Business

LONDON: British Finance Minister Rishi Sunak has authorised a bailout plan to rescue companies that are seen as strategically important, with the state expected to buy stakes in crucial businesses that are facing acute financial problems, the Financial Times newspaper reported. Under the plan, which is named ‘Project Birch’, the […]

South Korean households are piling up debt for various reasons, from overspending on credit cards to unemployment to gambling losses. The programme Undercover Asia looks at the causes — and the effects. SEOUL: He was earning 620,000 won (S$710) a month, but Koo Young-gyu had four credit cards that gave […]

WASHINGTON: The United States on Friday (May 22) stepped up threats to strip Hong Kong of special trading privileges as it led Western nations in anger over China’s proposed national security law. US lawmakers are pressing for tough action over Hong Kong, which has become the latest front in soaring […]

LONDON: Prime Minister Boris Johnson is planning to reduce Chinese telecoms equipment maker Huawei’s involvement in Britain’s 5G network in the wake of the coronavirus crisis, the Daily Telegraph newspaper reported. Johnson has asked officials to make plans to reduce China’s involvement in British infrastructure to zero by 2023, the […]

WASHINGTON: The United States said on Friday (May 22) it would add 33 Chinese firms and institutions to an economic blacklist for helping Beijing spy on its minority Uighur population or because of ties to weapons of mass destruction and China’s military. The US Commerce Department’s move marked the Trump […]

WASHINGTON: The U.S. Transportation Department said late Friday it had granted tentative approval to 15 airlines to temporarily halt service to 75 U.S. airports because of the coronavirus pandemic. Airlines must maintain minimum service levels in order to receive government assistance but many have petitioned to stop service to airports […]

BANGKOK: Thailand has given businesses another year to comply with a new personal data protection law due to the impact of the coronavirus crisis on their preparations. The Personal Data Protection Act became law in May last year with a one-year transition period. It was intended to imitate the European […]

WASHINGTON: A range of business groups have made an 11th-hour appeal to US President Donald Trump as he weighs whether to restrict temporary work visas, warning of negative economic consequences if he blocks the flow of skilled foreign workers into the United States. More than 300 US companies, business associations […]

REUTERS: Alibaba Group Holding Ltd on Friday reported forecast-beating fourth-quarter revenues and profits, as more people shopped online for essentials because of the coronavirus lockdowns. As people stayed indoors and brick-and-mortar stores remained shut during the health crisis, online orders surged, with the company’s core commerce business rising nearly 19per […]