The Sukhoi Superjet 100 SSJ-100. PHOTO: ASIA TIMES
MOSCOW (AFP) – Russia’s largest plane builder announced a shake-up in its management yesterday..
Moscow plans to build more than 600 planes by 2030 to replace ageing Boeing and Airbus models, but it is not clear how many it has built or to what extent it has been able to scale up production.
Russia is no longer able to properly service or import new Western aircraft due to sanctions, with half the country’s Airbus neo fleet grounded due to issues repairing engines, according to the Kommersant newspaper.
The state-owned United Aircraft Corporation (UAC) said it was taking over managerial roles at subsidiaries Yakovlev and Tupolev, citing the need to “launch serial production of domestic civil airliners” in an “unprecedentedly short period of time”.
Both companies – which were merged into UAC on Russian President Vladimir Putin’s orders – manufacturer civilian aircraft.
“Andrey Boginsky, the CEO of Yakovlev, and Konstantin Timofeev, Managing Director of Tupolev, are leaving their posts,” UAC said in a statement.
The Kommersant newspaper reported that Boginsky had been fired over the “failure of the civil aviation programme”, quoting a source, although a second source cited by the paper refuted this.
The government has pledged to spend over USD2.7 billion to build and develop homegrown aircraft like the Sukhoi Superjet and UAC-built MC-21.
But the rollout of the MC-21 – a narrow-body aircraft comparable to the Boeing 737 and Airbus A320 – has been delayed several times and is not expected to enter service until at least next year. The Sukhoi Superjet has also faced problems.
On Sunday, more than 90 passengers and crew were evacuated from a Superjet 100 operated by Russia’s Azimuth Airlines after one of its engines caught fire while landing at an airport in southern Turkiye.
The Sukhoi Superjet 100 SSJ-100. PHOTO: ASIA TIMES
WELLINGTON (XINHUA) – Bank of China (New Zealand) Ltd marked its 10 years of operations in New Zealand this month, making a significant impact on New Zealand’s banking landscape not only by growing its market share but also by financing major infrastructure projects, its chief executive Warren Hu has said.
Bank of China (NZ) Ltd has served as a vital financial bridge between New Zealand and China, fostering trade and economic ties between the two countries over the past decade, Hu said in a statement released this past weekend.
It has become the eighth-largest bank in New Zealand and sixth in corporate lending, provided approximately 20 per cent of New Zealand’s infrastructure banking finance, and serves over 2,500 customers with NZD2.1 billion in residential mortgages, Hu said.
Selected as a senior financing partner for the New Zealand government’s infrastructure partners initiative last year, the bank has delivered crucial funding to support urban development initiatives in the essential construction and modernisation of municipal facilities, including museums, footpaths and commercial infrastructure, he said.
Established in 2014, Bank of China (NZ) Ltd expanded its presence in 2021 by opening a branch in Christchurch, becoming the first and only Chinese bank to operate in New Zealand’s South Island.
It has enabled New Zealand customers to engage in global markets by leveraging the bank’s extensive international network, Hu said, adding that the bank offers policy consultation for import-export businesses, supporting New Zealand companies expanding into Chinese markets.
Regarding green finance, the bank has supported New Zealand’s energy transition, financing projects such as solar farms and waste management facilities, as well as embedding sustainability into core business strategies, he said.
UniCredit’s main headquarters in Italy, Rome. PHOTO: AFP
ROME (AFP) – Italy’s second-largest bank Unicredit yesterday said it had bid EUR10.1 billion in an all-share deal for rival BPM.
Unicredit said the bid to combine Italy’s number two and three banks would seek to reinforce its position in the domestic market, adding the proposed deal remains subject to regulatory approval.
A Unicredit statement said the plan was to create a “stronger number two bank in an important market capable of creating significant long-term value for all shareholders and for Italy.”
Unicredit expects to be able to complete the takeover bid in June 2025 “with (BPM’s) full integration completed in the following 12 months and most synergies achieved in 24 months. “Unicredit has a strong track record in successfully integrated acquisitions,” the bank added.
“With this acquisition, we are strengthening our position in Italy and at the same time increasing even more the value we can create for all parties involved and for our shareholders in this market,” Unicredit Chief Executive Andrea Orcel was quoted as saying in the statement.
