Business

Cathay Pacific’s torrid week ends with shock CEO resignation

  by Jerome TAYLOR / Elaine YU Agence France Presse HONG KONG, China (AFP) — Cathay Pacific announced the shock resignation on Friday of its CEO Rupert Hogg, compounding a torrid week for the Hong Kong carrier after it was excoriated by Beijing because some staff supported pro-democracy protests. The 72-year-old airline has been left reeling after it became ensnared in the hardening of rhetoric from the communist mainland over ten weeks of anti-government protests […]

Global stocks choppy amid angst over trade war, bond yields

NEW YORK, United States (AFP) — European stock markets lost ground again Thursday as investors all but gave up hope that a US-China trade war could be nearing its end, while US equities staged a tentative rebound on some solid data. Fears over the stand-off between the world’s economic superpowers added to jitters over the state of global growth, and inflicted heavy losses on equities Wednesday, including the worst one-day fall this year on Wall […]

Global stocks rally as US delays key China tariffs

by J├╝rgen HECKER Agence France-Presse NW YORK, United States (AFP) — Global stock markets rallied on Tuesday and oil prices surged in a wave of relief after US President Donald Trump delayed tariffs on key consumer items from China, giving investors hope for some detente in the US-China trade war. The announcement caused a dramatic turnaround in equity markets, which had retreated earlier under the combined impact of tensions in Hong Kong, economic crisis in […]

Tokyo stocks open higher on Wall St gains

TOKYO, Japan (AFP) — Tokyo stocks opened higher on Wednesday, following rises on Wall Street, as concerns over the US-China trade row eased after President Donald Trump delayed tariffs on key Chinese goods. The benchmark Nikkei 225 index climbed 0.98 percent or 200.21 points to 20,655.65 in early trade while the broader Topix index was up 0.90 percent or 13.36 points at 1,499.93. “Japanese shares will be bought following the gains in US shares prompted […]

Asian markets sink as investors hit by perfect storm of crises

HONG KONG, China (AFP) — Markets retreated in Asia on Tuesday as uncertainty over the China-US trade talks was compounded by increasing tensions in Hong Kong and an economic crisis in Argentina. Investor confidence has been knocked this month by a perfect storm of negative issues, only slightly offset by hopes for further central bank easing measures as the global outlook dims. Comments from Donald Trump throwing next month’s planned trade talks into doubt, as […]

Cathay Pacific shares plunge after China warning on protests

  HONG KONG, China (AFP) — Shares in Hong Kong’s flagship carrier Cathay Pacific plunged more than four percent on Monday, after Beijing banned airline staff supporting Hong Kong protesters from flights going through the mainland. Cathay shares lost 4.37 percent to HK$9.85 by the break in Hong Kong, with the carrier’s parent company Swire Pacific Ltd. plunging 5.26 percent to HK$77.50. The nosedive comes as the airline is caught up in pro-democracy protests that […]

Huawei unveils own operating system to compete with Android

DONGGUAN, China (AFP) —┬áChinese telecom giant Huawei unveiled its own operating system on Friday, as it faces the threat of losing access to Android systems amid escalating US-China trade tensions. Richard Yu, the head of Huawei’s consumer business, told a press conference in the southern city of Dongguan that the new system, called HarmonyOS or HongMeng in Chinese, would “bring more harmony and convenience to the world”. The highly-anticipated software is considered crucial for the […]

Asia markets climb, tracking Wall Street gains

HONG KONG, China (AFP) — Asian markets largely rallied Friday, tracking a rebound on Wall Street, as investors attempted to shrug off lingering US-China trade war fears. Positive data out of Japan helped drive the Nikkei index up by 0.7 percent, after figures showed the world’s third-biggest economy was growing faster than analysts had predicted. The stronger-than-expected data showed Japan’s gross domestic product grew 0.4 percent from the previous quarter on robust consumer demand, beating […]

Samsung unveils premium-priced Galaxy Note 10

SAN FRANCISCO, United States (AFP) — Samsung on Wednesday unveiled a new-generation Galaxy Note large-screen handset starting at $950 and said it will work closer with Microsoft so that services function better across its array of devices. The Note 10 “phablet” which is set for release on August 23, comes in two sizes, with the larger beginning at $1,100. The price puts the model at the premium end of a cooling global smartphone market. The […]

British ministers in US to ‘fast-track’ post-Brexit trade deal

  WASHINGTON, United States (AFP) — Britain was seeking to fast-track a crucial post-Brexit trade deal with the United States on Wednesday after new Prime Minister Boris Johnson dispatched his top diplomat and foreign trade minister to Washington. Foreign Secretary Dominic Raab was due to hold talks with his US counterpart Mike Pompeo at the State Department while the International Trade Secretary Liz Truss has lined up meetings with top American trade officials. With Johnson […]

Asia markets extend losses despite Wall Street gains

HONG KONG, China (AFP) — Asian markets largely extended their losses on Wednesday despite Wall Street registering strong gains as investors remained on edge over escalating US-China trade tensions. Asia’s losses came despite a gain of more than one percent for US indices as Wall Street recovered from a multi-session losing streak that saw the Dow hit its lowest level this year. Equities had tumbled Monday after Beijing allowed the yuan to slide sharply against […]

Asia markets down on US-China trade war fears

HONG KONG, China (AFP) — Asian markets largely fell Tuesday, but pared back heavy losses following a rout on Wall Street as investors fretted over the US-China trade war. A sharp fall in the Chinese yuan’s value against the dollar — breaching the 7.0 level seen as a key threshold by investors — prompted Washington to formally designate Beijing as a currency manipulator. Tensions have escalated since US President Donald Trump last week announced fresh […]