TORONTO: Canadian and U.S. cannabis companies are facing a spike in already high costs of insurance to protect top executives from personal liability, following a slew of lawsuits by disgruntled investors alleging fraud and misinformation, with more such action expected. Some of the biggest cannabis companies, including Medmen Enterprises, Canopy […]
Business
REUTERS: Shares in Nokia fell up to 8per cent in Wednesday trade on concerns that the Finnish company was losing the business of its key client Verizon in the United States. Nokia, battling with China’s Huawei and Sweden’s Ericsson , is trying to strengthen its 5G slate and looking especially […]
KUALA LUMPUR: Shares in Malaysia’s AirAsia Group plunged 11 per cent after trading resumed on Wednesday (Jul 8) afternoon, after its auditor said there were material uncertainties that cast doubt on the budget carrier’s ability to continue as a going concern. Ernst & Young issued an audit opinion stating that […]
LONDON: Online fashion retailer Boohoo has commissioned an independent review of its supply chain in Britain focused on areas including compliance with minimum wages and coronavirus rules after a damaging media report about working conditions. Boohoo shares have lost about a third of their value since The Sunday Times reported […]
TOULOUSE, France: Airbus workers began a brief strike on Wednesday (Jul 8) over plans to cut up to 15,000 jobs in response to the coronavirus crisis, which has stripped demand for jets as airlines cope with a plunge in tourism and business travel. Unions said up to 8,000 workers were […]
HONG KONG: Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, plans a Hong Kong float as soon as this year and targets a valuation of more than US$200 billion, said two sources with knowledge of the matter. The world’s most valuable tech “unicorn” had been looking to sell […]
BERLIN: Around four-fifths of German firms with foreign exposure have experienced a collapse in revenues as a result of the coronavirus crisis, and 93 per cent expect global economic conditions to improve only in 2021 or later, according to a survey. The survey for the German Chambers of Commerce showed […]
BENGALURU: Amazon.com has invested 23.10 billion rupees (US$308.02 million) in Amazon Seller Services, an Indian unit, strengthening the business at a time when more people shop online in a bid to avoid crowded public places. Amazon Singapore made a significant portion of financing, data from business intelligence firm Tofler showed. […]
BEIJING: Orders for infrastructure materials and equipment have helped industrial output recover faster in China than most places emerging from COVID-19 lockdowns, but further expansion will be hard to attain without stronger broad-based demand and exports. Prices of copper and steel have surged and share prices for Chinese blue chips […]
GENEVA: Six candidates are vying to become the next head of the World Trade Organization – an institution which faced mammoth challenges even before the pandemic-driven global economic crisis struck. The window to enter the race slams shut on Wednesday (Jul 8), in a speeded-up contest to replace the outgoing […]