Unicredit said the takeover would benefit BPM shareholders, customers and employees with both groups, as well as the Italian and European banking system at a time of “geopolitical uncertainty.”
Unicredit estimates the mooted deal will lead to annual cost savings of about EUR900 million (USD942 million) and increased revenue of some EUR300 million.
UniCredit’s main headquarters in Italy, Rome. PHOTO: AFP
FRANKFURT (AFP) – German business confidence fell more than expected in November, a key survey showed yesterday, amid political uncertainty following the collapse of the country’s coalition government and Donald Trump’s US election win.
The Ifo institute’s confidence barometer, based on a survey of around 9,000 companies in Europe’s struggling top economy, slipped 0.8 points to 85.7 points.
Analysts surveyed by financial data firm FactSet had forecast a more modest fall, to 86.0.
The survey comes as Germany heads for new polls in February following the collapse of Chancellor Olaf Scholz’s coalition, and with businesses facing the threat of higher tariffs on exports to the key US market once Trump returns as president.
Economist at public lender KfW, Philipp Scheuermeyer said it was “no wonder” that the index had fallen.
“Donald Trump’s election victory is likely to create new headwinds for the already hard-hit German export industry,” he said.
“There is also the threat of a prolonged period until a new government is formed, during which German politics will hardly be able to react, let alone provide any stimulus.”
The index had ticked up for the first time in months in October, in a rare piece of good news for the German economy, which has been battling a manufacturing slowdown and weak demand for a prolonged period.
November’s fall was driven by a significant drop in businesses’ assessment of the current economic environment while their expectations about the months ahead also fell, although less markedly.
Companies in the crucial manufacturing sector were more pessimistic about the months ahead although they viewed their current business situation as slightly better, it said. The picture in both the service sector and construction industry worsened significantly, according to the survey.
In the area of trade the index ticked up, although Ifo president Clemens Fuest stressed that “sentiment among companies is still a long way off from being positive”.
Germany was the only major advanced economy to shrink in 2023 and is on course to contract again this year. Last week data showed the economy expanded just 0.1 per cent in the third quarter, and only narrowly dodged a recession.
A coin imitation of the Bitcoin crypto currency arranged beside a screen displaying a trading chart.
PHOTO: AFP
HONG KONG (AFP) – Most markets rose yesterday a record close on Wall Street as traders welcomed Donald Trump’s pick for Treasury secretary, while bitcoin’s push to USD100,000 ran out of steam after coming within a whisker of the mark at the end of last week.
The gains came ahead of the release of key United States (US) data that could provide a fresh idea about the Federal Reserve’s plans for interest rates amid expectations the next president’s tax and tariffs plans will reignite inflation, tempering rate cut bets.
Investors gave the thumbs-up to news that US president-elect Trump had chosen billionaire investor Scott Bessent to lead the Treasury, with optimism he will take a considered approach to the economy.
Bessent, CEO of hedge fund manager Key Square Group, has called for an extension of tax cuts from Trump’s first term. He also wants to reassert American energy dominance and believes it is necessary to deal with the budget deficit.
Recently, he has called for tax reform and deregulation to spur growth and wrote in a WallStreet Journal opinion piece that this would be key to “restarting the American growth engine” and keeping prices in check.
This month, he called tariffs “a negotiating tool with our trading partners” in an opinion piece for Fox News, adding it was “a means to finally stand up for Americans”.
While his views are seen as hawkish, markets started on a bright note.
“(Bessent) brings this sense of almost gradualism to the administration as opposed to taking a big bang approach to making big policy changes,” chief economist Brian Jacobsen at Annex Wealth Management, told Bloomberg TV.
Markets may be relieved that the pick signals “an ‘America First’ kind of administration but not an ‘America Exclusively’ kind of administration”, he added.
After a strong finish on Friday on Wall Street – where the Dow ended on a record – Asian markets were broadly stronger.
Tokyo advanced more than one per cent, even as the yen pushed up against the dollar, while Sydney, Seoul, Singapore, Taipei, Mumbai, Bangkok, Wellington, Manila and Jakarta also sat in positive territory. However, after a healthy start, Hong Kong, Shanghai and Bangkok turned negative. London, Paris and Frankfurt rose at the open.
