Business

EU seeks billions of euros to revive economy

The European Union sought ways on Saturday to marshal billions of euros into its sluggish economy without getting deeper into debt, casting the net wide to consider options from a pan-European capital market to a huge investment fund. Finance ministers from the bloc’s 28 countries gathered at an informal Ecofin meeting in Milan to flesh out a host of ideas circulating in European capitals. With interest rates already at record lows, ministers need radical steps […]

China on track to develop Indian railways as Xi heads to South Asia

(Reuters) – China will pledge to invest billions of dollars in India’s rail network during a visit by President Xi Jinping this week, bringing more than diplomatic nicety to the neighbors’ first summit since Narendra Modi became prime minister in May. The leaders of Asia’s three biggest economies – China, India andJapan – have crisscrossed the region this month, lobbying for strategic influence, building defense ties, and seeking new business opportunities. Beijing’s bid to ramp up commercial ties in India comes despite a […]

Ford recalls older model Escape and Mercury Mariner hybrids

Ford recalls older model Escape and Mercury Mariner hybrids DETROIT Fri Sep 12, 2014 10:23am EDT 0 Comments inShare Share this Email Print The logo of a Ford Escape hybrid vehicle is shown at the Ford Motor Company assembly plant in Claycomo, Missouri. March 20, 2007. Credit: Reuters/Jason Reed (Reuters) – Ford Motor Co (F.N) is recalling about 74,000 older model Ford Escape and Mercury Mariner crossover vehicles because the electronic hybrid system may overheat, […]

Euro zone agrees fiscal policy, investment, reforms should compliment ECB loosening

(Reuters) – Euro zone finance ministers agreed on Friday that the looser monetary policy of the European Central Bank should be complemented with a mix of fiscal policy, investment and structural reforms, to boost economic growth. “We will continue to work on this policy mix in the coming months,” the chairman of euro zone finance ministers Jeroen Dijsselbloem told a news conference. They also agreed that cheap credit from the central bank, which now is […]

Apple unveils watch, larger iPhones in bid to retake innovation crown

(Reuters) – Apple Inc unveiled a watch, two larger iPhones and a mobile payments service on Tuesday as Chief Executive Officer Tim Cook seeks to revive the technology company’s reputation as a wellspring of innovation. The first new product to be developed and introduced under Cook’s reign is a timepiece tethered to the iPhone that will combine health and fitness tracking with communications. It will price at $349 and go on sale in early 2015. First impressions […]

Lucio Tan regains full control of Philippine Airlines

MANILA (PNA) — The Group of Dr. Lucio C. Tan formally sealed the deal with San Miguel Corporation (SMC) to buy back Philippine Airlines (PAL), SMC and PAL Holdings, Inc. disclosed to the Philippine Stock Exchange (PSE) Tuesday morning. In their disclosures, the companies said that, “The two biggest stockholders of Philippine Airlines – San Miguel Corporation (SMC) and the Group of Dr. Lucio C. Tan – signed a joint agreement whereby SMC expressed willingness […]

Euro under water as ECB opens liquidity spout

(Reuters) – The euro was deep under water on Friday, having suffered its steepest fall in three years after the European Central Bank stunned markets by cutting interest rates and embarking on a trillion-euro asset-buying binge. The aggressive shift sent short-term bond yields into negative territory in Germany, France, the Netherlands and Austria, giving investors an overwhelming incentive to sell euros for higher-yielding assets elsewhere. That stood in stark contrast to the United States, where upbeat data […]

Michael Bloomberg to return as head of Bloomberg company

(Reuters) – Former New York Mayor Michael Bloomberg will return as head of Bloomberg LP, the data and financial news company he founded in 1981, replacing Daniel Doctoroff who has decided to step aside, the company said on Wednesday. The privately held company, in which Bloomberg is the majority shareholder, said Doctoroff would step aside as president and chief executive at year-end. Bloomberg, whose fortune is estimated at more than $32 billion, had expected to […]

BOC seven-month revenue collection grows 18%

MANILA, September 1 (PNA) — Revenue collection of the Bureau of Customs (BOC) in the first seven months of 2014 grew by 18 percent or Php203.86 billion year-on-year. In a statement, the bureau said that the growth was posted from January to July this year, due to the continued improvements in valuation as well as a marginal increase in the volume of imported goods. Likewise, the collection for July reached P30.46 billion, or an increase […]

IBM launches Watson system for research, hopes for breakthroughs

(Reuters) – International Business Machines Corp on Wednesday launched a computer system that can quickly identify patterns in massive amounts of data, an ability that IBM said should hasten breakthroughs in science and medical research. The computer system, Watson Discovery Advisor, understands chemical compound interaction and human language and can visually map out connections in data, the company said in a statement. IBM will make the service available through the cloud. Some researchers and scientists have already been […]

China supplier of Samsung, Lenovo denies using child workers

  (Reuters) – A China-based supplier for Samsung Electronics Co Ltd and Lenovo Group Ltd said on Thursday it had never hired child laborers, denying allegations by a U.S.-based activist group. Samsung Electronics also said it had found no children or students working on the Samsung production line at the Huizhou-based factory of supplier HEG Technology, which was cited as violating China’s labor laws by the New York-based watchdog China Labor Watch. A Lenovo spokeswoman said the company would look into […]