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LONDON, United Kingdom (AFP) — British telecoms and television broadcasting company BT announced Thursday that it will axe 13,000 jobs in administration and management. BT said in a statement alongside its annual results that it will shed the jobs over the next three years as it seeks to slice off an extra £1.5 billion ($2.0 billion, 1.7 billion euros) in costs. The latest revamp will mainly affect back office jobs, or support positions that tend […]
DUBLIN, Ireland (AFP) — US tech giant Apple announced Thursday it had shelved plans to build an 850-million-euro ($1.0-billion) data cent in Ireland over a court battle with conservationists who were seeking to preserve a forest. “Several years ago we applied to build a data centre at Athenry. Despite our best efforts, delays in the approval process have forced us to make other plans and we will not be able to move forward with the […]
HONG KONG, China (AFP) — Crude prices continued to rally Thursday, propelling Asian energy firms and equity markets, as rising demand and Donald Trump’s decision to tear up the Iran nuclear deal point to a thinning of supplies. While broadly expected, the president’s announcement has helped light a fire under oil, with both main contracts now sitting at highs not seen since the end of November and speculation they could go even higher. The decision […]
HONG KONG, China (AFP) — Oil prices slipped in Asia on Tuesday morning from three-and-a-half-year highs as investors cautiously await Donald Trump’s Iran nuclear decision later in the day. The US president announced in a tweet that he would make an announcement at 1400 GMT on whether or not to tear up the agreement with Tehran and reimpose painful sanctions that could cut off crude supplies. Despite being urged by world leaders to keep it […]
ZURICH, Switzerland (AFP) — Swiss food giant Nestle announced Monday it will pay $7.15 billion for the rights to market Starbucks products around the world, outside of the company’s coffee shops. The agreement gives Nestle, which owns the Nescafe and Nespresso brands, a strong platform for continued growth in North America, the company said in a statement. “This transaction is a significant step for our coffee business, Nestle’s largest high-growth category,” said Nestle CEO Mark […]
by John Biers Agence France Presse NEW YORK, United States (AFP) — Wall Street stocks powered higher Friday after a mixed US jobs report was seen as reducing the odds of faster Federal Reserve interest rate hikes. US stocks initially went sideways following the jobs data but began moving gradually higher after the open, with the Dow ultimately finishing up a solid 1.4 percent. Earlier, European stock markets rose, while oil prices pushed higher on […]
by Julien Girault Agence France Presse BEIJING, China (AFP) — Chinese e-commerce giant Alibaba on Friday announced a massive 47 percent leap in net profit for the fiscal year 2017/2018, helped by a rise in smartphone and tablet transactions on its shopping platform. Profit climbed to 63.985 billion yuan ($10.2 billion), boosted by a 60 percent rise in revenue from its core business, the online retailer said. The New York-listed firm added 98 million active […]
HONG KONG, China (AFP) — Asian markets fell on Friday, tracking another retreat on Wall Street as attention turns to the release of key US jobs data later in the day and high-level China-US trade talks in Beijing. While the corporate earnings season has been considered a success, analysts are worried that the healthy results have not fired equities as much as expected, with warnings of a mild correction down the line. The major macroeconomic […]
HONG KONG, China (AFP ) — Hong Kong banking giant HSBC said Friday that pre-tax profit dipped four percent to $4.76 billion in the first three months of the year owing to rising operating costs but added it would buy back $2 billion worth of stock. It also said revenue rose six percent to $13.7 billion in the period as it benefits from an improving global economy and rising interest rates. The upbeat January-March results […]
HONG KONG, China (AFP) — Chinese smartphone maker Xiaomi on Thursday kicked off what could be the world’s biggest initial public offering (IPO) for four years as it takes advantage of the listing rule in Hong Kong. Xiaomi submitted a heavily redacted filing to the Hong Kong exchange late Wednesday laying out its financial details and setting the stage for a full announcement. The papers, which appeared on the Hong Kong bourse’s website, did not […]
HONG KONG, China (AFP) — Most Asian markets dipped Thursday following a sell-off in New York as investors keep an eye on top-level talks between China and the United States on trade, while the dollar’s latest rally lost a little steam. The tariff spat between the world’s two biggest economies returns to the fore as a US delegation — including Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross — sit with Chinese officials in […]
NEW YORK, United States (AFP) — The CEO of Xerox, a major photocopy maker, will resign according to a statement issued following a US judge’s temporarily block of the American company’s planned takeover by Japan’s Fujifilm. The agreement ends a battle launched by Darwin Deason and Carl Icahn, who together control 15.2 percent of Xerox shares and objected to the proposed deal. According to the Xerox statement CEO Jeff Jacobson is expected to be replaced […]
