BUSINESS - Page 31

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

On Friday, American electric-vehicle startup Fisker Inc (FSR.N) raised $150 million from an existing institutional investor through the issue of convertible bonds with an additional $550 million in funding available, the company said. The EV maker expects to use the proceeds to ramp up deliveries of its new vehicles. The company reiterated its plan to increase deliveries of its flagship Ocean sports utility vehicle to 300 units per day later this year, following the successful production launch in 2022. Fisker

HSBC is set to acquire Citigroup’s China consumer wealth management business, which manages more than $3 billion in assets, two sources with knowledge of the matter said, in a significant boost to the London-based bank’s business in that country. The transaction, the financial details of which were not immediately known, will also see Asia-focussed HSBC take over “a few hundred” of Citi’s China-based staff, said one of the sources, who was not authorized to speak to media. The deal is