facebook pixel
chevron_right Business
Formula 1: Alonso 'excited' as McLaren unveil new car
Double world champion Fernando Alonso said he was excited but also apprehensive as McLaren became the final major Formula One team to unveil their car for the new campaign on Friday. Their new car sports a changed livery from last year's design, with an all-orange bodywork and a blue front and rear wing. Alonso, 36, looked certain to leave McLaren last year following a disappointing season but decided to extend his deal after the team terminated their miserable relationship with Honda.
Easy Ride trial to mark Nissan's first stop on road to taxi services
These moves mark a push by the automaker to avoid becoming the Foxconn of the auto industry: a mere vehicle supplier to ride- and car-sharing companies. When it comes to services, we will probably have different local partners who will help bring services to their respective markets. The company was an early proponent of self-driving cars, pledging in 2013 that it would market fully autonomous cars in 2020.
Kylie Jenner's tweet wipes US$1.3b off Snapchat's value
Snapchat's parent company lost some $1.3 billion in market value on Thursday after reality star Kylie Jenner's tweeted that she was no longer using the messaging service. My first love, but the damage may already have been done. Snap Inc's shares fell by more than six per cent in Thursday trading, a loss of about $1.3 billion in market capitalisation. Jenner has huge followings on various social media platforms, including Twitter and Instagram.
India-bound gas pipeline breaks ground on Afghan section
Turkmenistan, Afghanistan, Pakistan and India on Friday ceremonially broke ground on the Afghan section of an ambitious, multi-billion dollar gas pipeline expected to help ease energy deficits in South Asia. Speaking at the ceremony, Ghani said the pipeline would unite (the) countries in quotes translated into Russian for reporters at the ceremony. The quartet aims to complete the 1,840-kilometre pipeline and begin pumping natural gas from Turkmenistan's giant Galkynysh gas field by the beginning of 2020.
GM to propose wage freeze, no bonuses for South Korean workers this year
It is impossible to pay 2018 bonuses/one-time payments in 2018, GM said in the letter sent to team leaders laying out its proposal for this year's wage talks with its South Korean union. GM Korea has paid about 10 million won (US$9,285.83) in bonuses to each worker almost every year, company officials have said. To improve the manufacturing competitiveness of GM Korea, GM will propose freezing base wages this year and limit future wage increases below inflation, the letter showed.
Airbnb CEO pledges to take more responsibility for impact to housing
SAN FRANCISCO: Home-booking company Airbnb has sparred with regulators across the globe, but Chief Executive Brian Chesky on Thursday spoke of coming to terms with his responsibility for how the company can impact housing markets and neighborhoods. When Airbnb started 10 years ago it was kind of the culture that you really can't take responsibility for what happens on your platform, he said.
Sembcorp Industries to raise S$500 million from asset sales, plans India energy IPO
Sembcorp Industries said on Friday it expects to raise about S$500 million from the sale of some utilities assets and plans to list its Indian energy business, as it reported a plunge in quarterly profit. Sembcorp has filed a draft preliminary prospectus for the listing on BSE Ltd and the National Stock Exchange of India. Sembcorp Marine turned in poorer-than-expected results earlier this week, sending its stock down 11 per cent on Thursday.
China insurance regulator takes control of Anbang Insurance Group, chairman prosecuted
BEIJING/SHANGHAI: Anbang Insurance Group Co Ltd, one of China's biggest insurance conglomerates, has been taken over by the country's insurance regulator for one year, and its chairman has been prosecuted for economic crimes. The China Insurance Regulatory Commission (CIRC) said in a statement on Friday that it will maintain the group as a private company, even as it undertakes an equity restructuring, following the arrest last June of Anbang's chairman and key shareholder, Wu Xioahui.
Asian shares rebound as US rate fears ebb
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.4 percent, but was still on track to end the week barely changed. Australian and New Zealand shares were each up 0.5 percent while Japan's Nikkei edged 0.3 percent higher and South Korea's KOSPI index rose 1 percent. Asian shares took a knock on Thursday after minutes of the Fed's last meeting showed policy makers were confident about the economic outlook, prompting some investors to boost the odds of faster rate hikes.
Japan's Sharp drops suit against China's Hisense over North America TV sales: Nikkei
REUTERS: Japanese electronics maker Sharp Corp has dropped legal action to block China's Hisense Group from selling television in North America, the Nikkei business daily reported on Friday. Sharp had withdrawn a Federal lawsuit and an action filed with a US trade body as of Thursday, the Nikkei said, without citing sources. In September, the US International Trade Commission had agreed to probe certain Wi-Fi enabled devices and their parts after Sharp accused Hisense of infringing its patents.
Trump calls meeting on biofuels policy blamed by bankrupt refiner
US President Donald Trump has called a cabinet-level meeting early next week to discuss potential changes to biofuels policy, which is coming under increasing pressure after a Pennsylvania refiner blamed the regulation for its bankruptcy, according to three sources familiar with the matter. The regulation has created a lucrative market for corn-growing states, but refiners say it costs them hundreds of millions of dollars every year.
BlackRock puts gunmakers on notice after Florida school shooting
BlackRock Inc said on Thursday it plans to speak with weapons manufacturers and distributors 'to understand their response' to last week's mass school shooting in Florida. BOSTON/NEW YORK: The world's largest asset manager put US gunmakers on notice on Thursday that it is no longer business as usual in the wake of a shooting that killed 17 at a Florida high school. New Jersey legislators on Thursday said they plan to introduce bills to bar state pension funds from investing in gun manufacturers.
Commentary: China's tech darlings have a fundamental value problem
The problem is there are two answers to the question: Fundamental value and what someone will actually pay for it. The gap between what a company is fundamentally worth and what people will pay for it again appears to be growing wider. Ant, the payments affiliate of tech titan Alibaba, is the latest case in point. Didi bought Kuadi and the pair then chased Uber out of town, leaving Didi to be king of China's roads.
Commentary: GST on imported digital services a mouthful but I see what you did there
Two tax experts from PwC discuss the way the GST on imported digital services has been structured - and say it's well-scoped for a variety of reasons. The 7 per cent GST is applicable when a Singapore service provider who is registered for GST renders services - such as music or movie subscription services - to Singapore consumers over the internet.
Trump's call for more gun regulation boosts firearm stocks
What Trump has been saying is a complete surprise, said Aegis Capital analyst Rommel Dionisio, who covers firearms makers. Under Democratic President Barack Obama, firearm sales hit record levels as people stocked up, thinking the government might tighten gun control laws. Sales and stock prices of firearms makers slumped after Trump's unexpected election victory was seen as reducing prospects for curbs on gun ownership.
HP Inc reports three-fold jump in profit due to tax gain
HP Inc reported a more than three-fold rise in first-quarter profit on Thursday as the company, formed out of the 2015 split of Hewlett-Packard Co, benefited from changes in the US tax law and sold more personal computers and printers. Net earnings rose to US$1.94 billion, or US$ 1.16 per share, in the quarter ended Jan 31, from US$611 million, or 36 cents per share, a year earlier. Revenue rose to US$14.52 billion from US$12.68 billion.

Want to stay updated ?


Download our Android app and stay updated with the latest happenings!!!

50K+ people are using this