August, 2018

• 29 August

  Mattis says US won’t suspend more S Korea military drills

  Bloomberg The US doesn’t plan to suspend more joint military drills with South Korean forces, Defense Secretary Jim Mattis said, amid reports that North Korea was rejecting American demands for Kim Jong-un to give up his nuclear warheads. “We have no plans at this time to suspend any more exercises,” Mattis told reporters at the Pentagon, adding that the Defense ...

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• 29 August

  Toyota to target tripling China production over next decade

  

  Bloomberg Toyota Motor Corp. is aiming to triple car production in China by as soon as 2030 in a renewed push to make up lost ground in the world’s biggest market, according to people familiar with the plan. Asia’s largest automaker is targeting to manufacture 3.5 million vehicles annually in China around that year while boosting imports to the country ...

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• 29 August

  Tencent-backed EV maker seeks valuation above $8 billion in IPO

  

  Bloomberg NIO Inc., the Chinese electric-car maker backed by Tencent Holdings Ltd., is planning a US initial public offering that would give it a valuation topping $8 billion as it gears up to take on the likes of Tesla Inc. The company is aiming to raise as much as $1.3 billion, offering 160 million American depositary shares at $6.25 to ...

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• 29 August

  Bali to await elite as volcano rumbles

  

  Bloomberg Jerome Powell’s upcoming Asia visit will test the Federal Reserve chief’s appetite for risk on a far different scale to the US economy. As Indonesia prepares to host the International Monetary Fund and World Bank Group annual meeting on the island of Bali in October, authorities are planning for all sorts of potential natural disasters from earthquakes to tsunamis, ...

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• 29 August

  China’s Didi vows changes after passenger killings

  

  Bloomberg China’s ride-hailing giant Didi Chuxing issued a public letter of apology and said it would prioritise safety over growth after a second passenger in three months was allegedly murdered by a driver while using its services. “Today, Didi will stop using scale and growth as our measurement of success,” the company said in a statement from Chairman Cheng Wei ...

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• 29 August

  Fingerprints, eye scans coming for 106 million Filipinos

  

  Bloomberg Mayalyn Magracia is one of millions of undocumented Filipinos. “Like an alien,” is how the housekeeper in Manila describes what she felt when she discovered she had no birth record. That was over a decade ago, when Magracia hoped to find work in a factory or restaurant. Having no birth certificate made it impossible to apply for a government-issued ...

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• 29 August

  US-Mexico pact could turn tables on China

  

  When President Donald Trump announced a trade pact with Mexico to replace the North American Free Trade Agreement, attention immediately turned to Canada. But it’s in China — which wasn’t mentioned — that the greatest impact could be felt. In abandoning Nafta, the US appears to be moving towards a single trade bloc that might also embrace Canada. The Mexico ...

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• 29 August

  Didi backlash sounds a warning

  

  Is China falling out of love with its unicorns? The country is home to four of the world’s 10 most valuable startups, according to CB Insights. Its companies raised about $31 billion from venture capital in the second quarter, beating the US for the first time, Goldman Sachs Group Inc estimates. But the biggest of all, Didi Chuxing, is facing ...

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• 29 August

  Fanuc’s busy robots are just taking a breather

  Investors are treating the Japanese industrial giant Fanuc Corp. like a manufacturer of largely redundant machinery. That only makes sense if you have doubts about Apple Inc. and Toyota Motor Corp. Fanuc’s stock is down almost 40 percent from its January peak. Much of the decline reflects investor doubts about the smartphone, as one of the Japanese company’s biggest divisions ...

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• 29 August

  Billionaire Drahi will soon have to swallow his pride

  Patrick Drahi probably didn’t have much choice. The billionaire founder and president of Altice Europe NV plans to sell a stake in the high-speed fiber networks of the company’s French carrier, SFR. It’s one way for the highly levered firm to secure the cash it needs to fund the next generation of networks — and probably the best way at ...

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