Business

Asian markets rise as China and US agree to avert trade war

HONG KONG, China (AFP) — Asian markets rallied Monday and the dollar extended gains after the US and China said they had agreed to hold off imposing tariffs, averting a potentially damaging trade war. After high-level talks in Washington, the two economic superpowers revealed a deal had been hammered out, ending months of tension that have sent financial markets into a frenzy. Treasury Secretary Steven Mnuchin told Fox News on Sunday “right now we have […]

Cambridge Analytica files for voluntary bankruptcy in US: court filing

  NEW YORK, United States (AFP) — British political consulting group Cambridge Analytica filed for voluntary Chapter 7 bankruptcy in the Southern District of New York, court documents showed. The firm, whose attorney filed late Wednesday, announced early May that it would close and file for bankruptcy in Britain and the United States after failing to recover from the Facebook data scandal. The documents, seen by AFP, listed Cambridge Analytica LLC’s estimated assets in the […]

Saudi, UAE oil ministers voice ‘concerns’ over price swings

RIYADH, Saudi Arabia (AFP) — The Saudi and Emirati energy ministers voiced concerns on Thursday over oil price fluctuations, saying they were determined to maintain output, the Saudi oil ministry said. In a phone call, Saudi Arabia’s Khaled al-Faleh and the United Arab Emirates’ Suheil al-Mazrouei “voiced their concerns about recent market volatility, fuelled by anxiety over geopolitical events despite the availability of ample supply,” the ministry said. Benchmark oil contract Brent North Sea hit […]

Asian dealers cautious with eye on trade talks, geopolitics

HONG KONG, China (AFP) — Asian traders were biding their time in early trade on Thursday as a healthy lead from Wall Street was tempered by geopolitical concerns and caution ahead of high-level China-US trade talks. All three main US indexes finished in the green zone thanks to another positive round of economic indicators and corporate results. However, traders remain on edge with expectations that inflation will pick up pace pushing key 10-year Treasury yields […]

Hackers steal ‘$15.3 million’ from Mexico financial system

MEXICO CITY, Mexico (AFP) — Hackers who targeted Mexico’s interbank payment system made off with more than $15 million in the past several weeks, the Bank of Mexico said Wednesday. The amount of funds involved in the irregular activity totaled “approximately 300 million pesos ($15.3 million),” central bank governor Alejandro Diaz de Leon told reporters. He said commercial bank customers’ accounts were never in danger. An investigation is under way, the governor said, without indicating […]

Japan economy shrinks after two years of growth

    TOKYO, Japan (AFP) — Japan’s economy shrank for the first time in two years in the first quarter of the year amid weak consumption, official data showed Wednesday. The world’s third-largest economy contracted by 0.2 percent quarter-on-quarter in the January-March period, compared with growth of 0.1 percent at the end of 2017, the Cabinet Office said. Private consumption was flat after an uptick of 0.2 percent in the final quarter of last year. Private […]

OPEC institution offers funding for “Build, Build, Build” projects

A financial institution established by the Organization of Petroleum Exporting Countries (OPEC) to help reduce poverty in developing countries has offered its assistance to the Philippines in funding the Duterte administration’s “Build, Build, Build” infrastructure modernization program. During a recent meeting with Finance Secretary Carlos Dominguez III, key officials of the OPEC Fund for International Development (OFID), reiterated the institution’s “keen interest to assist and collaborate” with the Philippine government in carrying out its priority […]

Most Asian markets rise after Wall St rally, ringgit sinks

HONG KONG, China (AFP) — Most Asia markets rose Monday as investors built on last week’s rally, with another healthy lead from Wall Street providing support, but oil prices retreated from their three-and-a-half-year highs. Malaysia’s ringgit sank almost one percent but stocks were up 0.5 percent in Kuala Lumpur as trading resumed after last week’s general election that saw a shock win for 92-year-old former premier Mahathir Mohamad. While analysts had expected a sharp drop […]

Xerox announces termination of merger deal with Fujifilm

  SAN FRANCISCO, United States (AFP) — Xerox on Sunday announced it was terminating a proposed merger with Fujifilm and appointing a new chief executive after entering into a settlement with activist shareholders who had contested the takeover. In a statement on its website, Xerox cited “material deviations” in the audited financials of an existing joint venture known as Fuji Xerox that is controlled by Fujifilm. The move follows a lawsuit by powerful shareholders Carl […]

Volkswagen to recall 410,000 cars over faulty seat belts

  Frankfurt am Main, Germany (AFP) — German carmaker Volkswagen said Friday it would recall 410,000 cars from its own brand and Spanish subsidiary Seat over faulty seat belts, warning customers not to use the middle seat in the meantime. “There is the possibility that in rare situations… when the rear center seat and the rear left seat are occupied at the same time, the left seat belt lock could be unintentionally released” on some […]

Most Asian markets end healthy week on a positive note

HONG KONG, China (AFP) — Asian markets built on the past week’s gains Friday following another rally in New York as traders welcomed a below-forecast US inflation read that dampened expectations for a sharp lift in interest rates. While geopolitical tensions continue to linger after Donald Trump pulled out of the Iran nuclear pact this week, dealers were buoyed by the prospect of cheaper borrowing after data showed consumer prices edged up only slightly in […]

Bulacan loses P17.5-M worth of milk fish, tilapia and other fishes due to fish kill

(Eagle News) — Bulacan reported a massive fish kill in the town of Obando that killed some P17.5 worth of fish. The Bureau of Fisheries and Aquatic Resources (BFAR) Region 3 Director Wilfredo Cruz said that an estimated P17.5 million worth of milk fish, tilapia and other fish were wiped out in the Obando fish kill. Although such fish kill events are not new, Cruz said this massive fish kill can be considered an isolated […]