Business

Netflix revs up growth as streaming TV war looms

by Glenn CHAPMAN Agence France Presse San Francisco, United States (AFP) — Netflix shares rallied Wednesday after its latest quarterly update showed robust subscriber growth and better-than-expected profits ahead of a major escalation in the streaming television war. Netflix reported a net income of $665 million in the recently ended quarter, jumping up from $403 million in the same period last year and topping most analyst forecasts. Revenue and subscriber growth, however, came in just […]

Singapore eases monetary policy, avoids recession

SINGAPORE, Singapore (AFP) — Singapore eased monetary policy for the first time in over three years Monday as the US-China trade war bites, while the export-reliant economy narrowly avoided recession in the third quarter. The financial hub’s central bank joins others around the world, from Europe to the US, in loosening policy as fears mount of a global economic slowdown. The city-state has traditionally been the first among Asia’s export-driven economies to be affected during […]

Global stocks rise on partial US-China trade deal, pound up

NEW YORK, United States (AFP) — Global stocks rallied Friday as US-China trade negotiations yielded a partial deal, while the British pound surged for a second straight session on signs that London and Brussels could still avert a no-deal Brexit. The US-China agreement, announced in the closing minutes of Friday’s Wall Street session, halts new US tariffs that were scheduled to go into effect next week and includes a Chinese promise to ramp up purchases […]

US to strike EU with $7.5 bn in tariffs over Airbus subsidies

by Heather SCOTT and Ben SIMON in Geneva WASHINGTON, United States (AFP) — Hours after getting the green light from the World Trade Organization, Washington moved Wednesday to retaliate against the EU over illegal subsidies for Airbus, announcing tariffs on $7.5 billion (6.8 billion euros) worth of European goods starting October 18. The ruling is the largest arbitration award in WTO history and a landmark moment in the longstanding Airbus-Boeing battle, which threatens to intensify […]

Asian markets track Wall St plunge following weak US data

HONG KONG, China (AFP) — Asian markets sank Wednesday and the dollar struggled to bounce back following a worse-than-expected reading on US factory activity that revived worries about the impact of the trade war on the global economy. Adding to the selling pressure in Hong Kong were long-running concerns about the impact of increasingly violent pro-democracy protests in the city that saw a demonstrator shot and wounded by police on Tuesday. Regional investors took their […]

GM temporarily lays off 6,000 workers in Mexico due to strike

NEW YORK, United States (AFP) — General Motors has laid off 6,000 workers in Mexico temporarily due to a US labor strike, which has disrupted production at two plants south of the border manufacturing pickup trucks, the company said Tuesday. The layoffs affect the Silao assembly and transmission plants in central Mexico, where work has been “disrupted as a result of a parts shortage related to the UAW strike,” a GM spokesman said. The Silao […]

Asian markets fall as Trump impeachment saga hits sentiment

HONG KONG, China (AFP) — Asian markets fell Friday following declines on Wall Street as the impeachment inquiry into President Donald Trump weighed on sentiment. Political turmoil in Washington following the release of a whistleblower’s complaint overshadowed positive comments from Trump on US-China trade talks and steps towards a new agreement with Japan. The incendiary complaint alleges Trump sought to enlist Ukraine to help his 2020 campaign and then conspired with staff to cover it […]

ADB lowers PHL growth forecast due to slowdown in domestic investment, global economy

  (Eagle News) — Because of the slowdown in the global economy and Philippine domestic investment, Asian Development Bank (ADB) has revised the country’s economic growth this year to 6 percent, down from the previous forecast of 6.4 percent. In an update of its flagship annual economic publication, Asian Development Outlook (ADO) 2019, ADB revised its forecast for Philippine gross domestic product (GDP) growth to 6.0% in 2019 and 6.2% in 2020, against its previous […]

Boeing settles 1st Lion Air cases with MAX families, $1.2 million per victim: source

by John BIERS NEW YORK, United States (AFP) — Boeing has reached settlements with 11 families of victims from October’s Lion Air crash, the first agreements following two deadly crashes that killed 346 people, a plaintiffs attorney said Wednesday. The Wisner Law Firm, which specializes in aviation cases, is also “optimistic” about reaching settlements on its remaining six cases for families affected by the crash in Indonesia, said attorney Alexandra Wisner. The settlements pay out […]

US stocks rise, pound falls as markets weigh impeachment, trade

by John BIERS NEW YORK, United States (AFP) — Wall Street stocks rallied Wednesday following upbeat comments from Donald Trump on China trade talks, while US investors largely shrugged off the just-announced impeachment investigation of the US president. Among other markets, the British pound retreated on Brexit uncertainty, while oil prices fell after a report showed higher US oil inventories. Trump’s strident remarks on China at the United Nations had been among the factors that […]

UK travel giant Thomas Cook collapses, stranding tourists

  LONDON, United Kingdom (AFP) — British travel group Thomas Cook on Monday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK’s biggest repatriation since World War II to bring back stranded passengers. The 178-year-old operator had been desperately seeking £200 million ($250 million, 227 million euros) from private investors to save it from collapse. “Despite considerable efforts, those discussions have not resulted in an agreement between the company’s stakeholders and […]

Oil rallies on MidEast tensions, stocks weighed by trade remarks

HONG KONG, China (AFP) — Oil prices rallied Monday after Iran warned the presence of US forces in the Gulf was causing instability in the region, while equities were mostly down as Donald Trump said he did not want a partial trade deal with China. While a loosening of monetary policy by central banks is providing support to investors, they remain on edge following last week’s attack on Saudi oil facilities that was claimed by […]