Business

Samsung execs quizzed over government corruption scandal

Two senior Samsung executives have been questioned as part of the corruption probe surrounding South Korea’s impeached president, Park Geun-hye. The firm is accused of giving large donations to non-profit foundations operated by Choi Soon-sil, a close confidante of Ms Park. The donations were allegedly given in exchange for political support of a controversial merger. Ms Choi has been charged ... Read More »

Jaguar Land Rover and Rolls-Royce car sales rise

Jaguar Land-Rover and Rolls-Royce Motor Cars have both reported a rise in annual sales for 2016. Rolls-Royce delivered 4,011 cars to customers in 2016, a 6% increase on the previous year and its second highest sales record in its 113-year history. Jaguar Land-Rover (JLR) sold a record 583,312 cars last year, a 20% increase on last year. There was particularly ... Read More »

WTO rules largely in favour of Taiwan in steel row with Canada

A dispute panel of the World Trade Organization (WTO) largely ruled in favour of Taiwan on Wednesday on its complaint over anti-dumping duties imposed by Canada on some of its steel goods. The ruling, related to certain carbon steel welded pipes and certain provisions of Canada’s underlying legislation, found that Canada had contravened the WTO’s Anti-Dumping Agreement but that Taiwan ... Read More »

UK consumers gloomy about 2017’s looming inflation and Brexit talks

British consumers are downbeat about the economy’s prospects next year, when higher inflation is likely to erode their spending power, a major survey showed on Thursday, despite signs that growth has remained robust since June’s Brexit vote. A big jump in households’ appetite to make major purchases helped market research company GfK’s monthly consumer sentiment index inch up to -7 ... Read More »

Brexit threatens 10 percent of London financial jobs: lobby group

Up to 10 percent of jobs in London’s financial district may be lost if Britain fails to secure adequate access to European Union markets after Brexit, a City of London official said on Wednesday. Bankers first called for full access after June’s vote to leave the European Union but such hopes have now faded, leaving the sector to call for ... Read More »

Fall in public borrowing keeps UK on track for new 2016/17 budget goal

Britain’s budget gap narrowed last month, keeping Chancellor Philip Hammond on track to meet his new, less ambitious deficit reduction goals, but the country’s fiscal watchdog said future months would pose a tougher test. Last month Hammond formally abandoned his predecessor George Osborne’s goal to run a budget surplus by 2020, as the Office for Budget Responsibility pencilled in a ... Read More »

Pertamina to complete Cilacap oil refinery upgrade in 2021

Indonesian state energy firm Pertamina aims to finish upgrading an oil refinery in Central Java in 2021, one year earlier than its previous target, its chief executive said on Thursday. Pertamina has a joint venture with Saudi Aramco to upgrade the Cilacap oil refinery, on the south coast of Central Java, at a cost of around $5 billion. “Initially the ... Read More »

UK car production hits 12-year high with December still to go

Britain built more cars in the first eleven months of 2016 than any full year since 2004, data from an industry body showed on Thursday, putting the sector on course to make more vehicles this year than in any other since 1999. Just over 1.61 million cars were made in the year to November, the Society of Motor Manufacturers and ... Read More »

Exclusive: China insurance regulator tightening new license issuance – sources

China’s insurance regulator is making it much tougher for insurers to get new licenses as it seeks to reduce risks resulting from the aggressive business and investment practices of some players, said three people with knowledge of the matter. Concerns about the kinds of asset purchases and trading conducted by some insurers and its focus on new solvency rules that ... Read More »

China’s Xi calls for wide-ranging measures to regulate hot property market

President Xi Jinping said China’s approach to regulating its red-hot property market will include financial, fiscal, tax, land, and regulatory measures as Beijing looks to develop a long-term mechanism for an industry prone to speculation. China’s home prices rose at the fastest pace on record in November. Prices are rising by more than 20 percent annually in many major cities, ... Read More »