World

SINGAPORE: A former Shell employee was jailed on Thursday (Mar 31) for 29 years for his role in a S$128 million marine fuel heist at the company's refinery in Singapore. Juandi Pungot, 45, pleaded guilty last month to 36 charges of criminal breach of trust, laundering his proceeds from criminal conduct and giving bribes. Another 49 charges were considered for sentencing. He was one of three masterminds in the long-running heist that involved illegally loading bunkers with stolen marine fuel from Pulau Bukom refinery, Shell's largest petrochemical production and export centre in Asia Pacific. Juandi reaped at least S$5.6 million in criminal proceeds, the bulk of which he spent on designer watches, vehicles, local and overseas properties and investments, foreign exchange trading and gambl...

OTTAWA/FRANKFURT :BASF SE secured land for a planned battery materials facility in Canada, and the country's industry minister said on Friday it would be the "first pillar" of the country's drive to ensure the future of the electric vehicle manufacturing sector. The German company said the facility in Becancour, Quebec, will produce and recycle cathode active materials (CAM), starting in 2025, to serve electromobility markets in Canada, the United States and Mexico, according to a statement. It did not disclose financial terms. Cathodes are the most complex and costly chemical component of an electric vehicle battery. Reuters first reported in May of last year that Canada's government was in early talks with BASF about it tapping a federal clean tech fund to set up production here. Cana...

SHANGHAI: China Eastern Airlines faces deepening losses and closer regulatory scrutiny following the crash of a Boeing 737-800 jet on Monday (Mar 21) with 132 people on board. Rescuers on Tuesday scoured heavily forested slopes for survivors and data recorders from flight MU5735, which crashed a day earlier in the mountains of the southern region of Guangxi. The plane crash, China's first in 12 years, comes as its airline sector is struggling to find its footing amid the coronavirus pandemic, with air passenger traffic far below 2019 levels due to repeated outbreaks and a steep fall in international travel due to China's strict quarantine rules. China Eastern has been among the biggest casualties: The state carrier forecast in January a 2021 loss of 11 billion yuan to 13.5 billion yuan ...

Raising the drawbridge has been a response to war and pestilence throughout human history, and the tumultuous winter of 2022 has similarly led trading nations to turn inward — though talk that the era of globalization may be winding down seems premature. The damage to international commerce stemming from Russia’s invasion of Ukraine and the still unvanquished COVID-19 pandemic has made governments and companies more aware they need more resilient supply chains — even if that costs them more. And as reliance on the mechanisms that drive the world economy gets called into question amid a scramble for resources, prominent voices — including asset management giant Blackrock’s head Larry Fink — have warned of an end to globalization. The World Trade Organization, meanwhile, senses at least a...

Japan has broken with years of precedent in its tough response to the Ukraine invasion, and the conflict could reshape Tokyo’s defense strategy as it confronts China’s regional ambitions, analysts say. When Russia last pushed into Ukraine in 2014, Japan’s response was seen as lukewarm, but this time around it has marched in lockstep with Western allies on unprecedented sanctions and tough rhetoric, even sending nonlethal military aid. And the crisis is already impacting debates on security spending and capacity in a country whose Constitution limits its military to defense. “Japan has been accused before of paying its way out, in a way, just giving money but not being directly involved in any crisis,” said Valerie Niquet, an Asia expert at France’s Foundation for Strategic Research thin...

Last week, Japan’s National Tourism Organization unveiled a glossy website aimed at international visitors looking to experience the country’s famous hospitality. An introductory video presents sweeping views of lush green islands dotting a cerulean bay, sleek hotel rooms boasting breathtaking views and a mouthwatering close-up of elegantly prepared seafood. Good luck experiencing any of it in person. In a normal year, this would be peak season for tourism to Japan. But as the cherry blossoms burst into bloom along Kyoto’s ancient, temple-lined alleys and boat tours ply the waters of Tokyo’s flower-lined rivers, Japanese tourists largely have the spectacular display to themselves. The country sealed its borders to most foreign travelers early in the pandemic and has only recently begun ...

BENGALURU - Thailand's central bank will not raise interest rates from a record low for more than a year in a bid to support an economy still struggling to recover from the pandemic despite a jump in inflation, a Reuters poll found. While inflation in the tourism-dependent economy hit a 13-year high in February, driven mainly by higher energy prices, policymakers expect price pressures to be temporary. But Russia's invasion of Ukraine has triggered a spike in global energy and food prices that will make it harder for the Bank of Thailand (BOT) to contain inflation, as found by other central banks who until recently said high inflation was transitory. Still, the BOT was expected to keep its policy accommodative to revive growth which has yet to return to pre-pandemic levels due to a subd...

BERLIN : As Tesla kicks off production at its new German plant this month, Volkswagen is weeks away from finalising plans for a 2 billion euro ($2.2 billion) electric vehicle (EV) factory that it hopes will bring it up to speed with its U.S. rival. Tesla says it can already churn out a Model Y in 10 hours at its new Giga Berlin-Brandenburg factory in Gruenheide near the German capital, whereas it can take Volkswagen three times as long to make its ID.3 electric car. The German auto giant now aims to slash production times with its "Trinity" EV plant, which should be up and running in 2026, by using techniques such as large die casting and cutting the number of components in its cars by several hundred. "Our goal is clear: we want to set the standard with our production," Volkswagen bran...

Cohen, who also co-founded online pet retailer Chewy , wrote in a letter to Bed Bath's board that he believes the retailer is struggling to reverse market share losses and to navigate supply chain woes. He also criticized top executives, including Bed Bath Chief Executive Mark Tritton, for reaping excessive compensation during periods of underperformance. Bed Bath & Beyond jumped 34% Monday after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures. In response to the letter, which Bed Bath said it received Sunday evening, the big-box retailer said that it has had no prior contact with RC Ventures. "We believe Bed Bath needs to narrow its focus to fortify operations and maintain the right inventory mix to meet demand...

SINGAPORE: A 56-year-old cleaner was mopping the floor in a hospital ward when he saw a female patient lying in bed with a partially unbuttoned pyjama top. He reached under her clothes and touched her breast but the patient, a 42-year-old woman, could not ask for help as she was completely paralysed and could not speak or move. The offender was caught after a nurse tending to another patient saw what he was doing. The Singaporean man pleaded guilty on Wednesday (Mar 23) to using criminal force on the woman to outrage her modesty. He will return to court for sentencing next month. The victim's identity and the hospital are protected by a gag order. The offender's name is not being reported as it could lead to the identification of the hospital. The court heard that the cleaner had been...