Business

Asian stocks sag, dollar falls vs yen as Nikkei recoils

(Reuters) – Asian stocks were mostly lower on Wednesday, taking their lead from weaker U.S. shares, while the dollar slid against the yen as Tokyo’s Nikkei recoiled in volatile trade. As share volatility rose, spreadbetters forecast a significantly lower open for Britain’s FTSE.FTSE, Germany’s DAX .GDAXI and France’s CAC .FCHI. Crude oil prices continued to decline as negotiations between Iran and world powers over nuclear technology extended beyond a deadline. The protracted negotiations have drawn […]

Crude oil price soars after Saudi air strikes in Yemen

Oil prices rallied for a second straight day on Thursday (March 26) after Saudi Arabiaand its Gulf Arab allies began air strikes in Yemen, sparking fears of a bigger Middle East battle that could disrupt world crude supplies. The military operation against Houthi rebels, who have driven the president from Yemen’s capital Sanaa, has not affected oil facilities of major Gulf producers. But fears the conflict could spread has stoked concerns about Middle East oil […]

Indonesian President makes a pitch for yen investment

Indonesian President Joko Widodo called for more yen investments on Tuesday (March 24) in a speech before Japanese business leaders in Tokyo. Widodo, on the third day of his Japan tour, focused on business diplomacy as he urged nearly 1,000 businessmen and women to increase their investment in Indonesia, a total of 4.7 billion US dollars in 2013 according to Japanese Foreign Ministry source. “Foreign investment to Indonesia continues to grow each and every year. […]

Chinese visitors shun Hong Kong, hurt retail sector

Chinese tourists are rapidly deserting Hong Kong, leaving retailers who built businesses around once insatiable demand from mainland neighbours with bigger but emptier stores and squeezing the whole city’s visitor-dependent economy. With cross-border tensions exacerbated by pro-democracy Hong Kong protests, tour groups visiting Hong Kong from China plunged about 80 percent in early March. A Beijing crackdown on conspicuous spending by mainlanders also shows no signs of letting up, sending tourists further afield. While day […]

1st Crowdfunding Summit in Manila, launched

The concept of crowdfunding was spurred by the Global Financial Crisis of 2008 when individuals finally took it upon themselves to finance their ideas instead of heading to banks and other big financial institutions for their initial capital. American economic and social theorist, Jeremy Rifkin, summarized this: “Now millions of people are becoming their own bankers.” And indeed this had become the trend with sites such as Indiegogo and Kickstarter, where individuals could post their […]

Defying U.S., European allies say they’ll join China-led bank

A new clash between the U.S. and China in the bid for influence in fast growing Asia. Beijing has taken the lead in jump-starting a new government-funded infrastructure bank – theAIIB – recently gaining the support of traditional U.S. ally Great Britain for the 50-billion dollar project. Now, according to a media report, other European nations such as France, Italy and Germanyare signing up too. Australia also hinting it wants to join. The West has […]

Athens ready to delay some reforms, hopeful for EU deal -Varoufakis

Greek Finance Minister Yanis Varoufakis said on Friday (March 13) he was confident Athens could reach a deal by April 20 with its international creditors on the reforms it must implement to unblock further aid. Speaking to reporters on the sidelines of a business conference in northern Italy, Varoufakis also said Greece’s new leftist government was prepared to delay some of its promised anti-austerity measures in an effort to win EU backing. “So, yes, we […]

Apple, Google poaching settlement appears headed for approval

A U.S. judge on Monday (March 02) seemed satisfied with a proposed $415 million settlement that would end a lawsuit in which tech workers accused Apple Inc, Google Inc and two other Silicon Valley companies of conspiring to hold down salaries. U.S. District Judge Lucy Koh in San Jose, California, had previously rejected an earlier $324 million deal as too low. During a hearing on Monday, Koh raised no objections about the size of the […]