Business

Samsung to ‘review’ US hedge fund plan to split firm

SEOUL, South Korea (AFP) — Samsung Electronics responded warily Thursday to a plan submitted by the US activist hedge fund Elliott Management for splitting the South Korean electronics giant into a separate holding and operating company. “We will carefully review the shareholders’ proposals,” the technology conglomerate said in a terse one-line statement, with its spokesmen declining any further comment. Entities controlled by Elliott, the hedge fund run by billionaire Paul Singer, own about 0.62 percent of […]

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Battle over blame puts Deutsche Bank’s past in spotlight

FRANKFURT, Germany (AFP) – by Pauline HOUEDE Deutsche Bank’s complaints that it is the target of speculators are triggering debate in Germany over where responsibility really lies for the troubled giant’s woes. After an eventful week that saw the Frankfurt institution’s shares plumb historic lows on fears over its financial health, Vice-Chancellor Sigmar Gabriel blamed the past decisions of “irresponsible managers” for Deutsche’s state. From the height of banks’ bid to compete with global investment banks […]

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Trump tumbles on rich list, down $800 mln: Forbes

NEW YORK, United States (AFP) – It seems running for president is hurting Donald Trump’s finances big time. The Republican nominee’s fortune fell $800 million last year sending him tumbling 35 spots on a list of richest Americans, Forbes said Tuesday. The business magazine said the New York real estate mogul is worth $3.7 billion — down from an estimated $4.5 billion in March — and just over a third of the $10 billion that […]

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IMF warns of protectionist threat to global growth

WASHINGTON, United States (AFP) – by Douglas Gillison The IMF on Tuesday left its global economic forecasts unchanged into 2017 but called on governments to take action against the threats of low growth and protectionism. With Britain voting to secede from the European Union and US presidential candidates disfavoring open borders, the International Monetary Fund said populist politics imperiled free trade and economic growth. Global output is expected to grow this year by 3.1 percent […]

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Philippines considers Russia as trading partner

QUEZON City, Philippines – The Department of Finance is looking at Russia as a possible trading partner for the Philippines’ agricultural products. This is part of the plan of the Duterte administration to open the Philippine market to other foreign investors.

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Amazon bans most ‘incentivized’ reviews

SAN FRANCISCO, United States (AFP) — Amazon on Monday banned reviews of products received free or at generous discounts, unless authors have been deemed trustworthy by the online retail giant. The online retail giant previously allowed “incentivized” reviews of items, as long as posts made it clear that authors might be biased by not having to pay or by getting favorable deals. Amazon has always banned reviews that are paid for, with the exception of […]

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A costly divorce: Bosses urge clarity over Brexit

BIRMINGHAM, United Kingdom (AFP) – by Edouard GUIHAIRE Katherine HADDON “Divorces always cost you a lot of money,” sighed Charlie Mullins, one of many British bosses pushing ministers for more details on life post-Brexit at the Conservative Party’s annual conference. Dressed in an electric blue suit, Mullins is the charismatic founder of Pimlico Plumbers, whose vans are a common sight in the British capital and whose clients reportedly include Richard Branson. Fronting his company’s stall at […]

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Asian markets recover on waning Deutsche Bank concerns

  HONG KONG, China (AFP) — Asian markets rallied Monday with financials up on easing fears about the future of German giant Deutsche Bank after a source said it was nearing a deal to slash a multi-billion-dollar US fine. Traders fled for cover last week, sending stocks reeling Friday, after US officials slapped the lender with a $14 billion charge over its role in the subprime mortgage crisis. The gigantic figure fuelled fears the bank […]

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World Bank secretly finances Asian ‘coal boom,’ group says

WASHINGTON, United States (AFP) — The World Bank is indirectly financing a boom in some of Asia’s dirtiest coal-fired power generation despite commitments to end most funding for the sector, a development advocacy group charged Monday. The power plants, which contribute to climate change and deforestation as well as premature deaths due to illness, are cropping up from Bangladesh to the Philippines, all with financing provided by financial intermediaries supported by the Bank, said a […]

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Oil prices down on doubts over OPEC deal

  SINGAPORE, Singapore (AFP) — Oil prices fell in Asia Friday as doubts emerged over the long-term success of a surprise OPEC agreement to cut output and stabilise the oversupplied market. The Organization of the Petroleum Exporting Countries on Wednesday stunned traders by announcing plans to trim collective production by around 750,000 barrels per day. Initial euphoria over what would be the first output cut in eight years sent prices soaring six percent but the rally […]

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