SINGAPORE: Singapore’s central bank and the US Federal Reserve have extended a US$60 billion swap facility through to March 2021 to bolster US dollar lending to firms in the country and the region, the Monetary Authority of Singapore (MAS) said on Thursday (Jul 29). The swap facility allows MAS to […]
Business
SHENZHEN: China’s Huawei overtook Samsung Electronics as the world’s biggest seller of mobile phones in the second quarter of 2020, shipping 55.8 million devices compared to Samsung’s 53.7 million, according to data from research firm Canalys. While Huawei’s sales fell 5per cent from the same quarter a year earlier, South […]
NEW YORK: Boeing suffered a bigger-than-expected loss in the latest quarter, the company announced Wednesday (Jul 29), and signalled additional job cuts are likely as it contends with a protracted air travel downturn amid the coronavirus pandemic. The aerospace giant, which previously suspended the dividend for shareholders and announced a […]
WASHINGTON: Google and Facebook took the sharpest jabs for alleged abuse of their market power from Democrats and Republicans on Wednesday (Jul 29), in a much-anticipated congressional hearing with four of America’s most prominent tech CEOs in the hot seat. Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Google’s Sundar Pichai and […]
SEOUL: Samsung Electronics said on Thursday (Jul 30) it expects a gradual recovery in demand for mobile devices and consumer electronics in the second half of the year, but risks remained due to coronavirus pandemic and growing competition. Samsung posted a 23 per cent jump in operating profit in the […]
FRANKFURT AM MAIN: German Finance Minister Olaf Scholz on Wednesday (Jul 28) said he gave lawmakers a “detailed” explanation of everything he knew about the fraud scandal that brought down payments firm Wirecard, amid criticism that authorities missed early warning signs of trouble. Wirecard filed for insolvency last month after […]
SAO PAULO: The US ambassador in Brasilia warned of “consequences” if Brazil chooses Chinese telecoms company Huawei to develop its 5G network, in an interview published Wednesday (Jul 29). “I wouldn’t say there would be retaliation, but there would be consequences” if Brazil goes against US advice and picks the […]
KUALA LUMPUR: Malaysia, the world’s second largest palm oil producer and exporter, has said it will fight growing anti-palm oil sentiment around the world with a new slogan: “Palm oil is God’s gift”. A Malaysian government official said on Tuesday (Jul 28) the country would use the slogan, first introduced […]
SINGAPORE: A retrenchment exercise by Eagle Services Asia (ESA) was halted by aerospace and aviation unions after it was found the aircraft maintenance, repair and overhaul (MRO) firm had not followed due process in letting go of its workers. In the process, legal industrial action, which received “overwhelming support” from […]
Aritra Chakravarty, founder of London-based online accounts and investments provider Dozens, admits it’s a tough time to be seeking up to 15 million pounds (US$19 million) for a start-up. LONDON/NEW YORK: Aritra Chakravarty, founder of London-based online accounts and investments provider Dozens, admits it’s a tough time to be seeking […]