Bitcoin sat around USD99,728.34 on Friday, with traders awaiting the next catalyst to push it past the USD100,000 mark.
A coin imitation of the Bitcoin crypto currency arranged beside a screen displaying a trading chart. PHOTO: AFP
ANN/THE STAR – The ringgit opened marginally higher against the US dollar yesterday due to a decline in the US Dollar Index (DXY) following its recent two-year high, according to an analyst.
At 8am, the local currency stood at 4.4650/4765 against the US dollar, compared with Friday’s close at 4.4660/4710.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that US President-elect Donald Trump’s Cabinet selections are drawing significant attention.
He highlighted that the appointment of Scott Bessent, a hedge fund manager, as Treasury Secretary appears to be moderating the optimism surrounding Trump’s 2.0 policy agenda.
“He may seem keen to ensure the financial markets will function in an orderly manner and keeping a close tab on the burgeoning fiscal deficits could be his priority.
“On that note, the ringgit is expected to fare better as the DXY has corrected somewhat following the excessive gains post-US presidential election on November 5,” he told Bernama.
However, the ringgit traded lower against a basket of major currencies. It weakened against the British pound to 5.6223/6368 from 5.5870/5932 at the close last week, fell against the euro to 4.6793/6914 from 4.6455/6507 and declined against the Japanese yen to 2.8965/9044 from 2.8906/8942 previously.
The local unit traded lower against ASEAN currencies.
The ringgit weakened against the Singapore dollar at 3.3244/3335 compared to 3.3101/3141 on Friday’s close and depreciated against the Thai baht to 12.9608/13.0048 from 12.9068/9276.
It was nearly unchanged against the Philippine peso at 7.58/7.60 from 7.58/7.59 and also versus the Indonesian rupiah at 281.2/282.1 from 281.2/281.7 previously.
The L9 luxury sport-utility vehicle (SUV) by Chinese electric vehicle (EV) start-up Li Auto.
PHOTO: SOUTH CHINA MORNING POST
ANN/THE STAR – Despite the slow growth of electric vehicles globally, Chinese startups have reported notable quarterly results and anticipate higher growth in the future in the world’s largest and most competitive market.
According to financial reports released by listed NEV startups, Li Auto reached a revenue of CNY42.87 billion (USD5.91 billion) in the third-quarter; the only one that achieved profitability. Nio, Xpeng and Leapmotor reported revenues of CNY18.67 billion, CNY10.1 billion, and CNY9.86 billion, respectively.
In terms of delivery data, Li Auto sold 152,800 vehicles in the third-quarter, outperforming the other three companies. Leapmotor, Nio and Xpeng sold 86,200, 61,900 and 46,500 units, respectively.
As for the future, startups are brimming with confidence. Li Auto, which has achieved profitability for eight consecutive quarters, projects vehicle deliveries of 160,000 to 170,000 units in the fourth quarter, a year-over-year increase of 21.4 to 29 per cent. Total revenue of 2024 is expected to grow by 3.5 to 10 per cent.
Leapmotor expects its monthly sales to reach 40,000 units in 2025, with an annual sales target of 500,000 units. Thanks to its partnership with Stellantis, its overseas expansion is advancing. By end of October, 339 dealerships with sales and after-sales services were established in Europe. The company plans to expand into the Asia-Pacific, Middle East, Africa and South America, targeting more than 500 outlets by 2025. Localised production in Europe is expected to begin by the end of 2025. The automaker unveiled the first global model, the B10 SUV, at the Paris auto show in October. Three models under the B-series will be launched in 2025 with the B10 hitting the market in the first-quarter, which will help Leapmotor boost sales.
The L9 luxury sport-utility vehicle (SUV) by Chinese electric vehicle (EV) start-up Li Auto. PHOTO: SOUTH CHINA MORNING POST
Leapmotor CEO Zhu Jiangming said that the company had expected to achieve profitability in the second half of 2025, but it looks like it will happen sooner.
