BUSINESS - Page 36

On Monday, Singapore’s second-biggest bank, Oversea-Chinese Banking Corp (OCBC.SI), said that it had restored all its banking services after grappling with technical problems that disrupted various banking channels. It had taken to its social media accounts earlier to warn of the issues that began at 8:33 a.m. OCBC, Southeast Asia’s second-biggest lender by assets, apologized for the inconvenience and said it had done everything to restore its systems as quickly as possible. The incident was not due to a cyber

Credit Suisse, now a subsidiary of UBS (UBSG.S), posted a loss of 3.5 billion Swiss francs ($4.0 billion) in the second quarter, according to a report in Sonntagszeitung, which cited insiders at the bank. The result underscores how the 166-year-old lender, once a linchpin of Switzerland’s banking system, has been crippled by bad debt and other losses. Worries that the bank might have more undiscovered financial land mines have weighed heavily on investors, and the stock has fallen 60 percent

India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla (TSLA.O), which is considering entering the domestic market. The policy being considered could allow automakers to import fully-built EVs into India at a reduced tax as low as 15%, compared to the current 100% that applies to cars that cost above $40,000 and 70% for the rest, according to two people with direct

Michael Jordan, a name synonymous with basketball excellence, has once again made headlines, this time in the business world. The iconic former NBA player, often regarded as one of the greatest athletes in history, has solidified his position as the “richest basketballer of all time.” The recent sale of his stake in the Charlotte Hornets, the NBA team he co-owned, has catapulted his wealth to new heights and showcases his prowess on the court and in entrepreneurship. Michael Jordan’s basketball

Recent revelations from a leaked document have highlighted a concerning trend in German investment guarantees in China. The document sheds light on a substantial decline in the confidence of German investors, raising questions about the future of Sino-German economic relations and the broader implications for global trade and investment. The leaked document, reportedly sourced from a high-level German government office, has provided insights into the declining trend of guarantees Germany provides for investments in China. These guarantees, often offered to

The German plant that will eventually help Tesla ramp up production of the Model Y, one of the company’s most popular cars, has been dealing with challenges. Located in a drought-stricken part of the country, the plant requires large amounts of water to do such things as paint exteriors, cast vehicle parts, and excellent heavy machinery. But water shortages aren’t the only issue. Local activists fighting the plant on issues ranging from tree preservation to saving sand lizards are also

When Facebook’s Libra stablecoin was announced in 2019, it seemed like a winner. The crypto token was supposed to allow users worldwide to send and receive money without needing a social media account. A basket of fiat currencies would back it to ensure stability and be overseen by various companies from the payments, telecommunications, and tech sectors. The idea was that cryptocurrency could help unprecedentedly reshape cross-border remittances, international commerce, and other financial services. But the project failed. The cryptocurrencies

Elon Musk may be able to send a car into space, but his staff needs help securing data online. According to a report from researchers at cloud security firm RedLock this morning, a hacker infiltrated Tesla’s Kubernetes software console because the company failed to secure it with a password. The hackers then accessed a database of over 75,000 people who had filed complaints with the company regarding auto acceleration and braking issues. The data was allegedly leaked to a German

Moderna (MRNA.O) said on Thursday an initial study of its updated COVID-19 vaccine showed the shot was effective against the “Eris” and “Fornax” subvariants in humans. The company expects the updated shot to be available, pending approval from health regulators in the United States, Europe, and elsewhere, for the fall vaccination season in the coming weeks. Vaccines against the COVID-19 virus typically protect only against one of its many strains, and the Eris subvariant is not included in most current

The Trump administration’s push for electric vehicles may risk being tainted by links to forced labor. The Labor Department has added batteries to a list of products that may be made with materials produced with child or forced labor, based on the fact many rely on cobalt, a mineral mined mainly by children in the Democratic Republic of Congo. That’s a blow to the clean energy industry and could add fuel to critics of the White House’s climate policies. The