Business  January 18, 2017
ASML etches 'remarkable' 2016 profit
ASML is considered a bellwether of the global high-tech industry as it supplies manufacturing giants such as Samsung and IntelASML, the Dutch maker of machines used to etch computer processors and make memory chips, announced Wednesday a record 6.1 percent jump in full-year net profit.Net profit rose to 1.47 billion euros ($1.57 billion) and sales climbed more than 8.0 percent year-on-year to 6.79 billion euros, ASML said in a statement.It "has been a remarkable year for ...  Full Story
Firms push hydrogen as top green energy source
Members of the new Hydrogen Council at the Davos World Economic Forum on January 17, 2017. Major industrial groups have decided to join forces to promote hydrogen as a source of energy, with the focus on reducing greenhouse gas emissions
Over a dozen leading European and Asian firms have teamed up to promote the use of hydrogen as a clean fuel and cut the production of harmful gasses that lead to global warming.Convened on the sidelines of the World Economic Forum, the first Hydrogen Council brought together 13 firms, among them top carmakers BMW, Daimler, Honda, Hyundai and Toyota...  Full Story
Ex-Daewoo shipyard head gets 10 years in prison
Daewoo fell into financial difficulties and was broken up in the late 1990s, leaving the shipbuilder as the biggest carrier of the nameThe former head of ailing South Korean vessel builder Daewoo Shipbuilding & Marine was sentenced to 10 years in prison for accounting fraud on Wednesday, among the longest penalties imposed on a businessman for financial crime in the country.Ko Jae-Ho's punishment epitomises the decline of Daewoo, which was once one of the country's biggest conglom...  Full Story
HSBC will likely switch jobs to France on Brexit: CEO
HSBC CEO told Bloomberg that 1,000 UK jobs carrying out activities covered by European legislation are likely to be moved to Paris because of BrexitHSBC bank would likely switch 1,000 jobs to Paris from London, with Britain planning to leave the EU single market under Brexit, chief executive Stuart Gulliver told Bloomberg Television.Speaking from the World Economic Forum in the Swiss ski resort Davos, Gulliver said in an interview that "about 1,000 jobs which are carrying out activities which ...  Full Story
Hong Kong regulator sues Standard Chartered, UBS over IPO
London-based, Asia-focused lender Standard Chartered has faced a string of legal problems, including paying fines for handling transactions involving Iran, Myanmar, Libya and SudanHong Kong's stock market regulator has filed a lawsuit against major banks Standard Chartered and UBS along with consultancy firm KPMG over a 2009 initial public offering on the city's bourse.The Securities and Futures Commission (SFC) on Monday filed documents to the High Court alleging "market misconduct" in connection with China Forestry Holding...  Full Story
Red-handed: China province admits faking economic data
Cars are assembled in a workshop of an automobile factory in Shenyang, northeast ChinaA Chinese official has admitted his province falsified its economic data for years, state media said Wednesday, as the country prepares to release its national growth estimates for 2016.The announcement by the governor of the northeastern province of Liaoning partially confirms long-held suspicions among overseas investors that the world's second l...  Full Story
China 2016 growth slides to 26-year low: AFP poll
ChinaChina's growth slipped to its slowest rate in more than a quarter of a century in 2016, an AFP survey has forecast, as analysts see mounting risks for the world's number two economy with Donald Trump heading for the White House.While the Asian giant is a key engine of the global economy, affecting businesses and employment across the planet, its le...  Full Story
From field to factory: Vietnam's globalisation winners
Since Ford opened its doors 20 years ago in Hai Duong, Vietnam, the area has morphed from an agrarian backwater into an industrial zone peppered with foreign-owned factories  Nguyen Thi Thanh Loan grew up on a small plot of land in rural Vietnam, with just enough food to eat, few new clothes and no disposable income.Today she works in a Ford factory assembling cars from Chinese, Thai, American and European parts, her children drink imported milk and Coca Cola and she holidays with her family -- winners of the globalisat...  Full Story