HONG KONG: Cathay Pacific Airways said it expects to repay the Hong Kong government for HK$19.5 billion (US$2.5 billion) of preference shares over a three- to five-year period. The shares are part of a US$5 billion recapitalisation package announced on Tuesday to help the airline weather the coronavirus crisis, which […]
Business
WASHINGTON: The coronavirus pandemic inflicted a “swift and massive shock” that has caused the broadest collapse of the global economy since 1870 despite unprecedented government support, the World Bank said on Monday (Jun 8). The world economy is expected to contract by 5.2 per cent this year – the worst […]
SEOUL: The de facto leader of Samsung Group, Jay Y Lee, appeared before a South Korean court on Monday (Jun 8), awaiting a ruling on whether new allegations including accounting fraud and stock manipulation will send him back to jail after more than two years of freedom. Prosecutors on Thursday […]
TOKYO: Japan’s economy braced for its worst postwar slump even as first-quarter GDP contracted less than initially thought, as the cornonavirus crisis slams the brakes on global growth and raises pressure on Tokyo to cushion the blow to business and consumers. Banks are doing their bit to help as lending […]
WASHINGTON: The police department in the US city of Minneapolis will be dismantled and rebuilt, city councilors said late Sunday (Jun 7) after the death in custody of George Floyd sparked nationwide protests about racism in law enforcement. “We committed to dismantling policing as we know it in the city […]
SINGAPORE: Singapore Airlines (SIA) said on Monday (Jun 8) that it had secured about US$1 billion in credit facilities, in addition to the S$8.8 billion it recently raised from a rights issue, to help it weather the COVID-19 pandemic. Global airlines have taken a huge blow as curbs imposed to […]
As the original epicentre of the COVID-19 outbreak, China was the first to impose a strict lockdown on millions of its residents. Business is almost as usual for some companies now – albeit with precationary measures to prevent new infections. Money Mind reports. SINGAPORE: Around the world, many countries are […]
SEOUL: A South Korean court will rule as soon as Monday (Jun 8) whether to send Samsung Group heir Jay Y. Lee back to jail after more than two years of freedom, as new allegations dog the executive and cast a pall over the country’s top conglomerate. Lee, 51, is […]
WASHINGTON, DC: The Federal Reserve will meet next week for the first time since US states began easing shutdowns imposed to stop the coronavirus pandemic, unexpectedly boosting employment numbers after two months of massive layoffs. The world’s largest economy added 2.5 million jobs and the unemployment rate fell in May, […]
SINGAPORE: The strong growth in foreign currency deposits in Singapore this year has come from diverse sources – domestic, regional and beyond the region – and for varied reasons, said the Monetary Authority of Singapore (MAS) on Sunday (Jun 7). “No single region or country source dominates,” it added in […]