Asia

The Indian electric taxi service BluSmart, a competitor to Uber, has suspended its services after an investigation by a market regulator found that a cofounder had misused funds in an affiliated company and purchased a luxury apartment using money meant for electric vehicles. BluSmart was a pioneer in India's clean-energy boom, but its abrupt suspension threatens the livelihoods of thousands of taxi drivers. It set up charging stations in cities such as New Delhi, Mumbai, and Bengaluru, where it had more than 8,000 taxis to compete with Uber and Ola. Both ride-hailing companies rely heavily on gasoline-powered fleets. BluSmart sent...

Malaysia Aviation Group (Malaysia Airlines' parent company) reported on Thursday a net income of 54 million Ringgit ($12.24million) for the 2024 financial period. Malaysia Airlines is still struggling to recover two deadly disasters In 2014, the airline temporarily reduced its capacity by 18% last year after it was You can find out more about it here The Malaysian civil aviation authority found several safety and maintenance problems. Izham Ismail, MAG's managing director, told a press briefing that despite the capacity cuts the passenger traffic remained strong in the premium segment. Both the passengers and the cargo segments had higher load...

The petrochemicals plant at Austrian Oil and Gas Company OMV's Schwechat Refinery near Vienna Airport broke down on February 2. This caused it to switch over to high-flare operation, which alarmed the passersby. It also prompted fire brigade calls. OMV's largest refinery, Schwechat, is one of Europe's largest. It has a capacity to process 9.6 million tonnes crude oil per year. Borealis is a petrochemicals company that's partly owned by OMV, and it's going through a merger. It has a production site next to the refinery. OMV released a statement that said, "On April 15, 2025, at 10:00 am (0800...

Beijing has warned its 22 million residents to avoid non-essential travel. It has also postponed major sporting events and closed parks. Dozens were cancelled. The state-run Xinhua News Agency reported that a cold vortex coming from Mongolia will sweep through northern Chinese provinces on Friday afternoon and continue into the weekend. It is expected to bring unusually strong winds with gusts up to 150 kph. Climate change has made extreme weather conditions more common. Strong winds bringing sand and dirt from Mongolia are not unusual at this time of year. Beijing has issued its first orange-colored gale warning in 10...

Ukrzaliznytsia (Ukraine's state railways), the largest cargo carrier in the country, announced on Wednesday that only half of its IT systems had been restored after a massive cyberattack took place at the end of March. The first outage reported was on 23 March when the rail company informed passengers of a problem with its IT system, and encouraged them to purchase tickets in person or on trains. Later, the company said that its online systems were subjected a targeted large-scale cyber attack. Both a Ukrainian official of security and a senior source of the government, speaking under condition of anonymity...

Six sources claim that the Trump administration may soften its proposed fee for China-linked vessels visiting U.S. port after receiving a lot of negative feedback. The industries said it could be financially devastating. Six sources familiar with the issue said that the six changes being considered include a delayed implementation as well as new fee structures aimed at reducing the cost of visiting Chinese vessels. Sources asked to remain anonymous due to the sensitive nature of the subject. The White House, and the Office of the U.S. Trade Representative(USTR), the government agency involved in the draft of the proposal, have...

Barrick Gold’s Reko Diq gold and copper project in Pakistan plans to secure up to $2 billion from international lenders. Term sheets will be signed in early Q3, according the project director of the mine. The funding will be used to support the development and expansion of Reko Diq, one of the largest copper-gold deposits in the world. It is expected that the mine can generate free cash flows of $70 billion, as well as operating cash flows of $90 billion. The project is jointly owned by Barrick Gold, the government of Pakistan, and the government of Balochistan. Multiple lenders...

Singapore has designated 17 transportation companies as critical firms, subject to increased regulatory scrutiny. A new law that took effect on Tuesday aims to protect against extreme scenarios with "malicious" actors. The Transport Sector (Critical Firms Act) would allow the government to tighten its control over major Singaporean firms in the air, sea and land transport sectors. It will also require approval for any key leadership changes or when an entity takes control of more than 5 percent of a company. Singapore Airlines, SATS (ground services handling firm), and SBS Transit (bus and rail operator) are all listed companies. According...

