A. Cohen's request to temporarily seal a lawsuit accusing his hedge fund firm Point72 Asset Management LP of sexism toward women.

Weak Walmart results weigh on retailers, US stocks

Wed, 21 February 2018 05:30:38 +0800

NEW YORK: Wall Street stocks dropped on Tuesday (Feb 20), with retailers falling especially hard following disappointing results from Dow-member Walmart. The world's biggest retailer plunged 10.2 per cent after reporting a 42.1 per cent drop in fourth-quarter earnings to US$2.2 billion in results ...

Judge denies AT&T access to White House correspondence on Time Warner deal

Wed, 21 February 2018 05:10:34 +0800

A federal judge on Tuesday denied a request by AT&T Inc to compel the U.S. Justice Department to disclose any records of communications between the White House and government lawyers that detail President Donald Trump's views on the company's proposed US$85 billion merger with Time Warner Inc .

Whirlpool recalls 310,000 kettles over safety fears

Wed, 21 February 2018 02:00:38 +0800

PARIS: US appliance giant Whirlpool announced on Tuesday (Feb 20) it was recalling 310,000 kettles worldwide that are potentially dangerous because of faulty handles. The recall will affect 1.7-litre models of the KitchenAid brand manufactured between January 2013 and June 2017 and sold in Europe ...

Walmart shares tumble as e-commerce growth slows

Wed, 21 February 2018 06:20:38 +0800

NEW YORK: Investors pummelled Walmart shares on Tuesday (Feb 20) after the retail behemoth reported disappointing fourth-quarter earnings in results that revealed growing pains in its e-commerce build-out. Walmart suffered one of its worst days ever on Wall Street, plunging 10.2 per cent to close ...

Mining giant BHP half-year profit hit by US tax charges

Wed, 21 February 2018 01:11:54 +0800

SYDNEY: Higher commodity prices helped global mining giant BHP report a first-half net profit of US$2.02 billion on Tuesday (Feb 20), but the result was weighed down by a hefty charge from US tax reforms. The result for the six months to Dec 31 was 37 per cent lower than the US$3.20 billion ...

HSBC profits surge as CEO departs

Wed, 21 February 2018 01:10:59 +0800

LONDON: Profits at HSBC surged during 2017, in part thanks to a strong Asian performance, the global banking giant said on Tuesday (Feb 20) as it looks to the future without long-serving chief executive Stuart Gulliver. Net profit ballooned to US$9.7 billion (€7.9 billion) last year, from US$1.3 ...

Eurozone stocks firm, London lags on weak HSBC

Wed, 21 February 2018 02:44:49 +0800

LONDON: Key eurozone stock markets posted gains on Tuesday (Feb 20) as a weaker euro gave exporters a boost, while London underperformed because of sharp falls in banking giant HSBC and other major companies following earnings updates. "The FTSE 100 was held back by mixed results from HSBC ...

Gap brand CEO Jeff Kirwan to leave retailer, shares fall

Wed, 21 February 2018 02:00:16 +0800

REUTERS: Gap Inc said on Tuesday it was disappointed with the progress at turning around the fortunes of its eponymous brand and that the head of the business, Jeff Kirwan, was leaving. The surprise move comes just over a week before the apparel retailer is to announce fourth-quarter results. Gap ...

Thomson Reuters says CEO Jim Smith to make full recovery after arrhythmia incident

Tue, 20 February 2018 23:50:15 +0800

Thomson Reuters Corp said on Tuesday Chief Executive Officer Jim Smith is in stable condition after an arrhythmia incident on Feb. 12 and is expected to be released from hospital within the next two weeks.

Xerox shareholders Icahn, Deason urge company to sell itself to rivals

Wed, 21 February 2018 02:05:22 +0800

Xerox Corp shareholders Carl Icahn and Darwin Deason said on Tuesday the U.S. company should seek to sell itself to one of its rivals or a private equity firm.