Nio projects fourth-quarter vehicle deliveries between 72,000 and 75,000 units, a year-over-year increase of about 45 per cent. Revenue is expected to be between CNY19.68 and CNY20.38 billion, up approximately 17 per cent year-over-year, despite a 2.1 per cent decline in the third quarter this year.
Following the launch of its subbrand, Onvo, in May, Nio is set to unveil its third brand, Firefly, in December. The company’s CEO William Li said with new products from the Onvo and Firefly brands, Nio aims to double sales growth in 2025 and achieve profitability by 2026.
Thanks to the M03 under its sub-brand Mona and the P7+ sedan, along with overseas sales, Xpeng reported its best quarterly deliveries during July to September. It expects to deliver 87,000 to 91,000 cars in the fourth quarter.
In 2025, Xpeng plans to launch at least four new models, including its first range-extended vehicle. The company is expected to achieve a quarterly breakeven for the first time in March.
According to the financial report, Xpeng’s overseas sales in the third quarter increased by 70 per cent quarter-on-quarter, accounting for 15 per cent of the company’s total sales. Its overseas sales network has expanded to more than 30 countries and more than 110 stores.
Together with players such as NEV giant BYD, tech companies Huawei and Xiaomi, and traditional automakers who are accelerating transformation toward electrification, the NEV market is booming and more competitive than any other.
Xpeng CEO He Xiaopeng predicted that from 2025-27, the Chinese auto industry will face a critical knockout phase, when NEVs account for more than 85 per cent of the market. The intense competition among startups has, to some extent, promoted technological advancements and market prosperity, said industry experts.
Secretary-general Cui Dongshu of the China Passenger Car Association, said that innovations in technology, sales and service by startups are promoting the industry.
This competition also drives companies to focus on cost control and efficiency.
The companies need to optimise production processes and reduce procurement costs to lower expenses and increase profitability, Cui said.
NEVs accounted for 52.8 per cent of China’s passenger car retail sales in the third quarter, surpassing gasoline vehicles for the first time in a full quarter.
On November 14, the China Association of Automobile Manufacturers announced that the 10-millionth NEV had rolled off the production line. The association predicted that NEV sales in China could reach 11.5 million units this year. The figure was 9.5 million in 2023.
Mining group Anglo American this year announced plans to sell its coal, diamond and platinum businesses after rejecting a USD49 billion takeover offer from mining rival BHP. PHOTO: BLOOMBERG
LONDON (AFP) – Mining group Anglo American yesterday said it had agreed to offload its remaining Australian coal mines for steelmaking to US group Peabody Energy for up to USD3.8 billion.
The move comes as countries move away from highly-polluting coal production to meet net zero carbon emissions, including a deal struck by some at the recent COP29 climate summit not to build any new unabated coal-power plants, which produce coal without use of carbon capture technology.
“The sale of our steelmaking coal business is another important step towards delivering the strategy that we set out in May to create a world class copper, premium iron ore and crop nutrients business,” chief executive Duncan Wanblad of London-listed Anglo American, said in a statement.
Anglo this year announced plans to sell its coal, diamond and platinum businesses after rejecting a USD49 billion takeover offer from mining rival BHP.
“All the transactions to deliver our portfolio transformation are well in train,” Wanblad said yesterday.
Mining group Anglo American this year announced plans to sell its coal, diamond and platinum businesses after rejecting a USD49 billion takeover offer from mining rival BHP. PHOTO: BLOOMBERG
“The demerger of Anglo American Platinum is expected by mid-2025 and we have seen strong interest in our nickel business with the sale process well progressed. We expect (diamonds business) De Beers to follow.”
Wanblad added that the group was “absolutely focused” on cutting costs and creating “a much simpler, more resilient and more agile business that will enable full market value recognition”.
Earlier this month, Anglo agreed to sell its other coal-mining interest – a stake in Australian miner Jellinbah – for USD1.1 billion.
Peabody chief executive Jim Grech said his group looked forward to integrating the other mines into its business.
“This transformative transaction presents a rare opportunity for Peabody to acquire premier steelmaking coal assets at a compelling valuation as we reweight our portfolio toward seaborne metallurgical coal,” he added.
The deal is expected to close in the third quarter of next year, subject to regulatory approvals.
