Economy

China strips back currency control in move toward liberal yuan

BEIJING (BLOOMBERG) – China has taken more steps this month to loosen its grip on the yuan than at any time since curbs were imposed in the aftermath of a chaotic devaluation in 2015. Although the changes were widely interpreted as an attempt to slow the currency’s appreciation, they have been deployed without significantly weakening […]

Economy

South Korea economy returns to growth amid global coronavirus struggle

SEOUL (REUTERS) – South Korea’s economy returned to growth in the third quarter, climbing out of the slump brought about by the coronavirus as its major trading partners began lifting pandemic restrictions. Asia’s fourth-largest economy grew a seasonally adjusted 1.9 per cent in the September quarter from three months earlier, the Bank of Korea said […]

Economy

Temasek, Google to invest US$350 million in Indonesia's Tokopedia

SINGAPORE (BLOOMBERG) – Google and Temasek Holdings have agreed to invest about US$350 million (S$475.7 million) in PT Tokopedia, people familiar with the matter said, a major cash infusion that will bankroll the Indonesian e-commerce giant’s post-Covid-19 expansion. The Alphabet unit and Singapore’s state investment firm could sign an agreement for the funding soon, the […]

Economy

Over half Europe's small firms fear for survival, survey finds

LONDON (REUTERS) – Over half the small and medium-sized companies which together provide jobs for two-thirds of European workers fear for their survival in the coming 12 months, according to a survey released by management consultancy McKinsey on Thursday (Oct 22). The survey was conducted in August, before the current acceleration in new coronavirus cases […]

Economy

ExxonMobil ‘very close’ to unveiling job cuts in Canada and U.S., CEO email says

ExxonMobil is “very close” to completing its workforce appraisals in the United States and Canada and expects to unveil job cuts, its chief executive told employees in an email on Wednesday. The second-largest U.S. oil company by market value lost nearly $1.7 billion in the first six months and analysts forecast a third-quarter $1.17 billion loss, according to […]

Economy

Ottawa approves $2.3B expansion of natural gas transportation system in Alberta

The federal government has approved a $2.3-billion expansion of a natural gas gathering and transportation system in Alberta. In a statement released early Tuesday morning, Natural Resources Minister Seamus O’Regan said expanding the NOVA Gas Transmission Ltd. (NGTL) system would create thousands of jobs and contribute about $1.2 billion to Alberta’s economy. He said the […]

Economy

Airlines working with WHO on testing system to replace quarantine

SINGAPORE (BLOOMBERG) – The International Air Transport Association (IATA) is working to set up a testing system that will replace compulsory quarantine to help revive the airline industry that’s been decimated by the coronavirus outbreak. IATA, which represents about 290 airlines globally, is working with the International Civil Aviation Organization and the World Health Organisation […]

Economy

More manufacturers adopting digital solutions amid pandemic

Workers had to fillet fish by hand at food manufacturer Hai Sia Seafood, but this laborious job has been vastly improved as the company transforms digitally. A new fish filleting machine has increased capacity fivefold after staff moved from manual labour to learning to operate the equipment. Hai Sia is just one of many manufacturers […]

Economy

Colorado and Indian state of Karnataka look to business opportunities

Gov. Jared Polis played up Colorado’s expertise in aerospace, biotech, renewable energy and agriculture during a business roundtable to discuss closer commercial ties with India, and in particular with the state of Karnataka. “I am deeply committed to advocating for and growing the relationship between India and Colorado,” Polis told political and business leaders from […]

Economy

Prompt payments hit 8-year low in Q3; construction firms worst but retail improves

SINGAPORE – Going by the ability to make payments on time, the cash flow situation for Singapore firms may be at their worst in eight years. Prompt payments accounted for 38.39 per cent of total transactions in the third quarter of 2020, down from 40.09 per cent in the previous three months. This is the […]