Business

Tensions in Ukraine May Effect Local Market

According to local market analyst, tensions in Ukraine may affect the local market with the oil-exporting sector being the hardest hit. The peso also suffered a downward spiral together with other regional currencies. The Philippine consulate in Ukraine sends its assurance that no Filipinos have been reported injured in the said country, despite the ongoing unrest.

Obama plans $ 3.9 trillion budget for 2015

WASHINGTON, March 5 (PNA/Xinhua) — U.S. President Barack Obama has planned US$ 3.9 trillion of budget for the 2015 fiscal year, which will be used to fund infrastructure upgrading, education and other social programs, according to the budget plan posted on the website of the White House on Tuesday. Obama has budgeted a deficit of $ 564 billion for 2015, or 3.1 percent of the estimated Gross Domestic Product (GDP). Deficit in the next decade […]

Wall Street Closes Higher As Ukraine-Russia Tensions Ease

(Reuters) — U.S. stocks rallied on Tuesday (March 4), with the S&P 500 closing at a record as concerns about a confrontation between Russia and Ukraine eased, and the market recovered more than all of the previous session’s hefty losses. President Vladimir Putin delivered a robust defense of Russia’s actions in Crimea on Tuesday, saying he would use force in Ukraine only as a last resort. His comments relieved investors’ fears that East-West tension over the former Soviet republic could lead to war. The […]

Global factory growth stumbles as demand falters

(Reuters) – Manufacturers across Europe and Asia changed down a gear last month as falling demand from abroad hurt Chinese output and European factory growth dipped from January’s 2-1/2 year high. But while the surveys across Asia were more downbeat, data from the euro zone showed output rose in all of the bloc’s four biggest economies for the first time in almost three years. “They are all building up to a picture which says it’s […]

China Overtakes US As World’s Largest Goods Trading Nation: Commerce Ministry

(Reuters) –China overtook the United States as the world’s largest goods trading nation in 2013, the country’s Ministry of Commerce announced on Saturday. The ministry’s statistics, preliminarily confirmed by the WTO Secretariat, showed that China’s annual trade in goods reached 4.16 trillion U.S. dollars in 2013. Exports of the world’s second largest economy rose 7.9 percent year on year, reaching 2.21 trillion U.S. dollars, and its imports rose 7.3 percent year on year, reaching 1.95 trillion U.S. dollars. Meanwhile, the U.S. […]

Australia’s Qantas Cuts 5,000 Jobs, Sheds Aircraft After Hefty Loss

(Reuters) — Australian carrier Qantas Airways Ltd plans to cut 15 percent of its workforce, sell older jets and reduce capital spending after reporting a first-half loss amid growing competition in both international and domestic operations. The deep cuts are part of Qantas’ plans to slash costs by A$2 billion ($1.8 billion) over the next three years – a bid by the airline to convince the federal government and investors it is worthy of the state assistance it says it […]

Bitcoin exchange Mt. Gox goes dark in blow to virtual currency

By Ruairidh Villar, Sophie Knight and Brett Wolf TOKYO/ST LOUIS Tue Feb 25, 2014 6:47pm EST (Reuters) – Mt. Gox, once the world’s biggest bitcoin exchange, abruptly stopped trading on Tuesday and its chief executive said the business was at “a turning point,” sparking concerns about the future of the unregulated virtual currency. Several other digital currency exchanges and prominent early-stage investors in bitcoin responded with forceful statements in an attempt to reassure investors of […]

Seeking cheap stocks, chaos no problem? Try Libya

By Ulf Laessing TRIPOLI Sat Feb 22, 2014 8:05pm EST (Reuters) – Investing in Libyan stocks may sound like an absurd idea at a time when the North African country is descending into chaos and armed militias seize oil ports or ministries at will. Ever since the ouster of Muammar Gaddafi in 2011, Libya’s government has been struggling to establish law and order and assert control over a vast desert nation awash with arms. But […]

HSBC to announce bonuses totaling $4 billion: report

LONDON Sat Feb 22, 2014 11:46am EST (Reuters) – HSBC will announce staff bonuses totaling just under 2.4 billion pounds ($4 billion) globally for 2013 and is expected to report a significant rise in pretax profit, Sky News reported on its website on Saturday without citing its sources. Referring to an unnamed source close to the bank, Sky also said Chief Executive Stuart Gulliver will receive a 1.8 million pound bonus as part of an […]

Big drop in U.S. housing recorded due to brutally cold winter

(Reuters) – U.S. housing starts recorded their biggest drop in almost three years in January as harsh weather disrupted activity, but the third month of declines in permits hinted at some weakness in the housing market. Wednesday’s data was the latest suggestion that a brutally cold winter was putting a big dent in the economy. But severe weather cannot be blamed for all the slowdown in growth as the economy appears to have ended 2013 […]

Candy Crush Saga maker King plans U.S. stock market debut

(Reuters) – King, the company behind the hit mobile phone game “Candy Crush Saga,” is planning a U.S. stock market debut that some analysts think could value it at more than $5 billion and herald a flurry of technology company listings this year. The successful flotation of Twitter in November and a surge in Facebook’s share price have fueled speculation that a string of technology firms could come to market, including music-sharing service Spotify, lodging […]

NZ court rules Megaupload warrant legal, dealing blow to Dotcom

(Reuters) – A New Zealand court on Wednesday ruled that the search warrant used in the arrest of Megaupload founder Kim Dotcom on U.S. online piracy charges was legal, dealing a blow to the internet entrepreneur who is fighting extradition to the United States. Acting on the request of U.S. authorities, the New Zealand government successfully appealed a 2012 ruling that police used illegal warrants when they arrested the tycoon in January 2012 at his […]