The looming tariffs by U.S. president Donald Trump could affect virtually all the goods exported to Vietnam's top market. These exports were worth over $142 billion in 2017, or around 30% of Southeast Asia's GDP. Vietnam was a beneficiary of the trade war Trump waged against China during his first term. However, Vietnamese officials and companies abroad are unsure how they will do under the new tariffs Trump has announced will go into effect on Wednesday. Vietnam, with a surplus of $123.5 billion and meeting several criteria, has the biggest trade surplus with the U.S. Here are some measures that...

Luiz inacio Lula da silva, Brazil's president, will meet Vietnam's leaders on Friday at Hanoi as he travels to the Southeast Asian country with a large delegation of businessmen to try to strengthen trade and economic links under the shadows of a trade war. Lula's visit comes at a time when Hanoi is under pressure to reduce its huge trade surplus by the Trump administration. Hanoi has also pledged to increase U.S. Imports, which includes farm products like soybeans that Brazil is the top exporter of to Vietnam. A Brazilian official familiar with the agenda stated that both countries will...

Ukrzaliznytsia (Ukraine's state railways), the largest cargo carrier in the country, announced on Tuesday that its online freight service had been hit by a massive cyber attack. The first outage reported was on Sunday, when the rail company informed passengers of a problem with its IT system. They were told to purchase tickets at the station or on the train. Later, the company said that its online systems were subjected a targeted large-scale cyber attack. Since the Russian invasion of Ukraine in 2022, trains have become the primary mode of transport for both domestic and international travelers. They are also...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines Wood Group to continue takeover talks with UAE-based Sidara Heathrow's National Grid chief claims that the airport had "enough power" despite the fire shutdown Malaysia cracks down on Nvidia chips under US pressure James Hardie will buy Azek, a building products company for almost $9bn View the full article After a failed takeover attempt six months earlier, the British oilfield engineering and services firm Wood Group agreed to extend its deadline for talks....

LME data on Thursday showed that the proportion of aluminium with Russian origin registered in warehouses at the London Metal Exchange increased to 88% from 75%, and the percentage of Indian origin decreased to 11%. To comply with U.S., British and European sanctions over Russia's invasion of Ukraine in 2022, the LME has banned all metals produced in Russia from its warehouse system after April 13, 2024. Metal made before April 13, 2024 can still be traded. Stocks of aluminium with Russian origin, or those on warrant The end-of-March figure was 200,700 tons, up from 155125 tons in February. The...

Abiove, the traders' association, and a toll-road operator announced on Tuesday that indigenous Brazilian protesters had lifted their blockade of Brazil's Trans-Amazonian Highway. This reopened a vital grain shipping route connecting farmers to the Miritituba River Port. On March 25, Munduruku activists shut down the road (also known as BR-230) to pressure Brazil's Supreme Court into overturning a law that limits indigenous land rights in 2023. Grain traders reported that the protests prevented the shipment of around 70 000 metric tons worth nearly $30 million of grains every day. Abiove reported that it had learned on Tuesday morning the indigenous...

In recent days, protests by indigenous peoples and poor roads disrupted the shipping of Brazil's bumper soya crop via the river port Miritituba within the Amazon rainforest. This has caused concern for global companies such as Cargill and Bunge who have important operations. Abiove, the association of grain handlers in Nigeria, reported on Friday that road access to Miritituba had been partially or totally blocked for two weeks. This has prevented the shipment of almost 70,000 tons per day of grain, equivalent to almost $30 millions of product value. In a statement issued jointly with the farm group Aprosoja Brasil,...

The finance chief of Dutch tank storage company Vopak said that the final decision regarding the initial public offering (IPO) of its Indian joint-venture Aegis Vopak is expected to be made in the first half 2025. Michiel Gilsing, CFO of Vopak, said that the company sold a small amount as a private placing in 2024. This was to prepare for the IPO. The deal resulted in a net gain of 13.6 million dollars ($13 million). He said that the final valuation of AVTL would determine whether or not further gains could be made. Gilsing stated that Vopak operates terminals in...

