Business

Greeks react to further bank shut down

JULY 7 (Reuters) — Greek banks will remain closed on Tuesday (July 6) and Wednesday (July 7) and a daily limit on cash withdrawals will stay at 60 euros, the head of the Greek banking association said. Greek banks were shuttered all last week after the collapse of negotiations on an aid deal and had officially been due to reopen on Tuesday, before Greeks voted resoundingly to reject bailout terms sought by creditors in a […]

NEDA reports lowest inflation levels in 20 years

MANILA, July 7 (Eagle News) —The National Economic and Development Authority (NEDA) reported that the country experienced the lowest level of inflation in June compared to the last two decades due to sufficient supply of food and moderate price pressures in energy and oil rates. According to the Philippine Statistics Authority, headline inflation rate plunged further to 1.2 percent in June 2015 from 1.6 percent in the previous month, and 4.4 percent in June 2014. […]

Japan pledges $6 bln to Mekong nations as China prepares new bank

  (Reuters)  Japan said on Saturday (July 3) it would extend around $6 billion in development aid to Mekong region countries, as China prepares to launch a new institutional lender seen as encroaching on the regional clout of Tokyo and ally Washington. Cambodia, Laos, Myanmar, Thailand and Vietnam all have strong economic growth potential, and are promising destinations for Japanese exporters of railway systems, power plants and other infrastructure. Tokyo’s planned assistance of about 750 […]

IMF gives Philippines favorable score on fiscal transparency

A RECENT evaluation report of the International Monetary Fund (IMF) had validated the Aquino administration’s transparency agenda as having helped launch reforms in the country, a Palace official has said. The IMF recently gave the Philippines a favorable score on fiscal transparency. In its June 2015 report, the IMF cited the Philippines’ public financial management reform strategy as having helped initiate reforms. The country’s fiscal reporting was recognized by the IMF as being timely, frequent, […]

Queen of Netherlands campaign for inclusive finance in visit to the Philippines

(Reuters) — Queen Maxima of the Netherlands witnessed the launch of the central bank’s strategy for financial inclusion on Wednesday (July 1), capping her two-day visit to the Philippines. Maxima, who was designated as the UN Secretary General’s Special Advocate for Inclusive Finance for Development in 2009, attended the ceremony of the Philippine government’s action plan which aims to enhance cooperation between ministries, government agencies and the private sector to improve the population’s access to […]

Greeks angered as Athens defaults on IMF loan

(Reuters) — People on the streets of the Greek capital expressed anger with their government on Wednesday (July 1), the morning after Greece defaulted on a 1.6 billion euro loan from the International Monetary Fund (IMF). Greece’s last-minute overtures to international creditors for financial aid on Tuesday (June 30) were not enough to save the country from becoming the first developed economy to default on a loan with the IMF. The IMF confirmed that Greece […]

Oil companies implement price rollback

MANILA, Philippines, June 30 (Eagle News) — A rollback on the price of petroleum products was implemented by oil companies. For the details of the corresponding price rollbacks, please watch the video. (Eagle News Service Jay Paul Carlos, Jericho Morales, MRFaith Bonalos)

Madagascar sees revival of its Lychee industry, as economy recovers

JUNE 24 (Reuters) — Lychee farming was once seen as one of the most organized sectors in Madagascar, a key pillar of the Malagasy economy. Madagascar is the fifth largest lychee producer in the world, after China, India, Vietnam and Taiwan. But a 2009 coup plunged the country and its economy in turmoil, reversing previous gains made in the lychee industry. Prior to the political crisis, Madagascar used to export an average of more than […]

Impact of Apple’s change of heart on music service

JUNE 23 (Reuters) — In a year in which Taylor Swift’s star has risen in to the upper stratosphere, her biggest victory may have been watching Apple ‘blink” after the pop star called out the tech giant for its initial policy of refusing to pay artists during free trials of its new Apple Music streaming service. Apple’s change of heart came after the 25-year-old singer posted on Tumblr that she’d hold back her latest hit […]

South Korean business leaders discuss measures to counter MERS

JUNE 22 (Reuters) — South Korean business leaders held an emergency meeting on Monday (June 22), to discuss ways to boost economy amid negative economic impact of the Middle East Respiratory Syndrome (MERS) outbreak. “MERS has depressed domestic consumption, so we cannot help but worry about it,” Chairman and Chief Executive Officer (CEO) of Doosan Group, Park Yong-maan, said at the meeting. “Now businessmen should work together to quell the worries over MERS as soon […]

Greek cabinet meets on eve of crucial eurozone summit

(REUTERS)  Greek ministers arrived in Athens on Sunday (June 21) for a full cabinet meeting with Prime Minister Alexis Tsipras to discuss concessions the government may present at an emergency eurozone summit on Monday (June 22). Greece’s left-wing government promised on Saturday (June 20) to offer concessions to creditors to unlock billions of euros in funds and stave off default. With its banks hanging on life support from the European Central Bank, and billions of […]

Gazprom building global alliance with expanded Shell

(REUTERS) Gazprom is building a global strategic alliance with energy major Royal Dutch Shell that will include asset swaps as early as next year. Day two of the annual International Economic Forum in St Petersburg. It’s where top Russian government officials rub shoulders with industry leaders and foreign investors. But this year there was a distinct lack of Americans, and fewer europeans – preferring not to be seen doing business with the Russians. One Western […]