BUSINESS

The founder of a failed Singapore oil trading company was sentenced Monday to nearly 18 years in jail for cheating banking giant HSBC out of millions of dollars in one of the country's most serious cases of fraud.

Asian markets were mixed Monday following a sell-off on Wall Street as investors scale back their bets on Federal Reserve interest rate cuts owing to worries Donald Trump could reignite inflation.

Two senior Federal Reserve officials praised the US central bank's independence on Thursday, amid concerns that President-elect Donald Trump may seek to influence Fed policy.

Troubled British fashion house Burberry on Thursday announced cost-cutting plans after posting a loss, with the global luxury sector pressured by weak Chinese demand.

ADNOC L&S saw its third-quarter revenue rise by 32% year-on-year to $928 million (AED 3.410 billion), with EBITDA increasing by 26% to $275 million (AED 1.011 billion).

The Japanese owner of 7-Eleven said Wednesday its founding family had offered a counter-bid to a takeover attempt by Canadian convenience store rival Alimentation Couche-Tard (ACT).

Australia will move to stem the exodus of its banks from the Pacific Islands, the country's top economic official said, as concerns mount that China could bolster its influence by filling in the gaps.

Beleaguered aviation giant Boeing reached a last-minute settlement Monday with the family of a woman killed in the crash of a 737 MAX jetliner in 2019, averting a federal civil trial.

China said Monday it will impose "temporary anti-dumping measures" on brandy imported from the European Union, deepening a trade standoff between Beijing and Brussels after similar measures last month.

China's largest online shopping bonanza wraps up on Monday, with analysts and investors watching for signs that consumption is rebounding in the world's second-largest economy after recent efforts by Beijing to boost activity.

Sony's net profit jumped in the second quarter thanks to stronger sales in gaming, music and imaging sensors, the PlayStation maker said Friday as it left its annual profit forecasts unchanged.

China on Friday unveiled some of its most ambitious plans in years to lift local government debt and boost its economy, following a meeting of lawmakers eyeing the possibility of intensified trade tensions with US president-elect Donald Trump.

Japanese automaker Nissan on Thursday announced 9,000 job cuts as it slashed its annual sales forecast, saying it was taking urgent measures to tackle "a severe situation".

The US Federal Reserve is widely expected to cut interest rates by a quarter point Thursday, looking beyond the election results to continue easing borrowing costs on the back of cooling inflation.

Canada said Wednesday it is shutting down TikTok's offices in the country following a security review, but people will still be allowed to use the popular video-sharing app.

Shares in Tesla soared in pre-market trading Wednesday after Donald Trump claimed victory in the US presidential election and hailed the electric car company's boss Elon Musk as a "genius".

Danish pharmaceutical giant Novo Nordisk, maker of the blockbuster diabetes and weight-loss drugs Ozempic and Wegovy, posted Wednesday strong third-quarter earnings despite being held back by production constraints.

Japanese auto giant Toyota kept its annual net profit forecast unchanged on Wednesday, despite logging a 26 percent drop for the first half of this financial year.

The dollar surged, stocks rallied and bitcoin struck a record high Wednesday as the world gears up for a Donald Trump presidency that analysts say could rekindle inflation.

French tyre company Michelin said Tuesday it would close two French plants by early 2026 and German parts maker Schaeffler announced 4,700 job cuts, the latest signs of struggles in the European auto industry.

Nintendo downgraded its annual sales forecast on Tuesday as net profit plunged 60 percent year-on-year in the first half, with fans awaiting the announcement of a new console.

Striking workers at Boeing approved a new contract proposal on Monday, ending a more than seven-week stoppage that had cost the beleaguered aviation giant billions.

Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third quarter profit on Tuesday, citing low oil prices.

Irish budget airline Ryanair reported falling net profit for the second quarter on Monday and revised down its passenger growth target following delays in deliveries of Boeing aircraft.

Striking workers at Boeing will vote Monday on the aerospace giant's latest contract proposal to end a bruising walkout that has dragged on for more than seven weeks.

US aviation giant Boeing has once again improved the conditions in its contract offer to thousands of striking workers, hoping to put an end to a painful strike that has paralyzed its two main factories for seven weeks.

Apple reported revenues Thursday that narrowly surpassed analyst expectations, sending shares lower in after-hours trading even as the company enjoyed a boost from iPhone sales.

The carrier, created last year, has reached "an agreement to purchase 60 Airbus A321neo single-aisle aircraft in the latest step towards its maiden flight in 2025", it said in a statement.

The company attributed the solid performance to robust growth in its cloud computing and artificial intelligence businesses.