Archive / Business - 2021
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Evergrande to raise $5b from property unit saleChina Evergrande will sell a majority stake in its property management business for more than $5 billion, Chinese media said on Monday, a deal which...UK to unveil new pandemic support for workersBritain's finance minister admitted Monday that ending a pandemic furlough scheme that kept millions employed would mean job losses as the government was set to...BHP signs nickel supply deal with Toyota-Panasonic battery maker joint ventureBHP Group Ltd said on Monday it had agreed to supply nickel sulphate from Western Australia that would be used by Japanese auto major Toyota...Japan's outgoing Finance Minister Aso said he urged BOJ to lower inflation targetJapan's outgoing finance minister, Taro Aso, said on Monday he had proposed lowering the central bank's 2per cent inflation target when prices took a hit...Nigeria gets $400m in World Bank financing for Covid-19Nigeria received approval for $400 million in funding from the World Bank on Friday to purchase and deploy Covid-19 vaccines, the bank said in a...New York’s street vendors still waiting for pandemic recoveryAfter his small Manhattan food stand lost its customers during the coronavirus pandemic, Abdul Rahman -- an Afghan vendor who arrived in New York in...Decade after Jobs’ death, has Apple traded magic for profit?Ten years after Apple founder Steve Jobs' death, the firm has grown into a colossus of devices and services that is the world's most valuable...Easier access to green financing for Singapore firmsSingapore businesses that want to develop solutions to reduce waste and greenhouse gas emissions may find it easier to gain access to financing via a...IMF board to grill investigators, Georgieva on data-rigging claims this week, sources sayThe International Monetary Fund's executive board will intensify its probe of Managing Director Kristalina Georgieva this week by separately interviewing her and investigators who said...Phuket opens to all vaccinated travellersFully vaccinated travellers from any country can now book holidays to tourism haven Phuket, the Thai government has announced, under tweaks to a struggling quarantine-free...Factories struggling as supply constraints hit, costs riseGlobal manufacturing activity took a big hit from supply chain bottlenecks and escalating costs, exacerbated by pandemic-induced factory shutdowns in Asia and signs of slowing...Vietnam’s commercial hub back in business after 3-month lockdownHo Chi Minh City on Friday lifted a stay-at-home order that had kept its nine million residents indoors for three months and devastated business in...MAS to introduce new digital platform to fight money launderingThe Monetary Authority of Singapore (MAS) said on Friday (Oct 1) it would introduce a digital platform enabling banks to share information on customers and...White House pushes US airlines to mandate COVID-19 vaccines for staff by Dec 8The White House is pressing major US airlines to mandate COVID-19 vaccines for employees by Dec 8 - the deadline for federal contractors to do...Citigroup executive Levkovich dies a month after being hit by carCitigroup Inc's chief U.S. equity strategist, Tobias Levkovich, died on Friday from injuries he suffered after being struck by a car a month ago, the...Foreign businesses in China rattled by ‘hostage diplomacy’Huawei executive Meng Wanzhou's return from Canada this week was lauded as a diplomatic triumph in China, but the celebrations left a bad taste for...Global supply disruptions could still get worseSupply constraints thwarting global economic growth could still get worse, keeping inflation elevated longer, even if the current spike in prices is still likely to...China's farmers face more pain as power crunch drives up feed costsChina's huge livestock sector is facing a hike in feed costs, just as they grapple with crippling farming losses, said analysts and industry participants, after...Thai central bank chief warns economy remains fragile, exposed to shocksThailand has good fiscal and financial stability but its economy remains fragile and has limited capacity to withstand shocks due to high external dependence amid...Vietnam’s lockdown ensnares world’s clothing giantsFrom shoes and sweaters to car parts and coffee, Vietnam's strict and lengthy coronavirus lockdown has sparked product shortages among worldwide brands such as Nike...US says China blocking Boeing airplane purchasesUS Commerce Secretary Gina Raimondo said on Tuesday the Chinese government was preventing its domestic airlines from buying "tens of billions of dollars" of US-manufactured...Central banks parse inflation risksCentral banks that launched massive emergency support to fight the pandemic last year are now planning a global turn in the other direction, with gaps...Central banks parse inflation risk as turn from pandemic policy beginsCentral banks that launched massive emergency support to fight the pandemic last year are now planning a global turn in the other direction, with gaps...Swiss markets watchdog approves first crypto assets fundSwitzerland's financial markets supervisor said on Wednesday it had approved the country's first fund that invests primarily in crypto assets.The Crypto Market Index Fund is...Full US recovery ‘will take time’: Fed officialA full US economic recovery "will take time to complete," a