Business

British engine maker Rolls-Royce cutting 4,600 jobs

LONDON, United Kingdom (AFP)–Rolls-Royce, the British maker of plane engines, said Thursday that it plans to cut 4,600 mainly British jobs by 2020, adding to thousands of cuts already announced in recent years. “Rolls-Royce announces the next stage in our drive for pace and simplicity with a proposed restructuring that will deliver improved returns, higher margins, and increased cash flow,” the group said in a statement. The London-listed company, whose engines are used in Airbus […]

Asian markets lower after hawkish Fed, fresh trade war fears

HONG KONG, China (AFP) — Asian markets mostly fell Thursday after the Federal Reserve hiked interest rates and signaled a more hawkish tone for future moves, while US President Donald Trump stoked trade war fears by suggesting he will hit China with fresh tariffs. After a keenly watched meeting, the US central bank lifted borrowing costs, as expected, but indicated another two this year and four in 2019 as the world’s top economy continues to […]

Dollar picks up ahead of Fed but stocks mostly retreat

The dollar extended gains against its peers in Asian trade Wednesday as investors await a key Federal Reserve decision later in the day, but most equity markets dipped. As the euphoria over the historic summit between Donald Trump and Kim Jong Un recedes, investors are focusing on macroeconomic issues with concerns over global trade causing some discomfort. “With a rate hike widely expected, investors are focused on the Fed’s statement wording, economic projections and press […]

Bitcoin ‘whales’ pulling cryptocurrency strings

  by Kevin Trublet © Agence France-Presse LONDON, United Kingdom (AFP) — Bitcoin, the star of the cryptocurrency world, is widely seen as a freewheeling tool as open as the internet itself. But analysts have cast doubt on the veracity of that perception, highlighting that the bulk of bitcoin is in fact heavily concentrated in the hands of a powerful few. Some 1,000 bitcoin holders — out of a total 11 million — hold some 35.4 […]

Toyota investing $1 billion in Asian ride-share firm Grab

TOKYO, Japan (AFP) — Toyota said Wednesday it was investing $1 billion in Asia ride-share company Grab, as the Japanese automaker looks to expand beyond its core business into the “mobility” sector. Grab, which is headquartered in Singapore, is a leading player in the ride-share industry in Asia, and earlier this year agreed to acquire US giant Uber’s regional operations. In a statement, Toyota said the deal “is aimed at achieving connectivity for Grab’s rental […]

Global stocks mixed ahead of Fed, ECB decisions

NEW YORK, United States (AFP) — Global stocks were mixed Tuesday as markets began looking past an historic US-North Korea summit towards major central bank decisions in the coming days. Markets moved little following the meeting between US President Donald Trump and the North Korean leader Kim Jong Un, with some analysts lauding the positive tone of the event but uncertain of whether it would result in significant change. “The general reaction in the markets […]

Judge clears AT&T merger with Time Warner in huge antitrust case

by Rob Lever Agence France-Presse WASHINGTON, United States – A US judge Tuesday approved the $85 billion merger of wireless and broadband giant AT&T with media-entertainment conglomerate Time Warner, delivering a stinging rebuke to Donald Trump’s administration in its first major antitrust challenge. Federal Judge Richard Leon said the government had failed to meet its burden of proof that the tie-up between the largest US pay-TV operator and the media entertainment giant would harm competition. […]

WTO chief warns against escalation of trade tensions

  BERLIN, Germany (AFP) — World Trade Organization (WTO) chief Roberto Azevedo warned Monday against a damaging “escalation” of trade tensions between the United States and other major economies, following a divisive G7 summit. Trans-Atlantic and other trade wars would have “a long-term impact on the global economy,” he said at a Berlin meeting with German Chancellor Angela Merkel and leaders of the IMF, World Bank and other international institutions. “We must stop this escalation […]

Asia stocks boosted after Trump-Kim summit, eyes on central banks

HONG KONG, China (AFP) — Major markets in Asia and Europe rose on Tuesday after Donald Trump and Kim Jong Un held a historic summit, while investors look ahead to key policy meetings at the Federal Reserve and European Central Bank this week. Trump said he had formed a “special bond” with the North Korean leader, who reaffirmed his commitment to “complete denuclearization of Korean Peninsula” in a joint agreement signed by the two. While […]

Cryptocurrencies tumble after S. Korea hack

HONG KONG, China (AFP) — Cryptocurrencies plunged in Asia on Monday after a hack on a South Korean exchange sparked fresh concerns about the safety of the digital units. The attack on Coinrail comes months after Japanese firm Coincheck said it had lost more than $500 million in a January hack. Coinrail did not specify the value of the currency that was taken in the attack at the weekend but said it was working with authorities […]

Hong Kong stocks open with losses

HONG KONG, China (AFP) — Hong Kong stocks started Monday with small losses following the weekend’s chaotic Group of Seven summit that showed deep divisions between the US and its allies, while dealers are looking ahead to Donald Trump’s meeting with Kim Jong Un. The Hang Seng Index dipped 0.16 percent, or 48.72 points, to 30,909.49. And the benchmark Shanghai Composite Index gave up 0.32 percent, or 9.81 points, to 3,057.34, while the Shenzhen Composite […]

Japan confirms its economy shrank after two years of growth

TOKYO, Japan (AFP) — Japan’s economy slid into negative territory for the first time in two years at the beginning of the year, official data showed Friday, confirming preliminary figures issued last month. The world’s third-largest economy contracted by 0.2 percent quarter-on-quarter in the January-March period, unchanged from the preliminary figure, the Cabinet Office said. The new data also revises upwards the figure for the last quarter of 2017, to 0.3 percent from 0.1. The […]