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QUEZON CITY, Philippines (Eagle News) — Senator Franklin Drilon is asking his fellow senators to consider giving fiscal incentives to business enterprises as said entities will bear most of the impact of the new Tax Reform Law. Drilon reasoned that many businesses will be affected by the new law, especially with its provisions increasing taxes on gasoline, electricity and tobacco products. Such taxes could be passed on by businesses to consumers and, according to Drilon, […]
HONG KONG, China (AFP) — Asian markets moved narrowly on Wednesday as investors take a breather from recent gains while keeping an eye on Capitol Hill as US lawmakers close in on a massive tax overhaul. Equities have been on a broad upswing since last week when holdout Republican senators said they would back Donald Trump’s headline legislation, which dealers are betting will fire up the world’s number one economy. The House of Representatives passed […]
TOKYO, Japan (AFP) — Bitcoin prices plunged about 15 percent in Asian trade Wednesday before recouping some of the losses as investors apparently took fright at news that a South Korean exchange had been hacked. The unit, which hit a record $19,500 at the start of the week, took a hit as it emerged that South Korean exchange Youbit had been hacked, leading the firm to say it will close and start bankruptcy proceedings, according to Bloomberg […]
NEW YORK, United States (AFP) — The US Securities Exchange Commission on Tuesday suspended trading of a popular bitcoin related stock that has soared in recent weeks, citing concerns about market manipulation. The Crypto Company’s share price had risen an eye-watering 1,700 percent, from $3.30 to $575 between the end of September and Monday evening before the SEC intervened to halt trades until January 4. A statement cited “concerns regarding the accuracy and adequacy of […]
NEW YORK, United States (AFP) — UPS announced Tuesday it will buy 125 of Tesla’s all-electric semi trucks, the largest such order since the vehicle was unveiled in November. The order by UPS, one of the biggest operators of commercial trucking fleets, comes on the heels of a PepsiCo announcement two weeks ago to buy 100 of the Tesla trucks. The vehicles are designed to run up to 500 miles on a single charge, helping […]
NEW YORK, United States (AFP) — YouTube said Tuesday that it had sealed a licensing agreement with the world’s largest music label conglomerate Universal as the video behemoth explores creating a new streaming service. YouTube, which is part of Google, said it reached a long-term agreement with the Universal Music Group, months after a deal with competitor Warner Music. A joint statement did not specify the terms but hinted that the agreement would address compensation by YouTube, […]
(Agence France Presse) — Top Philippine conglomerate San Miguel Corp said Tuesday it has bought the Masinloc power plant for $1.9 billion, adding to its burgeoning electricity generation assets. San Miguel unit SMC Global Power Holdings acquired the equity stake held by AES Philippines and Thailand’s EGCO group in Masin-AES, an SMC statement said. The deal involves the 630-megawatt coal-fired power plant, a 355-megawatt coal-fired unit still under construction and a 10-megawatt battery storage plant. […]
HONG KONG, China (AFP) — Most Asian markets extended gains Tuesday, taking a lead from fresh records on Wall Street where a long-awaited tax-cut bill is expected to be passed this week. After months of uncertainty, the controversial fiscal reforms are due to be voted on in the next few days. They could be on Donald Trump’s desk before year-end, giving the embattled US president his first major legislative victory. “Equity markets have started […]
TOKYO, Japan (AFP) — Tokyo stocks opened higher Tuesday following global rallies the previous day, as Wall Street notched fresh records with US tax cuts in sight. The Nikkei 225 index rose 0.29 percent, or 67.25 points, to 22,969.02 in early trade while the broader Topix index was up 0.19 percent, or 3.37 points, at 1,821.27. © Agence France-Presse
SEOUL, South Korea (AFP) — North Koreans enjoyed the fastest improvement in their incomes for five years in 2016, Seoul’s statistics agency has said — but Southerners are still more than 20 times better off. Per capita incomes averaged 1.46 million won ($1,340) in the North last year, Statistics Korea said in statement, up five per cent. It was the fastest expansion since 2011, when incomes rose by more than seven percent, a graph issued […]
TOKYO, Japan (AFP) — Japan’s trade surplus fell sharply in November, the government said Monday, as the rising cost of oil and smartphone imports outweighed strong exports of cars and steel. The world’s third-largest economy logged a surplus of 113.4 billion yen ($1.0 billion), a 22-percent drop from a 146.5-billion-yen surplus a year earlier, according to finance ministry data. Exports rose for the 12th consecutive month on sound exports of chip-making equipment, cars and steel. […]
Growth forecast for 2018 still at 6.7 percent (Eagle News) — The World Bank has raised its growth forecast for the Philippines for this year to 6.7 percent. In a statement, the bank said the 0.1 percent increase was following “a stronger than expected growth of 6.9 percent in the third quarter and a revision of GDP growth for the second quarter, from 6.5 to 6.7 percent..” “Continued global economic recovery gaining steam has led […]
