17 October 2018

Industrials and Utilities

  • BMW will lift its stake in its venture with Brilliance China to 75 percent from 50 percent, with the deal closing in 2022. Photo: AFP

    BMW to gain control of China venture in milestone deal

    Oct 11, 2018 2:11pm
    Germany’s BMW said it will take majority control of its main China joint venture for 3.6 billion euros (US$4.2 billion), the first such move by a global carmaker as Beijing starts to relax ownership rules for the...
  • James Murdoch, who is a non-executive director of Tesla, is said to be the frontrunner to take over as the electric carmaker’s chairman. Photo: Bloomberg

    James Murdoch in line to replace Musk as Tesla chairman: FT

    Oct 11, 2018 10:09am
    Outgoing Twenty-First Century Fox Inc Chief Executive James Murdoch is the lead candidate to replace Elon Musk as Tesla Inc chairman, the Financial Times reported on Wednesday, citing two people briefed on the discussions. But in...
  • HNA is under pressure to cut its huge debt and restructure after a US$50 billion acquisition spree in recent years. Photo: Bloomberg

    HNA lists property assets worth US$11 billion for sale

    Oct 10, 2018 9:58am
    Chinese conglomerate HNA Group has put up for sale property assets worth at least US$11 billion, according to documents seen by Reuters, accelerating a push to cut its large debt and restructure. Two sets of documents...
  • Schoolchildren pass by a self-driving GM Bolt electric vehicle during a media event in San Francisco last year. Photo: Reuters

    Self-driving cars may hit US roads in pilot program

    Oct 10, 2018 9:30am
    Fully self-driving cars may be on the fast lane to US roads under a pilot program the Trump administration said it was considering, which would allow real-world road testing for a limited number of the vehicles,...
  • Tesla's Model 3 achieved the top rating, five stars, under the safety ratings program of the US National Highway Traffic Safety Administration, along with several other vehicles. Photo: Reuters

    US agency says Tesla safety claim goes beyond its analysis

    Oct 10, 2018 9:07am
    Tesla Inc. claimed its Model 3 electric car has the lowest risk of occupant injury of any vehicle in US government tests, but the National Highway Traffic Safety Administration said the claim goes beyond the scope...
  • Under the General Data Protection Regulation, EU regulators have the power to impose fines of up to 4 percent of global revenue or 20 million euros (US$23 million), whichever is higher, for violations. Photo: Reuters

    First round of fines under new EU privacy law seen by year-end

    Oct 10, 2018 8:45am
    European regulators are set to exercise their new powers by handing out fines and even temporary bans on companies that breach a new EU privacy law, with the first round of sanctions expected by the end...
  • Aside from ride-hailing, Grab offers other services such as food and parcel deliveries, electronic money transfers, micro-loans and mobile payments. Photo: AFP

    Microsoft to invest in Southeast Asian ride-hailing firm Grab

    Oct 9, 2018 9:21am
    Microsoft Corp. is investing in Southeast Asian ride-hailing firm Grab as part of a partnership that the two companies said will allow them to collaborate on technology projects, including big data and artificial intelligence, Reuters reports....
  • Cadillac’s Super Cruise did “the best job of balancing high-tech capabilities with ensuring the car is operated safely and the driver is paying attention”, Consumer Reports said. Photo: AFP

    Cadillac edges Tesla in semi-automated driving test

    Oct 5, 2018 8:36am
    General Motors Co.’s Cadillac outscored Tesla Inc. in a new ranking of partially automated driving systems tested by Consumer Reports. The highly influential nonprofit organization, which tests and rates a variety of consumer products from mattresses...
  • Elon Musk's latest tweet mocking the US regulator came just days after he settled charges that he had misled investors by claiming that he had secured funding to take the company private. Photo: AFP

    Tesla’s Musk mocks SEC as judge demands they justify settlement

    Oct 5, 2018 7:35am
    Tesla Inc.’s Elon Musk mocked the US Securities and Exchange Commission, just hours after a federal judge ordered him and the regulator to justify their securities fraud settlement, which let Musk remain chief executive, Reuters reports....
  • Honda’s investment boosts the value of Cruise to US$14.6 billion – about a third of GM’s US$48 billion market cap. Photo: Reuters

