Business

Asian markets hit by new lockdown, fresh China-US tensions

HONG KONG, China (AFP) — Fears over a spike in infections around the world, the reimposition of containment measures and China-US tensions pushed Asian equities lower Tuesday, while oil prices were also hit by speculation top producers will begin tapering their output cuts. And news that Singapore’s economy, considered a regional barometer, contracted a mind-boggling 41 percent in the second quarter provided a stark reality-check for traders. After hitting lows in March, markets have been […]

Emirates airline to cut up to 9,000 jobs: report

DUBAI, United Arab Emirates (AFP) — Emirates airline has cut a tenth of its workforce during the novel coronavirus pandemic in layoffs that could rise to 15 percent, or 9,000 jobs, its president said, according to a report on Saturday. The Middle East’s largest carrier, which operates a fleet of 270 wide-bodied aircraft, halted operations in late March as part of global shutdowns to stem the spread of the virus. It resumed two weeks later […]

United Airlines says could lay off as many as 36,000 employees

NEW YORK, United States (AFP) — United Airlines warned Wednesday it could lay off as many as 36,000 workers on October 1 as the US carrier fights for survival amid the coronavirus crisis. The big US airline emphasized that it must cut costs due to a severe drop in demand for air travel, but although it will notify frontline employees of the potential job cuts, it does not expect everyone who receives the notice to […]

President Duterte favors slow, “very circumspect” reopening of the economy

  (Eagle News) – President Rodrigo Duterte said that the country should be “very circumspect” in reopening the economy as the COVID-19 virus continues to infect many while there is no vaccine in sight. In his talk to the nation at past 1 a.m. on Wednesday, July 8, the President said that opening the entire Philippines would mean thousands more being infected and will put the country in a more dire economic situation. While recoveries […]

Indonesia’s Lion Air slashes 2,600 jobs as virus bites

JAKARTA, Indonesia (AFP) — Indonesia’s Lion Air Group is slashing 2,600 jobs as the coronavirus pandemic hammers Southeast Asia’s biggest carrier, a company spokesman said Monday. The layoffs — about nine percent of the airline’s 29,000 employees — would mainly affect contract workers, it said. The job cuts come after Lion earlier reduced management and staff salaries. “Lion Air Group is in a difficult and challenging period due to the effects of…Covid-19,” said Lion Air […]

Wirecard administrator eyes piece-by-piece sell-off

FRANKFURT AM MAIN, Germany (AFP) —  The unprecedented scandal at German payments processor Wirecard could lead to the group being sold off piecemeal, after its insolvency administrator said investors are eyeing profitable business units. A provisional committee of Wirecard creditors signed off on an international search for buyers Tuesday and confirmed lawyer Michael Jaffe as administrator. “Many investors from all over the world have already signaled interest in buying the core business or independent business […]

Japan business confidence at lowest level since 2009: survey

TOKYO, Japan (AFP) — Confidence among Japan’s biggest manufacturers plunged to the worst level since 2009, a key survey showed Wednesday as the coronavirus pandemic hits global demand and disrupts production. The Bank of Japan’s June Tankan business survey — a quarterly poll of about 10,000 companies — showed a reading of minus 34 among major manufacturers, the lowest level since June 2009 when the global financial crisis hit the world’s third-largest economy. The shock […]

Japan jobless rate up, available jobs in worst plunge since 1974

TOKYO, Japan (AFP) — Japan’s unemployment rate rose to 2.9 percent in May, official data showed Tuesday, the third consecutive monthly rise as the coronavirus pandemic takes its toll on the world’s number-three economy. The 0.3-percentage-point rise from April suggests Japan’s first recession since 2015 is beginning to have an impact on the labour market. Another closely watched indicator showed there were 120 jobs available for every 100 jobseekers, compared to 132 jobs in April […]

Globe myBusiness prepares SMEs: ‘Para Sa Bagong Bukas’

By Caesar Vallejos, OPEN FOR BUSINESS Aptly themed “Para Sa Bagong Bukas”, Globe’s Saludo SME, prepares the Small and Medium Enterprises to embrace the new normal. A double entendre, the theme could mean ‘a new tomorrow’ and ‘open anew.’  Saludo SME was launched in 2019 and in this year’s edition, Globe myBusiness salutes “SMEs who have remained open or planning to get back on their feet” amidst the global pandemic. The COVID-19 pandemic which prompted […]

Nokia to cut 1,200 jobs at Alcatel-Lucent in France

PARIS, France (AFP) — Nokia plans to eliminate 1,233 jobs at its Alcatel-Lucent subsidiary in France, slashing its workforce in the country by a third as it grapples with intense competition in the telecoms equipment market amid the launch of 5G networks, the company and unions said Monday. It is the fourth round of layoffs at hardware manufacturer Alcatel-Lucent in the four years since it was bought by Nokia in 2016, and the biggest by […]

Dubai ports giant ‘prepares for worst’ as virus impact looms

by Sarah Stewart and Omar Hasan DUBAI, United Arab Emirates (AFP) — The giant Dubai-based ports operator DP World is “preparing for the worst” in the months ahead, as coronavirus inflicts the heaviest blow on global trade since World War II. However, the firm which runs port and logistics operations in 54 countries is still hungry for revenue-generating acquisitions, its chairman Sultan Ahmed bin Sulayem told AFP in an interview. Already one of the most […]

New Zealand takes biggest economic hit in 29 years

WELLINGTON, United States (AFP) — New Zealand’s economy suffered its biggest contraction in 29 years during the first three months of the year, official data showed Thursday, with worse expected as the coronavirus pandemic’s full impact emerges. Gross domestic product (GDP) shrank 1.6 percent in the January-March quarter, the biggest fall since early 1991. The contraction exceeded market expectations of about one percent, even though the quarter only covers the early stages of the coronavirus […]