BP sees self-driving electric vehicles crimping oil demand by 2040

Tue, 20 February 2018 22:50:13 +0800

LONDON: The emergence of self-driving electric cars and travel sharing are set to dent oil consumption by 2040, oil and gas giant BP said, forecasting a peak in demand for the first time. In its benchmark annual Energy Outlook, BP forecast a 100-fold growth in electric vehicles by 2040, with its ...

Guess co-founder Paul Marciano gives up daily duties amid probe for improper conduct

Tue, 20 February 2018 22:29:51 +0800

NEW YORK: Guess Inc said on Tuesday (Feb 20) its co-founder, Paul Marciano, will relinquish his day-to-day responsibilities at the company, on an unpaid basis, following allegations of improper conduct. Earlier this month, model and actress Kate Upton tweeted, accusing Marciano of using his power ...

Land Securities gets planning permission for Deutsche Bank London HQ

Tue, 20 February 2018 22:00:14 +0800

Land Securities , the developer for Deutsche Bank's new UK headquarters, said on Tuesday it had secured a revised planning permission for the proposed development in the heart of London's City financial district.

Wall Street winning streak ends as Walmart drags on Dow, S&P

Wed, 21 February 2018 05:10:37 +0800

NEW YORK: The Dow and S&P 500 fell on Tuesday to snap a six-session winning streak as a sharp decline in Walmart weighed heavily, but gains in Amazon and chip stocks helped the Nasdaq hold near the unchanged mark. The Dow Jones Industrial Average fell 256.62 points, or 1.02 percent, to 24,962 ...

Property stocks decline following higher buyer's stamp duty

Tue, 20 February 2018 22:46:50 +0800

SINGAPORE: Property-related stocks saw a decline on Tuesday (Feb 20), a day after the Government announced in the Budget speech that the Buyer’s Stamp Duty (BSD) would be raised. UOL Group fell by 3.25 per cent and City Developments by 3.02 per cent at market close, while CapitaLand declined by 1 ...

Walmart profit drops, online sales growth slows in holiday quarter

Tue, 20 February 2018 23:10:33 +0800

U.S. retailer Walmart Inc on Tuesday reported a lower-than-expected quarterly profit even as comparable sales in the U.S. market rose for the 14th consecutive quarter.

Qatar says may switch part of A350 order to biggest model

Wed, 21 February 2018 01:05:56 +0800

Airbus will continue to focus on the development of its existing twin-engined A350 jets, an executive from the European planemaker said on Tuesday.

The brand Olympics: getting attention without getting in trouble

Tue, 20 February 2018 19:45:52 +0800

In packing for the Winter Olympics, Canadian entrepreneur Domenico Ciarallo stuffed his bags with hats and t-shirts bearing the logo of his company, which makes locker-room dryers.

The brand Olympics: Getting attention without getting in trouble

Tue, 20 February 2018 19:24:06 +0800

PYEONGCHANG, South Korea: In packing for the Winter Olympics, Canadian entrepreneur Domenico Ciarallo stuffed his bags with hats and t-shirts bearing the logo of his company, which makes locker-room dryers. Once on the ground, though, he is wary when handing them out to any Olympians even if he ...

Qualcomm gets hedge fund nod with raised offer for NXP

Tue, 20 February 2018 22:46:30 +0800

U.S. chipmaker Qualcomm Inc raised its offer to buy NXP Semiconductors NV to US$127.50 per share from US$110, after being pressured by shareholders led by activist hedge fund Elliott Management Corp, the Wall Street Journal reported, citing people familiar with the matter.

Murdoch's Fox seeks to win bid approval by extending Sky News guarantee

Tue, 20 February 2018 19:15:24 +0800

Rupert Murdoch's Twenty-First Century Fox has strengthened its offer to protect the independence of Sky's loss-making news channel in a bid to overcome regulatory concerns about the takeover of the parent company.

Albertsons to buy Rite Aid as Amazon threat looms

Wed, 21 February 2018 03:15:11 +0800

U.S. grocery chain operator Albertsons Companies Inc plans to buy the part of Rite Aid Corp that is not being bought by Walgreens Boots Alliance Inc , the Wall Street Journal reported on Tuesday.

