Frasers Property

A Frasers Property unit is looking to sell its stake in Beijing Fraser Suites Real Estate Management for 1.6 billion yuan (S$327.8 million).

The unit has entered a sale and purchase deal with a joint venture set up by Tishman Speyer RMB Funds and Shanghai Dowell Trading to offload its interest in Beijing Fraser Suites, it said on Thursday.

Beijing Fraser Suites is a wholly owned subsidiary of Excellent Esteem, and owns a project named Beijing Fraser Suites International Apartment in China.

THE BUSINESS TIMES

KLM

KLM is cutting a further 1,000 jobs and warned that government plans to require all passengers and crew to pass a Covid-19 test before flying to the Netherlands would ground its long-haul flights.

KLM, which cut 5,000 jobs last year, said the new rule proposed by the Dutch government on Wednesday would force it to halt all 270 of its long-haul flights immediately due to the risk of continually having crew members grounded and quarantined in foreign countries.

REUTERS

Ford Motor

Ford Motor, after losing an appeal to safety regulators this week, must spend US$610 million (S$809 million) to replace faulty Takata airbags in three million cars and trucks in the United States and Canada.

It is reporting the expense as a special item in its fourth-quarter results, which will not affect adjusted earnings, it said on Thursday.

The recalled vehicles are from model years 2006 through 2012 and include some of Ford's best sellers of that era, such as the Fusion sedan, Edge sport-utility vehicle and Ranger pickup.

BLOOMBERG