Business

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 In addition, Alphabet’s Google has withdrawn its appeal of a $528 million penalty, according to the authorities.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, …

JAKARTA: Due to concerns from two creditors, the ratification of Garuda Indonesia’s deal to restructure the airline’s more than 9 billion dollar debt has been postponed for a week, according to an administrator. Garuda’s restructuring proposal was approved by the majority of its creditors last week, and the agreement was set to be formalized in a meeting on Monday. The …

DOHA: Malaysia Airlines’ chief executive said that the airline aims to announce its decision to replace its fleet of 21 Airbus A330 widebodies with more fuel-efficient new-generation planes in mid-to-late July. Malaysia Airlines CEO Izham Ismail told Reuters at the IATA’s annual convention in Qatar that they are at the end of the process and that they are looking at …

PHILIPPINES: The board of the Philippines’ largest casino has announced that it is suing Kazuo Okada, a Japanese businessman, and his accomplices for coercion and other wrongdoings in the casino’s “violent and unlawful” takeover. Okada’s camp has taken physical possession of the Okada Manila casino since May 31 with the help of private security guards and local police. The decision …

TAIWAN: The box office smash — which is by far Tom Cruise’s most successful commercial debut — now incorporates the flag on his iconic bomber jacket, including in the Taiwanese edition. The film’s teaser from 2019 initially suggested otherwise. During the preview, the patches on Cruise’s jacket looked to have been swapped out and replaced with two unclear symbols in …