Business

MALAYSIA: Some Malaysian palm oil mills have temporarily halted production due to a drop in prices, according to a miller’s organization representative (Jun 27). Malaysian crude palm oil (CPO) prices tumbled by 22% on Monday, wiping out most of this year’s gains from a peak of 6,632 ringgit (US$1,506.25) per tonne. For the most part, Malaysian millers buy palm fruit …

JAKARTA: Investigators are looking into potential irregularities in the procurement of Bombardier and ATR planes, Indonesia‘s attorney general said on Monday (June 27), in agreements the state auditor said resulted in US$600 million losses. From 2005 to 2014, Emirsyah Satar served as the flag-CEO, carrier’s and he was sentenced to eight years in prison in 2020 for bribery and money …

SINGAPORE: A statement from Hong Kong’s Jumbo Floating Restaurant’s parent business on Sunday stated that it will not get any insurance compensation for the loss of the vessel (Jun 26). According to Aberdeen Restaurant Enterprises, in compliance with maritime rules, the vessel has a ‘Protection and Indemnity Cover for Third Parties Liability’ losses to third parties, not to the business, …

SINGAPORE: Some analysts believe there may still be some hiccups in Singapore’s aviation business, despite the city’s relatively easy rehiring process compared to Europe and the United States. Singapore aviation industries have been on a recruiting frenzy for positions ranging from cargo handlers to cabin crew, engineers, and marketing and administration roles in recent months as border restrictions have loosened …

TAIPEI: The American Chamber of Commerce in Taiwan urged the United States to “urgently” begin negotiations with Taiwan on a free trade agreement with the goal of presenting a final text for passage in 2024, according to its annual policy paper issued on Wednesday (Jun 22). As a significant display of solidarity for the Chinese-claimed island in the face of …

PARIS: France’s antitrust authorities announced on Tuesday that Google has agreed to resolve a copyright dispute in France regarding online material, as demand grows for giant online media to share more of their earnings with news organizations. In addition, Alphabet’s Google has withdrawn its appeal of a $528 million penalty, according to the authorities. Last year, the fine was paid. …

DOHA: At a time when pricing pressures and labor shortages strain the pandemic-hit industry’s recovery, global airlines are facing a double whammy from the uncommon combination of a strong currency and high oil costs. Due to their inverse connection, oil prices tend to fall as the dollar rises, which helps to alleviate financial pressure on airlines that operate in other …

LONDON: Recent cryptocurrency market explosions indicate that the long-foreseen dangers of decentralized digital money are now manifesting, according to the Bank for International Settlements. The BIS, the global central bank umbrella body, issued the warning in an upcoming annual report, also urging more interest in creating enticing central bank digital currencies. BIS general manager Agustin Carstens cited the recent collapse …

SINGAPORE: Many tenants of Ang Mo Kio Avenue 3 have stated that the revised criteria under the HDB’s Selective En bloc Redevelopment Scheme (SERS) will not affect them because they want to live in their replacement unit till they die. Buyers of refurbished flats under the plan will only be entitled to sell their unit five years after receiving their …

NEVADA: Former Tesla workers have filed a lawsuit alleging that the company’s intention to perform a “mass layoff” violates federal law by neglecting to provide advance warning of the job losses. Two Tesla factory workers filed the complaint in Texas late Sunday (June 19), alleging that they were sacked from the Sparks, Nevada, factory in June. According to the lawsuit, …