Posts by Mark Darwin
Ex-Volkswagen CEO faces trial over ‘dieselgate’
FORMER Volkswagen CEO Martin Winterkorn is set to go on trial on Tuesday for his role in the “dieselgate” scandal, nine years after the saga first plunged the German auto titan into crisis. VW admitted in 2015 that it had installed software to rig emissions levels in millions of vehicles worldwide, setting off one of…
Read MoreAsia: Markets drift ahead of key US figures, eyes on China
ASIAN markets stuttered on Tuesday as investors steel themselves for a high-stakes US jobs report at the end of the week while keeping tabs on China after fresh data stoked renewed worries over the world’s number two economy. While the Federal Reserve is widely expected to cut interest rates at its next meeting later in…
Read MoreCathay Pacific scraps 48 flights, including eight HK-Singapore flights on Tuesday
Check of carrier’s fleet revealed an engine part on several A350s needed replacing CATHAY Pacific Airways cancelled almost all its scheduled flights from Hong Kong to Singapore on Tuesday (Sep 3), as well as a raft of other services across Asia, after discovering a faulty engine component on some of its Airbus A350s. Eight of…
Read MoreCathay cancels 48 flights, including HK-Singapore, as 15 Airbus planes need new engine parts
HONG Kong carrier Cathay Pacific said on Tuesday (Sep 3) that 15 of its Airbus A350 jets needed new engine parts after inspecting its entire fleet, which was grounded following a “first of its type” engine component failure. Cathay, one of the largest operators worldwide of the A350 jet, had grounded its 48-plane fleet of…
Read MoreJapanese companies cannot use national security cover to block takeovers, official says
JAPANESE companies cannot use a national security designation as a tool to thwart foreign takeovers, a senior finance ministry official said, pushing back at speculation Tokyo’s foreign exchange act could be manipulated for protectionism. The comments follow media reports retail giant Seven & i Holdings is seeking to be classified as “core” to national security…
Read More7-Eleven’s vast retail empire includes banking, Tower Records
SEVEN & i Holdings, the target of a buyout proposal by Canada’s Alimentation Couche-Tard, is a sprawling global retailer that includes banking, online ticketing, superstores and even Tower Records, a once-popular US record store that went bankrupt. The Japanese retailer originated as a clothing store a century ago and evolved into a general merchandiser, selling…
Read MoreOil edges higher as halted Libyan exports balance expected Opec+ supply boost
OIL prices edged higher on Monday, recovering some losses from late last week, as Libyan oil exports remained halted and concerns about higher Opec+ production from October eased. US West Texas Intermediate crude rose 49 cents, or 0.7 per cent, to US$74.04 by 1924 GMT. Brent crude futures settled up 59 cents, or 0.8 per cent, at US$77.52…
Read MoreSemiconductor body calls for EU ‘Chips Envoy’, more support
EUROPE’S main computer chip industry group ESIA called on the European Union on Monday (Sep 2) to speed up aid, draw up a revamped “Chips Act 2.0” support package and name an envoy to champion the sector. In a statement, the group said chip policy under the incoming EU Commission should feature fewer export restrictions,…
Read MoreCathay Pacific inspects Airbus A350 fleet after engine issues
Cathay Pacific is among the biggest operator of the European planemaker’s marquee long-range jet Cathay Pacific Airways said it’s conducting an inspection of its entire Airbus A350 fleet as a “precautionary measure” after discovering some engine issues. The Hong Kong-based airline, among the biggest operator of the European planemaker’s marquee long-range jet, said it identified…
Read MoreCathay Pacific inspects Airbus A350 fleet amid engine issues
CATHAY Pacific Airways said it’s being forced to cancel some flights because of a “precautionary” inspection of its entire Airbus A350 fleet after discovering some engine issues on the long-haul plane. The Hong Kong-based airline, among the biggest operators of the European planemaker’s marquee jet, said it identified an engine component failure on an A350…
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