Date
24 August 2019

Business

  • Responding to criticism from China, Coach has apologized for the design of a T-shirt which identified Taiwan as a country. Photo: Bloomberg

    Coach, Givenchy in hot water over China T-shirt row

    Aug 12, 2019 4:02pm
    Chinese brand ambassadors of fashion labels Coach and Givenchy have severed ties with the firms over products which they said violated China’s sovereignty by identifying Hong Kong and Taiwan as countries, Reuters reports. The brands are...
  • In response to the emergence of cryptocurrencies like bitcoin, China's central bank has vowed to create a digital currency that is backed and managed by itself. Photo: Bloomberg/Reuters

    China ready to launch official digital currency soon

    Aug 12, 2019 1:01pm
    After five years of development, China’s official digital currency “can now be said to be ready”, says Mu Changchun, deputy director at the Payment and Settlement Department of the People’s Bank of China (PBoC). Speaking at the...
  • A no-deal Brexit could easily push the pound to parity with the US dollar, which has never happened before. Photo: Reuters

    What does the pound’s poor week suggest for future performance?

    - Aug 12, 2019 12:55pm
    The pound sterling has had a rough ride over the last few weeks, hitting a 33-month low – against a trade-weighted basket of currencies – on July 30. Let’s take a look at the downward pressure on...
  • Cathay Pacific has succumbed to pressure from China and punished some staff who had participated in Hong Kong's ongoing protests. Photo: Bloomberg

    Cathay acts against staff after China warning over HK protests

    Aug 12, 2019 12:35pm
    Cathay Pacific Airways has suspended a pilot who was arrested during Hong Kong’s anti-government protests and also fired two airport employees for alleged misconduct. The Hong Kong flag-carrier said over the weekend that it will bar...
  • If, under US President Donald Trump, it takes trillion-dollar annual deficits to keep the economy going in good times, what will it take when things are not so rosy? Photo: Bloomberg

    Trump’s deficit economy

    - Aug 12, 2019 10:25am
    In the new world wrought by US President Donald Trump, where one shock follows another, there is never time to think through fully the implications of the events with which we are bombarded. In late July,...
  • Chinese authorities’ recent decision to let the renminbi break the 7 yuan barrier against the US dollar may have been a deliberate response to Trump’s latest tariff offensive. Photo: Bloomberg

    The currency manipulation game

    - Aug 12, 2019 10:00am
    The trade war between the United States and China is heating up again, with US President Donald Trump abruptly announcing plans to impose a 10 percent tariff on the US$300 billion worth of imports from China...
  • A file picture shows Tesla Model 3 electric cars. The company has stood by safety claims for the vehicles n the face of regulatory scrutiny. Photo: Reuters

    Tesla vehicle catches fire after hitting tow truck in Moscow

    Aug 12, 2019 9:36am
    A Tesla Model 3 electric car caught fire after crashing into a parked tow truck on a Moscow motorway late on Saturday, Reuters reports. The Tesla driver was quoted as saying that he had failed to...
  • People attend a rally on Saturday to demand free elections to Moscow’s city legislature.  Photo: Reuters

    Russia tells Google not to advertise ‘illegal’ events

    Aug 12, 2019 9:35am
    Russia’s state communications watchdog has asked Google to stop advertising “illegal mass events” on its YouTube video platform, Rueters reports. Tens of thousands of Russians staged what observers called the country’s biggest political protest for eight...
  • Goldman Sachs lowered its fourth-quarter US growth forecast by 20 basis points to 1.8 percent on a larger than expected impact from the developments in the trade tensions. Photo: Bloomberg

    Fears rise over US-China trade war fallout: Goldman Sachs

    Aug 12, 2019 9:27am
    Goldman Sachs Group Inc. said fears of the US-China trade war leading to a recession are increasing and that it no longer expects a trade deal between the world’s two largest economies before the 2020 US...
  • Huawei says its Harmony OS is completely different from Google's Android and Apple's iOS systems. Photo: Reuters

    Huawei unveils Harmony operating system

    Aug 12, 2019 9:10am
    Huawei Technologies unveiled on Friday its proprietary operating system for smartphones and other devices, but said it would for now stick to using Google’s Android for smartphones. The Chinese telecoms equipment giant said the new software...
  • Corporate security service accounted for 53 percent of Symantec's revenue of US$4.2 billion last year, compared with 31 percent from the consumer side. Photo: Reuters

