BUSINESS - Page 30

In an increasingly interconnected world, a single cyber attack can ripple through the global economy with profound consequences. As cyber threats become more sophisticated, businesses must prioritize cybersecurity measures to help protect against the potential damage a serious hack could cause. In a new report, the commercial insurance market Lloyd’s of London (SOLYD.UL) presents a chilling scenario that shows a significant attack on a financial services payments system could lead to global losses of $3.5 trillion, with much of it

Aircraft engine giant Rolls-Royce said Tuesday it plans to axe up to 2,500 jobs worldwide, or about six percent of its staff. Its shares rose as much as 5.5pc, the highest since March 2023, after the UK company cited “plans for a simpler, more streamlined organization.” The jobs will likely be cut mainly among non-engineering procurement, supply chain management, and project support employees. The company said the plan is expected to save more than PS300 million a year. The cuts

China’s largest private property developer, Country Garden’s entire offshore debt will be deemed to be in default if it fails to make a $15 million coupon payment on Tuesday, the end of a 30-day grace period. This is the latest in a series of missed payments by the company, which has been forced to scale back sales amid China’s three-year property market slump. The company, which has over $11 billion of offshore bonds and $6 billion of offshore loans, has

Britain and South Korea have agreed to extend a period of low or zero tariffs on bilateral trade by two years, ahead of talks to forge a new trade deal. This agreement will cover a range of products from automotive parts to tableware, with the UK hoping to help the country’s manufacturing sector. The government’s chief negotiator on the deal, David Davis, said it “demonstrates our determination to secure a good trading relationship with Korea after Brexit.” “It will also

Telecommunications equipment maker Ericsson on Wednesday announced a colossal 32 billion Swedish crown ($2.9 billion) impairment charge related to its acquisition last year of Vonage. The company, which primarily provides networks and mobile communications gear, bought the cloud communications provider in a $6.2 billion deal. The financial hit is a consequence of a significant drop in the market capitalization of Vonage’s publicly traded peers, increased interest rates, and an overall slowdown in Vonage’s core markets. The company expects to book

The UK competition watchdog has cleared Microsoft’s $69 billion deal to buy ‘Call Of Duty’ developer Activision Blizzard, clearing the last major regulatory hurdle for one of the biggest tech acquisitions in gaming history. The Competition and Markets Authority (CMA) said that Microsoft – the maker of the Xbox gaming console – could go ahead with the takeover after agreeing to buy Activision without cloud gaming rights, meaning the games would still be available to gamers on other platforms such

Toyota (7203.T) and oil refiner Idemitsu Kosan (5019.T) said on Thursday they would tie up to develop and mass produce all-solid-state batteries, in another example of new partnerships being forged amid the disruptive shift to electric vehicles. The companies aim to commercialize next-generation batteries in 2027-28, followed by full-scale mass production. Solid-state batteries can hold more energy than current liquid electrolyte batteries, and automakers expect them to speed the transition to EVs by addressing the vehicles’ limited driving range. Idemitsu

German high-end carmakers BMW (BMWG.DE) and Mercedes (OTCPK: DMLRY) saw their sales in China dip in the third quarter, with the latter hurt by supply chain issues and a slowdown in demand for new electric vehicles. The two companies are at the forefront of the global luxury market, and China is one of their biggest markets. But, a trade war between the world’s two largest economies has shifted their strategy of prioritizing more fabulous local presence in China. Despite the

Spain’s Air Europa said on Tuesday that it suffered a cyberattack on its online payment system that let some of its customers’ credit card details exposed. The airline emailed those customers whose cards were affected and notified the relevant financial institutions, it said in a statement. The company said no other information has been exposed, and there is no evidence that the stolen data was used to commit fraud. It continues to analyze what happened and the attack’s origin and

After putting it up for sale in August, Hyundai Motor cut the minimum asking price for its auto plant in China’s southwestern city of Chongqing by almost 30%. The reduction to 2.58 billion yuan from 3.68 billion yuan came as the South Korean car maker continued its rejigs in China amid fierce price competition and slowing demand. The carmaker seeks to reduce excess capacity in the world’s biggest market, where homegrown brands such as BYD Co are gaining market share