World

Ford boosts investment plan for EVs and self driving vehicles, reports loss
14Feb By Desk TeamNo Comments
China, World

Ford boosts investment plan for EVs and self driving vehicles, reports loss

DETROIT: Ford Motor Co on Thursday more than doubled the amount of money it plans to invest on electric and autonomous vehicles, to US$29 billion, even as it posted a fourth-quarter net loss of US$2.8 billion. The No. 2 U.S. automaker also said the global semiconductor chip shortage could lead to a 10per cent to 20per cent loss in first-quarter production, resulting in a potential hit to operating earnings of US$1 billion to US$2.5 billion. But its shares gained 1.5per cent in after-hours trading as the fourth-quarter operating results and 2021 profit forecast were above Wall Street's expectations. "If EVs continue to quickly gain favor, especially with commercial customers, we want to be clear that we will not cede ground to anyone," Chief Financial Officer John Lawler told reporter...
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China refused to hand over important COVID-19 data to WHO officials
13Feb mmBy Mike TrudellNo Comments
China, World

China refused to hand over important COVID-19 data to WHO officials

Independent investigators for the World Health Organization (WHO) on Friday claimed that Chinese scientists refused to share raw data that might bring the world closer to understanding the origins of the coronavirus pandemic.The investigators who recently returned from a fact-finding trip to Wuhan said disagreements over patient records and other issues were so tense that they sometimes erupted into shouts among the typically mild-mannered scientists on both sides.The scientists also said China’s continued resistance to revealing information about the early days of the coronavirus outbreak makes it difficult for them to uncover important clues that could help stop future outbreaks of such dangerous diseases.“If you are data-focused, and if you are a professional, then obtaining data is lik...
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China, Russia pull out from UNHRC resolution on Myanmar
13Feb mmBy Mike TrudellNo Comments
China, World

China, Russia pull out from UNHRC resolution on Myanmar

China and Russia on Friday pulled out from a United Nations Human Rights Council (UNHRC) resolution which calls for the release of Myanmar State Counsellor Aung San Suu Kyi and President Win Myint along with other detained persons following the military coup on February 1.China, Russia and others pulled out and their envoys said they are “disassociating” from the resolution. Myanmar’s ambassador called the document unacceptable.Earlier, UN Special Rapporteur Thomas Andrews had condemned the arbitrary detention of government officials and human rights leaders in Myanmar.He also cited “growing reports and photographic evidence” that security forces have used live ammunition against protesters.The UNHRC resolution stressed the need to refrain from violence and fully respect human rights, fund...
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Turning COVID-19 corner, Volkswagen’s profit falls less than feared
12Feb By Desk TeamNo Comments
China, Market, World

Turning COVID-19 corner, Volkswagen’s profit falls less than feared

FRANKFURT: Volkswagen reported on Friday (Jan 22) that its 2020 profit almost halved due to the impact of the pandemic, but a rebound in premium car sales in China and stronger deliveries in the fourth quarter helped keep the world's largest carmaker in the black. The group said full-year operating profit, excluding costs related to its diesel emissions scandal, came in at €10 billion (US$12.2 billion), compared with 19.3 billion in 2019. Analysts had expected a full-year 2020 operating profit of €4.8 billion, according to Refinitiv Eikon data. Net cash flow at its automotive division was around €6 billion and car deliveries picked up towards the end of the year, the German group said in a statement. "The deliveries to customers of the Volkswagen Group continued to recover strongly...
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Commentary: Implications of ‘long COVID’ mean faster vaccination programmes needed now
12Feb By Desk TeamNo Comments
Asia, World

Commentary: Implications of ‘long COVID’ mean faster vaccination programmes needed now

We need to spend whatever it takes on wartime-style mobilisation to make, distribute and inject vaccines, says the Financial Times’ Simon Kuper. LONDON: When I listen to scientists talk about where we might be a year from now, two main scenarios emerge. The first one is good: COVID-19 keeps circulating but loses its sting. Most people in rich countries, and the most vulnerable in developing countries, get vaccinated in 2021. The vaccines prevent disease caused by all strains. COVID-19 weakens. Once it finds potential victims protected either by vaccination or past infection, it becomes at worst a nasty cold. “The most likely thing is that it will mutate into a more benevolent form. That may solve the problem,” says Anthony Costello, a former director at the World Health Organizatio...
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The big short: GameStop effect puts global bets worth billions at risk
12Feb By Desk TeamNo Comments
Market, World

