REUTERS: Uber Technologies Inc on Monday said it would acquire Postmates Inc for US$2.65 billion to expand its food delivery market share and significantly increase the business of supplying everyday goods at a time when the coronavirus has pummeled its core ride-hailing service. The all-stock deal, still subject to regulatory […]
Business
WASHINGTON: US services industry activity rebounded sharply in June, almost returning to its pre-COVID-19 pandemic levels, but a resurgence in coronavirus cases that has forced some restaurants and bars to close again threatens the emerging recovery. The Institute for Supply Management (ISM) said on Monday its non-manufacturing activity index jumped […]
JAKARTA: Indonesia’s Lion Air Group is slashing 2,600 jobs as the coronavirus pandemic hammers Southeast Asia’s biggest carrier, a company spokesman said on Monday (Jul 6). The layoffs – about 9 per cent of the airline’s 29,000 employees – would mainly affect contract workers, it said. The job cuts come […]
LONDON: Britain’s decision to grant Huawei a limited role in building its 5G network is not “fixed in stone” and a government update on the Chinese company will be published before July 22, a government minister and official said on Monday. British relations with China have already been strained by […]
REUTERS: Facebook’s WhatsApp messaging service said on Monday (Jul 6) it had “paused” processing law enforcement requests for user data in Hong Kong. WhatsApp is “pausing” such reviews “pending further assessment of the impact of the National Security Law, including formal human rights due diligence and consultations with human rights […]
The Federal Reserve Bank of Boston said on Monday the Main Street Lending Program is now fully operational and ready to purchase eligible loans. NEW YORK: The Federal Reserve Bank of Boston said on Monday the Main Street Lending Program is now fully operational and ready to purchase eligible loans. […]
MADRID/DHAKA: Fashion brands and retailers re-opening around the world to patchy demand, and carrying unsold stock from spring have cut fall orders by as much as two-thirds in moves spelling more pain for Asian suppliers. With shoppers still wary of catching the coronavirus at stores, retailers are leaving buying decisions […]
LONDON: PwC, Deloitte, KPMG and EY should ring fence auditing as a separate business by June 2024 to improve the quality of auditing, Britain’s accounting watchdog said on Monday . Corporate failures at builder Carillion and retailer BHS led to three government-backed reviews that recommended a shake-up of auditing, but […]
BEIJING: Ford Motor’s China ventures reported year-on-year sales growth for June as the world’s biggest auto market continues to recover from coronavirus-induced lows. The U.S. automaker’s Chongqing-based venture with Changan said on Monday its sales jumped 7.7 per cent from a year earlier. It did not disclose the number of […]
SYDNEY/HONG KONG: Asian shares scaled four-month peaks on Monday (Jul 6) as investors counted on a revival in Chinese activity to boost global economic growth, even as surging coronavirus cases delayed business re-openings across the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.6 per cent to […]