Business

Great fall of China hits global markets

By Ciara Lee (REUTERS) — The alarm bells rang in China – and they were heard in Europe. Markets there opened more than three percent in the red The UK’s FTSE 100, France’s CAC 40 and Germany’s DAX were all down in morning trade. Robert Halver, head of Capital Market Analysis at Baader Bank said: “The 10,000 mark is psychologically important. The index is no longer five digit, it’s four digit and now we have entered […]

Japan stocks tumble to 6-month lows

AUGUST 24 (Reuters) — Japanese stocks posted their biggest fall in more than two years on Monday (August 24), with the Nikkei average sinking to a 6-month low on fears of a China-led global economic slump. The Nikkei share average dropped 4.6 percent to 18,540.68, falling below its 200-day moving average for the first time since October. The broader Topix fell 5.9 percent to close at 1,480.87, with its turnover surpassing 4 trillion yen for […]

Wall Street plunges on global economic worries

(Reuters) — The S&P 500 suffered its biggest daily percentage drop in nearly four years on Friday and the Dow confirmed it had entered into correction territory as fears of a China-led global slowdown rattled investors around the world. A report overnight showed China’s manufacturing sector shrank at the fastest pace since 2009, exacerbating worries about the health of its economy and whether the government would take further steps to stem its slowdown. The Russell […]

Japan economy shrinks in Q2 in setback for “Abenomics”

(Reuters) — Japan’s economy shrank at an annualized pace of 1.6 percent in April-June, government data showed on Monday (August 17) as exports slumped and consumers cut back spending, a bad omen for Prime Minister Shinzo Abe’s policy drive to lift the economy out of decades of deflation. China’s economic slowdown and its impact on its Asian neighbours have also heightened the chance that any rebound in growth in July-September will be modest, according to […]

Polish heatwave cuts power supply to industry

AUGUST 14 (Reuters) — A heatwave has forced Poland to sharply cut electricity supply to industry for the first time in over a decade, pushing some companies to limit production. Prime Minister Ewa Kopacz called the situation “very serious” as weather forecasts for the coming days showed high temperatures will persist. “Partial restrictions will affect over 1,600 companies, but they should not have a negative impact on their production capacities,” Kopacz said at a news […]

US oil crashes in world market

UNITED States of America, August 12 (Eagle News) — The price of United States oil crashed in the world market at $43.08 per barrel, the lowest price of oil since March 2009. Said price crash was brought about by the devaluation of the Chinese yuan due to slow economic growth of China. (Eagle News Service Jay Paul Carlos, Jericho Morales, MRFaith Bonalos)

DTI, BOI strengthens regional capability for investors

MAKATI CITY, Aug. 12 — As the Philippines continues to enjoy high investor confidence, the Department of Trade and Industry (DTI) and Board of Investments (BOI) continue to build sustainable groundwork to promote investments in the various regions of the country. “In collaboration with DTI’s regional offices, we have stepped up our promotion efforts to drive economic activities nationwide, especially in investment ready areas,” DTI Undersecretary Ponciano C. Manalo Jr. said. The BOI through its Domestic Investments […]

Energy leads Wall Street lower as oil tumbles

AUGUST 4 (Reuters) — Wall Street ended lower on Monday (August 3) as tumbling oil prices dragged energy shares to a three-year low and factory data from China raised concerns about the world’s second-biggest economy. Energy stocks were the biggest losers among the main S&P sectors. Exxon Mobil and Chevron, which reported poor results on Friday, led the losses. Oil prices fell on fresh evidence of growing oversupply and data highlighting slowing demand in China. […]

Big time oil price rollback to be implemented this week

MANILA, Philippines, Aug. 3 (Eagle News) — Good news for motorists. A big time price rollback in petroleum products is expected to be implemented this week. Gasoline prices may hover from P0.40 to P0.70 per liter; P0.90 to P1.05 per liter of diesel and P0.70 to P0.90 per liter of kerosene. Said big-time oil price cut down was due to the decreasing demand in the world market. (Eagle News Service)

Shell cuts 6,500 jobs as oil prices hurt

JULY 31 (Reuters) — Job cuts and falling profits at Royal Dutch Shell are the latest indication of how prolonged low oil prices are taking their toll. Profits in the second quarter were 37 percent lower than last year. Net income was $3.8 billion, down from more than $6 billion a year earlier, missing analysts forecasts. It’s to axe 6,500 jobs to help mitigate the impact. Ben van Beurden, Chief Executive, Royal Dutch Shell said, […]

MERALCO warns against higher electric charges

PASIG City, Philippines, July 30 (Eagle News) — Meralco warned the public against the possibility of higher electric charges in the coming month due to supply restrictions placed on the Malampaya natural gas plant which can lead to higher price of electricity on the Wholesale Electricity Spot Market. (Eagle News Service Jay Paul Carlos, Jericho Morales, MRFaith Bonalos)

China stocks plunge, suffer biggest one-day loss since Feb 2007

JULY 28 (Reuters) — Chinese shares tumbled more than 8 percent on Monday (July 27) as an unprecedented government rescue effort to prop up valuations abruptly ran out of steam, throwing the viability of Beijing’s plan to stave off a deeper crash into doubt. Major indexes suffered their largest one-day drop since 2007, shattering three weeks of relative calm in China’s volatile stock markets since Beijing unleashed a barrage of support measures to arrest a […]