The big short: GameStop effect puts global bets worth billions at risk

LONDON: Global bets worth billions of dollars could be at risk as amateur share traders challenge the bearish positions of influential funds, inflating stock valuations and leaving the professionals looking at potentially hefty losses. Gone are the days when bruised retail investors fled after prominent hedge funds bet against a stock - the GameStop effect is rippling across US markets and spreading to Europe. Shares of the 20 small-cap Russell 2000 index companies with the biggest bearish bets against them have risen 60 per cent on average so far this year, easily outperforming the rest of the market, a Reuters analysis of Refinitiv data shows. Similarly, the best performers in Britain this week have been companies such as Pearson and Cineworld, in which investors also have sizeabl...
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Oil rises on stimulus optimism, demand recovery hopes
12Feb By Desk TeamNo Comments
China, Market, World

Oil rises on stimulus optimism, demand recovery hopes

The silhouette of an oil pump is seen at sunset. Oil rose on Wednesday on expectations that U.S. President Joe Biden's administration will deliver massive stimulus spending that will lift fuel demand and enact policies that will tighten crude supply. Brent crude was up 40 cents at $56.30 a barrel. U.S. West Texas Intermediate (WTI) crude settled 26 cents, or 0.5%, higher at $53.24 per barrel. U.S. President Joe Biden, who was inaugurated on Wednesday, is expected to take measures to curb the U.S. oil industry, including re-entering the Paris climate accord, cancelling a permit for the Keystone XL crude oil pipeline and pausing arctic drilling. "I think the Biden administration on day one is making it clear that there's a new sheriff in town and we're going to go back to policies that a...
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US calls India important partner in Indo-Pacific, welcomes emergence as leading global power
11Feb mmBy Mike TrudellNo Comments
China, World

US calls India important partner in Indo-Pacific, welcomes emergence as leading global power

India is one of the most important partners in the Indo-Pacific region to us. We welcome India’s emergence as a leading global power and its role as a net security provider in the region, US State Department spokesperson Ned Price said on Tuesday.He also welcomed India’s tenure at the United Nations Security Council (UNSC) as a non-permanent member, adding that the US remains India’s largest trading partner, with total bilateral trade increasing to USD 146 billion in 2019.“We cooperate on a wide range of diplomatic and security issues, including defense, non-proliferation, regional cooperation in the Indo-Pacific, counter-terrorism, peacekeeping, environment, health, education, technology, agriculture, space and oceans and that list is not exhaustive,” he added.The State Department spokesp...
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South Korea needs more babies and immigrants
10Feb By Desk TeamNo Comments
Asia, China, Market, Singapore, World

South Korea needs more babies and immigrants

South Korea greeted the new year by recording its first annual population decline. Unfortunately, the go-to solutions are meeting some practical challenges in the COVID-19 era. Headcount dwindled slightly to 51.8 million last year, the Ministry of Interior and Safety said Sunday. The retreat was the product of a 10.6% slide in births, coupled with a 3.1% increase in deaths. South Korea now joins neighboring Japan in suffering an actual fall in population, as opposed to the diminishing rates of growth that characterized past years. The ministry called for “fundamental changes,” national news agency Yonhap reported, without offering details. South Korea’s demographic challenges partly stem from family-planning measures imposed by military-backed administrations in the 1960s, which aimed to...
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Escaping COVID-19 lockdowns, tourists flock to Dubai
10Feb By Desk TeamNo Comments
Asia, World

Escaping COVID-19 lockdowns, tourists flock to Dubai

DUBAI: As much of the world tightens lockdowns to stem coronavirus, Dubai has flung its doors open, branding itself as a sunny, quarantine-free escape - despite a sharp rise in cases. While mask-wearing and social distancing are strictly enforced, life in the tourism-reliant emirate looks much like normal, with its restaurants, hotels and mega-malls open for business. Images of sports stars and television personalities enjoying life at beach clubs and cocktail bars have flooded social media - sometimes to disapproval back home. Emirates, which restored its network to about three-quarters of pre-pandemic levels, is again operating A380 super-jumbos - the world's largest commercial airliner - ferrying in visitors from Britain and Russia. Russian tourist, Dmitriy Melnikov, said he cam...
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