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London, United Kingdom (AFP) HSBC has agreed to sell its Canadian division to Royal Bank of Canada for US$10.1 billion, the Asia-focused banking giant announced Tuesday. The large sale comes after UK-listed HSBC faced calls from biggest shareholder Ping An Insurance Group to cut costs and shift more resources to Asia. HSBC added in a statement that it would use the funds to invest in its core business and return cash to investors. “We decided […]
Tokyo, Japan | AFP | Japanese carmaker Mazda said Thursday it is pulling out of its joint venture in Russia because of the war in Ukraine, having ceased operations in the country earlier this year. Mazda stopped shipping parts to Russia in March and ended operations the following month “due to the situation in Ukraine that arose in February 2022”, it said in a statement. The company said it signed an agreement last month […]
London, United Kingdom | AFP | Wednesday British drugmaker GlaxoSmithKline said Wednesday that third-quarter net profit rocketed almost ten-fold to £10.3 billion ($11.5 billion) on the blockbuster spinoff of consumer healthcare unit Haleon. Earnings after taxation spiked in the three months to the end of September from £1.2 billion a year earlier, due to a vast gain of £9.6 billion on the Haleon demerger, GSK said in a results statement. Stripping out the spinoff, adjusted […]
Seoul, South Korea | AFP | by Kang Jin-kyu The once-disgraced heir to the sprawling Samsung empire was on Thursday named top executive of its most important business, two months after South Korea’s president pardoned him for embezzlement and corruption convictions. The board of Samsung Electronics, one of the world’s biggest smartphone and chipmakers, confirmed Lee Jae-yong’s formal ascent — though he had already been de facto leader since his father’s heart attack in […]
Berlin, Germany | AFP | German sportswear giant Adidas put its partnership with Kanye West under review Friday after the US rap star triggered a furore by wearing a “White Lives Matter” T-shirt at Paris Fashion Week. “We have taken the decision to place the partnership under review,” the company said in a statement. The artist now known as Ye had been widely criticised over the T-shirt, which he wore and was also shown as […]
TOKYO, Japan (AFP) — Business confidence fell among Japan’s largest manufacturers for the third straight quarter, a closely-watched survey showed Monday, defying analyst expectations for a rise in sentiment. The Bank of Japan’s Tankan survey shows major manufacturers are still much more upbeat than during the gloomiest days of the Covid-19 pandemic. But inflation, including higher energy prices fueled by the war in Ukraine, has weighed on business confidence this year, analysts say. The quarterly […]
Singapore, Singapore (AFP) Starbucks Singapore said Friday its customer database was breached online, with local media reporting that 200,000 people’s information was stolen. The coffee chain — a licensed Starbucks franchise owned by Hong Kong-based Maxim’s Caterers — said in an email to customers that it had “discovered… some unauthorized access” to details such as names, gender, dates of birth, phone numbers and home addresses. “Relevant authorities have been informed and Starbucks Singapore is assisting […]
SEOUL, South Korea (AFP) — South Korea has fined Google and Meta more than $71 million collectively for gathering users’ personal information without consent for tailored ads, regulators said Wednesday, the country’s highest-ever data protection fines. Investigations into the two US tech giants found they had been “collecting and analyzing” data on their users, and monitoring their use of websites and applications, the Personal Information Protection Commission said. The data was used to “infer the […]
(Eagle News) – Philippine President Ferdinand “Bongbong” Marcos Jr., has secured several agreements in Singapore, including those on business, data privacy, and water collaboration, at the conclusion of the second leg of his inaugural state visit. The President had separate bilateral meetings with Singapore President Halimah Yacob and Prime Minister Lee Hsien Loong at the Presidential Palace on Wednesday, September 7. After the bilateral meetings, the President and Prime Minister Lee witnessed the signing […]
by Hiroshi HIYAMA Agence France Presse TOKYO, Japan (AFP) — Japan’s economy expanded in the three months to June, official data showed Monday, after the government lifted Covid-19 curbs on businesses. The world’s third-largest economy grew 0.5 percent quarter-on-quarter due to stronger consumption and capital investment, but the rise was below market expectations of 0.7 percent. While the country never imposed strict stay-at-home orders during the pandemic, the government in March removed virus restrictions […]
WASHINGTON, United States (AFP) — Elon Musk has sold nearly $7 billion worth of Tesla shares, according to legal filings published Tuesday, amid a high-stakes legal battle with Twitter over a $44 billion buyout deal. The Tesla boss sold some 7.9 million shares between August 5 and 9, according to filings published on the Securities and Exchange Commission’s website. “In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners […]
TOKYO, Japan (AFP) — Confidence among Japan’s largest manufacturers sagged for a second quarter on rising costs and supply constraints, though the service sector was boosted by economic reopening, a key survey showed Friday. The Bank of Japan’s closely watched Tankan survey showed confidence among large manufacturers at plus nine, below expectations of 12 and sharply lower than the 14 in the March survey. A positive figure means more manufacturers see business conditions as favorable […]
