Business

Apple cuts outlook, sees ‘challenges’ in China, emerging markets

SAN FRANCISCO, United States (AFP) – Apple cut its revenue outlook for the latest quarter Wednesday, citing steeper-than-expected “economic deceleration” in China and emerging markets. The rare revenue warnings from Apple suggested weaker-than-anticipated sales of iPhones and other gadgetry, in part because of trade frictions between Washington and Beijing. Apple shares slid some 7.6 percent in after-hours trade on the news. The company slashed its revenue guidance for the first fiscal quarter of 2019, ended […]

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Brazil stocks hit record as Bolsonaro takes charge

by Rosa SULLEIRO Agence France-Presse SAO PAULO, Brazil (AFP) — Brazil’s stock market closed at a record high on Wednesday, one day after new President Jair Bolsonaro took office and in anticipation of economic reforms his government is expected to implement. The Ibovespa index in Sao Paulo’s stock market finished 3.56 percent up at 91,012 points. Markets were closed on Tuesday for the January 1 holiday. Hopes of a turnaround for Latin America’s biggest economy, […]

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Oil shares close higher, boosting US stocks

NEW YORK, United States (AFP) — Wall Street stocks finished modestly higher Wednesday as a rally in petroleum-linked shares offset the hit from weak Chinese economic data. After a choppy session that began with deep losses, the Dow Jones Industrial Average finished the session with a 0.1 percent gain at 23,346.24. The broad-based S&P 500 also edged up 0.1 percent to 2,510.03, while the tech-rich Nasdaq Composite Index rose 0.5 percent to 6,665.94. Markets began […]

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Jet Airways share slump after debt payment failure

MUMBAI, India (AFP) –Shares in India’s second-largest airline Jet Airways fell five percent Wednesday after the company admitted it had failed to meet debt payments to banks. The airline hit turbulence last year after failing to report its quarterly earnings or pay its staffers including pilots in August. Subsequently, chief executive Vinay Dube released the earnings and announced a cost cutting program amounting to 20 billion rupees ($280 million) over the next two years. “Payment […]

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Hong Kong leads Asia markets down as 2019 starts on sour note

HONG KONG, China (AFP) — Asian markets sank Wednesday, starting the new year by extending a slide that made 2018 the worst in a decade, with investors jolted by data reinforcing weakness in China’s economy. With a number of potential banana skins dotting the next 12 months — including the China-US trade row and Brexit — dealers are keeping to the sidelines as they look for signs of stability. Hong Kong led the losses, tumbling […]

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Asian markets meek after global turbulence

HONG KONG, China (AFP) — Asian investors moved with caution in Friday trade after days of volatility on global financial markets failed to boost confidence. In Tokyo, stocks were trading 0.5 percent lower by the break despite a late rally in New York, as investors cashed in after the previous day’s strong rises. With the trading year winding down, the Nikkei index is heading for its first closure with an annual loss in seven years. […]

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At 20, euro is currency giant on fragile footing

by Jean-Philippe LACOUR Agence France Presse FRANKFURT AM MAIN, Germany (AFP) — The euro turns 20 on Tuesday, marking two tumultuous decades that saw the single currency survive a make-or-break crisis and become a fixture in financial markets and Europeans’ wallets. But it is destined to remain a fragile giant without closer eurozone integration, observers say. Born on January 1, 1999, the euro initially existed only as a virtual currency used in accounting and financial […]

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Asian markets climb after bumper US session

TOKYO, Japan (AFP) — Japanese shares surged nearly four percent on Thursday, with investors heartened by Wall Street’s best performance in nine years after the White House said Fed Chair Jay Powell would not be fired. Asian markets followed Tokyo’s lead with most showing gains, giving some welcome relief from a lingering global market downturn. Singapore was up 1.4 percent in afternoon trade, Taiwan gained 1.7 percent and Bangkok rose 0.8 percent. Sydney closed up […]

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Tokyo’s Nikkei closes up more than 3.8% following NY rally

TOKYO, Japan (AFP) — Tokyo’s benchmark Nikkei index closed more than 3.8 percent higher on Thursday, with investors heartened by Wall Street’s best performance in nine years. The Nikkei 225 index soared 3.88 percent or 750.56 points to close at 20,077.62, while the broader Topix index was up 4.90 percent or 70.16 points at 1,501.63. The rallies came after the Nikkei index lost more than four percent this week amid rising doubts about the US […]

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Asian markets climb after bumper US session

HONG KONG, China (AFP) — Japanese shares surged nearly four percent on Thursday morning, with investors heartened by Wall Street’s best performance in nine years after the White House said Fed Chair Jay Powell would not be fired. Asian markets followed Tokyo’s lead with more modest gains in morning trade, giving some welcome relief from a lingering global market downturn. The Hang Seng index in Hong Kong was up 0.7 percent by mid-morning. Taiwan and […]

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Tokyo stocks rebound at open

TOKYO, Japan (AFP) — Tokyo stocks opened higher on Wednesday, rebounding from the previous day’s five percent drop as the yen’s rise took a breather. The benchmark Nikkei 225 index, which on Tuesday closed at a 20-month low on worries over the US economy, gained 1.45 percent or 277.75 points to 19,433.49 in early trade. The broader Topix index was up 1.37 percent or 19.39 points at 1,434.94. Despite the recent market rout, there has […]

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Starbucks’ expansion runs out of steam in S.Africa

by Michelle GUMEDE Agence France Presse JOHANNESBURG, South Africa (AFP) — High operating costs and tight customer budgets have left US coffee giant Starbucks needing a caffeine hit after it abandoned ambitious expansion plans in South Africa — seen as a foothold for the continent. Starbucks looked set to take the country by storm when the opening of its first store in the Rosebank district of Johannesburg in April 2016 attracted big crowds who queued […]

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