Business

Chinese tutoring firms could spin-off units, boost non-academic tutoring

Battered by a regulatory crackdown, China’s multi-billion dollar private tutoring sector could seek to separate its business segments and bulk up non-academic tutoring as it tries to soften the blow on its operations, analysts said on Monday. Shares in Hong Kong and U.S.-listed education firms such as New Oriental Education & Technology Group (9901.HK), TAL […]

Business

Lockheed’s F-35A could face first price rise in years as inflation bites

Lockheed Martin Corp (LMT.N) said future F-35A fighter jets could be more expensive as rising inflation and customer demands halt a 64% drop in price since the jet was first introduced in 2007. The first F-35A cost $221 million when it came off the production line in 2007. Since then, production quantities and know-how have […]

Business

Asia stocks hit 2021 lows as China skids, funds favour Wall St

Asian shares skidded to their lows for this year on Monday as concerns over tightening regulations upended Chinese equities and strong U.S. corporate earnings sucked funds out of emerging markets into Wall Street. Chinese blue chips (.CSI300) shed 4.4% to their lowest since December, in what was also the biggest daily decline in more than […]

Business

Amazon denies report of accepting bitcoin as payment

Amazon.com Inc (AMZN.O) on Monday denied a media report saying the e-commerce giant was looking to accept bitcoin payments by the end of the year. The report from London’s City A.M. newspaper, citing an unnamed “insider”, sent the world’s biggest cryptocurrency up as much as 14.5% before it trimmed gains to last trade 6% higher […]

Business

Intel to build Qualcomm chips, aims to catch foundry rivals by 2025

Intel Corp (INTC.O) said on Monday its factories will start building Qualcomm Inc (QCOM.O) chips and laid out a roadmap to expand its new foundry business to catch rivals such as Taiwan Semiconductor Manufacturing Co (2330.TW) and Samsung Electronics Co Ltd (005930.KS) by 2025. Amazon.com Inc (AMZN.O) will be another new customer for the foundry […]

Business

Tesla posts record profits, offers muddy outlook for batteries, Cybertruck

Tesla Inc (TSLA.O) posted a bigger second-quarter profit than expected on Tuesday thanks to higher sales of its less-expensive electric vehicles, as it raised vehicle prices and cut costs. Tesla CEO Elon Musk, however, said a global chip shortage that led to temporary factory shutdowns for the automaker, remains serious, and offered no details on […]

Business

BHP delivers final offer to workers at Chile’s Escondida copper mine

Labor contract negotiation at Chile’s Escondida mine, the world’s largest copper deposit, entered into a critical phase on Monday with the delivery of a final offer by operator BHP (BHP.AX), according to an internal memo sent by the company to workers and seen by Reuters. Negotiations over the past two months between the company and […]