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NEW YORK, United States (AFP) — Toys ‘R’ US plans to sell or close all of its US stores, potentially hitting 33,000 jobs, US media reported Wednesday. The debt-plagued retailer, which filed for bankruptcy protection in September, told employees that the retailer planned to file liquidation papers ahead of a Thursday court hearing, The Wall Street Journal and The Washington Post reported. “We’re putting a for sale sign on everything,” CEO David Brandon said on a […]
PANAMA CITY (AFP) — The law firm at the heart of the “Panama Papers” global tax evasion scandal that brought down two world leaders announced Wednesday it would shut down operations, citing negative press and what it called unwarranted action by authorities. “Reputational deterioration, the media campaign, the financial consequences and irregular actions by some Panamanian authorities have caused irreparable damage, resulting in the total ceasing of public operations at the end of this month,” […]
HONG KONG, China (AFP) — Asian markets tumbled on Wednesday as news that Donald Trump had replaced his moderate secretary of state with a hawk fanned fears of instability in the White House and a more hardline approach to foreign affairs. News that Rex Tillerson had been sacked rattled US equities, which had been buoyed earlier Tuesday by a soft inflation report that tempered talk of a sharp rise in interest rates. The former […]
HONG KONG, China (AFP) — Hong Kong flag carrier Cathay Pacific on Wednesday booked the first back-to-back annual loss in its seven-decade history but said it was in the black for the second half and was upbeat about the next year. The firm’s report was its worst since 2008 during the global financial crisis, as lower-cost Chinese airlines ate into market share while it took a major hit from fuel costs. “Increased fuel costs are […]
by Rob Lever Agence France-Presse WASHINGTON, United States – The unusual move by President Donald Trump to block a proposed takeover of Qualcomm by a Singapore-based chip rival highlights growing concerns about the rise of Chinese competitors. Trump issued an order Monday barring the proposed $117 billion acquisition, citing credible evidence such a deal “threatens to impair the national security of the United States.” It would have been the biggest-ever deal in the tech sector. Trump’s order made […]
ZURICH, Switzerland (AFP) — The creation of digital currencies, like bitcoin, by central banks could revolutionize the global financial system but also carries significant fraud risks, the Bank for International Settlements warned on Monday. In a report, the Bank for International Settlements (BIS) said the launch of cryptocurrencies by central banks had potential benefits but could also have a detrimental impact, including exposing banking centers to a greater risk of cyber attacks. “The potential effect […]
SAN FRANCISCO, United States (AFP) — US President Donald Trump blocked Monday an unsolicited bid by Singapore-based Broadcom to take over smartphone chipmaker Qualcomm, citing national security concerns. Trump issued an order barring the proposed mega-acquisition, saying there is credible evidence such a deal “threatens to impair the national security of the United States,” according to a White House statement. The order came despite Broadcom’s assurances that it would complete its move to the United […]
SAN FRANCISCO, United States (AFP) — Apple announced Monday it is buying digital magazine subscription service Texture, adding to the side of its business aimed at making money from online content or services. The iPhone maker did not disclose financial terms of the deal to buy Texture from its owners — publishers Conde Nast, Hearst, Meredith, Rogers Media and global investment firm KKR. Texture gives subscribers unlimited access to more than 200 magazines, such as […]
by Alex PIGMAN Agence France-Presse BRUSSELS, Belgium – The EU on Monday said Europe would not waver against trade “bullies” as a row with US President Donald Trump over controversial steel and aluminium tariffs deepened. The jab from Brussels came after the US tycoon singled out Europe in the surging trade dispute, threatening to tax German cars if the European Union doesn’t lower barriers to US products. European Trade Commissioner Cecilia Malmstroem said that in some places, […]
HONG KONG, China (AFP) — Asian markets on Monday extended last week’s rally as a solid US jobs report boosted optimism in the world’s top economy, fuelling a record close on Wall Street. With sentiment still strong following Donald Trump’s decision to meet North Korean leader Kim Jong Un in an unprecedented summit to discuss its nuclear programme, equities were on the up. The upbeat developments helped temper worries about Trump’s announcement of steel and […]
SAN FRANCISCO, United States (AFP) — Uber is selling parts of its Southeast Asia operations to local rival Grab, getting a piece of the action in the process, according to US media reports. Grab is on the cusp of buying Uber’s business in some Southeast Asia markets in a deal that would give the California-based smartphone-summoned ride service a stake in its competitor, reported Bloomberg and the Wall Street Journal. The size of the stake […]
by Paulina Abramovich Agence France-Presse SANTIAGO, Chile – Eleven nations signed a slimmed-down version of the Trans-Pacific Partnership (TPP) trade agreement Thursday, moving to lower tariffs just as US President Donald Trump seeks to raise them after withdrawing from the deal. The TPP, which would have represented 40 percent of the global economy and nearly one-quarter of its trade, was left for dead after Trump pulled out to pursue his “America First” agenda. But the revamped deal, now […]
