Date
17 August 2018

Industrials and Utilities

  • Uber has cut its losses after retreating from some markets, but still has a long way to go on the path to profitability. Photo: Bloomberg

    Uber narrows loss but still far from profit

    Aug 16, 2018 9:22am
    Uber Technologies, the ride-hailing services firm which aims to go public next year, narrowed its quarterly losses from a year earlier, but appears to be still a long way from turning a profit. The San Francisco-based firm...
  • Tesla investors have been on a roller-coaster ride since CEO Elon Musk said last week that he was considering taking the company private. Photo: AFP

    SEC sends subpoenas to Tesla on going-private plan: report

    Aug 16, 2018 8:02am
    The US Securities and Exchange Commission has sent subpoenas to Tesla Inc. regarding chief executive Elon Musk’s plan to take the company private and his statement that funding was “secured”, Fox Business Network reports, citing sources....
  • Tesla CEO Elon Musk has yet to convince Wall Street analysts and investors that he can find the billions needed to take the company private. Photo: Bloomberg

    Musk bid for Tesla: no formal offer, no firm deals with advisers

    Aug 15, 2018 9:12am
    Tesla Inc.’s board named a special committee of three directors to decide what to do about chief executive Elon Musk’s potential offer to take the electric car company private, although Musk has yet to make a...
  • At US$12.2 billion in short bets, Tesla is the most shorted company in the United States, S3 Partners said. Photo: AFP

    Tesla short sellers trim exposure but stay the course

    Aug 14, 2018 8:19am
    Short sellers betting against Tesla Inc. trimmed their exposure to the electric car maker’s stock after chief executive Elon Musk gave new information about his proposal to take the company private, Reuters reports. Data showed traders...
  • Tesla founder and CEO Elon Musk stunned investors by announcing on Twitter that he might take the electric-car company private in a record US$72 billion transaction. Photo: Bloomberg

    Investors sue Tesla, Musk over going-private proposal

    Aug 13, 2018 7:45am
    Tesla Inc. and its chief executive Elon Musk were sued by investors for allegedly fraudulently engineering a scheme to squeeze short-sellers, including through Musk’s proposal to take the electric car company private, Reuters reports. The lawsuits...
  • Mearsk expects its Tradelens blockchain platform to be fully commercially available by the end of this year. Photo: Reuters

    Maersk-IBM blockchain platform signs up 94 clients

    Aug 10, 2018 9:20am
    Maersk said on Thursday that 94 companies and organizations have so far joined a blockchain platform that it is developing in partnership with IBM, an initiative aimed at providing more efficient and secure methods for conducting...
  • Investment bankers and analysts have serious doubts if Elon Musk will be able to raise the equity and debt financing needed for taking Tesla private. Photo: Reuters

    Tesla board seeking more info on Musk’s financing plan: report

    Aug 10, 2018 8:59am
    Tesla’s board is seeking more information from CEO Elon Musk about how his US$72 billion plan to take the electric carmaker private will be financed, Reuters reports, citing people familiar with the matter. The board’s request...
  • Heeding Xi Jinping's call to boost national energy security, Chinese oil and gas giants have pledged to boost exploration and production activities. Photo: Bloomberg

    China state firms vow to boost domestic oil, gas exploration

    Aug 9, 2018 9:16am
    China’s state-owned energy giants pledged to expand domestic oil and gas exploration and production, with a particular focus on natural gas supplies, following a call from President Xi Jinping to boost national energy security, Reuters reports....
  • Uber is making its Freight unit a standalone entity and beefing up investments in the unit. Photo: Bloomberg

    Uber creating standalone business out of freight unit

    Aug 8, 2018 9:30am
    Uber Technologies is creating a standalone business out of its long-haul trucking services, Uber Freight, with plans to double investment in the unit, Reuters reports. The freight business, which connects truckers with shippers, will be led...
  • Didi’s services business, which includes auto leasing, car maintenance and gas station services, has gross merchandise value sales of 60 billion yuan (US$8.79 billion). Photo: Reuters

    China’s Didi to invest US$1 billion in auto services platform

    Aug 7, 2018 8:58am
    Didi Chuxing Technology, China’s largest ride-hailing service, said it will invest US$1 billion in its auto services business as it prepares for a widely anticipated initial public offering (IPO), Reuters reports. Didi’s services business, which includes auto...
  • Honda is recalling nearly 97,000 Avancier SUVs in China and also running checks on two other models following a cold-climate engine issue. Photo: Bloomberg

