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(Eagle News) — President Rodrigo Duterte on Tuesday underscored the need for the implementation of a Regional Comprehensive Economic Partnership, noting that such could “provide size and scale to unleash new growth potentials and write the rules of the game of the international trade order.” In his speech at the start of the RCEP Summit, Duterte, who is this year’s ASEAN chair, said that “when it enters into force,” the RCEP would be “one of […]
TOKYO, Japan (AFP) — Struggling Japanese conglomerate Toshiba said Tuesday it has decided to sell its television business to China’s Hisense Group as part of its efforts to restore its balance sheet. Toshiba agreed with the Chinese group to sell 95 percent in shares of its unit Toshiba Visual Solutions (TVS) for about 12.9 billion yen ($114 million), it said in a statement. “Toshiba has been considering structural reforms that will … strengthen Toshiba’s financial base,” the […]
by Julie Charpentrat Agence France-Presse SAN FRANCISCO, United States (AFP) — Uber’s tieup with Japanese tech giant SoftBank suggests the ridesharing giant is set to come of age in the business world, but it still faces a long road ahead. The deal is giving the world’s most valuable startup an additional $1 billion in capital and could allow SoftBank to acquire as much as 14 percent of Uber over time. While Uber has become a global phenomenon […]
TOKYO, Japan (AFP) — Japanese tech giant SoftBank Tuesday said there was “no final agreement” on an investment in Uber and warned it could pull out of a potential deal if the terms were unsatisfactory. The statement came after Uber said it had entered an agreement with a consortium led by SoftBank and investment group Dragoneer on what it termed a “potential investment.” Uber unveiled the deal after former CEO Travis Kalanick and an influential […]
WASHINGTON, United States (AFP) — Microsoft co-founder Bill Gates announced Monday that he is investing $50 million to fund research into treatment for Alzheimer’s disease. Gates, in an entry on his blog, said he was making the investment from his personal fortune and not with his charitable Bill & Melinda Gates Foundation. “Of all the disorders that plague us late in life, one stands out as a particularly big threat to society: Alzheimer’s disease,” Gates […]
TOKYO, Japan (AFP) — Tokyo stocks closed lower on Monday, hit by fears of a delay in US corporate tax cuts and selling to lock in profits after recent gains. The benchmark Nikkei 225 index lost 1.32 percent, or 300.43 points, to 22,380.99, closing down for a fourth straight day. The broader Topix index was down 0.94 percent, or 16.95 points, to 1,783.49. US Senate Republicans last week released a tax plan that would put […]
HONG KONG, China (AFP) — The pound sank against its major peers on Monday as British Prime Minister Theresa May’s future looks increasingly uncertain, while Asian equities traders moved cautiously after a recent rally to multi-year highs. Markets have surged in recent weeks — with Wall Street hitting several records and Tokyo touching 26-year highs — on optimism about the global economy and following a string of strong corporate earnings. But investors have started to […]
NEW YORK, United States (AFP) — Scandal hit ride-sharing company Uber on Sunday said it entered into a deal to sell a stake to Japan’s SoftBank as the firm looks to turn a new page ahead of its planned IPO by 2019. The move was announced shortly after reports emerged that its former CEO Travis Kalanick and an influential investor had buried the hatchet in a long feud that paved the way for the acquisition. “We’ve […]
by Luc Olinga © Agence France-Presse NEW YORK, United States (AFP) — Iconic American industrial behemoth General Electric, which has lost investor confidence amid bad investment decisions, is preparing to slice up its empire again, selling major business segments and laying off thousands. Hammered by financial markets, with its market capitalization down more than $100 billion since January, the maker of jet engines and power turbines is paying dearly after making losing bets that the energy sector, […]
By Aidan Jones / Jerome Cartillier Agence France Presse DANANG, Vietnam (AFP) — The leaders of the US and China laid out sharply divergent visions for the future of global trade on Friday, with Donald Trump doubling down on his “America First” rhetoric, leaving counterpart Xi Jinping to defend the “irreversible” tide of globalization. Xi, who has emerged as the most powerful Chinese leader in decades, and Trump, whose woes include dismal approval ratings […]
By Martin Abbugao and Jerome Taylor Agence France Presse DANANG, Vietnam (AFP) — Ministers from 11 Asia-Pacific countries agreed Saturday to press ahead with a major trade deal without the United States, as the world’s largest economy seeks to go it alone under President Donald Trump’s “America First” policy. Trump pulled his country from the Trans Pacific Partnership (TPP) at the start of the year, dismaying allies and casting into doubt an agreement heralded […]
BUENOS AIRES, Argentina (AFP) — German automaker Volkswagen on Friday announced a plan to invest $650 million in an Argentina plant where it will manufacture a new sport-utility vehicle, according to a statement released by the government. Business-friendly President Mauricio Macri, who ushered Argentina out of recession in 2016, has encouraged foreign investment especially after his center-right coalition’s wins in last month’s midterm elections. Production of the SUV is anticipated to begin in 2020. In a televised […]