    Broadcom’s Symantec deal shows potential of antivirus software

    - Aug 9, 2019 4:53pm
    In recent years, mobile phones have become more vulnerable to virus attacks. At the same time, the privacy issue is becoming increasingly important. With the explosive growth of data, security software is back in the spotlight....
  • Prices for some major building materials such as steel reinforcing bars were weak in July as high temperatures and rain stalled construction projects. Photo: Reuters

    China producer prices fall, raising deflation fears

    Aug 9, 2019 3:28pm
    China’s factory gate prices shrank for the first time in three years in July, stoking deflation worries and adding pressure on Beijing to deliver more stimulus as the economy sputters amid an intensifying trade war with...
  • State fund 1MDB is the subject of corruption and money laundering investigations in at least six countries. Photo: Reuters

    Goldman Sachs executives charged in 1MDB corruption probe

    Aug 9, 2019 2:04pm
    Malaysia filed criminal charges against 17 current and former directors at subsidiaries of Goldman Sachs Group Inc. over the multibillion-dollar corruption probe at state fund 1MDB, Reuters reports, citing the attorney general. Goldman Sachs has been...
  • Uniqlo has close to 190 stores in South Korea where it sells around 140 billion yen (US$1.3 billion) of clothes annually, or 6.6 percent of its revenue. Photo: Bloomberg

    South Korea boycott hitting Uniqlo sales

    Aug 9, 2019 11:36am
    A boycott on Japanese goods in South Korea has had an impact on casual clothing chain Uniqlo’s sales in the country, highlighting the widening economic hit from a diplomatic row over Tokyo’s wartime role, Reuters reports....
  • Apple will offer more cash rewards to researchers who detect security flaws in its products. Photo: Bloomberg

    Apple offers record ‘bounty’ to find iPhone security flaws

    Aug 9, 2019 9:25am
    Apple is offering cyber security researchers up to US$1 million to detect flaws in iPhones, the largest reward offered by a company to defend against hackers, Reuters reports. At the annual Black Hat security conference in...
  • Many Tesla owners said the software update limited the distance they can travel and forced them to recharge more frequently. Photo: AFP

    Lawsuit claims Tesla software update cut battery capacity

    Aug 9, 2019 9:16am
    A Tesla Inc. owner has filed a lawsuit against the electric vehicle maker, claiming the company limited the battery range of older vehicles via a software update to avoid a costly recall to fix what plaintiffs...
  • Broadcom's push to software came after a failed attempt last year to buy mobile chipmaker Qualcomm for US$117 billion. Photo: Reuters

    Broadcom to buy Symantec enterprise unit for US$10.7 billion

    Aug 9, 2019 8:42am
    Chipmaker Broadcom Inc. said it will buy antivirus software maker Symantec Corp.’s enterprise security unit for US$10.7 billion in cash to scale up its software business through deals, Reuters reports. Shares of Symantec rose 3.6 percent...
  • Uber’s net loss, up from a loss of US$878 million a year earlier, reflected US$3.9 billion of stock-based compensation expenses related to its IPO earlier this year. Photo: Reuters

    Uber loses US$5 billion, misses Wall Street targets

    Aug 9, 2019 8:22am
    Uber Technologies Inc. reported a US$5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6%. Uber’s net loss, up...
  • The court decision exposes Facebook to billions of dollars in potential damages to the Illinois users who brought the case. Photo: AFP

    Facebook loses facial recognition appeal, must face privacy suit

    Aug 9, 2019 8:02am
    A federal appeals court rejected Facebook Inc.’s effort to undo a class-action lawsuit claiming that it illegally collected and stored biometric data for millions of users without their consent, Reuters reports. The 3-0 decision from the...
  • China’s per capita coffee consumption is about six cups a year, compared to 400 in Japan and 300 in South Korea, Nestle said. Photo: Reuters

    Nestle starts selling Starbucks-branded coffee in China

    Aug 8, 2019 2:05pm
    Food giant Nestle on Thursday started selling Starbucks-branded coffee in mainland China, Reuters reports. Nestle last year paid US$7.15 billion for exclusive rights to sell the US chain’s coffees and teas globally, and began selling Starbucks-labelled...

EJI Weekly Newsletter

Please click here to unsubscribe