Business

Toshiba shares fall 10% on nuclear business loss reports

TOKYO, Japan (AFP) — Shares in Toshiba dived more than 10 percent Tuesday on reports it is likely to record a huge special loss related to a US subsidiary’s acquisition of a nuclear power service company. Toshiba shares traded 10.4 percent lower at 397.10 yen in morning trading, paring an earlier loss of as much as 16.3 percent. The company is expected to report a roughly 100 billion yen ($850 million) one-time loss for the […]

BMW to recall nearly 200,000 cars in China

  German luxury carmaker BMW will recall nearly 200,000 vehicles in China because of flawed airbags, according to the country’s quality regulator and the company. Some 168,861 imported cars produced between December 2005 and December 2011, and 24,750 vehicles produced locally between July 2005 and December 2011 will be recalled, according to a statement posted Friday on the official website of China’s General Administration of Quality Supervision, Inspection and Quarantine (ASDIQ). Gas generators in the […]

BSP expects higher inflation rate in 2017-2018

QUEZON City, Philippines – The Bangko Sentral ng Pilipinas forecasts an increase of 3.3% in the inflation rate in 2017 and an increase of 3% in the inflation rate in 2018. The higher inflation rate is due to the oil price hike in the world market.

Unemployment rate drops this year

QUEZON City, Philippines – Due to the continuous economic growth experienced by the Philippines, the country’s unemployment rate drops to 5.5% compared to last year’s 6.3%. https://youtu.be/72FpyRwZik0  

Deutsche Bank to pay $7.2bn to settle US subprime case

BERLIN, Germany (AFP) — Deutsche Bank has agreed to pay a total of $7.2 billion to settle a case with the US Department of Justice over its role in the subprime mortgage crisis, the lender said in a statement Friday. The payment includes a $3.1 billion dollar fine and $4.1 billion in relief to consumers as part of an agreement in principle with US authorities, it said. Deutsche has been negotiating the terms of the […]

Nokia sues Apple for patent infringement

HELSINKI, Finland (AFP) — Nokia announced Wednesday it is suing Apple in German and US courts for patent infringement, claiming the US tech giant was using Nokia technology in “many” products without paying for it. Finnish Nokia, once the world’s top mobile phone maker, said the two companies had signed a licensing agreement in 2011, and since then “Apple has declined subsequent offers made by Nokia to license other of its patented inventions which are […]

Facebook dials in live audio streaming option

SAN FRANCISCO, United States (AFP) — Facebook on Monday began testing a live audio streaming service that will let people essentially broadcast radio-style on the leading online social network. Partners working with Facebook to test “Live Audio” included BBC World Service,  book publisher HarperCollins, British talk radio station LBC, and authors Adam Grant and Brit Bennett. The new feature comes as an alternative to a Facebook tool that lets people stream live video at the […]

Nike earnings rise, bullish on China

NEW YORK, United States (AFP) — Nike reported higher second-quarter earnings Tuesday behind increased sales in key markets, including China, and said it was making progress in cutting inventory in North America. Executives gave an upbeat outlook on China, where sales jumped 12 percent to $1.1 billion. Net income for the quarter ending November 30 rose seven percent to $842 million. Sales rose six percent to $8.2 billion. Participation in the Shanghai marathon was 38,000 […]

BIR posts higher November collection of P157-B

MANILA, Dec. 20 – The Bureau of Internal Revenue (BIR) posted a 15 percent revenue collection increase to P157.3 billion in November from its year-ago performance. The BIR said in a report to Finance Secretary Carlos Dominguez III that it collected P157.29 billion last month, or 15.34 percent higher than its November 2015 collection of P136.37 billion. This year’s total collection of the BIR has reached P1.454 trillion as of Nov. 30, which is P127.41 […]

IMF chief Lagarde found guilty over French tycoon payment

by Aurélia END Clare BYRNE Agence France-Presse PARIS, France (AFP) – A French court on Monday found IMF head Christine Lagarde guilty of negligence over a massive state payout to a tycoon when she was French finance minister but spared her a fine or prison sentence. The ruling was a rare setback in Lagarde’s glittering career but it was not clear how it would affect her position at the International Monetary Fund, whose board was […]

Duterte to Singapore: PH is open for business

MANILA – President Rodrigo Duterte wooed a group of business leaders in Singapore by discussing the many developments and reforms in the Philippines especially in the key growth sectors: energy and infrastructure. “The Philippines is open for business and we welcome what you have to offer,” the President told them at the Jurong Ballroom of the Shangri-la Hotel in Singapore on Friday, Dec. 17. This would mean more investments and encouraging competition, putting an end […]

Venezuela bank note chaos prompts looting

Agence France-Presse CARACAS, Venezuela (AFP) – Desperate Venezuelans looted delivery trucks and clashed with police Friday as protests broke out in anger at chaotic efforts to change the country’s banknotes, officials and locals said. The authorities took the largest-denomination note out of circulation but failed to release the bigger bills supposed to replace it in time, leaving citizens with no way of buying food. “There is attempted looting in various parts of the country,” tweeted […]