    Honda to recall more China cars over cold-climate engine issue

    Aug 7, 2018 8:58am
    Honda Motor announced on Monday that it will recall 96,900 Avancier sport utility vehicles (SUVs) in China due to a cold-climate engine problem that has already led to huge recalls earlier this year. The midsize Avancier...
  • Heineken will take a 40 percent stake in CR Beer for HK$24.35 billion, giving the Dutch brewer a strong distribution network in China and greater access to one of the world’s fastest-growing premium beer sectors. Photo: Bloomberg

    Heineken seals US$3.1 billion tie-up with China Resources Beer

    Aug 3, 2018 12:45pm
    Heineken NV has struck a US$3.1 billion partnership with a company that controls China’s largest brewer, China Resources Beer Co. Ltd. (00291.HK), Reuters reports. The deal will see Heineken, the world’s No. 2 brewer, take a...
  • Tesla shares spiked on Thursday after the company signaled that its cash-burn was being brought under control. The stock surge left short-sellers with huge paper losses. Photo: Reuters

    Tesla short-sellers dealt a US$1.7 bln loss as shares soar 16%

    Aug 3, 2018 9:30am
    Tesla stock short-sellers are estimated to have suffered US$1.7 billion in paper losses on Thursday as shares of the electric-car maker soared more than 16 percent after the firm’s quarterly report, Reuters reports.  Tesla shares posted...
  • The midsize Envision sport utility vehicle, assembled only in China, last year accounted for about 19 percent of Buick brand sales in the United States. Photo: Reuters/AFP

    GM seeks to exclude China-made Buick SUV from tariff

    Aug 3, 2018 9:28am
    General Motors Co. is seeking an exemption to a 25 percent US tariff on its Chinese-made Buick Envision sport utility vehicle in a move to prevent the key model in the brand’s US lineup from becoming...
  • David Einhorn, president of Greenlight Capital Inc., is one of Tesla’s fiercest critics, accusing it of putting “dangerous products” on the road and saying it is burning through cash. Photo: Bloomberg

    Greenlight suffers huge losses after betting against Tesla

    Aug 1, 2018 9:16am
    Billionaire hedge fund manager David Einhorn told investors that a sharp rally in Tesla Inc. shares, which he bet against, turned into heavy second-quarter losses at his Greenlight Capital fund, but stuck by his dim outlook...
  • Matthias Herrmann, managing director of Roy Ceramics, believes there is still some way to go for China when it comes to pursuing intelligent manufacturing. Photo: HKEJ

    How a bathroom ceramics firm is riding Germany’s ‘Industry 4.0′

    - Jul 30, 2018 4:23pm
    In 2012, Germany launched the concept of “Industry 4.0″ in its manufacturing sector. Three years later, China implemented a similar initiative, dubbed “Made in China 2025″ plan, to modernize the country’s manufacturing through technological upgrades, and...
  • A file photo shows Volkswagen export cars lined up at a port in Germany, The EU and other major global auto producers are said to be mulling potential coordinated response to US tariff threats. Photo: Reuters

    Auto powers set to discuss response to Trump tariff threat

    Jul 30, 2018 9:23am
    Officials from Canada, the European Union, Japan, Mexico and South Korea will meet this week to discuss their response to US threats to impose tariffs on autos and car parts, Reuters reports, citing people familiar with...
  • Ford said it is seeking outside investors for the unit, which will house its self-driving vehicle operations. Photo: AFP

    Ford to create separate unit for self-driving car operations

    Jul 25, 2018 9:13am
    Ford Motor Co. said it is creating a separate US$4 billion unit to house its self-driving vehicle operations and is seeking outside investors, Reuters reports. The carmaker said it would invest US$4 billion through 2023 in...
  • BASF was able to convince Beijing that the Zhanjiang project will bring the products and technology it needs and that it is a reliable, long-term partner. Photo: Bloomberg

    What makes BASF’s US$10 billion Guangdong project possible?

    - Jul 20, 2018 10:39am
    In April this year, a delegation led by Zhanjiang City Mayor Jiang Jianjun visited the headquarters of BASF in Ludwigshafen, Germany. He was blown away by what he saw. Its “Verbund” site is the largest industrial...
  • After bagging the top spot in 2014 in a world airline ranking survey, Cathay Pacific has seen its position slip continuously. Photo: Bloomberg

    Can Cathay Pacific recover lost ground?

    - Jul 19, 2018 4:25pm
    Cost-cutting gone too far? The China integration factor? Or the I-don’t-care attitude? Well, whatever the reason — personally, I think it’s a combination of all three factors, plus more — the undeniable truth is that Cathay...

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