    Honda to invest US$2.75 billion in GM’s self-driving car unit

    Oct 4, 2018 8:07am
    Honda Motor Co. Ltd. will invest US$2.75 billion and take a 5.7 percent stake in General Motors Co.’s Cruise self-driving vehicle unit, to jointly develop autonomous vehicles for deployment in ride services fleets around the world,...
  • General Electric, Tesla and Pfizer have announced the replacement of their heads. Photo: Reuters/AFP/Bloomberg

    October begins with big executive changes in corporate America

    - Oct 2, 2018 2:25pm
    The first of October is the China’s national day. In the United States, it may as well be executive retirement day for several big companies. Three big corporates announced the replacement of their heads, and their shares subsequently...
  • Larry Culp, 55, who was named to GE’s board in February, was CEO of industrial equipment supplier Danaher Corp. from 2000 to 2014. Photo: Reuters

    GE shares soar after CEO replaced with outsider

    Oct 2, 2018 9:02am
    General Electric Co. ousted chief executive John Flannery in a surprise move, replacing him with outsider and board member Larry Culp, Reuters reports. The struggling energy, health and transportation conglomerate also said it would take a...
  • Under a settlement with the US Securities and Exchange Commission, Tesla and Elon Musk will pay US$20 million each to the regulator and Musk will step down as chairman but stay as CEO. Photo: Reuters

    Tesla shares jump on Model 3 numbers, Musk deal

    Oct 2, 2018 8:46am
    Shares of Tesla Inc. jumped by almost 18 percent on Monday as chief executive Elon Musk settled a lawsuit that had threatened to force him out and said a surge in third-quarter production had driven it...
  • Cathay Pacific will levy a fuel surcharge of HK$625 for long-haul flights and HK$146 for short-haul ones. Photo: Bloomberg

    Cathay set to reimpose fuel surcharges from November

    Sep 28, 2018 4:52pm
    After their suspension for two years, Cathay Pacific Airways will reintroduce fuel surcharges in a bid to ease the airline’s cost pressure, the Hong Kong Economic Journal reports. “A fuel surcharge will be included on all...
  • When oil prices rise abruptly we should be concerned because they can cause a domino effect on the real economy. Photo: Reuters

    Is the oil burden a rising problem?

    - Sep 28, 2018 3:29pm
    While markets become increasingly bullish, oil prices are close to a “warning zone” where the barrel could be one — if not the only — catalyst of a major slowdown. The concept of “Oil Burden” is...
  • Elon Musk ‘knew or was reckless in not knowing’ that his tweets about taking Tesla private at US$420 a share were false and misleading, the US SEC says. Photo: Reuters

    SEC sues Musk for fraud, seeks his removal from Tesla

    Sep 28, 2018 9:36am
    US securities regulators on Thursday accused Tesla CEO Elon Musk of fraud and sought to remove him from his position at the electric carmaker, alleging that he misled investors with false public statements. In a lawsuit...
  • Boeing aims to deliver the first training jets in 2023 with the program to reach full operation in 2034. Photo: Reuters

    Boeing wins US$9.2 billion deal for new Air Force training jet

    Sep 28, 2018 9:20am
    The US Air Force said it has selected Boeing Co. to build its next training jet in a contract worth up to US$9.2 billion over the life of the program, Reuters reports. Boeing teamed up with...
  • Chinese ride-hailing giant Didi is facing closer government scrutiny as well as competition from state-backed entities. Photo: Reuters

    Didi faces intensifying competition from state rivals

    - Sep 28, 2018 8:52am
    Chinese ride-hailing platform Didi Chuxing has encountered serious setbacks lately. Adding to the challenges, several state-linked entities are launching online ride-hailing services to compete with the top private player. Didi has dominated China’s ride-hailing market after...
  • “Big Oil” firms have been hit by a number of actions relating to their role in climate change. Photo: Bloomberg

    Storm warning for the fossil fuel industry

    - Sep 27, 2018 10:16am
    This has been a year of extreme weather events, from the “Beast from the East” that froze much of the United Kingdom in March to Hurricane Florence on the US East Coast and Typhoon Mangkhut in...
  • The 2016 data breach exposed personal data from 57 million Uber accounts, including 600,000 driver’s license numbers. Photo: Bloomberg

    Uber to pay US$148 million to settle data breach cover-up

    Sep 27, 2018 8:34am
    Uber Technologies Inc. will pay US$148 million for failing to disclose a massive data breach in 2016, Reuters reports. The settlement with 50 US states and Washington, DC brings closure to one of several high-stakes legal...

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