Asia Business

Australian government officials said on Wednesday they had placed a major steelworks into administration as it struggled to repay mounting debts.Special legislation was rushed through the South Australia state parliament that allowed receivers to take control of the Whyalla Steelworks, located 400 kilometres (250 miles) northwest of Adelaide.The site — owned by British billionaire Sanjeev …

Major Australian steelworks enters administration Read More »

Banking giant HSBC said Wednesday that CEO Georges Elhedery’s plan since October to simplify the company’s structure and geographic setup will yield $1.5 billion in annual cost savings by the end of 2026.Elhedery’s plan for a “simpler, more dynamic, and agile organisation” has shaken up Europe’s largest bank, whose shares in Hong Kong have rallied …

HSBC targets $1.5 bn in annual cost savings after revamp Read More »

Banking giant HSBC said Wednesday that CEO Georges Elhedery’s plan since October to simplify the company’s structure and geographic setup will yield $1.5 billion in annual cost savings by the end of 2026.”Our cost target includes the impact of simplification-related saves associated with our announced reorganisation, which aims to generate approximately $0.3 billion of cost …

HSBC targets $1.5 bn in annual cost savings after revamp Read More »

Asian markets were mixed Wednesday after President Donald Trump broadened his tariff threats, while traders were also assessing the geopolitical outlook after the first high-level official US-Russia talks since the invasion of Ukraine.Regional investors struggled to pick up the baton after a record close on Wall Street, with the rally in Hong Kong-listed tech stocks …

Asian markets swing as traders assess latest tariffs volley Read More »

The US Senate voted Tuesday to confirm Wall Street billionaire Howard Lutnick as commerce secretary, a key step towards the rollout of President Donald Trump’s “America First” trade agenda, which uses tariffs as a broad negotiation tool.Trump has threatened sweeping levies on US allies and competitors alike, looking to tariffs not only as a way …

US lawmakers confirm Howard Lutnick as commerce secretary Read More »

Global stock markets held largely steady on Tuesday as top US and Russian diplomats held their first high-level discussions since Russia invaded Ukraine. The talks, which excluded Europe and Ukraine, ended with Moscow and Washington agreeing to appoint teams to negotiate an end to the Ukraine war.”Donald Trump continues to be the dominant force for financial …

Global stocks unfazed as US and Russia hold talks Read More »

Singapore will pour an additional $3.7 billion into upgrades at Changi airport, including a long-awaited fifth terminal, as the nation seeks to maintain its position as a top global aviation hub, its leader said Tuesday.Prime Minister Lawrence Wong announced the fresh infusion while presenting the city-state’s 2025 budget, which also included a wide range of …

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Electric vehicle maker Tesla has begun hiring in India, with the company of tycoon Elon Musk issuing advertisements days after US President Donald Trump’s right-hand man met with India’s premier.Tesla has more than a dozen job listings on its website, for both the capital New Delhi and economic hub Mumbai, including for a store manager …

Tesla begins hiring in India after Musk and Modi meet Read More »

Hong Kong resumed its tech-led rally on a healthy day for Asian markets Tuesday as a meeting between President Xi Jinping and China’s top business leaders fanned hopes that a years-long crackdown on the private sector is coming to an end.The Hang Seng Index’s gains extended an impressive start to the year, with the emergence …

Tech rally helps Hong Kong lead Asian markets higher Read More »

European markets rose on Monday as defence stocks surged ahead of a meeting between European leaders to address Washington’s sudden policy shift on the war in Ukraine.US President Donald Trump sidelined Kyiv and its European backers last week by calling his Russian counterpart Vladimir Putin to discuss beginning negotiations to end the conflict.With fears that …

European markets rise ahead of Ukraine war talks Read More »