Business

Prices of gasoline products, increased

MANILA, Philippines, September 15 (Eagle News) — The prices of gasoline products has been raised by P0.10 centavos per liter. Big companies such as Shell and Flying V implemented the oil price hike around 12:01 on Tuesday (September 15) due to the following mixed movements in the international oil market last week. Meanwhile, Eastern Petroleum also increased their oil prices at 6:00 Tuesday morning by P0.10 centavos for every liter of gasoline. (Eagle News Service)

MPIC-Ayala consortium takes over LRT-1 operations and management

  MAKATI City, September 15 (Eagle News) — Light Rail Manila Corp. a consortium composed of Ayala Corporation and Metro Pacific Investments Corporation (MPIC), has taken oven the operations and maintenance of LRT-1 Transit. The LRMC won the P64.9 billion LRT 1 Cavite extension project after offering the highest premium bid of P9.35 billion. The LRMC has secured the right to operate and maintain it for 32 years. It will also extend the rail line […]

President Aquino says lower income tax rate will not help Filipinos

MANILA, Philippines, September 15 (Eagle News) — ¬†President Banigno S. Aquino III on Monday, September 15 said that lowering prevailing income tax rates will lead to fewer government revenues and will only expand tax collection deficit. The president said that by lowering the income tax rates this might affect the country’s credit ratings. He also bucked calls to increase value-added tax (VAT) to compensate for the expected government revenue loss due to income rate cuts. […]

Taxi drivers protest against Uber

Costa Rican taxi drivers were the latest group to join the worldwide chorus of protests against Uber, the ride-hailing service, in San Jose on Sunday (September 13). Hundreds of drivers congregated in front of the Metropolitan Cathedral to voice their concerns and anger over what they view is a job stealing business. “Uber has done a lot of damage at the national level to the humble families of taxi drivers,” said Ivan Urena, the Costa […]

IMF to PH: Get more people to pay taxes while lowering income tax rate

CEBU CITY, Cebu – As the Philippine Congress seeks to finalize a comprehensive tax reform law, the International Monetary Fund (IMF) has proposed that the country get more people to pay taxes while it lowers its income tax rate. Doing so would safeguard the country‚Äôs revenue stream, said IMF Resident Representative to the Philippines Shanaka Jayanath Peiris during a press briefing at the sidelines of the Asia-Pacific Economic Cooperation (APEC) meetings. “A comprehensive approach would […]

Apple’s latest product push

SEPTEMBER 11 (Eagle News) — Apple wants you to spend a lot more time looking at screens. They were everywhere at the company’s big special event in San Francisco. New iPhones, a bigger iPad, the iPad Pro, and new features on its watches and the biggest screen of them all: Apple tv. “I think, the TV was the buried lead here. I think, the idea of having a new, more apple-like TV experience is going […]

Scandal-hit Toshiba posts net loss in earnings report

  By Meg Teckman (Reuters) — After two delays due to an accounting scandal, Japan’s Toshiba finally closes its books for the past financial year. The company reported an annual net loss of over 300 million dollars as it wades through the fallout of overstating profits to the tune of 1.3 billion over the past few years. This has led to shakeups in Toshiba’s board and top-level resignations as the company pledges to improve corporate […]

China stock market stabilized: CSRC

SEPTEMBER 7 (CCTV) — China’s stock market has stabilized and risks have been released to some extent, the securities regulator said Sunday. Market transactions are currently normal for the most part, with liquidity being relatively abundant and innate stability being improved, the China Securities Regulatory Commission (CSRC). China securities regulator also said to deepen reforms, improve legal framework and enhance market supervision, by possibly introducing mechanisms such as a stock index circuit breaker system, in […]

Asian shares fall after US, China PMIs hit Wall Street

SEPTEMBER 7 (Reuters) — Asian shares got off on the back foot on Wednesday (September 2) after weak manufacturing activity reports from both the U.S. and China sent Wall Street reeling, while the dollar steadied after steep losses. The Nikkei rose 0.6 percent to 18,275.60 in mid-morning trade after falling to a low of 17,857.30 soon after the market opened. The benchmark index tumbled 3.8 percent on Tuesday (September 1) after surveys showed China’s factory […]

Lawmakers protest proposed increase on VAT

QUEZON City, Philippines, Sept. 1 (Eagle News) — The administration and independent minority bloc in the House of Representatives joined forces to protest the proposed increase in the value-added tax by the Department of Finance, saying that it makes no sense to lower the income tax of laborers then subject them to high VAT rates. (Eagle News Service Jay Paul Carlos, Jericho Morales, MRFaith Bonalos)

Interest rate hike timing rattles investors

SEPT. 1 (Reuters) — U.S. stocks ended the day lower on worries about China’s economy and the timing of a U.S. interest rate hike. Investors now await new economic reports for signals that might influence the Federal Reserve. S&P Capital IQ’s Sam Stovall: “I think, data this week is fairly key, because we heard from three of the FOMC voting members last week, all of whom are a bit hawkish, and were saying, look, the […]

Asian shares bounce off 3-year lows while China’s suffering goes on

  (Reuters)– Volatile global markets showed signs of a respite from the recent blood-letting on Tuesday, as bargain hunters helped Asian stocks off three-year lows hit on fears that China’s economy was risking a hard landing, with Chinese shares losing another 5 percent. Japan’s Nikkei average went down 369.02 points to 18171.66, while the broader Topix shed 29.99 points to 1450.77 on Tuesday. Later, Japan’s Nikkei erased most of its early losses after an intial […]