Asia Pacific

Gavin Williamson at centre of row over chancellor’s cancelled China trip | Politics – Business Article

The defence secretary, Gavin Williamson, was at the centre of a growing cabinet row on Saturday night as senior government sources blamed him for offending the Chinese and causing the cancellation of a crucial trade visit to Beijing by the chancellor, Philip Hammond. Senior Conservatives said it was time to rein in Williamson, who has earned the nickname Private Pike in Whitehall after a series of gaffes. Treasury insiders said comments the defence secretary had made in a speech last…

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Donald Trump hints at extension to China trade talks | US news – Business Article

President Donald Trump has conceded that he will delay planned increases in import duties on $200bn (£155bn) of Chinese goods if there is progress in trade talks in Washington next week. Appearing to soften his demand for talks to conclude before 1 March, Trump said there could be a 30- or 60-day extension, should negotiators get closer to a deal. He said a delay was justified, based on the scope and scale of the talks. Speaking on the White House…

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Blow for Carlos Ghosn as Renault votes unanimously for pay cut | Business – Business Article

Renault’s board of directors has voted unanimously to strip former boss Carlos Ghosn of up to €30m (£26m) in pay and severance. Renault issued a statement on Wednesday saying its board had agreed to waive Ghosn’s non-compete clause and as a result the company would not be paying the compensation linked to this agreement. The move has the backing of the French government. This amounted to two years pay, worth €4-5m, plus about 460,000 performance shares worth up to €26m…

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Najib Razak: 1MDB corruption trial of former Malaysian PM postponed | World news – Business Article

The corruption trial of the former Malaysian prime minister Najib Razak over charges related to a multibillion-dollar scandal at the state fund 1MDB has been postponed, in a blow to efforts to bring the disgraced politician to justice. He had been due to go on trial on Tuesday for the first time over allegations linked to his involvement in the looting of the 1MDB fund, in which more than $4.5bn (£3.5bn) of state money was embezzled and spent lavishly in…

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Jaguar Land Rover posts biggest quarterly loss of £3.4bn | Business – Business Article

Jaguar Land Rover announced its biggest quarterly loss on Thursday after it was forced to take a £3.1bn write-down on the value of its investments as Chinese demand slumped. Britain’s largest car manufacturer, which is owned by India’s Tata Group, made a £3.4bn pre-tax loss in the last three months of 2018 as sales fell. It anticipates a loss for the financial year as a whole for the first time in a decade. Half of the £3.1bn non-cash charge was…

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No-deal Brexit: UK exporters risk being locked out of world’s harbours | Business – Business Article

British exporters sending goods to far-flung destinations in the coming days risk being locked out of harbours around the world as a no-deal Brexit looms, business leaders have warned. The Confederation of British Industry, the EEF manufacturers’ lobby group and trade experts said exporters could be dispatching goods from UK ports imminently which would not arrive until after the 29 March deadline – raising the prospect of goods being stuck in ports or facing hefty additional costs in the event…

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Deloitte fined over company linked to scandal-hit 1MDB | Business – Business Article

Deloitte has been fined 2.2m ringgitt (£415,000) by Malaysian regulators for failures in its audit of a firm linked to the scandal-ridden state fund, 1MDB. The Securities Commission Malaysia said Deloitte was reprimanded because it failed to report the irregularities detected in the Sukuk Murabahah Programme, an Islamic bond issued by Bandar Malaysia Sdn Bhd (BMSB). Deloitte was the statutory auditor for BMSB and its holding company 1Malaysia Development Berhad Real Estate (a subsidiary of state fund 1MDB) for the…

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