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21/10/2022

BMW production chief Milan Nedeljkovic expects stabilising supply chains to lead to a clear improvement in profitability next year, he said in an interview at the carmaker's Leipzig plant in Germany.

From a production perspective, Nedeljkovic said he did not expect margins to fall.

"Repeated undersupply and needing to re-plan production brought a certain turmoil. A clear improvement in our margins should result purely from the stabilisation we are seeing on this front," he said.

The shortage of semiconductors would likely impact the carmaker until at least the middle of next year, Nedeljkovic added.

18/10/2022

The announcement by K-pop mega band BTS that members would serve mandatory military service in South Korea has removed a cloud of uncertainty that has hung over their plans.

Investors in HYBE Co, BTS' management group, responded to the news by driving its shares up as much as 7.8% on Tuesday.

The relatively shorter break, after the company picked 2025 as the potential date for BTS' return as a group, also appeared to hearten the market.

14/10/2022

Singapore’s economy expanded far more than expected in the third quarter, data showed on Friday, as a boost from construction activity and steady consumer spending helped offset a decline in the country’s key manufacturing sector.

The Monetary Authority of Singapore (MAS) also tightened monetary policy for the fifth time in a year, as it struggles to control rising inflation. The financial authority said in a statement it will raise the range within which the Singapore dollar is allowed to move against foreign currencies, and that more tightening was warranted to keep inflation on a leash.

Singapore’s gross domestic product rose 4.4% on an annual basis in the three months to Sept 30, data from the Ministry of Trade and Industry showed, far more than expectations for growth of 3.4%. The reading was slightly lower than last quarter’s reading of 4.5%.

08/10/2022

The U.S Defense Department added more Chinese companies, including drone maker DJI Technology and surveillance equipment maker Zhejiang Dahua Technology, to a blacklist that subjects them to an investment ban for Americans.

BGI Genomics Co Ltd, which runs a massive gene databank and has DNA-sequencing contracts worldwide, and CRRC Corp, which makes and sells rail transit gear, were also among the 13 added to the list the Pentagon released on Wednesday.

Last year, a Reuters review of scientific papers and company statements found that BGI was using prenatal tests developed in collaboration with the Chinese military to collect genetic data for sweeping research on the traits of populations.

30/09/2022

The German economy may be slowing sharply, but its labor market held up better than expected in September, as the number of jobless rose by the smallest amount in four months.

Unadjusted unemployment rose by 14,000, half of the previous month's increase and below the 20,000 expected ahead of time by analysts. The seasonally adjusted unemployment rate remained steady at 5.5% of the workforce.

However, the signs are increasing that Europe's largest economy has stopped creating jobs as cripplingly high energy prices exact an ever higher cost on its key manufacturing sector, while also eating into disposable income and consumer sentiment.

27/09/2022

Economic growth in East Asia and the Pacific will weaken sharply in 2022 due to China's slowdown, but the pace of expansion will pick up next year, the World Bank said on Tuesday.

The Washington-based lender said in a report it expected 2022 growth in the East Asia and Pacific region, which includes China, to slow to 3.2%, down from its 5.0% forecast in April, and the previous year's growth of 7.2%.

The weaker forecast was due mainly to a sharp slowdown in China, caused by its strict zero-COVID rules that have disrupted industrial production, domestic sales and exports, the World Bank said.

23/09/2022

A downturn in Eurozone business activity deepened in September, sliding to its lowest mark in 20 months, as pressure on companies from soaring inflation increased.

S&P Global's flash composite purchasing managers' index for the eurozone dropped to a reading of 48.2, down from 48.9 in August and in line with economists' estimates. A level below 50 indicates contraction.

20/09/2022

Apple Inc (NASDAQ:AAPL) said on Monday prices of apps and in-app purchases on its App Store will increase in several countries including Japan, Malaysia and all territories that use the euro currency, from next month.

The new prices, excluding auto-renewable subscriptions, will be effective as early as Oct. 5, Apple said in a blog post.

These changes will also reflect new regulations for Apple in Vietnam to collect and remit applicable taxes, being value added tax (VAT) and corporate income tax (CIT) at 5% rates respectively, the company added.

17/09/2022

Ukrainian officials said they had found hundreds of bodies, some with their hands tied behind their backs, buried in territory recaptured from Russian forces, in what President Volodymyr Zelenskiy called proof of war crimes by the invaders.

There was no immediate public comment from Russia, which denies targeting civilians.

13/09/2022

Fiji Airways expects to reach nearly 100% of its pre-pandemic capacity by the end of the year, as demand for travel to its tropical Pacific home has rebounded strongly, a senior executive said on Tuesday.

The carrier's capacity from Fiji to Australia and North America is at around 120% of pre-pandemic levels, said the airline's executive manager for strategy, networks and alliances, John Checketts. Capacity on New Zealand routes should reach 100% by the end of the year, he added.

Routes to Hong Kong and Japan, however, have been paused due to travel restrictions, Checketts said at a CAPA Centre for Aviation conference.

09/09/2022

Gold prices traded above weekly lows on Friday as investors digested more hawkish comments from the Federal Reserve, while copper eyed a large weekly gain on supply concerns stemming from a strike in Chile’s Escondida mine.

Copper futures rallied nearly 4% on Thursday after unionized workers at Chile’s Escondida, the world’s largest copper mine, voted to go on strike over safety concerns. The gains put copper on course for a weekly gain of more than 4%.

The mine, which is majority owned by Australian miner BHP Group (NYSE:BHP), is one of the largest sources of copper in the world. Workers at the mine said they would begin partial work stoppages next week, followed by a complete shutdown later in September.

07/09/2022

Australia's economy picked up speed in the June quarter as consumers kept spending and energy exports boomed, offering hope activity can weather sharply higher interest rates and cost-of-living pressures.

Data from the Australian Bureau of Statistics on Wednesday showed gross domestic product (GDP) rose 0.9% in the second quarter, in line with forecasts and up on the first quarter's 0.7% rise.

Annual growth accelerated to 3.6% as the lowest unemployment rate in almost five decades underpinned household incomes and spending.

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