MONEY

Porsche risks fine in new legal tussle over diesel cheating

German prosecutors on Monday said they have launched fresh legal proceedings over Porsche’s role in the diesel emissions cheating scandal that erupted in 2015, which could leave the luxury carmaker facing a hefty fine.

AGENCE FRANCE-PRESSE, Feb 20 2019

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Demand for gaming focused laptops red hot

The demand for powerful computers in Nepal is spiking as customers look to use such devices for work and gaming.

KRISHANA PRASAIN, Feb 20 2019

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China auto sales fall in January for eighth month

China’s auto sales fell for an eighth month in January, extending a painful decline for the biggest global market as demand cooled amid a slowing economy and tariffs standoff with the US.

Feb 20 2019

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Cuban cigars hit record $537m in sales

Boosted by growing demand from China, sales of Cuban cigars reached a record $537 million in 2018, a seven percent increase over the previous year despite global laws against tobacco, the partially state-owned Habanos said Monday.

Feb 20 2019

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BHP posts lower profits, warns of China trade risk

Anglo-Australian mining giant BHP on Tuesday reported a lower-than-expected $3.73 billion half-yearly profit, as it warned of a softening Chinese market and growing trade rows.

Feb 20 2019

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Mexico pushes mobile payments to help unbanked consumers ditch cash

Mexico’s new leftist government is betting on financial technology to help lift people out of poverty.

REUTERS, Feb 20 2019

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China’s economy czar heading to Washington

China’s economy czar is heading to Washington for talks on Thursday and Friday aimed at ending a fight over Beijing’s technology ambitions ahead of a deadline for a massive US tariff hike.

ASSOCIATED PRESS, Feb 20 2019

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Asian markets mixed as investors eye trade talks

Asian markets were mixed on Tuesday with investors cautiously optimistic that China and the US can reach a deal ending their trade war as the two sides prepare to resume talks this week.

AGENCE FRANCE-PRESSE, Feb 20 2019

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Pyongyang upgrades its mass transit system

Pyongyang is upgrading its overcrowded mass transit system with brand new subway cars, trams and buses in a campaign meant to show that leader Kim Jong Un is raising the country’s standard of living.

ASSOCIATED PRESS, Feb 20 2019

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Malaysia to end 3-year bauxite mining ban

Malaysia will next month lift a ban on bauxite mining that has been in place for three years, a minister said on Tuesday, despite warnings the move may cause serious environmental damage.

Feb 20 2019

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Norwegian Air sets big discount for share sale

Norwegian Air will sell new shares at just a third of the current market price when the loss-making airline seeks to raise money from its owners in the next few weeks, it said on Monday.

Feb 20 2019

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HSBC reports net profit at $12.6b in 2018

Europe’s biggest bank has reported its net profit jumped 30 percent in 2018 from the previous year to $12.6 billion. London-based HSBC, whose profit is mainly from Asia, said its revenue rose 5 percent from a year earlier to $53.8 billion.

Feb 20 2019

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For Wall Street banks in London, it’s moving time

In Paris, an empty Art Deco postal office is on its way to becoming Bank of America’s headquarters for its European brokerage arm.

AMIE TSANG, Matthew GoldsteinFeb 20 2019

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EU warns of reduced imports

The European Union warned US President Donald Trump on Monday that the bloc will step back from a commitment to buy more American soybeans and liquid gas if European cars are hit with punitive tariffs.

ASSOCIATED PRESS, Feb 20 2019

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Auto industry lines up against ‘likely’ US tariffs

The US auto industry urged President Donald Trump’s administration on Monday not to saddle imported cars and auto parts with steep tariffs, after the US Commerce Department sent a confidential report to the White House late on Sunday with its recommendations for how to proceed.

REUTERS, Feb 20 2019

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Honda to shutter major UK plant, 3,500 jobs at risk

Honda announced on Tuesday it would shut a major plant in Britain, putting 3,500 jobs at risk as the auto manufacturer became the latest Japanese firm to downsize operations as Brexit looms.

AGENCE FRANCE-PRESSE, Feb 20 2019

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Berlin to get single travel app for public, private services

Travellers in Berlin will soon be able to use a single app to switch seamlessly between public transport, rental bikes, car-sharing and taxis without signing up for each service individually, officials said on Monday.

ASSOCIATED PRESS, Feb 20 2019

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Garment processing zone slated to be ready in April

The construction of Nepal’s first garment processing zone is expected to be complete in April.

KRISHANA PRASAIN, Feb 20 2019

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Italy’s CMC Ravenna fired from Tanahu Hydro project

Following the footsteps of Melamchi Water Supply Development Board, Tanahu Hydropower Limited — the developer of Tanahu Hydropower Project — has terminated the contract signed with Cooperativa Muratori e Cementisti di Ravenna (CMC),

BIBEK SUBEDI, Feb 20 2019

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Central bank sets maximum interest rate spread at 4.5pc

Nepal Rastra Bank has directed commercial banks to maintain the spread rate at a maximum of 4.5 percent by the end of the current fiscal year ending mid-July.

RAJESH KHANAL, Feb 20 2019

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