Business

Most Asian markets fall, while pound holds ground after Brexit delay

Asian equity markets mostly fell on Thursday, April 11, with few catalysts to drive buying and investors still on edge over a brewing trade battle between the United States and Europe. White House threats this week to hammer $11 billion worth of EU goods with tariffs jolted markets, which have been rallying this year on optimism that China and the US were close to ending their own battle. The warning revived concerns about US President […]

Boeing reports 19% drop in Q1 plane deliveries on MAX grounding

NEW YORK, United States (AFP) — Boeing on Tuesday reported a 19 percent drop in first-quarter commercial airplane deliveries as the global grounding of its 737 MAX plane hits results. The aerospace giant delivered 149 commercial planes in all in the first quarter, including 89 of the 737 MAX aircraft. That is down from 184 commercial deliveries and 132 of the 737s in the same period of last year. Boeing has been under scrutiny following […]

Boeing shares slump as 737 earnings hit is weighed

  NEW YORK, United States (AFP) — Boeing shares slumped Monday on the company’s weakened profit outlook after it announced last week it will cut production of 737 planes following two deadly crashes. Shares were down 4.5 percent at $374.02 in afternoon trading, weighing on the Dow in the first session since Boeing announced late Friday it would trim production to 42 planes per month, down from 52 per month. Several analysts downgraded profit estimates, […]

Viva Europa 2019 highlights EU’s focus on cultural diplomacy

By Caesar Vallejos OPEN FOR BUSINESS, Eagle News Service The cultural season is on and highlighting the annual celebration is the European Union (EU) Delegation to the Philippines’ “Viva Europa 2019” conducted in partnership with the EU member states’ embassies and European cultural institutes. “Viva Europa is part of our cultural diplomacy which aims at reinforcing mutual understanding and strengthening people-to-people links”,  said European Union Ambassador Franz Jessen. In his welcome remarks to members of […]

Asian markets mixed after strong US jobs data, eyes on Brexit

HONG KONG, China (AFP) — Asian markets were mixed Monday but investors remain broadly upbeat after a strong US jobs report that eased concerns about the world’s top economy, while the pound edged up at the start of another crucial week in the Brexit saga. The gains built on last week’s rally that was fuelled by optimistic tones from China and the United States on trade talks, with top White House economic adviser Larry Kudlow […]

Most Asian markets rise with China, US optimistic on trade

HONG KONG, China (AFP) — Asian markets were mostly up in holiday-thinned trade on Friday as investors took support from hopes that China and the United States will hammer out a trade deal after both sides sounded notes of optimism. With top negotiators from the world’s top two economies huddled down in Washington for three days of talks, there has been a growing sense they are close to an agreement to end a stand-off that […]

Austria proposes taxing internet giants 5 percent of ad revenue

VIENNA, Austria (AFP) — Austria on Wednesday proposed taxing internet giants such as Google and Facebook five percent of their digital advertising revenue, a higher rate than France and other EU countries are seeking. Austrian Chancellor Sebastian Kurz said the tax aimed to stop the “unfairness” of internet giants who have until now routed their sales through subsidiaries in low-tax EU members. The government hopes that the new tax, which still has to be approved […]

Cathay ‘faces reality’ with budget airline buy, say analysts

by Catherine LAI HONG KONG, China (AFP) — Cathay Pacific’s purchase of rival HK Express was an inevitable plunge into the no-frills market as the premier marque belatedly faces the reality that it can no longer ignore the budget sector, analysts say. Asia’s biggest international carrier has historically eschewed the low-cost sector, even as the region’s rising middle class has fuelled an unprecedented boom in air travel and demand for cheaper routes. But last week […]

Asian markets extend gains after strong data, pound holds ground

HONG KONG, China (AFP) — Asian investors pressed on with their buying spree Tuesday as they took up the baton from a strong Wall Street rally, cheered by healthy economic data, optimism over China-US trade talks and the prospect of no hike in borrowing costs. A forecast-beating factory report out of Beijing — which spurred buying across the region Monday — was followed by a similarly positive US reading, tempering worries about the outlook for […]

Japan business confidence drops in April: BoJ survey

TOKYO, Japan (AFP) — Confidence among Japan’s biggest manufacturers fell sharply this quarter, the Bank of Japan’s quarterly business survey showed Monday, suggesting a stuttering recovery for the world’s third-largest economy. The central bank’s April Tankan report — a quarterly survey of about 10,000 companies — showed a reading of 12 among major manufacturers, a steep fall from 19 in the previous quarter. Economists say a slowdown in the Chinese economy was partly to blame, with […]

BSP Governor: Price and financial stability will be top priority

By Caesar Vallejos OPEN FOR BUSINESS, Eagle News Service Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said that maintaining price and financial stability will remain the BSP’s top priority.  At the Chamber of Thrift Banks (CTB) Convention held at the Makati Shangri-La last March 29, 2019, Diokno cited the Philippine economy’s recent developments, potential challenges and the BSP’s thrusts. “You can rely on the BSP to remain independent and steadfast in safeguarding our […]

Billionaire Buffett: nations must help economic ‘roadkill’

WASHINGTON, United States (AFP) — Billionaire investor Warren Buffett said Thursday that wealthy countries are obliged to take care of victims of the fast-moving global economy who become “roadkill.” Some companies and workers inevitably become obsolete in a changing capitalist economy, and jobs move to other industries, improving quality of life over time, Buffett said at a charity event in Texas. “You do take care of the people that for one reason or another can […]