Following yesterday’s announcement, shares in Anglo jumped 1.5 per cent in morning deals on London’s top-tier FTSE 100 index, which was up 0.4 per cent overall.
A tie-up between Anglo and BHP – two of the world’s largest resources companies – would have fundamentally reshaped the mining sector, with far-reaching consequences for commodities markets and the global energy transition.
BHP’s interest was largely stoked by its hunger to secure a reliable copper supply. Anglo American’s South American copper holdings include four of the largest copper mines in the world.
An electrical conductor used in wiring, the metal is seen as a bedrock of emerging clean-energy industries – a crucial component to manufacture solar panels, electric vehicles and rechargeable batteries.
It is also widely regarded as vital for the development of cutting-edge AI technology.
Manchester United’s Amad Diallo and Ipswich Town’s Leif Davis compete for the ball. PHOTO: AP
IPSWICH (AFP) – Ruben Amorim did not pull any punches after a disappointing start to his career in the Manchester United dugout on Sunday, admitting the troubled club will “suffer for a long time”.
If that is not what frustrated fans want to hear, the evidence from the underwhelming 1-1 draw at lowly Ipswich was stark.
The visitors got off to a dream start when Marcus Rashford scored from close-range in the second minute after a fine run from makeshift wing-back Amad Diallo.
But United quickly went off the boil, looking ponderous in attack and uncertain at the back, with Omari Hutchinson giving third-bottom Ipswich a deserved equaliser at the end of the first half.
Neither team could find a winner after the break.
“We are going to suffer for a long period, and we will try to win games,” Amorim told his post-match press conference.
“This will take time, but I know we have to win games. We could have won, we could have lost if it were not for (goalkeeper Andre) Onana.
“We have to understand that and think and be pragmatic that these guys had two days to train and to change so much.”
United, languishing in 12th place in the Premier League, are already 15 points behind Premier League leaders Liverpool after 12 games and six points adrift of fourth-placed Arsenal.
Amorim arrived in Manchester earlier this month to much fanfare after replacing the sacked Erik ten Hag.
He is touted as one of the most exciting young coaches in Europe after winning two Portuguese titles with Sporting Lisbon.
Amorim is the club’s sixth permanent managerial appointment since Alex Ferguson retired in 2013 after leading to United to a 20th English title.
And at 39, he is the youngest United boss since Wilf McGuinness followed Matt Busby in 1969.
But, for all the hype around Amorim, United’s flat performance in blustery conditions at Portman Road showed the scale of the task he has to take them back into the Premier League’s elite.
In mitigation, Amorim had just days to work with his full squad after the international break.
And he pleaded for patience as he gets down to business.
“It’s hard to expect anything now,” he said. “It’s not a surprise, but you have to see it in-game.
“So that’s why I was a little bit anxious, because you cannot understand what will happen in the game. I felt that. I felt that they were trying, they were thinking too much during the game, and that is normal.”
United next face Norwegian side Bodo/Glimt at home in the Europa League on Thursday – which will be his first match at Old Trafford.
Manchester United’s Amad Diallo and Ipswich Town’s Leif Davis compete for the ball. PHOTO: AP
ABOVE & BELOW: Photos show the training session at Tasek Lama Recreational Park.
PHOTO: TOURISM DEVELOPMENT DEPARTMENT
Some 39 licensed tour guides participated in training sessions organised by the Tourism Development Department in collaboration with the Forestry Department under the Ministry of Primary Resources and Tourism from November 18 to 21.
The training was based in Tasek Lama Recreational Park, popular especially among bird watchers and nature lovers. The park, one of the oldest recognised parks, features artificial lakes and waterfalls. The training session is one of the initiatives for tour guides to gain knowledge and increase skills in providing quality tour services to visitors.
The session focused on tree species, flora and fauna, wildlife and landmarks along the park’s route.
According to participant Mohammad Ajrul bin Haji Mail, “The training is a positive experience that greatly impacts us as tour guides.
“It covered plant names, both local and scientific, and their uses in medicine and food.“ – James Kon
ABOVE & BELOW: Photos show the training session at Tasek Lama Recreational Park. PHOTO: TOURISM DEVELOPMENT DEPARTMENTPHOTO: TOURISM DEVELOPMENT DEPARTMENT
