World

TOKYO: Japanese companies are temporarily shutting offices or suspending production as they battle a record wave of COVID-19, disrupting businesses in a country that has until now weathered the pandemic better than most advanced economies. Automakers Toyota Motor Corp and Daihatsu Motor Co last week halted production line shifts because of employee infections. KFC Holdings Japan Ltd has had to shut some fast-food restaurants and move staff to fill gaps, while Japan Post Holdings Co has temporarily shut more than 200 mailing centres. Japan's tally of COVID-19 cases has surged past those of other countries as the full impact of the BA.4 and BA.5 variants dominating around the world hits home. Japan had more than 1.4 million new COVID cases over the past week, World Health Organization data...

Toast shares closed up 8% Friday after the restaurant software vendor beat revenue estimates and said the number of locations it serves surged 40% in the second quarter. Toast provides technology that can serve as a restaurant's operating system across dine-in, takeout, and delivery channels. Its products gained rapid adoption during the pandemic as restaurants moved to contactless payments and rushed to go digital. Revenue in the second quarter increased 58% from a year ago to $675 million, soaring past the $651 million expected by analysts, according to Refinitiv. Toast also offered an upbeat third-quarter forecast, and raised revenue and adjusted earnings guidance for the full year. The rally in Toast's shares on Friday is the latest sign of a possible rebound in the tech stocks that...

MANILA: Former Philippine president Fidel Ramos, a soldier regarded as one of the country's most effective leaders ever, was interred at the National Heroes Cemetery on Tuesday (Aug 9) in a sombre state burial. A low-flying military helicopter dropped flowers as a wagon bearing the flag-draped coffin containing an urn with his ashes rolled through the leafy cemetery grounds, lined with white crosses marking the tombs of dead soldiers also buried at the site. Incumbent President Ferdinand Marcos Jr joined the ex-leader's widow and relatives as the silver urn with the cremated remains was lowered into the ground after a military parade and a 21-gun salute. A career soldier who oversaw a rare period of steady growth and peace in the turbulent years that followed the dictatorship of Marcos ...

TOKYO : Japan's factories ramped up output at the fastest pace in more than nine years in June as disruptions due to China's COVID-19 curbs eased, a welcome sign for policymakers hoping the economic outlook will improve. Separate data showed retail sales rose for the fourth straight month in June, supporting the view that rising consumption helped the economy return to growth in the second quarter after contracting in January-March. Factory output surged a seasonally adjusted 8.9 per cent in June from a month earlier, posting the biggest one-month rise since comparable data became available in February 2013, official data showed on Friday. The advance was largely due to the lifting of a strict COVID lockdown in Shanghai, which gave a tailwind to Japanese output of motor vehicles, electr...

As an overarching consideration, Mr Tong noted that the Sports Hub will be made more accessible to Singaporeans. “We want to make it a community icon that Singaporeans can identify with, feel a part of in their social or sporting activities. We are thus planning regular Sports Hub and National Stadium Open Houses with activities for the young and old, and of course everyone else in between,” he added. “We are also working with MOE to host even more National School Games, such as the track and field, netball, rugby competitions, as well as Singapore Youth Festival performances, or even sports days for schools, at the Sports Hub.” Responding to a question from Member of Parliament Darryl David (PAP-Ang Mo Kio) who asked if there were plans for a regular schedule of National Day Parades (N...

Jesse Schoberg, the co-founder and CEO of software start-up DropInBlog, has been living and working abroad for 14 years, splitting his time among more than 40 countries. "I think being an entrepreneur and being a nomad go hand in hand because both kinds of people are seeking adventure and freedom in their lives," the Wisconsin native tells CNBC Make It. "I get excitement from being both in my life." In between his travels, Schoberg, 41, now calls Bangkok home. He relocated to Thailand in December 2021 and shares a one-bedroom apartment with his fiancee, Janine. Exploring the world while working remotely is an experience "like no other," Schoberg stresses, but it's not without its challenges. Whether you're thinking of becoming a digital nomad or planning a life of travel, consider these th...

SINGAPORE : China's fuel product exports will rebound in August to near the highest for the year so far after Beijing issued more quotas in June and July, although broader curbs are set to cap shipments at seven-year lows for 2022, analysts and traders said. The rebound in fuel exports from China, the world's second-biggest producer of refined fuels, has helped cool global prices that hit record highs in May and June as western sanctions on Russia following the Ukraine war tightened global markets. Shipments are expected to level off over the rest of the year, however, as Beijing prioritises the local market to curb domestic fuel inflation. Diesel, gasoline and jet fuel exports for the year are expected to be as much as 40 per cent lower from 2021. With the drop-off in China - once Asia...

RIYH: Saudi Arabia announced on Friday (Jul 15) it was lifting restrictions on "all carriers" using its airspace, an apparent gesture of openness towards Israel ahead of US President Joe Biden's arrival. The US leader welcomed the "historic" decision, the latest conciliatory move by Riyadh concerning the Jewish state, which it has refused to recognise despite intensive efforts by the Israelis to establish ties with Arab countries. The Saudi civil aviation authority "announces the decision to open the Kingdom's airspace for all air carriers that meet the requirements of the authority for overflying", it said in a statement on Twitter. The decision was made "to complement the Kingdom's efforts aimed at consolidating the Kingdom's position as a global hub connecting three continents". "Th...

SINGAPORE: Singapore has trimmed its growth forecast for 2022, as the global economic environment weakens further amid challenges such as inflation and persistent supply chain disruptions. The Ministry of Trade and Industry (MTI) said on Thursday (Aug 11) that the country’s gross domestic product (GDP) for this year is now expected to come in between 3 and 4 per cent, narrowing from the previous 3 to 5 per cent range. Policymakers had warned in May that growth would likely come in at the lower half of the 3 to 5 per cent forecast range for this year. MTI said the global economic environment has “deteriorated further” since its last assessment in May. Stronger than-expected inflationary pressures and aggressive monetary policy tightening by central banks are set to weigh on growth in ma...

MANCHESTER: England's Premier League and Football League have announced tough new sanctions for pitch invasions and the use of smoke bombs and pyrotechnics. Last season saw an increasing number of pitch invasions at the end of the season with fans celebrating titles, promotion or survival. Several altercations took place on the field, including one involving Crystal Palace manager Patrick Vieira, while Sheffield United's Billy Sharp was attacked by a fan after a playoff defeat at Nottingham Forest. Smoke bombs and pyrotechnics, which have long been used at games in continental Europe and elswhere in the world, used to be relatively rare in England but their use has become a more regular occurance. The leagues and the Football Association said that from the start of the new season "all ...