Business

Japan’s Toshiba cuts profit outlook again

TOKYO, Japan (AFP) — Struggling Japanese engineering firm Toshiba lowered its profit forecasts Wednesday with rising costs weighing on its energy operations. The fresh downgrade comes as the firm undergoes painful reforms to stay afloat after logging billions of dollars in losses from its disastrous acquisition of US nuclear firm Westinghouse. Having sold its lucrative chip making business, Toshiba also saw sharply lower operating profit over the past three quarters compared with the previous year, […]

Asian shares rise as Trump boosts US-China talks

HONG KONG, China (AFP) — Asian stocks climbed Wednesday as US President Donald Trump said he could extend the deadline for a trade deal with China, appearing to boost the prospects of an agreement. Trump said “things are going well” at preliminary talks in Beijing, where top economic officials will gather Thursday seeking an accord to stop sharp US tariff hikes that could damage the global economy. “If we’re close to a deal, where we […]

OPEC oil production falls as S.Arabia slashes output

PARIS, France (AFP) — Global oil cartel OPEC said Tuesday it sharply reduced crude oil production last month, after heavyweight Saudia Arabia slashed output and exports fell in crisis-hit Venezuela. In its monthly report, OPEC said it produced 797,000 fewer barrels per day in January than in the previous month, a decrease in line with the cartel’s pledge to curb output in a bid to boost sagging prices. The decrease by the group of 14 […]

Nissan downgrades full-year forecast, logs nine-month profit fall

TOKYO, Japan (AFP) — Japanese automaker Nissan, rocked by the arrest of former chairman Carlos Ghosn, on Tuesday revised downward its full-year forecast as nine-month net profit dropped more than 45 percent. It was Nissan’s first earnings report since Ghosn was arrested on November 19 and then sacked as chairman. He is in detention facing charges of financial misconduct. The firm’s bottom-line profit fell 45.2 percent to 316.7 billion yen ($2.9 billion), said Nissan — […]

Asian markets rise on trade hopes, weak yen

HONG KONG, China (AFP) — Asian shares were mostly up Tuesday as investors watched key US-China trade talks aimed at averting punitive tariffs which could slow the global economy, and a weak yen boosted exporters. Markets were also lifted by a tentative deal to avert a new government shutdown. Initial trade talks are under way in Beijing, and top-level negotiations are set for Thursday and Friday, as the deadline looms for a deal to prevent […]

Global stocks mostly rise on US-China trade talks as dollar gains

NEW YORK, United States (AFP) — Global stocks mostly rose Monday as US and Chinese officials in Beijing geared up for crunch trade talks while the dollar gained on the euro for the sixth straight session. European and Asian bourses pushed higher at the start of trade talks in Beijing before a March 1 deadline that could lead to additional US tariffs if a deal is not reached. Deputy US Trade Representative Jeffrey Gerrish led […]

European stock markets rebound at open

LONDON, United Kingdom (AFP) — Europe’s stock markets rebounded at the open on Monday, following last week’s sharp losses. In initial trade, London’s benchmark FTSE 100 index of major blue-chip firms jumped almost 0.6 percent at 7,110.11 points. In the eurozone, the Paris CAC 40 index won 0.5 percent to 4,988.09 and Frankfurt’s DAX 30 climbed 0.5 percent to 10,955.83 points, compared with Friday’s closing levels. Global stocks had mostly fallen on Friday at the […]

Asian markets sluggish before crunch trade talks

HONG KONG, China (AFP) — Trade uncertainty weighed on Asian stocks Monday, at the start of a week that sees crunch China-US talks take place in Beijing aimed at averting fresh tariff escalations. Mainland Chinese markets reopened from their week-long Lunar New Year break to renewed concerns over the trade row and a series of bearish global growth forecasts. Top US economic officials travel to the Chinese capital this week for the third round of […]

IMF warns of global economic “storm” as growth undershoots

DUBAI, United Arab Emirates (AFP) — The International Monetary Fund on Sunday warned governments to gear up for a possible economic storm as growth undershoots expectations. “The bottom-line — we see an economy that is growing more slowly than we had anticipated,” IMF Managing Director Christine Lagarde told the World Government Summit in Dubai. Last month, the IMF lowered its global economic growth forecast for this year from 3.7 percent to 3.5 percent. Lagarde cited […]

Tata Motors shares plunge 30% on Jaguar woes

MUMBAI, India (AFP) — Shares in India’s Tata Motors tanked almost 30 percent on Friday after problems at its Jaguar Land Rover unit dragged the luxury car-maker to India’s biggest quarterly loss. The Mumbai-based manufacturer has been badly hit by falling demand for luxury cars in China, as well as uncertainty over Brexit and rising debt. It announced Thursday a net loss of 270 billion rupees ($3.8 billion) for the quarter ending December owing to […]

Bags carry Hermes to record sales in 2018

PARIS, France (AFP) — French luxury group Hermes said its sales hit a record just shy of 6 billion euros in 2018 as demand for its iconic bags continues to grow in all parts of the world and particularly in China. Hermes called the 7.5 percent increase over 2017 in “particularly healthy, being based mainly on volume” rather than currency effects, which in fact were a drag overall during the year. The consolidated sales figure […]

Tokyo’s Nikkei closes down over 2 percent

TOKYO, Japan (AFP) — Tokyo shares closed lower on Friday, following a global market slide stemming from the lowered European economic outlook as well as receding hopes for smooth progress in US-China trade talks. The benchmark Nikkei 225 index dropped 2.01 percent or 418.11 points to end at 20,333.17. Over the week, it was down 2.19 percent. The broader Topix index lost 1.89 percent or 29.63 points to 1,539.40. Over the week, it was down […]