top Federal Reserve official said Monday, adding that effects from the far-reaching Delta variant...Evergrande fuels concerns over China’s housing bubbleA state crackdown on China's colossal property market has helped send one of its biggest developers to the brink of collapse, and analysts warn the...China power cuts hit homes, factories and threaten growthGoldman Sachs Tuesday lowered its annual economic growth forecast for China as nationwide power cuts hit millions of homes and halted production at factories, including...Wind power cables project provides British jobs boostMore than 440 offshore wind industry jobs will be created or protected thanks to a £130 million investment from the British government and private business.JDR...China's Geely moves into smartphones with chairman's new ventureChinese automaker Zhejiang Geely Holding said on Tuesday (Sep 28) its founder, Eric Li, has launched a new company dedicated to making smartphones.The announcement marks...China energy crunch triggers alarm, pleas for more coalAs a severe power crunch roils China's north-eastern industrial heartland, senior officials face mounting pressure from alarmed citizens to ramp up coal imports thick and...Pelosi says US infrastructure bill will passUS House of Representatives Speaker Nancy Pelosi expressed confidence on Sunday that the $1 trillion infrastructure bill will pass this week but sounded more doubtful...Panic buying leaves 90pc fuel pumps dry in major British citiesUp to 90 per cent of British fuel stations ran dry across major English cities on Monday after panic buying deepened a supply chain crisis...US plans projects in Latin America countering China’s Belt and RoadUS officials are set to tour Latin America this week to scout infrastructure projects as they prepare a counter to Chinese President Xi Jinping's multi-trillion-dollar...Wage grants for aviation workers extended by 6 monthsThe Government will extend the aviation workforce retention grant by six months to support aviation companies and workers, said the Civil Aviation Authority of Singapore...Australian PM refuses to commit to phasing out fossil fuelsAustralian Prime Minister Scott Morrison refused to commit to phasing out fossil fuels as a major climate conference approaches, while his deputy doubled down on...Under US sanctions, Iran and Venezuela strike oil export dealVenezuela has agreed to a key contract to swap its heavy oil for Iranian condensate that it can use to improve the quality of its...UK to offer 10,500 post-Brexit visas to counter growing worker crisisBritain will issue up to 10,500 temporary work visas to lorry drivers and poultry workers to ease chronic staff shortages, the government announced Saturday, in...China Evergrande's electric car unit's shares tumble 26% after warningShares of China Evergrande's electric car unit plunged as much as 26 per cent on Monday (Sep 27) after it warned it faced an uncertain...Tesla Shanghai to make 300,000 cars Jan-Sept despite chip shortage - sourcesTesla Inc's Shanghai factory is expected to produce 300,000 cars in the first nine months of the year, capped by a delivery rush in the...China steps up funding oversight of Evergrande property projects: ReportSeveral local governments in China have set up special custodian accounts for property projects of its most indebted developer, Evergrande, to protect funds earmarked for...Zimbabwe bolsters emissions targetsZimbabwe has adopted a more ambitious target for emissions reduction ahead of a United Nations climate conference in November, the country's new climate change plan...Loop hopes to go mainstream with reusable packagingReusable packaging -- from stainless steel ice cream containers to glass jars of soap -- is about to become more common at groceries and restaurants...RBI to retain cash surplusIndia's central bank is likely to retain a surplus of liquidity in the banking system and announce another round of bond purchases, but will avoid...Quicken shift from fossil fuelsMajor UK-based companies on Friday urged the government to accelerate the nation's shift away from fossil fuels for electricity generation, amid turmoil over surging gas...Brazil sets 5G mobile auction for Nov 4, expects to raise US$1.9 billionBrazil's government has scheduled an auction of fifth generation (5G) mobile spectrum for Nov 4, with expectations that it will raise around 10 billion reais...Bank of England on guard against spiking inflationThe Bank of England is expected to stay the course on interest rates and stimulus on Thursday, despite soaring inflation and fears of runaway domestic...Fed warns of ‘severe damage’ if senators allow debt defaultThe chairman of the US Federal Reserve called on lawmakers to raise the nation's borrowing limit urgently on Wednesday, warning that failure to pay government...Ratings agency cuts China growth forecastRatings agency Fitch on Thursday cut its growth forecast for China's economy this year citing a slowdown in the country's colossal property sector, which is...Eurozone growth slows: surveyEconomic growth in the eurozone stumbled in September, a closely watched survey said Thursday, as supply chain bottlenecks, high prices and the spread of the...Italy's Enel spins off new firm for digital grid services - reportEurope's biggest utility Enel has set up a new company dedicated to digital grid services, which aims to have a revenue of 1.5 billion euros...