Business

Germany’s BASF agrees oil merger with Russian tycoon’s firm

FRANKFURT AM MAIN, Germany (AFP) — German chemicals giant BASF has agreed to merge its Wintershall oil and gas unit with the DEA energy firm owned by Russia’s billionaire entrepreneur Mikhail Fridman. The multi-billion-euro deal will create “one of the largest independent European exploration and production companies” with “significant growth potential” and scope for synergies, BASF said in a statement late Thursday. BASF said it would initially hold 67 percent of shares in the joint venture, which […]

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IMF approves $251 million payout to Sri Lanka

WASHINGTON, United States (AFP) — The International Monetary Fund on Thursday approved the release of $251 million to Sri Lanka, the latest payment of a three-year loan that had been delayed amid differences over the scope and pace of reforms. The IMF approved the $1.5 billion loan in June 2016 following a balance of payments crisis in Sri Lanka. With this latest tranche it has released a total of $760 million. While noting the progress […]

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Japan revises up Q3 quarterly growth to 0.6%

TOKYO, Japan (AFP) — Japan posted an economic growth of 0.6 percent in the three months to September from the previous quarter, according to new data published Friday that showed the world’s third-largest economy expanding twice as fast as previously estimated. Robust capital spending boosted the new quarterly figure sharply higher than the preliminary 0.3 percent and beat market expectations that growth would be revised up only slightly. The data confirmed the economy grew for the […]

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Bitcoin surges towards $17,000 as concerns mount

LONDON, United Kingdom (AFP) — Bitcoin flirted with $17,000 on Thursday, triggering a warning the cryptocurrency was “like a charging train with no brakes” and prompting fresh concern about its looming launch on mainstream markets. Still under $14,000 in Asian trading hours, it smashed through $15,000 in European trading and then later surged to $16,777.08 around 1630 GMT, according to Bloomberg data. The rally came just a day after the virtual currency, which has been […]

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Bitcoin charges through $14,000 as investors pile in

SINGAPORE, Singapore (AFP) — Bitcoin hit a fresh record of $14,000 Thursday as investors piled in, triggering a warning the cryptocurrency was “like a charging train with no brakes” which would inevitably slip back. It touched a new a high of $14,400 in Asian trade before slipping back to $13,900, according to Bloomberg News. The rally came just a day after the virtual currency, which has been used to buy everything , hit the $12,000 […]

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Bitcoin defies bubble fears and smashes $12,000; hits new record

SINGAPORE, Singapore (AFP) — Bitcoin smashed through the $12,000 barrier for the first time Wednesday, extending the virtual currency’s stratospheric rise to new records as it gears up to take its place on mainstream markets. The controversial cryptocurrency, which has been used to buy everything from a pizza to manicures, touched a new high of $12,590 in Asian trade before dipping back to $12,567, according to Bloomberg News. Bitcoin — which came into being in […]

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Global stocks pressured by oil weakness, profit taking

NEW YORK, United States (AFP) — Global stocks were under pressure Wednesday from weakening oil prices and worries about President Donald Trump’s decision to recognize Jerusalem as Israel’s capital. Major equity markets finished mixed, with Tokyo and Hong Kong falling decisively and indices in London, Paris, Frankfurt and New York ranging from flat to slightly positive or negative. Petroleum-linked shares were pressured as a US inventory report showed swelling supplies of gasoline, hitting oil prices. […]

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PAL expands in Davao City

The Philippine’s flag carrier expanded its operation in Davao City to accommodate more clients from adjacent municipalities and provinces, opening a new branch in this Southern city. Philippine Airlines (PAL) now has three branches in Davao City, and aims to increase its presence in more destinations in Luzon, Visayas and Mindanao. Davao City mayor Sara Duterte-Carpio lauded PAL’s expansion in the city, which is one of the airline’s busiest routes. She said “Dabawenyos” are working […]

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Asian markets tumble on sell-off in tech, energy firms

HONG KONG, China (AFP) — Technology and energy firms were the biggest losers as Asian markets tumbled on Wednesday, extending a retreat across Europe and New York. A global equity rally has hit the buffers this week as the US probe into Russia’s alleged election meddling sows uncertainty, Britain struggles to reach a Brexit deal with the European Union and traders remain cautious about Washington’s ability to push through tax cuts. A key drag for […]

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US pharmacy chain CVS announces $69 billion purchase of insurer Aetna

SAN FRANCISCO, United States (AFP) — US drugstore chain CVS Health announced Sunday it would buy medical insurer Aetna for about $69 billion in a move that would create a new giant in the healthcare sector. “The transaction is expected to close in the second half of 2018,” CVS said in a statement, adding: “It is subject to approval by CVS Health and Aetna shareholders, regulatory approvals and other customary closing conditions.” © Agence France-Presse

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Facebook opens new London hub, creating 800 jobs

LONDON, United Kingdom (AFP) — Social media titan Facebook will open a new office in London on Monday that is set to be its biggest engineering hub outside America, the company has announced. The investment in the office, near Oxford Street in the heart of the city’s West End district, will also lead to the creation of 800 jobs, more than half of which will be in engineering. The company, which opened its first office […]

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Nestle to close its DR Congo factory

KINSHASA, DR Congo (AFP) — Swiss food giant Nestle announced Sunday that it would close its factory in Kinshasa, capital of the Democratic Republic of Congo, a potential market of 80 million people but one beset by poverty and political instability. “We will close our factory and offices by the end of January and continue developing our economic distribution model through third parties,” a spokeswoman for the group told AFP. The decision affects 120 people […]

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