Business
Smiths Detection to improve cargo screening in Tokyo and Kobe
Smiths Detection has signed a contract with Japan Customs to provide two Hi Energy 9 MeV, interlaced, dual view HCVS high-performance cargo inspection systems for screening trucks and cargo containers to Tokyo Customs at Jonanjima and Kobe Customs at Mizushima. Installations will start in April 2022. The improved HCVS X-ray… Read
Evergrande pays overdue interest on offshore bond: state media
China's troubled property giant Evergrande has made a key offshore interest payment a day ahead of a weekend deadline, state media said Friday, averting a default for now. The crisis at one of the nation's biggest property developers, which is drowning in $300 billion of debt, has hammered investor sentiment… Read
Weak yen morphs into new threat to Japan with surging energy costs
A weak yen typically serves as a boon to the export-driven Japanese economy. But when combined with surging crude oil and raw material prices, it leaves the economy facing a double-whammy that is set to crimp the economic recovery from the pandemic. The yen's recent slip to a nearly four-year… Read
Shinsei Bank rejects SBI's tender offer; set for hostile takeover
Shinsei Bank said Thursday it has decided to reject a tender offer by major online financial group SBI Holdings Inc, setting the stage for what would be the first hostile takeover bid in the country's banking industry. Shinsei criticized SBI for attempting to effectively control the management without taking a… Read
American Airlines posts $169 million profit on taxpayer help
American Airlines is reporting a third-quarter profit of $169 million after collecting nearly $1 billion in federal pandemic aid, and it expects big crowds and more flights during the upcoming holidays. The airline felt the late-summer impact of the highly contagious delta variant of COVID-19, which caused a slowdown in… Read
Volvo adds 195,000 vehicles to recall for dangerous air bags
Volvo is recalling another 195,000 vehicles in the U.S. because the front driver's air bags could explode and send shrapnel into the cabin. It's the company's third U.S. recall for the issue with air bag inflators made by supplier ZF/TRW. It stems from the death of an unidentified U.S. driver.… Read
Bitcoin tops $66,000, sets record as crypto goes mainstream
Bitcoin stormed above $66,000 for the first time on Wednesday, riding a wave of excitement about how the financial establishment is increasingly accepting the digital currency's rise. Bitcoin was trading at $66,631, up 5.2%, as of 2:30 p.m. Eastern time, after earlier climbing as high as $66,974.77. It has roared… Read
Energy crunch hits global recovery as winter approaches
Power shortages are turning out streetlights and shutting down factories in China. The poor in Brazil are choosing between paying for food or electricity. German corn and wheat farmers can't find fertilizer, made using natural gas. And fears are rising that Europe will have to ration electricity if it's a… Read
Tesla hits record profit despite parts shortage, ship delays
Record electric vehicle sales last summer amid a shortage of computer chips and other materials propelled Tesla Inc. to the biggest quarterly net earnings in its history. The company said Wednesday that it made $1.62 billion in the third quarter, beating the old record of $1.14 billion set in the… Read
Auto sector shifts gear toward recycling parts, batteries
From aging electric batteries to old engines to rearview mirrors, the auto industry is revving up its recycling efforts as it faces pressure to reduce its colossal carbon footprint. The world's automakers are investing in facilities to salvage old parts but the industry is also looking to recycle the millions… Read
