Business

American Airlines reaches deal with Boeing on MAX losses

NEW YORK, United States  (AFP) — American Airlines on Monday became the latest carrier to reach an agreement with Boeing on compensation to cover the financial losses connected to the 737 MAX grounding, which caused thousands of flights to be cancelled. American described the deal as a “confidential agreement” and did not disclose the full amount involved, which covers the company’s 2019 financial damages. “American will continue its conversations with Boeing regarding compensation for damages related […]

Crude and gold extend gains, stocks sink on fear of US-Iran war

HONG KONG, China  (AFP) — Oil prices surged, gold hit a more than six-year high and equities tumbled Monday after the US assassination of a top Iranian general last week fanned fears of a major conflict in the Middle East. Donald Trump warned of a “major retaliation” against Tehran after it threatened revenge for the killing Friday of commander Qasem Soleimani, which shocked world markets and sparking a sell-off in stocks and a spike in crude. […]

Asian markets lifted by China support and trade optimism

HONG KONG, China (AFP) — Asian markets started the new decade on the front foot, with most rallying out of the blocks Thursday on lingering trade optimism, while China’s central bank announced fresh stimulus for the country’s stuttering economy. The broad advances come as investors remain upbeat about the global outlook after Washington and Beijing eventually reached a trade agreement to ease tensions between the two, while Brexit uncertainty has essentially been removed. However, geopolitical […]

China’s Huawei says ‘survival first priority’ after 2019 sales fall short

BEIJING, China (AFP) –Chinese telecommunications giant Huawei said Tuesday that “survival” was its first priority after announcing 2019 sales were expected to fall short of projections as a result of US sanctions. Chairman Eric Xu said Huawei — banned from working with American firms over national security fears — estimates sales revenue will reach 850 billion yuan for 2019 (US$121 billion) — up roughly 18 percent from the previous year, but much lower than initially expected. […]

UAE denies developing popular Mideast app as spy tool

Dubai, United Arab Emirates (AFP) — The United Arab Emirates on Saturday denied reports that a popular mobile application developed in the country was used for government spying. Apple and Google removed the ToTok app from their marketplaces last week following a report claiming it allowed the UAE government to track users’ conversations, movements and other details. But the country’s Telecommunications Regulatory Authority said in a statement that UAE laws “prohibit any kind of data breach […]

Hong Kong stocks open with gains

Hong Kong, China (AFP) — Hong Kong stocks rose Monday morning, building on last week’s gains fueled by easing trade tensions and positive sentiment on Wall Street. The Hang Seng index added 1.30 percent, or 361.21 points, to 28,225.42 in early trade. The benchmark Shanghai Composite Index opened 0.23 percent, or 6.87 points lower, at 2,998.17 on Monday. The Shenzhen Composite Index, which tracks stocks on China’s second exchange, lost 0.37 percent, or 6.26 points, to […]

Blockchain and cryptocurrency explained in EBC’s first tech forum

By Caesar Vallejos, OPEN FOR BUSINESS Continuing its thrust to provide news and information on technology along with other relevant global topics around the world, Eagle Broadcasting Corporation (EBC) conducted the EBC Forum on Explaining Blockchain and Cryptocurrency last December 11, 2019, at the EBC Studio 1. In his welcome remarks, Atty. Theoben Jerdan C. Orosa said that “as a responsible company with a recognition of social responsibility, it is also the job of a […]

Popular Mideast app pulled after report it was spying tool

Washington, United States (AFP)  – A popular mobile application developed in the United Arab Emirates has been removed from both Apple and Google’s online marketplaces following a report it was used for widespread government spying. The moves come after The New York Times reported Saturday the app ToTok allowed the UAE government to track the conversations, movements, and other details of people who installed it on their phone. Apple told AFP that ToTok was removed from […]

Tokyo stocks open slightly lower in muted trading

Tokyo, Japan (AFP) –Tokyo stocks opened marginally lower on Wednesday in the absence of foreign investors for the holiday season, after US shares finished a sleepy holiday-shortened session mostly lower. The benchmark Nikkei 225 index slid 0.03 percent or 7.15 points to 23,823.43 in early trade, while the broader Topix index was down 0.03 percent or 0.45 points at 1,727.77. “After the US market ended mixed, the Japanese market is seen moving range-bound,” Toshiyuki Kanayama, senior […]

Massive debt wave could crash on developing countries, World Bank warns

  by Heather SCOTT Agence France Presse A wave of debt in emerging and developing nations has grown faster and larger than in any period of the last five decades and could end with another crisis, the World Bank warned Thursday. And if the wave breaks, it could be more damaging since it would engulf private companies in addition to governments, at a time when economic growth is sluggish, according to a new report that […]

PHL inks $400-M loan with World Bank, first of $1.2-B package to help country amid climate change threats

(Eagle News) — The Philippines inked on Thursday, Dec. 19, a $400-million loan accord with the World Bank, which represented the first tranche of a three-part financing package that aims to further boost the country’s competitiveness and fiscal sustainability amid the threat of climate change. Finance Secretary Carlos Dominguez III, on behalf of the Philippine government, and acting Country Director Achim Fock, representing the World Bank, signed the agreement for the development policy loan on […]

US trade negotiator hails ‘remarkable’ deal with China

by Delphine TOUITOU Agence France Presse Washington, United States (AFP)– The US-China trade deal is “remarkable” in scope but it won’t solve all the problems between the world’s two biggest economies, the top US negotiator said Sunday. “This is not just about agriculture and other purchases,” US Trade Representative Robert Lighthizer said in an interview with CBS’s “Face the Nation.” “The way to think about this deal, is this is a first step in trying […]