Business

US stocks rise, pound falls as markets weigh impeachment, trade

by John BIERS NEW YORK, United States (AFP) — Wall Street stocks rallied Wednesday following upbeat comments from Donald Trump on China trade talks, while US investors largely shrugged off the just-announced impeachment investigation of the US president. Among other markets, the British pound retreated on Brexit uncertainty, while oil prices fell after a report showed higher US oil inventories. Trump’s strident remarks on China at the United Nations had been among the factors that […]

UK travel giant Thomas Cook collapses, stranding tourists

  LONDON, United Kingdom (AFP) — British travel group Thomas Cook on Monday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK’s biggest repatriation since World War II to bring back stranded passengers. The 178-year-old operator had been desperately seeking £200 million ($250 million, 227 million euros) from private investors to save it from collapse. “Despite considerable efforts, those discussions have not resulted in an agreement between the company’s stakeholders and […]

Oil rallies on MidEast tensions, stocks weighed by trade remarks

HONG KONG, China (AFP) — Oil prices rallied Monday after Iran warned the presence of US forces in the Gulf was causing instability in the region, while equities were mostly down as Donald Trump said he did not want a partial trade deal with China. While a loosening of monetary policy by central banks is providing support to investors, they remain on edge following last week’s attack on Saudi oil facilities that was claimed by […]

Walmart ending sales of e-cigarettes

NEW YORK, United States (AFP) — Retail giant Walmart said Friday it would stop selling e-cigarettes in its US stores amid a growing crackdown on flavored vaping products to deter an ever growing number of young users. “Given the growing federal, state and local regulatory complexity and uncertainty regarding e-cigarettes, we plan to discontinue the sale of electronic nicotine delivery products at all Walmart and Sam’s Club US locations,” the world’s leading retail chain said […]

Oil soars again on Mideast tension

NEW YORK, United States (AFP) — Oil prices shot higher Thursday on fresh supply concerns in the Middle East, while on most markets stocks climbed after the US Federal Reserve’s decision to cut interest rates. Brent oil jumped nearly 1.3 percent as traders seized on resurfacing tensions in the crude-rich Middle East. The market had surged at the start of the week after drone attacks on Saudi oil facilities on Saturday. Traders remain on red […]

Oil prices retreat after record gains

  LONDON, United Kingdom (AFP) — Oil prices fell Tuesday but held most of the previous day’s record gains that were fuelled by an attack on Saudi facilities that wiped out half the country’s crude output. Traders were nervously awaiting further US response after it said Iran was likely to blame. The crisis revived fears of a conflict in the tinderbox Gulf region and raised questions about the security of crude fields in the world’s […]

Hong Kong stocks open with losses

  HONG KONG, China (AFP) — Hong Kong started on the back foot Tuesday as investors fretted over geopolitical tensions following the weekend strike on Saudi oil fields that fuelled concerns of a conflict in the Gulf. The Hang Seng Index dropped 0.67 percent, or 181.59 points, to 26,942.96. The benchmark Shanghai Composite Index lost 0.23 percent, or 7.04 points, to 3,023.71 and the Shenzhen Composite Index, which tracks stocks on China’s second exchange, was […]

Oil prices surge after attacks hammer Saudi output

HONG KONG, China (AFP) — Oil prices saw a record surge Monday after attacks on two Saudi facilities slashed output in the world’s top producer by half, fuelling fresh geopolitical fears as Donald Trump blamed Iran and raised the possibility of a military strike on the country. Brent futures surged $12 in the first few minutes of business — the most in dollar terms since they were launched in 1988 and representing a jump of […]

Uber trims more staff as it seeks a route to profit

  SAN FRANCISCO, United States (AFP) — Uber on Tuesday said it was laying off about eight percent of its product and engineering teams as the smartphone-summoned ride service tries to map a route to profitability. The San Francisco-based company is cutting about 265 people from its engineering group and another 170 or so jobs from its product team, a spokesman told AFP. While a fast-growing startup, ranks of Uber employees swelled to more than […]

Oil prices gain as Saudi minister backs output cuts; global stocks mixed

NEW YORK, United States (AFP) — Global stock markets were mixed on Monday ahead of key US economic data and a European Central Bank meeting, while crude prices gained as the new Saudi oil minister signaled he would defend oil prices. Major US stock indices finished little changed ahead of key reports on consumer prices and retail sales for August later in the week. Investors are in “wait and see” mode, said Art Hogan, chief […]

Tokyo stocks open higher on cheaper yen, US rallies

Tokyo, Japan (AFP) — Tokyo stocks opened higher on Friday, helped by a cheaper yen and rallies on Wall Street following news the US and China will resume high-level trade talks. The benchmark Nikkei 225 index was up 0.65 percent or 137.81 points at 21,223.75 in early trade, while the broader Topix index rose 0.48 percent or 7.43 points to 1,541.89. kh/ric/jah © Agence France-Presse

Pacquiao launches his own cryptocurrency – PAC tokens – during Manila concert

  Philippine boxing legend and politician Manny Pacquiao launched his own cryptocurrency, ‘PAC’ tokens, with a concert in Manila on Monday. The ‘Pac’ was initially created to allow fans to buy exclusive Pacquiao merchandise but there are plans now for broader use. The virtual currency is set to be listed on and distributed by the Singapore-based Global Crypto Offering Exchange (GCOX) later this year. Pacquiao, 40, is considered a national hero by many as his […]