Business

EU and Philippines relaunch free trade talks

  BRUSSELS, Belgium, March 18, 2024 (AFP) – The European Union and the Philippines announced the resumption of negotiations for a free trade agreement on Monday, with Brussels saying the first round of talks should begin “later this year”. “The conditions are right to take our trade relations to the next level,” EU trade commissioner Valdis Dombrovskis said at a press conference in Brussels. Talks began in 2015 under then-Philippine president Benigno Aquino but stalled […]

India recaptures ship MV Ruen from Somali pirates, rescues crew

NEW DELHI, March 16, 2024 (AFP) – India’s navy recaptured a ship from Somali pirates off the Indian coast Saturday, the military said, rescuing the crew and ending a three-month takeover of the Maltese-flagged bulk carrier MV Ruen. The December hijacking of the ship was the first time since 2017 that any cargo vessel had been successfully boarded by Somali pirates. “#IndianNavy thwarts designs of Somali pirates to hijack ships plying through the region by […]

Asia’s McDonald’s experiencing system outage

TOKYO, March 15, 2024 (AFP) – Hungry McDonald’s customers in parts of Asia had trouble ordering at stores, on phones and at electronic kiosks on Friday after a system outage. In Japan, it experienced “a system failure” and was “temporarily suspending operation at many outlets”, the US fast food giant wrote on X, formerly Twitter. China was also affected for several hours, with the outage a hot topic on social media platform Weibo. The company […]

Brazil revs up for jolt of hybrid car investments

By Louis GENOT RIO DE JANEIRO, March 13, 2024 (AFP) – Brazil is charging up for a hybrid revolution as global car manufacturers race to pump billions of dollars into the development of green vehicles in Latin America’s biggest economy. Globally, hybrid cars sales are booming, offering consumers fuel savings, sustainability, and the assurance that they won’t find themselves stranded far from a public charging station in a fully electric vehicle. Brazil, with its population […]

Adidas reports 2023 loss, as Kanye fallout weighs

FRANKFURT, Germany, March 13, 2024 (AFP) – German sportswear giant Adidas reported an annual loss for 2023 on Wednesday, still weighed down by the fallout from the end of its tie-up with controversial rapper Kanye West. The loss of 75 million euros ($82 million) followed a profit of 612 million euros the previous year. Sales fell by five percent to 21.4 billion euros, and were hit particularly hard in the United States due to the […]

Bitcoin hits fresh record above $71,000

Bitcoin hit a fresh record above $71,000 on Monday as demand for the cryptocurrency picks up amid optimism that the Federal Reserve will cut interest rates this year. The unit hit a peak of $71,432 in afternoon Asian business, according to Bloomberg data, meaning it has advanced almost 70 percent this year. The rally was helped by news that Britain’s Financial Conduct Authority had said it would allow the creation of crypto-related securities. That comes […]

US embrace of remote working empties offices, weighs on banks

By Julie CHABANAS WASHINGTON, March 10, 2024 (AFP) – The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans — in turn putting pressure on smaller banks. “There will be bank failures, but this is not the big banks,” said US Federal Reserve Chair Jerome Powell on Thursday. In San Francisco, Washington and even New York, offices […]

South Korea’s bitcoin “kimchi premium” surges to two-year high as global prices surge

SEOUL, March 8, 2024 (AFP) – South Korea’s so-called “kimchi premium” on bitcoin prices hit a two-year high this week, a cryptocurrency data firm said, as the virtual token broke records globally. Bitcoin hit a peak above $69,000 Tuesday, beating its previous high achieved in November 2021, buoyed by growing trading accessibility of the world’s biggest cryptocurrency, even as supply remains tight. The “kimchi premium” — named after the country’s fermented side dish — refers […]

Media mogul Rupert Murdoch to marry girlfriend Elena Zhukova at 92

NEW YORK, March 8, 2024 (AFP) – Media magnate Rupert Murdoch is not giving up on love — even at age 92. Murdoch announced Thursday that he plans to wed his girlfriend, Elena Zhukova, in June, The New York Times reported. Murdoch has been married four times before. His roller-coaster personal life is often fodder for the tabloid newspaper industry that he helped create on three continents. Last year, Murdoch announced his engagement to dental […]

Spain suspends Worldcoin crypto over privacy concerns

MADRID, March 6, 2024 (AFP) – Spain’s data protection agency said Wednesday it had ordered the temporary suspension of the Worldcoin crypto project that relies on an eye scan to verify a user’s identity, citing concerns about data protection. Worldcoin, set up by OpenAI chief executive Sam Altman, began operating last year and provides users with a private digital identity — a “World ID” — after they get their eye’s unique iris pattern scanned. The […]

Bezos dethrones Musk to reclaim title of world’s richest man

WASHINGTON, March 6, 2024 (AFP) – Amazon founder Jeff Bezos took back his spot as the world’s richest man on Monday, dethroning Elon Musk on the Bloomberg Billionaires Index. Bezos’ net worth stands at $200 billion, according to the tracker, surpassing the Tesla chief’s $198 billion. Musk, who also heads X (formerly Twitter) and SpaceX, has seen his riches fall by more than $30 billion as Tesla’s share price has dropped 25 percent in recent […]

Bitcoin strikes record high above $69,000

LONDON, March 5, 2024 (AFP) – Bitcoin hit a record high above $69,000 Tuesday, buoyed by the world’s biggest cryptocurrency becoming more accessible for trading amid tightening supplies. Bitcoin reached $69,191.94, beating a record $68,991 struck in November 2021. The volatile asset later retreated to $67,442. Bitcoin has enjoyed an unbridled rise since the approval of a new type of investment indexed to the cryptocurrency. Since their approval on January 10 by US securities regulators, […]