Business

PHOTOS: Pres. Marcos Joins ASEAN Leaders’ Interface with Representatives of ASEAN Business Advisory Council (ASEAN-BAC)

(ASEAN2022 Phnom Penh Media Center) Cambodia hosts the ASEAN Leaders’ Interface with Representatives of ASEAN Business Advisory Council (ASEAN-BAC) in Phnom Penh this afternoon under the chairmanship of Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia and Chair of ASEAN 2022. Photo: Hun Yuthkun, El Vattanac, Lanh Visal & Kok Ky – AKP via: Crystal Anne Ballesteros – Correspondent – EBC/NET25 Cambodia  

Paul Allen’s art collection tops $1 bn at Christie’s

New York, United States | AFP | Paintings and sculptures from the collection of late Microsoft co-founder Paul Allen were auctioned off for a historic $1 billion Wednesday, Christie’s auction house said, with records set for works by Van Gogh, Cezanne, Gauguin, Seurat and Klimt. Five paintings entered the exclusive club of works of art sold for more than $100 million at auction, the New York auction house said, in a sign that the art […]

Mazda pulls out of Russia joint venture over Ukraine war

  Tokyo, Japan | AFP | Japanese carmaker Mazda said Thursday it is pulling out of its joint venture in Russia because of the war in Ukraine, having ceased operations in the country earlier this year. Mazda stopped shipping parts to Russia in March and ended operations the following month “due to the situation in Ukraine that arose in February 2022”, it said in a statement. The company said it signed an agreement last month […]

Elon Musk sells nearly $4bn in Tesla stock: SEC filing

Washington, United States | AFP Tesla chief Elon Musk sold nearly $4 billion worth of shares in the electric car company, SEC filings showed Tuesday, more than a week after he closed his $44 billion acquisition of Twitter. Musk has been pushing for ways to pay for the massive deal, for which he took on billions of dollars in debt and earlier sold $15.5 billion worth of shares in Tesla. On Tuesday, documents filed with […]

Strikes flare in Europe as cost of living spirals

  Brussels, Belgium | AFP | by Marc BURLEIGH European workers squeezed by the soaring cost of living went on strike in Belgium and Greece on Wednesday, with stoppages threatening to paralyse parts of Britain, France and Spain in coming days. Spreading industrial unrest poses a problem for governments which are already spending billions trying to blunt the worst effects of rising prices, at least for the most vulnerable. Europe is acutely affected by the fall-out […]

Facebook owner Meta to lay off 11,000 staff

  Paris, France | AFP | by Joseph BOYLE Facebook owner Meta will lay off more than 11,000 of its staff in “the most difficult changes we’ve made in Meta’s history”, boss Mark Zuckerberg said on Wednesday. He said the cuts represented 13 percent of the social media titan’s workforce and would affect its research lab focusing on the metaverse as well as its apps, which include Facebook, Instagram and Whatsapp. The tech industry is […]

Nissan hikes forecasts on weak yen despite falling unit sales

Tokyo, Japan (AFP) — Nissan on Wednesday upgraded its full-year profit forecasts, as the depreciating yen helps inflate its overseas profits, despite ongoing challenges including Covid shutdowns and the global chip shortage. The company now expects an annual net profit of 155 billion yen ($1.06 billion), up 5.0 billion yen from an earlier target for the year to March 2023. It also hiked annual sales figures, but said it now expects to sell 3.7 million […]

Australia regulator ‘concerned’ about Twitter’s legal compliance after job cuts

SYDNEY, Australia (AFP) — Australia’s e-safety commissioner has written to Elon Musk voicing concern that Twitter staff cuts could leave the social media giant unable to comply with local laws prohibiting extremist and violent content. Commissioner Julie Inman Grant — a former Twitter employee — said she was “deeply concerned about the depth and breadth of recent cuts to Twitter staff across the globe”. Since Musk bought the platform earlier this month, he has fired […]

Adidas names CEO of rival Puma as new boss

  by Sam Reeves Adidas on Tuesday named Bjorn Gulden, chief of rival outfitter Puma, as its new CEO as the German sportswear giant seeks to emerge from months of turbulence. The Norwegian former professional football and handball player will take on the role from January next year, replacing current CEO Kasper Rorsted. He faces big challenges at Adidas, which has seen sales hit by coronavirus restrictions in key market China, and recently ended a […]

Weak yen helps Nintendo lift annual net profit forecast

by Natsuko FUKUE Agence France Presse Tokyo, Japan (AFP) — Nintendo raised its full-year net profit forecast on Tuesday, with the weak yen and a solid performance by new games helping compensate for falling sales of its Switch console. The Kyoto-based Japanese gaming giant estimated net profit for the year to March 2023 at 400 billion yen ($2.7 billion), up from a previous projection of 340 billion yen. Net profit for the half-year from April […]

EU threatens US over electric car subsidies

Paris, France | AFP | by Ali BEKHTAOUI The European Union threatened Monday to take retaliatory measures against the United States for electric car subsidies that favour domestic manufacturers. The 27-nation bloc is upset about Washington’s “Inflation Reduction Act”, which will see vast spending on green energy initiatives and includes tax breaks for US-made electric cars and batteries. Brussels says those benefits for American electric vehicle makers would put e-cars made in the EU at […]

Vast Hong Kong villa development plot sold to cover Evergrande debts

Hong Kong, China | AFP | Struggling Chinese property giant Evergrande has had a lucrative building plot in suburban Hong Kong sold off by its American receiver to cover some of the company’s massive debts, according to company filings. The undeveloped plot in the border district of Yuen Long was sold for nearly $637 million, with Evergrande saying it expected to record a loss of approximately $770 million on the land, according to a statement […]