LME data on Monday showed that the number of Russian-made aluminium in London Metal Exchange storage warehouses was up in January compared to December. The amount of Indian metal, however, fell. According to traders, the majority of the aluminium in LME registered warehouses at Port Klang in Malaysia is of Indian origin. This is what Western consumers are looking for, as many have refused to purchase metal made in Russia after it invaded Ukraine almost three years ago. Stocks of aluminium with Russian origin, or those on warrant At the end January, the total reached 164 475 metric tonnes, or...

According to a survey published on Tuesday, the stricter traffic regulations in place since the beginning of the year have caused disruptions and increased costs in the transport and logistics industry in Vietnam. New road safety regulations have increased the fines for serious traffic offences such as disregarding traffic lights. The new regulations are also more significant for the logistics industry in Southeast Asia's industrial and export hub because they require truck drivers to take a 15-minute break after every four hours driving. In a survey of more than 460 employees and executives, mainly from the logistics sector and distribution,...

A group representing major automakers stated on Friday it filed a claim to obstruct a. landmark rule from the administration of President Joe Biden. requiring nearly all brand-new cars and trucks and trucks by 2029 to have. innovative automated emergency situation braking systems. The Alliance for Automotive Development, representing General. Motors, Toyota Motor, Volkswagen and. other automakers, said the guideline settled in April by the. National Highway Traffic Security Administration is almost. difficult with offered technology. The group asked the U.S. Court of Appeals for the District. of Columbia to overturn the rule. NHTSA declined to comment. The alliance stated...

Senalia, which runs the largest terminal at France's most significant grain port Rouen, forecast on Friday its export volumes would drop by majority this season after a poor French harvest. Cooperative-owned Senalia said that for the 2024/25 July-June season, it expects to manage 1.6 million metric lots of cereal deliveries, down from 3.85 million in 2023/24. France harvested its smallest wheat crop considering that the 1980s last year after repeated heavy rains, with barley production also falling greatly. The European Union's greatest grain manufacturer has actually likewise dealt with hard competition from cheaper Black Sea suppliers like Russia and Romania,...

Energy and commodities trader Vitol is trying to lower its storage costs with plans to get rid of significant quantities of aluminium from London Metal Exchange (LME) storage facilities in Port Klang, Malaysia, 3 sources acquainted with the matter said. LME approved storage facilities charge 56 U.S. cents per metric lot to save aluminium in Port Klang, about 5 times more than rent charged for metal outside the LME's warehousing system. Vitol, which decreased to discuss its strategies, is increase its existence in international metals markets after a previous foray into base metals ended in 2014. It preserved a presence...

A freight lobby has actually warned of the risk of logistical collapse after Brazilian transportation firm ANTT altered payment system guidelines for trucks moving countless lots of agricultural commodities and other freight, according to a declaration on Thursday. Intro of electronic tags as the only accepted ways of payment comes as Brazil starts gathering a huge soybean crop of nearly 170 million heaps, stated Carley Welter, executive director at ANATC, a national association of freight companies. ANATC, whose members have actually 2.2 million signed up truck drivers, said firms supplying the tags have been not able to meet high demand....

A record number of activist investors installed campaigns at international companies in 2024, a. Barclays report revealed on Thursday, as their pressure techniques. produced strong returns, and more development is likely this year. Looking back to 2024, it feels nearly as if there was a. shareholder revolt, said Jim Rossman, global head of. shareholder advisory at Barclays. In 2024, 160 investors such as hedge funds pushed companies. to make moves like improving technique and operations or firing. presidents, consisting of 45 who deployed the method for the. first time, Barclays stated. That's up more than 18% from 135 investors in...

Prateek Gupta, who is accused of fraud by commodity trading company Trafigura, on Friday secured a delay up until completion of February in disclosure of documents appropriate to the longrunning case. Gupta's attorneys told a London court in March that he had run out of funds for legal fees and wanted to reach a settlement. Trafigura filed the case in February 2023, alleging systematic. scams by the Indian business owner and companies managed by him. Gupta has stated in his defence that Trafigura personnel created. the scheme at the centre of the case, to substitute low-value. products such as scrap...