Boeing ousts senior executive as 737 MAX crisis grows

SEATTLE, Oct 22 — Boeing Co yesterday ousted the top executive of its commercial airplanes division, Kevin McAllister, marking the first high-level departure since two fatal crashes of its 737 MAX jets. The company said it named veteran Boeing…

Aramco says IPO timing depends on ‘market conditions’

DUBAI, Oct 20 — Saudi Aramco said today the timing of its long-awaited stock market debut “will depend on market conditions,” after the latest delay in the blockbuster initial public offering. The IPO forms the cornerstone of a reform…

In planning for next US recession, economists say, don’t fret about debt

DENVER, Oct 13 — Economists are divided about when the next US recession will arrive, but they largely agree on this: The country will need to fight it with a massive fiscal programme, and be ready to swallow deficits that may eclipse the…

Toyota unveils revamp hydrogen sedan to take on Tesla

TOKYO: Toyota Motor Corp unveiled a completely redesigned hydrogen-powered fuel cell sedan on Friday in its latest attempt to revive demand for the niche technology that it hopes will become mainstream.

Japan’s biggest automaker has been developing fuel-cell vehicles for more than two decades, but the technology has been eclipsed by the rapid rise of rival battery-powered electric vehicles promoted by the likes of Tesla Inc.

Ahead of the Tokyo Motor Show starting on Oct. 24, Toyota unveiled a prototype of the new hydrogen sedan built on the same platform as its luxury Lexus brand’s LS coupe. The new Mirai model boasts longer driving range than its predecessor and completely redesigned fuel cell stack and hydrogen tanks, the company said.

“We wanted to make a car that people really want to buy, not just because it’s an eco car,” Yoshikazu Tanaka, chief engineer of the new Mirai, said at the unveiling.

“We wanted something that’s fun to drive.”

Its sporty redesign with longer wheelbase and lower-slung chassis is a marked departure from the first-generation Mirai, which looks like a bulked-up Prius hybrid.

The new car also has a 30% improvement in driving range over the previous iteration’s approximately 700 kilometers (435 miles), according to the company.

Tanaka said the latest Mirai would cost less to make than its predecessor, because of a shift to mass production. The current model is mostly assembled by hand.

Costing consumers about 5 million yen ($46,500) after subsidies in Japan, the original Mirai is one of three fuel cell cars available to consumers. Hyundai Motor Co sells the Nexo, while Honda Motor Co Ltd leases out the Clarity.

Toyota has sold fewer than 10,000 of the Mirai, a fuel cell sedan it touted as a game changer at its launch five years ago. By contrast, Tesla sold 25,000 of battery-powered Model S sedans in its first year and a half.

Toyota declined to disclose a price for the model and said it would be available from late next year in Japan, North America and Europe. – Reuters

Britain’s Thomas Cook scrambles for US$250m to avert collapse

LONDON, Sept 20 — Britain’s Thomas Cook needs to find an extra £200 million (RM1.04 billion) to satisfy its lenders or one of the world’s oldest holiday company risks collapse, potentially stranding thousands of holidaymakers across Europe….

Uber cuts more staff as it seeks a route to profit

SAN FRANCISCO, Sept 11 ― Uber yesterday said it was laying off about eight per cent of its product and engineering teams as the smartphone-summoned ride service tries to map a route to profitability. The San Francisco-based company is cutting…

Global trade disputes likely to thwart unity at G7 summit in France

PARIS, Aug 24 ― Leaders of the G7 nations arrive in France today for a summit as a brewing US-China confrontation over protectionism highlighted President Emmanuel Macron's tough task in delivering meaningful results on trade, Iran and climate…

Malaysia welcomes MAFTA review but priority given to RCEP conclusion

CANBERRA, Aug 20 – Malaysia welcomes the review of the Malaysia-Australia Free Trade Agreement (MAFTA) but any effort to do so will only be considered after the negotiations on the Regional Comprehensive Economic Partnership (RCEP) have been…

Asian shares hobbled by fading expectations for aggressive Fed rate cut

TOKYO, July 9 ― Asian stocks struggled to rebound yesterday as investors came to terms with sharply reduced expectations the Federal Reserve will deliver a large interest rate cut at the end of July. Those views were bolstered after solid gains in…

Survey: Amazon dethrones Google as top global brand

LONDON, June 11 ― US retail giant Amazon has moved past hi-tech titans Apple and Google to become the world's most valuable brand, a key survey showed today. The brand value of Amazon surged by 52 per cent to US$315 billion (RM1.31 trillion),…