FRANKFURT: Lufthansa shares slumped 5.7 per cent on Monday morning after CEO Carsten Spohr said the company would seek to avoid a grounding and insolvency in a battle with the airline’s biggest shareholder over the terms of a €9 billion bailout. Lufthansa has been hard hit by what is expected […]
Business
FRANKFURT/MANILA: Wirecard said on Monday that €1.9 billion (US$2.1 billion) missing from its accounts was likely never there and it was looking at the sale or closure of parts of its business as it sought to avert a looming cash crunch. The former German stock market darling, which processes payments […]
JAKARTA: Indonesia expects its unemployment rate to spike to 8.1 per cent to 9.2 per cent this year due to the economic impact of the coronavirus pandemic, from 5.28 per cent in 2019, according to presentations by Cabinet ministers in a parliamentary hearing on Monday (Jun 22). Planning Minister Suharso […]
SINGAPORE: Employment agencies in Singapore will have to meet new licence conditions to strengthen fair hiring practices, announced the Ministry of Manpower (MOM) on Monday (Jun 22). The nearly 3,900 employment agencies licensed by MOM must not in any way abet discriminatory hiring by their clients, such as by withholding […]
SINGAPORE: Singaporeans have to “calibrate” and “carry on with economic activity” even though the risks are higher in Phase 2 of Singapore’s reopening, said Minister for Law and Home Affairs K Shanmugam. He was speaking to host Diana Ser in the first of three special episodes of In Conversation. “The […]
WASHINGTON: President Donald Trump held off on imposing tougher sanctions on Chinese officials blamed for a crackdown on China’s Uighur Muslim minority because of concern such measures would have interfered with trade negotiations with Beijing, he said in an interview published on Sunday (Jun 21). “Well, we were in the […]
SYDNEY: The recent appreciation in the Australian dollar is not a problem at this point although a lower exchange rate would help the economy, the country’s top central banker said on Monday. The Aussie has surged 24 per cent to the US dollar since hitting a low of US$0.5510 in […]
MEXICO CITY: Mexico will resume sending temporary farmworkers to Canada after the two countries reached an agreement on improved safety protections for laborers on Canadian farms during the coronavirus pandemic, the Mexican government said on Sunday (Jun 21). Mexico said last Tuesday it would pause sending workers to farms with […]
FILE PHOTO: An attendant walks past EU and China flags ahead of the EU-China High-level Economic Dialogue at Diaoyutai State Guesthouse in Beijing, China June 25, 2018. BRUSSELS: The European Union and China will seek to cool tensions on Monday (Jun 22) at a video summit, their first formal […]
BEIJING: China banned imports from a top US poultry producer and ordered a Beijing Pepsi factory to close on Sunday (Jun 21) as authorites clamped down on food production and distribution amid a new coronavirus cluster in the capital. Health officials also reported 22 new virus cases in Beijing, where […]