Business

Top firms’ greenhouse gas emissions rise, despite call for cuts

Greenhouse gas emissions by the world’s top 500 companies rose 3.1 percent from 2010 to 2013, far off the cuts urged by the United Nations to limit global warming, a study showed on Monday. The top 500 firms by capitalisation accounted for 13.8 percent of world greenhouse gas emissions and 28 percent of gross domestic product in 2013, according to the report, drawn up by the information provider Thomson Reuters and BSD Consulting, a global […]

Oil slides as Saudi Naimi tells market to forget OPEC cuts

(Reuters) – Oil prices resumed their downward march on Monday, doubling back on the biggest one-day gain in over two years, after Saudi Arabia’s powerful oil minister said OPEC would not cut production at any price. After a weekend of comments from several Gulf OPEC members reiterating their intent not to intervene in oil markets despite oil prices that have halved since June, Ali al-Naimi told the Middle East Economic Survey it was “not in […]

As Ford closes, European rust belt seeks new ideas

In the heart of western Europe, the Belgian-Dutch-German rust belt has been dealt another blow. Two car plants closed this month as companies sought cheaper labor elsewhere, the final chapter of a manufacturing boom that began when coal mines fuelling Europe’s industrialization shut in the 1960s. Now the region straddling three borders is trying to reinvent itself. A 315 billion euro EU investment plan, announced on Thursday, is the latest potential help. It aims to […]

China cuts red-tape for foreign bank branch openings, RMB business

China has cut red-tape for foreign bank branch openings and entry into renminbi business, state media said on Saturday, the latest in a series of measures to liberalize the banking sector. The cabinet revised existing rules on Saturday, abolishing the requirement for foreign-owned and joint-stock banks to inject 100 million yuan ($16.08 million) or an equivalent in other currencies of working capital into a newly opened branch, the official Xinhua news agency reported. This should […]

Oil falls below $59 as OPEC, Russia keep pumping

Brent crude oil fell below $59 a barrel on Wednesday, near 5-1/2-year lows, as major oil producers signaled that they would maintain output despite a supply glut and faltering demand in Russia and Europe. Core Gulf OPEC members have said they are prepared to wait as long as a year for the market to stabilize, undercutting hopes they will step in to stem crude price losses. Oil prices have almost halved over the last six months as increasing volumes […]

Oil companies cut liter prices by P2.50

Oil companies led by Petron and Unioil slashed prices by at least P2.50 per liter of gasoline and P2.25 per liter of diesel and kerosene, the biggest price rollback so far  this year amid the softening prices of oil worldwide. Petron Corp. was the first to announce the price cut that took effect at 12:01 A. M. December 7. Petrol and kerosene products in Petron line-up were covered by the rollback. Unioil Petroleum Philippines followed suit, cutting […]

Asian shares edge up, dollar awaits U.S. jobs report

(Reuters) – Asian shares edged higher in early trade on Friday, while the dollar marked time ahead of the key U.S. jobs report later in the session that could help it retake ground lost to the euro overnight. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up about 0.1 percent, but on track for a weekly loss of 0.7 percent. Japan’s Nikkei stock average slipped 0.4 percent, but was on track for a […]

Asian shares steady, oil rises as crude inventories decline

(Reuters) – Asian shares and the dollar got off to a steady start on Wednesday, while oil prices recovered after data showed a drop in U.S. supply. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat, while Japan’s Nikkei stock average added 0.6 percent in early trade, after marking a seven-year closing high on Tuesday. Wall Street posted solid gains on Tuesday, with the Dow Jones industrial average .DJI closing at a record high, […]

Some climate change impacts unavoidable – World Bank

(Reuters) – Some future impacts of climate change, such as more extremes of heat and sea level rise, are unavoidable even if governments act fast to cut greenhouse gas emissions, the World Bank said on Sunday. Past and predicted emissions from power plants, factories and cars have locked the globe on a path towards an average temperature rise of almost 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial times by 2050, it said. “This means that […]