Archive / Business - 2021
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EU to press ahead with emergency relief for energy pricesEuropean Union leaders are set to press ahead with measures to shield consumers from record-high energy prices that have curtailed industrial production and hiked consumer...China looks to lock in US LNG as energy crunch raises concernsMajor Chinese energy companies are in advanced talks with US exporters to secure long-term liquefied natural gas (LNG) supplies, as soaring gas prices and domestic...Square CEO Dorsey says looking to build a bitcoin mining systemSquare Chief Executive Officer Jack Dorsey said on Friday (Oct 15) the fintech firm is looking to build a bitcoin mining system based on custom...El Salvador sees greener crypto-currency mining in its futureEl Salvador's unfolding experiment as a first-adopter of the crytocurrency bitcoin could be increasingly powered by new streams of renewable energy, the chief of the...Global shortages crimp German growthGlobal shortages in industrial components and raw materials have cramped Germany's export-driven economy, prompting the country's leading economic institutes to slash their forecast for growth...Amazon copied products, rigged search results to promote own brandsAmazon.com Inc has been repeatedly accused of knocking off products it sells on its website and of exploiting its vast trove of internal data to...Taiwan's TSMC posts 13.8% rise in Q3 profit on global chip demand surgeTaiwan chip giant TSMC posted a 13.8 per cent jump in third quarter profit on Thursday (Oct 14) on the back of booming demand for...US unveils plans for seven major offshore wind farmsThe US government on Wednesday (Oct 13) unveiled plans to build up to seven major offshore wind farms along the country's coasts as part of...British American Tobacco to pull out of MyanmarBritish American Tobacco will cease all operations in military-ruled Myanmar and withdraw by the end of this year, the company said on Tuesday, the latest...China coal prices hit record highChina's thermal coal prices surged to fresh record highs on Wednesday as recent floods in a key coal producing province worsened a supply crunch, just...UK economy rebounds despite supply chain woesBritain's economy rebounded in August despite ongoing supply chain woes, as people socialised more due to the lifting of coronavirus curbs, data showed Wednesday.Gross domestic...Australian state offers US$2 billion to lure hydrogen projectsAustralia's New South Wales state on Wednesday (Oct 13) said it would offer A$3 billion (US$2.2 billion) in incentives to attract hydrogen projects to the...China coal prices hit record high as floods add to supply woesChina's thermal coal prices surged to fresh record highs on Wednesday (Oct 13) as recent floods in key coal producing province Shanxi worsened a supply...IMF reaffirms ‘full confidence’ in head GeorgievaThe IMF Executive Board reaffirmed on Monday its "full confidence" in the Washington-based crisis lender's chief, Kristalina Georgieva, keeping her on as managing director after...US earnings seen strong, but costs worry investorsInvestors are primed for another period of strong US profit growth as third-quarter reports from Corporate America flow in starting this week. But as business...British American Tobacco to pull out of Myanmar by year-endBritish American Tobacco will cease all operations in military-ruled Myanmar and withdraw by the end of this year, the company said on Tuesday, the latest...India's Zostel asks regulator to reject SoftBank-backed Oyo's IPO filingIndian hospitality startup Zostel has asked the market regulator to reject an application from SoftBank Group-backed rival Oyo Hotels and Rooms to go public due...LG units say results accounted for US$918 million costs from GM's Bolt recallSouth Korea's LG Chem Ltd and LG Electronics Inc said on Tuesday their latest quarterly results accounted for costs of about 1.1 trillion won (US$917.66...Yellen confident Congress will pass minimum global corporate taxTreasury Secretary Janet Yellen said on Sunday she was confident the US Congress would approve legislation to implement the global corporate minimum tax agreed by...Corporate business travel’s carbon budgets loom for airlinesAs major companies look at drastic ways to cut carbon emissions from corporate travel, airlines are bracing for a major hit to business-class travel, a...India's Adani Ports to no longer handle cargo from Pakistan, Afghanistan, IranIndia's largest port operator Adani Ports and Special Economic Zone said on Monday that its terminals would no longer handle export and import of container...Harbin among first Chinese cities to announce steps to help property developersHarbin has become one of the first cities in China to announce measures to support property developers and their projects, which have been shaken by...China Evergrande bondholders brace for Monday's coupon deadlineOffshore bondholders of beleaguered developer China Evergrande Group were on Monday (Oct 11) bracing for news on more than US$148 million in looming bond coupon...Evergrande creditors fear imminent defaultChina Evergrande Group offshore bondholders are concerned that it is close to defaulting on debt payments and want more information and transparency from the cash-strapped...Pandemic saviours, food delivery apps now under fireMeal delivery services became essential during the pandemic, when millions of Americans