Uber posts $1 bln loss in first quarter on growing revenue

Friday, 31 May 2019

Ride share giant Uber on Thursday reported a $1 billion loss in the first quarter of this year despite rising revenue and monthly users. In its first earnings report as a publicly traded company, Uber said revenue climbed 20 percent to $3.1 billion from the same quarter last year, but that it lost $1 billion. “In the first quarter, engagement across our platform was higher than ever, with an average of 17 million trips per day and an annualized gross bookings run-rate of $59 billion,&rdquo ...

Toyota announces first plant in Myanmar

Thursday, 30 May 2019

Japanese automaker Toyota said Thursday it will open its first vehicle production plant in Myanmar, as the country’s auto market grows and the government raises import barriers.The firm said it plans to locally produce the Hilux model at the new plant from February 2021 and would invest $52.6 million in the factory in a special economic zone outside Yangon.The plant’s output will be relatively modest, with plans to build 2,500 Hilux vehicles a year.But the announcement follows the ...

Boeing 737 MAX may not return to service until August: IATA head

Wednesday, 29 May 2019

The International Air Transport Association (IATA) expects it could take until August before the Boeing Co 737 MAX returns to service, the airline group’s head said on Wednesday, adding that the final say on the timing rested with regulators. The 737 MAX was grounded globally in March after a crash in Ethiopia killed all 157 people on board, the model’s second deadly crash in five months. “We do not expect something before 10 to 12 weeks in re-entry into service,” IATA ...

Huawei to ask US court to throw out federal ban

Wednesday, 29 May 2019

Huawei said on Wednesday that the tech giant will ask a US court to throw out US legislation that bars federal agencies from buying its products. “The bill directly determines that Huawei is guilty and imposed a large number of restrictions on Huawei,” said Song Liuping, the firm’s legal officer, in a statement carried by Chinese state broadcaster CCTV. The tech giant filed suit against the US bill in March, saying it was unconstitutional. Last Thursday, Japan’s Panasonic ...

Fiat Chrysler and Renault pursue $35 bln merger to combat car industry upheaval

Tuesday, 28 May 2019

Fiat Chrysler pitched a finely balanced merger of equals to Renault on Monday to tackle the costs of far-reaching technological and regulatory changes by creating the world’s third-biggest automaker.If it goes ahead, the $35 billion-plus tie-up would alter the landscape for rivals including General Motors and Peugeot maker PSA Group, which recently held inconclusive talks with Fiat Chrysler (FCA), and could spur more deals.Renault said it was studying the proposal from Italian-American FCA ...

Former Nissan chairman Ghosn appears in Tokyo court

Thursday, 23 May 2019

Former Nissan Chairman Carlos Ghosn has appeared in a Japanese courtroom for a hearing ahead of his trial on accusations of financial misconduct.Thursday’s session is the first in a series of hearings to iron out logistics for the actual trial, the date for which has not been set.Ghosn was arrested in November and charged with underreporting his income and breach of trust. He was released on bail in March, be rearrested on April 4 on fresh accusations.He was released again on April 25 on ...

Panasonic halting business with Huawei after US ban

Thursday, 23 May 2019

Japan’s Panasonic said Thursday it is suspending business with Huawei after a US ban on the Chinese firm over security fears, in a new blow for the telecoms giant.“We’ve stopped all business transactions with Huawei and its 68 group companies... that are subject to the US government ban,” Panasonic spokesman Joe Flynn told AFP.“Yesterday an internal instruction to fully enforce that rule was issued,” he added. Flynn said Panasonic’s business with Huawei ...

After Huawei, US could blacklist Chinese surveillance tech firm

Wednesday, 22 May 2019

The US administration is considering Huawei-like sanctions on Chinese video surveillance firm Hikvision, media reports show, deepening worries that trade friction between the world’s top two economies could be further inflamed. The restrictions would limit Hikvision’s ability to buy US technology and American companies may have to obtain government approval to supply components to the Chinese firm, the New York Times reported on Tuesday. The United States stuck Huawei Technologies ...

Air China seeks Boeing compensation for 737 Max delays

Wednesday, 22 May 2019

Air China Ltd., one of China’s three major state-owned airlines, is joining carriers that are asking Boeing Co. for compensation for the grounding of their 737 Max jetliners following two fatal crashes.The carrier also has asked Boeing for compensation for disruptions due to delays in delivery of new aircraft, an employee of Air China’s publicity department said Wednesday. He declined to give his name or details of the claim.Air China, which has 15 737 Max planes, becomes the second ...

UK warns over online trading scams

Tuesday, 21 May 2019

The number of cryptocurrency and foreign exchange-based “get rich quick” scams is booming in Britain, authorities warned on Tuesday. Reported cases of the bogus online investment surged to more than 1,800 in 2018/2019. That contrasted sharply with just 530 reported cases in the previous 2017/2018 financial year. The total amount stolen meanwhile hit £27 million ($34 million, 31 million euros) with an average loss per victim of £14,600. The data was collated by the ...

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