Headlines

SAS and pilot unions have reached a wage deal, the Scandinavian airline confirmed on Tuesday, ending a 15-day strike over a new collective bargaining agreement that had grounded 3,700 flights and put the carrier's future in doubt, Reuters reported. Shares in SAS jumped 12% in early morning trade, but then steadied and were up around 4% at 1223 GMT. They are still down about 40% since the beginning of the year. The airline, which filed for U.S.

A day after Sri Lanka’s president fled, Mohamed Ishad waited outside an immigration office near the capital, clutching a file of documents that he hopes will get his passport renewed so he can leave, too, the Associated Press reported. With the nation in the throes of its worst economic crisis, Ishad has no job, relies on relatives for financial help and sells vegetables to feed his wife and three children. He wants to go to Japan and find work there so he can send money back home.

Malaysia’s economy is far stronger than Sri Lanka’s if the two countries’ economic indicators are being compared and the possibility for this country to go bankrupt like Sri Lanka is remote, Minister of Finance Datuk Seri Tengku Zafrul Abdul Aziz said, Malaymail reported. He said the International Monetary Fund (IMF) has never stated that Malaysia is experiencing economic problems that have resulted in the country going bankrupt; instead, the international body is confident in Malaysia’s economic growth prospects.

Green Packet founder and former managing director Puan Chan Cheong, better known as CC Puan, has been issued bankruptcy notices by the High Court in May this year in relation to his failure to settle a RM30.66 million sum, The Edge reported. According to court documents seen by The Edge, the bankruptcy notices were filed by Medinis Sdn Bhd (MSB) and Everegion Sdn Bhd (ESB), respectively, after Puan had failed to pay a combined sum of RM30.66 million to the two companies in relation to the High Court’s judgment in relation to three put option agreements.

The saving opportunity with the rural bank in central China looked, to Sun Song, a 26-year-old-businessman, like a great find, the New York Times reported. It would be linked to his existing account at a large, reputable state-owned bank. The rural bank was also offering high interest rates, making it seem like an ideal place to park his roughly $600,000 in savings. Then the bank abruptly froze his account this year, and officials said they were investigating potential fraud. “I owe money on my credit card and have to repay my car loan,” he said. “I have two sons.

Russia's competition authority said on Tuesday it would fine U.S. tech giant Apple for violating Russian antitrust laws and abusing its dominant position in the app store market, Reuters reported. The federal anti-monopoly service (FAS) said it would levy a turnover-based fine against Apple, the size of which would be determined during the course of an administrative investigation. Moscow has long objected to foreign tech platforms' influence in the Russian market, but the simmering dispute has escalated since Russia invaded Ukraine in February.

Two Dutch startups, Tykn and LoCoMoGo, have declared bankruptcy this month, Silicon Canals reported. Tykn, The Hague-headquartered blockchain-based digital identity management platform, was declared bankrupt by the court in The Hague on July 14. That same day, Locomogo Holding BV, under the name Kipkemoi Enterprise BV in Amsterdam (Noord-Holland), was declared bankrupt by the court in Overijssel. Bankruptcy filings are expected to rise in 2022 as governments withdraw measures adopted to help companies stay afloat during the COVID-19 pandemic, reports trade credit insurer Euler Hermes.

Taiwan's government is considering fining tech giant Foxconn up to T$25 million ($835,600) over its investment in a Chinese chip conglomerate without first getting regulatory approval, two sources briefed on the matter said on Friday, Reuters reported. Foxconn, the world's largest contract electronics maker, said this week it has become a shareholder in embattled Chinese chip conglomerate Tsinghua Unigroup via a 5.38 billion yuan ($797 million) investment by a subsidiary.

As a deadline approaches for Russia to resume supplying natural gas to Germany this week, European officials and executives are growing concerned about a cascading economic fallout that would spread across the continent should Moscow keep the tap shut, the Wall Street Journal reported. The Nord Stream pipeline that ferries gas from Siberia to Germany closed last Monday for annual maintenance that is expected to last 10 days.

Public sector banks as well as their private sector peers have added a staggering amount of non-performing assets (NPSs) to their respective portfolios over the past year, according to data submitted by the Union Finance Ministry in Parliament on Monday, July 18, The Federal reported.