Business

Oil producers set to maintain squeeze

by Joseph Sotinel and Simon Sturdee Agence France Presse VIENNA, Austria (AFP) — Oil-producing nations inside and outside OPEC are expected later Thursday to extend a deal keeping a lid on output in an attempt to push crude prices higher. But it remained unclear whether they would prolong by six or nine months the accord to reduce production by 1.8 million barrels a day, after its expiry date of March 31, 2018. The unprecedented agreement […]

Asia markets mixed after US records, Bitcoin breaks $10,000

HONG KONG, China (AFP) — Asian markets were mixed on Wednesday following fresh records on Wall Street as Donald Trump’s tax-cut plans moved a step closer, while the pound extended gains on reports of a breakthrough in Brexit talks. Traders brushed off early worries caused by another North Korean missile test, while Bitcoin continued its surge to break the $10,000 mark for the first time. New York traders cheered a forecast-beating US consumer confidence survey […]

Bitcoin breaks $10,000 barrier for first time: Bloomberg

SINGAPORE, Singapore (AFP) — Bitcoin broke above the $10,000 mark for the first time on Wednesday as the virtual currency continued a stratospheric rise that has seen it increase more than tenfold this year. The cryptocurrency surged to a high of $10,059 in early Asian hours, according to Bloomberg News, though the recent surge in the volatile unit has fuelled fears of a bubble. Launched in 2009 as a bit of encrypted software written by someone […]

Macron announces billion-strong fund for African SMEs

OUAGADOUGOU, Burkina Faso (AFP) — France is setting up a billion-euro ($1.2 billion) fund for small- and medium-sized African businesses, President Emmanuel Macron announced Tuesday. Macron, visiting Burkina Faso at the start of his first African tour, said the money could be used to help firms maximise value from agriculture, but also the digital sector. The money will be provided by the France’s Public Investment Bank, which offers firms tailored funding, and the French Development Agency. Macron […]

ADB approves $300M grant-loan for gov’t infrastructure projects

The Asian Development Bank has approved the $300 million grant-loan of the Philippines on its road corridor project. The loan will be used by the government in its infrastructure projects as part of the “Build, Build, Build” program of the Duterte administration. The grant assistance of the ADB aims to help the government finance infrastructure, implement, and manage public works projects, and strengthen the framework for public-private partnerships. “As such, increasing the size, liquidity and […]

Bezos a $100-billion man as Amazon rises on cyber shopping

SAN FRANCISCO, United States (AFP) o– Amazon founder Jeff Bezos was a $100-billion man on Monday as the online retail colossus raked in cash from the holiday weekend’s cyber shopping spree. Forbes magazine’s real-time ranking of the richest people had Bezos on top, with a personal net worth of $100.3 billion. Microsoft co-founder Bill Gates saw his net worth climb to a dizzying $89.4 billion but was relegated to being the second most affluent person […]

ICOs: the lawless land of cryptocurrency fundraising

  By Daphne Rousseau Agence France Presse BERLIN, Germany (AFP) — From raising $30 million in 30 seconds to being endorsed by Paris Hilton or vanishing into thin air: anything is possible in the risky new world of cryptocurrency fundraising, but regulators are lurking. Bypassing oversight of any kind, Initial Coin Offerings (ICOs) have sprung from nowhere to become a hugely popular way for start-ups to raise funds online, offering self-created digital “tokens” or coins […]

Asian markets kick week off with losses but euro holds gains

HONG KONG, China (AFP) — Asian markets fell Monday after last week’s volatility, but the euro held gains following healthy economic data and on hopes German Chancellor Angela Merkel is close to forming a government. Investors ignored another strong lead from Wall Street, where the S&P 500 and Nasdaq chalked up fresh records on optimism for strong sales on Black Friday and Cyber Monday — the two major post-Thanksgiving shopping days. With little to drive […]

Musk beats deadline for building world’s biggest battery

SYDNEY, Australia (AFP) — Entrepreneur Elon Musk has won a US$50 million bet by beating a 100-day deadline for building a giant battery to help South Australia avoid energy blackouts, officials said. State Premier Jay Weatherill said testing of the massive lithium ion battery would begin within days, ahead of the December 1 deadline Musk set for himself when he signed off on the project earlier this year. Musk had pledged to build the battery […]

Angry Birds maker posts loss despite jump in sales

HELSINKI, Finland (AFP) — Finland’s Rovio Entertainment, creator of the popular smartphone game Angry Birds, on Thursday posted a loss for the third quarter despite rising sales, as it increased its investments with a view to boost its winnings in future. Sales reached 70.7 million euros (nearly $84 million) in the third quarter compared to 50 million the previous year, but year-on-year the company lost 800,000 euros. Rovio posted a profit of 3.9 million euros […]

Edible glass made from seaweed to curb plastic plague

JAKARTA and MAKASSAR, South Sulawesi Province, Indonesia (Reuters) — Jakarta food and beverages retailer Ong Tek Tjan sells ice cream in cups his customers can eat afterwards, instead of throwing them away. The cups  are made from seaweed and taste like jelly, in flavors from peppermint to green tea. Indonesian start-up Evoware, which makes the cups, as well as other containers, from farmed seaweed free of chemicals, is relying on its biodegradable alternative to plastic […]