21 February 2019

Industrials and Utilities

  • A file picture shows the A380 aircraft taking off on its maiden flight from Toulouse, France on April 27, 2005. Airbus has announced that will stop making the double-decker plane due to insufficient orders. Photo: Bloomberg

    How Airbus was wrong-footed in its A380 bet

    - Feb 19, 2019 1:30pm
    Airbus announced that it would stop making the double-deck A380 superjumbo jet in 2021, after having poured in billions into research and production of the world’s largest passenger airliner. Initially, Airbus took on the superjumbo jet...
  • The US auto industry has called on Washington not to impose import tariffs, warning of the risk of increased costs. Photo: Bloomberg

    Auto industry lines up against possible US tariffs

    Feb 19, 2019 9:11am
    The US auto industry on Monday urged the Trump administration not to saddle imported cars and auto parts with steep tariffs, warning that the move would increase the costs for automakers and put jobs at risk,...
  • CMIG had sought to combine state support with the efficiency of private firms to focus on strategic investments in finance, steel, solar energy and shipbuilding. Photo: CMIG

    How China private investment giant CMIG got mired in debt crisis

    - Feb 18, 2019 1:17pm
    China Minsheng Investment Group (CMIG) recently failed to make a bond repayment.  The group was jointly set up by 59 businessmen in 2014. Chinese Premier Li Keqiang attended the signing ceremony back then, underlying the central...
  • Didi Chuxing, China's largest ride-hailing services firm, is said to be planning to take on Uber in Latin America markets. Photo: Bloomberg

    China’s Didi plans to enter Chile, Peru markets: report

    Feb 18, 2019 9:30am
    Chinese ride-hailing giant Didi Chuxing is planning to take on US rival Uber in some of Latin America’s fastest-growing markets, recruiting managers in Chile, Peru and Colombia, Reuters reports, citing job postings and a company official....
  • Uber wants investors to focus on the solid growth in gross bookings rather than the continued net loss. Photo: Reuters

    Uber revenue up 43% in 2018 but profit remains elusive

    Feb 18, 2019 9:00am
    Uber Technologies announced on Friday global revenue of US$11.3 billion for 2018, up 43 percent from the prior year, but remained deep in the red even though it managed to reduce the losses. Losses before taxes,...
  • The A380, with two decks of spacious cabins and room for 544 people in standard layout, failed to take hold as airlines backed a new generation of smaller, more nimble jets. Photo: AFP

    Airbus to scrap production of A380 superjumbo

    Feb 14, 2019 2:15pm
    Europe’s Airbus announced plans to scrap production of the A380 superjumbo after years of lackluster sales, Reuters reports. The world’s largest airliner, with two decks of spacious cabins and room for 544 people in standard layout,...
  • The Rivian R1T electric pickup truck is displayed during a reveal event in Los Angeles on Nov. 27, 2018. The Michigan-based startup is said to be in talks with Amazon and GM over a potential stake sale. Photo: Bloomberg

    Amazon, GM eye stakes in electric truck maker Rivian: report

    Feb 13, 2019 9:13am
    Amazon and General Motors are in talks to invest in US electric pickup truck manufacturer Rivian Automotive, Reuters reports, citing sources familiar with the matter.  A potential deal, which would give Amazon and GM minority stakes in...
  • Japan's Softbank Group has made a significant bet on another US tech startup. Photo: Bloomberg

    SoftBank invests in autonomous delivery startup Nuro

    Feb 12, 2019 9:18am
    Autonomous technology startup Nuro has raised US$940 million from SoftBank Group, a deal which valued the Silicon Valley-based firm at US$2.7 billion, Reuters reports. The funding by SoftBank came through its US$100-billion Vision Fund, according to...
  • Nissan cut hundreds of jobs at its Sunderland factory in the north of England, Britain’s biggest car plant, last year. Photo: Reuters

    Nissan scraps plan to build new X-Trail model in Britain

    Feb 4, 2019 8:26am
    Carmaker Nissan has scrapped plans to build its new X-Trail SUV in Britain and will produce it solely in Japan, warning two months before Brexit that uncertainty over Britain’s departure was making it harder to plan...
  • Used car sales in China rose 11.5 percent in 2018 from the year before to 13.82 million vehicles, amounting to 860.4 billion yuan (US$127.61 billion). Photo: Bloomberg

    SoftBank fund in talks to invest US$1.5 bln in Guazi: report

    Feb 4, 2019 7:20am
    The SoftBank-led Vision Fund is in talks to invest up to US$1.5 billion in Chinese used car trading platform, Reuters reports, citing two people with knowledge of the matter. That would mark the latest Chinese deal...
  • Dozens of senior officials and executives have been punished in China's campaign against corruption. Photo: AFP