were under lockdown and restaurants were shut to visitors.But these days the platforms...Munshi for more trade with ChinaCommerce Minister Tipu Munshi yesterday termed China as a "great friend" to Bangladesh and emphasised the need to enhance bilateral relations between the two with...Pandemic saviours, food delivery apps now under fire in the USMeal delivery services became essential during the COVID-19 pandemic, when millions of Americans were under lockdown and restaurants were shut to visitors.But these days the...No let up in China's aim to curb tech monopolies, says cbank governorChina will continue to curb monopolistic behaviors of internet platform companies and strengthen the protection of consumer privacy and data security, central bank governor Yi...China presses US to cancel tariffsChina said on Saturday it pressed the United States to eliminate tariffs in talks between the countries' top trade officials that Washington saw as a...UK and Gulf nations negotiate trade dealThe United Kingdom and the six Gulf Cooperation Council states have begun preliminary talks on a free trade agreement, Bahrain said, as London seeks to...China digs in on coal, oil gains as energy crisis deepensChina ordered miners in Inner Mongolia to ramp up coal production and oil prices jumped on Friday as a record surge in the cost of...Singapore to extend vaccinated travel lane scheme to eight more countries, including US, UK, SpainSingapore is extending its vaccinated travel lane scheme to eight more countries, allowing those who are fully vaccinated against COVID-19 to enter Singapore without having...Global tax deal seeks to end havens, criticised for 'no teeth'A group of 136 countries on Friday (Oct 8) set a minimum global tax rate of 15 per cent for big companies and sought to...New Hong Kong carrier Greater Bay Airlines granted air operator's certificateHong Kong startup Greater Bay Airlines said on Saturday it had received an air operator's certificate, a key step in the process toward launching commercial...Elon Musk says Tesla will move HQ from California to TexasTesla says it will relocate its headquarters from Palo Alto, California, to Austin, Texas, though the electric car maker will keep expanding its manufacturing capacity...UK business leaders criticise Johnson’s economic strategyBritish business leaders on Thursday criticised Prime Minister Boris Johnson for lacking a plan to deal with a labour shortage crisis, after he called for...World food prices hit 10-year peak: FAOWorld food prices rose for a second consecutive month in September to reach a 10-year peak, driven by gains for cereals and vegetable oils, the...Evergrande backer Chinese Estates' stock soars on take-private offerShares of Chinese Estates Holdings, a former major shareholder of embattled developer China Evergrande, jumped as much as 32per cent on Thursday after it announced...Japan's coincident, leading indicator indices fall in AugustJapan's coincident indicator index extended a decline in August from the previous month, the government said on Thursday, although it said economic conditions were improving.The...Tesco profits jump on ‘elevated’ pandemic salesBritish supermarket giant Tesco on Wednesday posted surging first-half profit on the back of elevated pandemic sales and its "resilient" supply chain.Profit after tax jumped...Biden says US future depends on his investment packagePresident Joe Biden delivered a stark warning of American decline Tuesday in a speech urging Congress to vote through his ambitious infrastructure and social spending...IMF trims 2021 GDP forecastThe International Monetary Fund expects global economic growth in 2021 to fall slightly below its July forecast of 6 per cent, IMF chief Kristalina Georgieva...Maintenance error caused Facebook's 6-hour outage, company saysAn error during routine maintenance on Facebook's network of data centres caused Monday's (Oct 4) collapse of its global system for more than six hours,...Facebook 'operating in the shadows', says whistleblower as US lawmakers demand probesUS lawmakers pounded Facebook on Tuesday (Oct 5), accusing CEO Mark Zuckerberg of pushing for higher profits while being cavalier about user safety and they...Digitalisation, waste management are the key: expertsThe time has come to invest in digitalisation, waste management and recycling to ensure business sustainability, said experts and entrepreneurs yesterday.The pandemic has accelerated the...China risks slower growth without more market competitionChina risks slower growth if it does not do enough to spur market competition by allowing the private sector to play a bigger role in...India warns of possible power crisisIndia is facing possible energy supply problems in the coming months due to coal shortages and a post-pandemic surge in demand, the power minister said...China's banks must meet coal, power financing needs -regulatorChina's banking regulator said on Tuesday that lenders including policy banks must ensure that the financing needs of the coal and power sectors are met...Japan eyes renewables, nuclear restart in race for 2030 climate goalJapan aims to expand renewable energy as much as possible and restart nuclear power plants whose safety has been confirmed, its new industry minister said...Biden’s new China trade plan echoes Trump’sUS Trade Representative Katherine Tai will seek new talks with China over its failure to keep promises made in a "Phase 1" trade deal struck...