LONDON: Britain’s railway system once again came to a virtual standstill on Saturday (Jun 25) and flights in Europe were disrupted as strikes in the travel sector hit the continent. Tens of thousands of rail workers in the UK staged the latest day-long walkout over pay and job security, hampering […]
Business
Global equity funds obtained capital inflows in the week ended June 22, following a heavy selling in the previous week, as a slide in commodity prices slightly assuaged investor fears over rapid inflation. According to Refinitiv Lipper, investors secured global equity funds of $7.51 billion in net purchases. That compares […]
A Tesla Inc shareholder sued the electric car maker, Chief Executive Elon Musk and its board, accusing them of neglecting to tackle complaints about workplace discrimination and harassment, and engendering a “toxic workplace culture.” Thursday’s lawsuit is the latest against Tesla, which has been accused of racial discrimination and sexual […]
TOKYO : Senior officials from Japan’s Ministry of Finance, Bank of Japan and banking regulator Financial Services Agency will meet on Friday from 4 p.m. (0700 GMT) to discuss global market developments, the finance ministry said in a statement. Masato Kanda, vice finance minister for international affairs, will speak to […]
NEW DELHI : An oversupply of naphtha at a time of poor demand has squeezed the product’s Asian margins to their weakest levels since the 2008 global financial crisis, traders and analysts said. As Asian refiners boost output of more lucrative products – gasoline and diesel – to overcome global […]
Apple has told some of its contract manufacturers that it wants to increase production outside China, the Wall Street Journal reported, citing people familiar with the matter. India and Vietnam, which are already sites of Apple production, are among the countries short-listed by the company as alternatives, the report added. […]
WASHINGTON: South Korea’s Hyundai Motor Group said on Friday (May 20) it plans to invest about US$5.54 billion to build its first dedicated full electric vehicle (EV) and battery manufacturing facilities in the United States. Hyundai will break ground on its new facility in Georgia in early 2023 and is […]
SEOUL : South Korea’s new central bank chief said on Monday the country’s future monetary policy would be largely dependent on data flows, although inflation was a bigger concern for now than economic growth. Rhee Chang-yong, inaugurated last week as governor of the Bank of Korea, also told reporters the […]
A Florida official praised Elon Musk’s offer to buy Twitter Inc and said pension officials will tell the company its efforts to fend off the bid could hurt shareholder value. “We’re definitely very concerned about them leaving offers on the table,” said Florida Chief Financial Officer Jimmy Patronis in a […]
TOKYO : Toshiba Corp said on Thursday it has resolved to solicit proposals on strategic alternatives, including privatisation of the company. The company has retained Nomura Securities as an adviser and expects to complete evaluation of non-binding proposals before its annual general meeting of shareholders, it said in a release. […]