Business

McDonald’s unveils plan for cutting antibiotics in beef

NEW YORK, United States (AFP) — McDonald’s announced a plan on Tuesday for a phased reduction of antibiotics in beef, expanding a health-oriented reform to a new meat source other than chicken. The fast-food giant described a three-stage process where it would first undertake a study of its top 10 beef sourcing markets of current antibiotic use in livestock and by 2020 establish reduction targets. Starting in 2020, McDonald’s will begin reporting progress against antibiotic […]

Tokyo stocks close lower

TOKYO, Japan (AFP) — Tokyo shares closed lower on Tuesday as uncertainty caused by factors including Brexit and trade tensions weighed on the market, wiping out early gains. The benchmark Nikkei 225 index fell 0.34 percent or 71.48 points to 21,148.02 while the broader Topix index was down 0.91 percent or 14.50 points at 1,575.31. Tokyo shares opened higher, rebounding from sharp drops the previous day, with investors apparently relieved that Wall Street eked out […]

Asian markets struggle, pound wallows at 20-month low

HONG KONG, China (AFP) — Asian equities struggled again Tuesday despite a bounce in New York as investors fret over a perfect storm of issues that have hammered global markets, while the pound remained stuck around 20-month lows on Brexit uncertainty. Bargain-buyers tried to step in after the latest sell-off but were unable to gain traction, with fears about the outlook for the global economy keeping sentiment beaten down. The China-US trade row, signs of […]

China court bans iPhone sales in patent dispute: Qualcomm

(AFP) — A Chinese court ordered a ban in the country on iPhone sales in a patent dispute between US chipmaker Qualcomm and Apple, according to a Qualcomm statement Monday. The statement said the Fuzhou Intermediate People’s Court had granted Qualcomm’s request for two preliminary injunctions against four subsidiaries of Apple, ordering them to immediately to stop selling the iPhone 6S, iPhone 6S Plus, iPhone 7, iPhone 7 Plus, iPhone 8, iPhone 8 Plus and iPhone […]

US stocks open mixed after last week’s rout

NEW YORK (AFP) — Wall Street stocks were mixed early Monday as US markets sought to recover from last week’s rout amid worries over trade wars and slowing US growth. About 15 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 24,331.19. The broad-based S&P 500 slipped 0.1 percent to 2,630.96, while the tech-rich Nasdaq Composite Index gained 0.5 percent to 7,002.90. Major US indices had fallen the most last week […]

SoftBank aims to raise $23bn on Japan mobile unit IPO

TOKYO, Japan (AFP) — Telecoms giant and technology investor SoftBank Group aims to raise over $23 billion by listing its Japanese mobile unit next week in one of the biggest tech IPOs in years. In a statement, the group confirmed Monday it had formally decided to offer 1.76 billion shares, more than a one-third stake, in the SoftBank Corp mobile unit, with shares priced at 1,500 yen ($13) each. The offering includes 160 million shares […]

Tokyo stocks close lower on trade war fears

TOKYO, Japan (AFP) — Tokyo stocks closed sharply lower on Monday, taking a negative lead from New York where unease over the US-China trade war prompted a fresh sell-off late last week. The benchmark Nikkei 225 index lost 2.12 percent or 459.18 points to end at 21,219.50, while the broader Topix index was down 1.89 percent or 30.64 points at 1,589.81. On Friday, major US stock indices slumped more than two percent to conclude a […]

Asia markets tumble as dealers buffeted by negative issues

HONG KONG, China (AFP) — Asian markets sank Monday as investors juggle a number of negative issues that have fuelled worries about the global outlook. The China-US trade row, the Huawei crisis, signs of weakness in the Chinese and US economies, and Brexit are among the key matters depressing equities, though there was some upbeat news in OPEC’s decision to slash crude production. On Sunday, China summoned the US ambassador to protest at the arrest […]

EXCLUSIVE: Hong Kong traders “increasingly worried” over US-China trade issue, sees ASEAN as a top new market

OPEN FOR BUSINESS exclusive interview with Deputy director for Research of the Hong Kong Trade Development Council, Mr. Billy Wong, in Hong Kong (Eagle News) – Hong Kong’s traders are “increasingly worried” about the ongoing trade war between the United States and China, and are now looking for new markets for their goods. Deputy director for Research of the Hong Kong Trade Development Council, Mr. Billy Wong, told Eagle News Service’s Online program, “Open for Business” […]

Oil prices surge as OPEC agrees joint 1.2 mn bpd cut with partners

  by Joseph SOTINEL / Jastinder KHERA Agence France Presse VIENNA, Austria (AFP) — OPEC members and 10 other oil producing nations, including Russia, agreed Friday to cut output by 1.2 million barrels a day in a bid to reverse falls in prices in recent months. Energy ministers reached the deal — which takes effect from January 1 but has already sent prices surging on oil markets — after two days of talks at OPEC […]

Downward pressure on oil prices may continue after OPEC, partners face test on oil cut deal

  Saudi oil minister said he is “not confident” about chances of a deal on oil production cuts after a long day of negotiations at OPEC headquarters in Vienna. OPEC ministers resumed talks Friday before further discussions with 10 key partner countries, including Russia, later in the day to thrash out an agreement on production cuts. Amid sharp differences over which way to go, the oil market continued under pressure. In early trade Friday, the […]

Nissan to recall 150,000 cars due to improper checks

TOKYO, Japan (AFP) — Nissan Friday announced plans to recall approximately 150,000 vehicles owing to improper tests on new units, dealing a fresh blow to the Japanese car giant following the shock arrest of former chairman Carlos Ghosn. “Nissan has recently found several non-conformities that may have caused inaccurate pass/fail judgments during the inspection process,” the company said in a statement, adding it would “promptly” recall as many as 150,000 units in Japan. It confirmed […]