Asia news
- Sky News says Jaguar Land Rover is seeking government funding to combat COVID-19.
- Jaguar furloughed 20,000 employees in 2020 to shore up finances amidst the pandemic.
- Fitch downgrades Jaguar's credit rating as Coronavirus weighs on demand and operations.
Latest Asia news
The U.S Commerce Department announced an adjustment to its export policy that strategically targeted China’s telecoms giant, Huawei Technologies Co Ltd. The White House is exercising its authority on global chipmakers that use U.S technology to get a license to sell semiconductors to Huawei. As per the new rule, such companies are now banned from supplying semiconductor chips to Huawei. A senior official of the Commerce Department commented on th...
Sony Corp. (TYO: 6758) said on Wednesday that it estimates its operating profit to see a 30% decline in the current fiscal year that started in April that will mark a 4-year low for the company. Sony attributed its downbeat outlook to the Coronavirus pandemic that is weighing heavily on demand for its cameras, television sets, and smartphone image sensors. The company further added that government-imposed lockdowns have resulted in unparalleled d...
Tencent Holdings (HKG: 0700) released its quarterly financial results on Wednesday that topped analysts’ estimates for earnings and revenue. The company attributed its success to a strong demand for its gaming business. Tencent’s advertising and financial technology segments also reported stronger than expected results in the first quarter. Experts had forecast the company to print £11.61 billion in revenue in the first quarter. In terms of profi...
In its announcement on Tuesday, Toyota Motor (TYO: 7203) warned that its full-year profit is expected to decline by 80% that will mark the steepest fall in profit for the automaker in almost a decade. Toyota is currently struggling to cushion the economic blow from the Coronavirus pandemic that has brought the global auto industry to a near halt. COVID-19 had pushed the global automakers into temporarily suspending operations in recent months. Wh...
Saudi Aramco announced its net profit in the first quarter to have declined by 25% on Tuesday. The company’s quarterly dividend, however, matched its plan of paying £60.74 billion to its shareholders in base dividends in 2020. Analysts had anticipated Aramco to slash government payout but maintain its dividend for minority shareholders. In the quarter that ended on 31st March, Aramco reported a net profit of £13.48 billion after tax and zakat tha...
According to CPCA (China Passenger Car Association), Tesla Inc. (NASDAQ: TSLA) sold a total of 3,635 Model 3 (Shanghai-manufactured) in China in April that marked a massive 64% decline as compared to March. The U.S electric car manufacturer, however, is known to report fewer sales in the 1st month as compared to the remaining 2 months of the quarter. As per the online briefing of the industry body, Tesla manufactured more than 10K units at its Sh...
Starbucks Corporation (NASDAQ: SBUX) released its second-quarter earnings report on Tuesday that posted a 10% decline in its global same-store sales. The company cited Coronavirus shutdowns in both of its primary markets, the U.S and China, to have weighed heavily on business in Q2. Starbucks also forecasts an even stronger hit to its financial performance in the third quarter due to the pandemic despite its sales slowly starting to recover in Ch...
JP. Morgan (NYSE: JPM) plans to raise about £8 billion to boost its spend during this Covid-19 pandemic period. The firm’s alternative-investment division said the amount would enable them to sail through the current crashed economy. “The magnitude of these dislocations is so significant. To get some of these markets functioning, you need a lot of capital,” JPMorgan’s global head of alternatives Anton Pil said during a Monday interview. According...
Singaporean aircraft leasing company BOC Aviation is testing the bond waters at a period when most global airlines are either scaling down or completely shutting down operations owing to the ongoing Coronavirus pandemic. Bank of China Ltd is selling dollar bonds at a relatively wider spread compared to a similar issue in January. From that time, the aviation sector has been thrown into a state of difficulty, in a bid to contain the impact of trav...
In its statement on Monday, Starbucks Corp. (NASDAQ: SBUX) announced its plans of launching Beyond Meat Inc.’s (NASDAQ: BYND) products in China later this week. Starbucks said that it will expand its lunch menu with new plant-based offerings. Starbucks is currently reopening its nationwide stores in China and slowly catching pace after the Coronavirus pandemic that originated in Wuhan and disrupted global businesses on an unprecedented scal...
Government data showed on Friday that Apple Inc.’s (NASDAQ:AAPL) iPhone shipments in China increased to 2.5 million in March. In February, the U.S tech giant had shipped only 500,000 iPhones in China that marked its worst monthly performance in history. Originating in Wuhan, COVID-19 is slowly fading away in China stirring a wave of optimism in the global smartphone companies which are hopeful of a quick recovery in demand in the country. 2...
In a statement on Monday, South Korean labour union said that Kia Motors Corp (KRW:000270) plans on temporarily shutting down 3 of its domestic production facilities as Coronavirus brings exports to key markets of the United States and Europe to a near halt. According to the union official, an agreement has not yet been signed between the union and the automaker. Negotiations regarding workers’ pay during the shutdown are currently ongoing....
AirAsia Group (KLSE:AIRASIA) is the latest from the global airline industry that has outlined its strategy to cut costs amidst the ongoing Coronavirus pandemic that has brought air travel to a near halt. In a statement on Saturday, AirAsia’s Chief Executive Officer highlighted that the group’s founders have agreed to not taking their salaries to maintain the financial stature of the company. AirAsia’s staff also approved an up t...
In a statement on Friday, Tesla Inc. (NASDAQ:TSLA) said that 2 more variants of its locally manufactured Model 3 sedan are now available for sale in China. All of its Model 3 vehicles sold in China, the U.S electric car manufacturer added, are now manufactured locally at the Shanghai factory and are exempted from import tax. Tesla’s announcement came after the U.S-China trade war that saw both countries imposing punitive tariffs on a wide r...
The first two months of 2020 didn’t bring good news for industrial production in China that slumped at the fastest rate in three decades as the Coronavirus emergency continues to wreak havoc on business operations and threaten the second-largest economy of the world. Retail sales and urban investment were also reported to have steeply declined for the first time since record-keeping began. Monday’s data reinforced the forecast that Ch...
According to Wednesday’s statement, German sportswear manufacturers Puma (ETR: PUM) and Adidas (ETR: ADS) anticipate a significant hit to sales in China ascribed to the rapidly spreading Coronavirus. The manufacturers appreciated that the early signs of improvement have started to show in China, however, the impact, as per the companies, is now switched to other markets. Puma and Adidas were reported challenged in the stock market in the pa...
As the coronavirus crisis continues to develop, many have noticed that its effects go beyond people’s health and wellbeing. While it was recognized a while ago that the virus is likely to make some serious damage to the world’s supply chains, many believe that this might work in favor of Bitcoin and potentially other cryptos.However, due to the fear of the virus and the necessity to make it difficult for it to spread, there were numer...