Business

IMF tells Gulf states to speed up switch from oil

by Omar Hasan Agence France-Presse DUBAI, United Arab Emirates (AFP) — The International Monetary Fund on Tuesday advised energy-rich Gulf economies to speed up their diversification away from oil after projecting the worst growth for the region since the global financial crisis. Oil exporters in the Middle East, especially those in the Gulf Cooperation Council, have been hit hard by the collapse in crude prices which provided a major part of their finances. Following the […]

Samsung Electronics posts record Q3 profits of $10 bn

by Jung Ha-Won Agence France-Presse SEOUL, South Korea (AFP) — South Korean tech giant Samsung Electronics logged a record profit of 11.2 trillion won — $10.0 billion — in the July to September period, it said Tuesday, its best for any quarter. The world’s biggest memory chip and smartphone maker has had its de facto leader jailed for bribery and faced a recall of its flagship Galaxy Note 7 device. But its net profits soared […]

BSP extends deadline regarding exchange of old bills

QUEZON CITY, Philippines (Eagle News) — The Bangko Sentral ng Pilipinas extended the deadline regarding the exchange of old bills, or the so-called “New Design Series” (NDS) banknotes, with the new banknotes or the “New Generation Currency” until December 29 this year. The extension was granted due to numerous requests from the public. This is the fourth extension granted by the BSP. Old bills or the NDS banknotes dating from 1985 were devalued starting January […]

HSBC Q3 profits up five-fold to $4.6 bn on booming Asia

by Elaine Yu Agence France-Presse HONG KONG, China (AFP) — Profits at banking giant HSBC leapt five fold in the third quarter to $4.6 billion, the company said Monday, as business booms in Asia and a huge restructuring drive bears fruit. The massive jump in pre-tax profits came weeks after a new chief executive was unveiled as part of a management overhaul that has seen the London-based behemoth roar back from costly write downs. John Flint, head […]

Asian markets muted ahead of earnings reports, Fed decision

HONG KONG, China (AFP) — Asian stocks markets were largely flat in early trade on Monday as investors braced for key earnings reports and US President Donald Trump’s announcement of the new Federal Reserve chair. Hong Kong and Tokyo shed early gains after traders — boosted by strong US growth data at the back end of last week — had initially followed Wall Street upward, while the Shanghai exchange was more sharply down. Wall Street […]

Tokyo stocks open higher with eyes on Japan earnings

TOKYO, Japan (AFP) — Tokyo stocks opened higher on Monday on the back of gains on Wall Street and with hundreds of Japanese firms reporting earnings this week, including Nintendo and Sony. The benchmark Nikkei 225 index rose 0.35 percent, or 76.02 points, to 22,084.47 in early trade, while the broader Topix index was little changed, inching up 1.22 points to 1,772.27. “The Japanese market will likely remain solid this week as there is a […]

Ayala Corporation advances the 17 UN SDGs, presents innovations to Nordic diplomats

By Caesar Vallejos, EBC Correspondent Headed by Jaime Augusto de Ayala (JAZA), the first Filipino and the first from Southeast Asia to be recognized by the United Nations as a Sustainable Development Goals (SDG) Pioneer, the Ayala Corporation presented its sustainable initiatives to members of the Nordic diplomatic community and European and Philippine businessmen in a forum on Corporate Sustainability at the Shangri-La at The Fort last October 26, 2017. A company that builds businesses […]

United launches longest flight to or from US

LOS ANGELES, United States (AFP) — United Airlines on Friday was set to launch the longest non-stop flight to or from the United States, an 8,700-mile (14,001-kilometer) journey connecting Los Angeles and Singapore. The nearly 18-hour flight will depart Los Angeles at 9:25 pm local time and will land on Sunday in Singapore at 6:20 am local time. United officials said the daily service will be the longest non-stop flight from the US to anywhere […]

PLDT, gagastos ng Php 11B para mapabuti ang Internet speed

(Eagle News) — Nakahandang gumastos ng P11 billion  ang kumpanyang PLDT sa susunod na dalawang taon para pondohan ang modernization plan nito, kabilang ang fiber Internet na naglalayong mapabuti ang Internet speed sa bansa. Ilalaan ang nasabing budget sa pagro-roll-out ng million fiber ports sa buong bansa at pag-u-upgrade ng fiber optics cable mula sa Digital Subscriber Line (DSL) sa mahigit 1.3 million subscribers. Ayon kay Marco Borlongan, PLDT First Vice President at Head of […]

Tokyo stocks open higher on US tax-cut hopes

TOKYO, Japan (AFP) — Tokyo stocks opened higher on Friday, boosted by exporters and banks as the yen fell against the dollar on hopes for US President Donald Trump’s much-anticipated tax cut. The benchmark Nikkei 225 index rose 0.59 percent, or 129.16, to 21,868.94 in early trade, while the broader Topix index was up 0.44 percent, or 7.69 points, at 1,761.59. “Japanese stocks will test higher prices as investors cheer a rebound in the New […]

Twitter shares soar as profit comes into view

by Rob Lever Agence France Presse WASHINGTON, United States (AFP) — Twitter shares staged a powerful rally Thursday after the long-struggling social network said it hopes to post its first profit soon, following years of losses. The sharp rebound sent Twitter shares higher by 18.5 percent to $20.31 — the highest close in three months — on the back of investor optimism at its third quarter results, even though the firm posted ongoing losses and […]

Microsoft tops forecasts with 16% profit growth

SAN FRANCISCO, United States (AFP) — Microsoft on Thursday delivered stronger-than-expected earnings for the past quarter, lifted by gains in cloud computing and other business services. For its first fiscal quarter to September 30, the tech giant said profit was up 16 percent from a year ago to $6.6 billion. Revenue meanwhile rose 12 percent to $24.5 billion for the one-time tech sector leader which has shifted its focus away from consumer software to a […]