BUSINESS - Page 31

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

The surprise attack on Israel by the Palestinian Islamist group Hamas at the weekend marked the most significant escalation between the two sides in decades. It has already killed more than 1,000 people and raised fears that a potential broadening of the conflict could draw in Iran and lead to supply shocks. Brent and WTI rose more than four percent Monday in early Asian business. “The violence in the Middle East is a clear risk to oil markets, with disruptions

Car sales in Russia jumped by 148.6% year-on-year in September, continuing to rebound from a massive slump in 2022, with Chinese brands expanding their market share. The Russian auto industry, heavily reliant on investment, equipment, and parts from overseas, was hit hard by the fallout from Western sanctions over Moscow’s invasion of Ukraine, with sales plunging 59% in 2022 and many foreign automakers leaving the country. The departure of Western firms leaves local producers and Chinese companies in a strong

Shares in SAS tumbled 95% at market open on Wednesday after the Scandinavian airline announced new significant shareholders late on Tuesday in a restructuring that will see the group delisted from bourses and existing ownership stakes erased. The airline’s stock plunged almost as far as the low end of a trading range it had set for the day. The airline, which was already loss-making before the pandemic erupted and lost market share to low-cost rivals like Norwegian Air and Flyr,

Boeing plans to push production of its bestselling 737 narrowbody jet to a record of at least 57 per month by July 2025. The goal would hit the planemaker’s unmet target from several years ago, which was scuttled in 2019 when the 737 MAX was grounded globally following two deadly plane crashes. The Boeing 737 is the world’s best-selling jetliner, with more than 3,400 orders and 1,500 pending orders for the next-generation MAX model. The 737 MAX is a larger

The proposal by U.S. President Joe Biden’s administration to hike fuel economy standards through 2032 would cost General Motors $6.5 billion in fines and Chrysler parent Stellantis $3 billion, according to a letter seen by Reuters. The American Automotive Policy Council, which represents GM, Stellantis, and Ford Motor (F.N.), said in a letter to the U.S. Energy Department on Friday that the size of the expected penalties for not meeting proposed Corporate Average Fuel Economy (CAFE) requirements was “alarming.” The

Robinhood Markets expects a $100 million finance cost in the third quarter tied to legal and regulatory matters that were previously disclosed, the trading app operator said on Friday. The company has had several run-ins with regulators, including being at the center of the “meme stock” trading frenzy in early 2021. The frenzy spooked retail investors, who comprise the brokerage’s chief customer base. As a result, Robinhood tightened its margin requirements, increased the minimum initial deposit for new accounts, and

Japan’s move to bar most used-car sales to Russia slammed the brakes on a trade nearing $2 billion annually that had boomed in the shadow of sanctions over Ukraine elsewhere, according to trade data and market participants. In early August, Japan’s government banned exports of all but subcompact cars to Russia, cutting off a lucrative backchannel in trade in used Toyotas, Hondas, and Nissans for a network of brokers and smaller ports, especially Fushiki, an export hub on the Sea

China will back firms in the intelligent vehicle supply chain to form groups dedicated to spreading innovation, state media said on Monday, as it races to hammer out standards for assisted and autonomous driving functions. The world’s largest auto market, which set the target for such standards in July, has made so-called intelligent connected vehicles (ICVs) a long-term strategic focus in its bid to become the leading global player in the still nascent industry. The country aims to complete the