    Jiangxi Copper ex-chairman gets 18-year jail term for corruption

    Jan 30, 2019 9:30am
    A former head of Jiangxi Copper Co. (00358.HK, 600362.CN), one of China’s top copper producers, was sentenced to 18 years in jail and handed a 2.2 million yuan (US$326,656.67) fine after being found guilty of bribery...
  • Didi has teamed up with state-owned BAIC to work on projects related to new-energy vehicles and artificial intelligence. Photo: Reuters

    Didi, BAIC team up to work on new-energy vehicle projects

    Jan 28, 2019 4:57pm
    Didi Chuxing, China’s largest ride-hailing operator, has set up a joint venture with Beijing Electric Vehicle Co, a unit of BAIC, to work on new-energy vehicle and artificial intelligence projects. The joint venture, BAIC-Xiaoju New Energy Auto Technology...
  • The Hyundai Oilbank deal will help Saudi state oil giant Aramco expend its footprint in a key Asian market. Photo: Reuters

    Aramco plans to buy US$1.6 bln stake in Hyundai Oilbank

    Jan 28, 2019 3:50pm
    Saudi Aramco plans to invest up to US$1.6 billion for a nearly 20 percent stake in South Korean refiner Hyundai Oilbank, Reuters reports. Under the proposed deal, the Saudi state oil giant will take up to...
  • Rusal and other firms linked to Russian oligarch Oleg Deripaska have committed to greater transparency in relation to their operations, according to the US Treasury Department. Photo: Reuters

    US lifts sanctions on Rusal, other firms linked to Deripaska

    Jan 28, 2019 9:00am
    The Trump administration on Sunday lifted sanctions on aluminum giant Rusal and other Russian firms linked to oligarch Oleg Deripaska, despite a Democratic-led push in the US Congress to maintain the restrictions, Reuters reports. Earlier this...
  • Boeing's Autonomous Passenger Air Vehicle prototype is shown during an inaugural test flight in Virginia in the United States on Jan. 22. Photo: Handout via Reuters

    Boeing flying car prototype completes maiden test flight

    Jan 24, 2019 9:43am
    Boeing announced Wednesday that its flying car prototype completed its first test flight, helping the firm move ahead on a project aimed at on-demand autonomous air transportation. The 30-foot-long aircraft – part helicopter, part drone and...
  • Tesla is said to have held talks with a Chinese firm as it seeks to diversify battery supply sources for its electric vehicles. Photo: Reuters

    Tesla holds battery supply talks with China’s Lishen: report

    Jan 23, 2019 9:21am
    Tesla has held talks with China’s Tianjin Lishen to supply batteries for the US electric carmaker’s upcoming Shanghai factory, Reuters reports. The two firms signed a preliminary agreement, the news agency said, citing people with knowledge...
  • Waymo said the new facility will mass-produce Level 4 autonomous vehicles which can pilot themselves without a human driver under certain conditions. Photo: Bloomberg

    Waymo to build self-driving cars in Michigan

    Jan 23, 2019 9:01am
    Alphabet Inc.’s Waymo self-driving vehicle unit said on Tuesday it plans to build a plant in Michigan to transform vehicles into autonomous cars for Waymo’s ride services business, Reuters reports. Waymo has proposed private investments of...
  • Tesla's Model 3, aimed at the mass market, is expected to be introduced in Europe next month. Photo: Reuters

    Tesla’s Model 3 gets green light in Europe

    Jan 22, 2019 8:18am
    Tesla’s Model 3 has been given the green light to hit the road in Europe, clearing the final hurdle for the European introduction of the battery-powered sedan expected next month, Reuters reports. The Model 3 is...
  • The securities regulator said Prasert Prasarttong-osoth, his daughter and another executive executed and matched trading in Bangkok Airways shares that caused price and volume to be inconsistent with market conditions. Photo: Bloomberg

    Thai tycoon quits listed firms on regulator’s order

    Jan 21, 2019 1:11pm
    Thai tycoon Prasert Prasarttong-osoth resigned on Monday as chief executive of Bangkok Dusit Medical Services and Bangkok Airways after the securities regulator barred him from holding executive positions in listed Thai firms, citing share manipulation, Reuters...
  • Carlos Ghosn's release on bail would allow him to meet more frequently with his lawyers and defend himself before the board of Renault. Photo: Reuters

    Nissan’s Ghosn offers to wear electronic ankle tag for bail

    Jan 21, 2019 10:41am
    Ousted Nissan Motor Co chairman Carlos Ghosn has offered to wear an electronic ankle tag and hire guards to monitor him in an unusual bid to secure his release on bail after two months of detention...

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