New Toyota magnet cuts dependence on key rare earth metal for EV motors

Tue, 20 February 2018 18:25:23 +0800

Toyota Motor Corp has found a way to reduce the amount of a key rare earth metal used in magnets for electric car motors by around 20 percent, which could tame the cost of producing electric cars and reduce the risk of a supply shortage of materials needed for their production.

Fashion firms dither over instant shopping on the catwalk

Tue, 20 February 2018 16:55:13 +0800

PARIS: Fashion labels may be falling over themselves to court young, smartphone-wielding shoppers, but there's one millennial-inspired trend that is only catching on slowly: catwalk shows where clothes are available to buy instantly rather than months later. The timing of product drops is becoming ...

Malaysian firm adds Islamic certification to cryptocurrency

Tue, 20 February 2018 15:23:53 +0800

SYDNEY: Malaysia-based firm HelloGold has received a sharia-compliant certification for its gold-backed cryptocurrency and plans to launch its online gold platform in Thailand later this year, the company said. Its cryptocurrency product, dubbed GOLDX, was launched at the end of last year and has ...

Refiner goes belly-up after big payouts to Carlyle Group

Tue, 20 February 2018 14:15:45 +0800

Throughout 2016 and 2017, a rail terminal built to accept crude oil for the largest East Coast refinery often sat idle, with few trains showing up to unload.

NuStar, other energy partnerships simplify business models to spur growth

Tue, 20 February 2018 13:10:38 +0800

Some publicly-traded U.S. energy pipeline and oil-storage partnerships are restructuring into simpler business models to help attract new investors and spur growth.

Japan's Sony to form alliance to build taxi-hailing system

Wed, 21 February 2018 10:45:14 +0800

TOKYO: Sony Corp said on Tuesday (Feb 20) it would become the latest blue-chip firm to jockey for position in Japan's taxi and ride-hailing market, with plans for a joint venture to develop an artificial intelligence-based hailing system. The partnership is the latest in a growing array of tie-ups ...

Exclusive: GM offers US$2.2 billion debt for equity swap in return for Seoul's support - sources

Tue, 20 February 2018 11:45:39 +0800

General Motors has offered to convert debt of around US$2.2 billion owed by its ailing South Korean operation into equity in exchange for financial support and tax benefits from Seoul, four sources with direct knowledge of the matter said.

GM plans to produce two new models in South Korea: South Korea lawmaker

Tue, 20 February 2018 11:40:46 +0800

General Motors Co plans to produce two new models in South Korea, a local lawmaker quoted GM executive Barry Engle as saying at a meeting with South Korean members of parliament.

Samsung Electronics to slash OLED panel production as iPhone X demand disappoints: Nikkei

Tue, 20 February 2018 13:25:07 +0800

Samsung Electronics Co will slash output of its organic light-emitting diode (OLED) panels in response to its customer Apple Inc's decision to cut production of iPhone X amid weak demand, the Nikkei reported on Tuesday.

Corbyn warns bankers: finance will serve Britain under Labour government

Tue, 20 February 2018 09:00:15 +0800

Britain's financial sector will be "the servant of industry not the masters of us all" if the opposition Labour Party gets into power, its leader Jeremy Corbyn will say on Tuesday, accusing bankers of taking the economy hostage.

Britain's pensions regulator ignored trustee requests on Carillion: lawmakers

Tue, 20 February 2018 08:55:11 +0800

Britain's pensions regulator twice ignored requests from trustees of collapsed outsourcing firm Carillion to force the company to plug its pension deficit, lawmakers said on Tuesday.

Asian stocks slip after European surge fades, dollar edges up

Tue, 20 February 2018 10:15:09 +0800

TOKYO: Asian stocks slipped on Tuesday, their recent recovery stalling after European equities broke a winning streak, while the dollar edged up to pull further away from three-year lows. MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.5 percent. Australian stocks fell 0.3 ...