Business

PHL’s total trade grows 10.4% in October

The Philippine Statistics Authority (PSA) reported on Tuesday that the country’s total trade grew by 10.4 percent in October 2017 from 4.6 percent in the previous month after exports recorded its 11th consecutive month of positive growth. The PSA, an attached agency of the National Economic and Development Authority (NEDA), said exports increased by 6.6 percent to US$5.37 billion — while imports posted a double-digit growth of 13.1 percent to US$8.21 billion. Socio-economic planning secretary […]

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In tax shift, Facebook to declare ad revenues locally

NEW YORK, United States (AFP) — Facebook, in a bow to transparency, has announced its plans to declare certain ad revenues in the country where they are made and not in Ireland, where it has a greater tax advantage. The social networking giant said the move was in response to pressure from governments and policy makers for greater visibility into sales made in their countries. “In simple terms, this means that advertising revenue supported by […]

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Google opens AI center in China as competition heats up

BEIJING, China (AFP) — Google announced Wednesday that it will open a new artificial intelligence research center in Beijing, tapping China’s talent pool in the promising technology despite the US search giant’s exclusion from the country’s internet. Artificial intelligence, especially machine learning, has been an area of intense focus for American tech stalwarts Google, Microsoft and Facebook, and their Chinese competitors Alibaba, Tencent and Baidu as they bid to master what many consider is the […]

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Tokyo stocks open flat ahead of Fed decision

TOKYO, Japan (AFP) — Tokyo stocks opened flat Wednesday as investors fled to the sidelines ahead of a rate announcement by the US Federal Reserve, while Toshiba edged up after it settled a dispute with its US partner. The benchmark Nikkei 225 index inched down 0.57 points to 22,865.60, while the broader Topix index was up 0.10 percent, or 1.89 points, at 1,816.97. Wednesday’s Tokyo trade “lacks a clear sense of direction” ahead of the […]

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RCBC accuses Bangladesh’s central bank of a “massive cover-up” over $81-million cyber-heist last year

The Rizal Commercial Banking Corp. on Tuesday accused Bangladesh’s Central Bank (BB) of a “massive cover-up” over an $81-million cyber-heist last year, as it rejected allegations it was mostly to blame. The statement came after Dhaka, Bangladesh’s Finance Minister A.M.A Muhith said over the weekend he wanted to “wipe out” RCBC, apparently frustrated over the small amount of money recovered from the overall amount stolen from BB. “Last year’s theft of $81 million of (BB) funds was […]

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ANZ Bank sells life insurance arm to Zurich for US$2.14 billion

SYDNEY, Australia (AFP) — ANZ Bank unveiled plans Tuesday to offload its life insurance arm to Zurich for Aus$2.85 billion (US$2.14 billion), making the Swiss giant Australia’s largest retail life insurer by premiums. It follows National Australia Bank selling most of its life insurance business to Japan’s Nippon and Commonwealth Bank shedding its insurance arm to AIA in recent years as Australia’s top lenders streamline operations. ANZ said the sale of One Path Life Australia […]

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Bitcoin rises in debut as SEC warns on digital money

NEW YORK, United States (AFP) — Bitcoin experienced some big swings but finished higher in its debut on a major exchange Monday, while a leading US securities regulator warned investors about the risks of cryptocurrencies. Bitcoin futures for January delivery finished at $18,850.00 near 2115 GMT on its first full day of trading, a bit below session peaks but soaring well past the $15,000 initial price when Cboe launched the platform on Sunday night. The […]

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Blowing bubbles: Boom and bust from bulbs to bitcoin

by Richard CARTER Agence France-Presse TOKYO, Japan (AFP) — Virtual currency Bitcoin — or “digital gold” to its fans — has enjoyed a gravity-defying rise along with wild price swings, sparking fears it could be the latest financial market “bubble.” Bitcoin was worth just a few US cents when it began life in 2009 and last week changed hands for a staggering $17,000 despite having no central bank backing and no legal exchange rate. Here […]

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Tokyo stocks open higher following new highs on Wall St

TOKYO, Japan (AFP) — Tokyo stocks opened higher on Monday, tracking fresh record highs on Wall Street as the yen remained weaker against the dollar. The benchmark Nikkei 225 index rose 0.36 percent, or 81.23 points, to 22,892.31 in early trade, while the broader Topix index was up 0.28 percent, or 5.11 points, at 1,808.84. “Investors continued to buy on the dip as sentiment has been buoyed by fresh highs in New York,” said Toshikazu […]

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Bitcoin makes stock exchange debut at $15,000

NEW YORK, United States (AFP) — Cryptocurrency Bitcoin made its debut on a major bourse Sunday, opening at $15,000 per unit at the Chicago board options exchange. Around 23:20 GMT, the price of the currency had risen to $15,940 dollars on a futures contract scheduled for settlement on January 17 according to data provided by the Chicago board options exchange (Cboe). A futures contract is a financial product that allows investors to bet on whether the […]

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Meralco to have lower electricity rates this December

QUEZON CITY, Philippines (Eagle News) — Meralco will lower its electricity charges this December, citing the improving situation of the power grid last October, and the strengthening of the peso. There will be a Php 75 reduction in the electric bills of households which consume 200 kwh, and around Php100 reduction in the household bills of those who consume 300 kwh. For those who consume 400 kWh, expect a reduction of P151.40; and for those […]

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Germany’s BASF agrees oil merger with Russian tycoon’s firm

FRANKFURT AM MAIN, Germany (AFP) — German chemicals giant BASF has agreed to merge its Wintershall oil and gas unit with the DEA energy firm owned by Russia’s billionaire entrepreneur Mikhail Fridman. The multi-billion-euro deal will create “one of the largest independent European exploration and production companies” with “significant growth potential” and scope for synergies, BASF said in a statement late Thursday. BASF said it would initially hold 67 percent of shares in the joint venture, which […]

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