QUEZON CITY, Aug. 2 – The Bangko Sentral ng Pilipinas said preliminary data show that domestic liquidity (M3) grew by 12.4 percent year-on-year to P8.7 trillion in June. BSP noted that this was a slight deceleration from the 13.5-percent expansion recorded in May. On a month-on-month seasonally-adjusted basis, M3 decreased by 0.3 percent. Money supply continued to expand due largely to sustained demand for credit. Domestic claims grew by 16.9 percent in June from 18.7 […]
Business
S. Korea suspends sale of 80 Volkswagen models
SEOUL, South Korea (AFP) — South Korea on Tuesday banned the sale of 80 Volkswagen AG models and handed down a $16 million fine in its latest response to the German carmaker’s emission-cheating scandal. The environment ministry said most of the models had been showcased for sale until recently, and added that the problem vehicles had fabricated documents for emissions and noise-level tests. The ministry said it was revoking the certification for 80 models, or […]
Instagram ramps up fight against harassment
SAN FRANCISCO, United States (AFP) — Instagram on Monday said that is adding a new weapon for fighting harassment at the popular mobile app for sharing pictures and videos. The Facebook-owned social network began letting some celebrities and others with accounts that attract torrents of feedback filter those comments by keywords or even turn off the option to comment on particular posts. “Our goal is to make Instagram a friendly, fun and, most importantly, safe […]
Uber China to merge with local rival Didi: Bloomberg
BEIJING, China (AFP) — Ride-sharing giant Uber is to merge its China operations with local rival Didi Chuxing, reports said Monday, ending a ferocious battle for market share in the world’s second-largest economy. The deal will give Uber a 20 percent share in the combined firm, Bloomberg News reported, adding it will be valued at $35 billion. Both companies have spent billions of dollars on subsidies for drivers and passengers, as well as trading vitriolic […]
China manufacturing contracts in July: govt
BEIJING, China (AFP) — China’s manufacturing shrank in July, the government said Monday, blaming the deterioration on rainstorms that wreaked havoc across large swathes of the country. It was the first time since February the official purchasing managers’ index (PMI) showed contraction, and according to a Bloomberg News survey it missed economists’ expectations it would flatline. The official PMI came in at 49.9 for July, down from 50.0 the month before and underlining problems in […]
Tokyo stocks open lower after BoJ underwhelms
TOKYO, Japan (AFP) — Tokyo stocks opened sharply lower Monday as the yen soared on weak US growth data and after the Bank of Japan disappointed markets with underwhelming tweaks to its stimulus programme. On Wall Street, US equities ended mostly in the black on Friday following strong earnings from major technology companies, despite weaker-than-expected quarterly growth figures from the world’s top economy. Official US data estimated second quarter growth at an annual rate of […]
Brewer SABMiller accepts AB InBev final offer: company
LONDON, United Kingdom (AFP) – Brewer SABMiller’s board on Friday accepted a final takeover offer from rival Anheuser-Busch InBev, the company said in a statement, heralding what will be one of the world’s biggest ever takeovers. The Belgium-based AB InBev had raised its cash offer to 45 pounds per share from 44 pounds, in a revised proposal tabled after the value of the pound slumped following Britain’s vote to leave the European Union. SABMiller Chairman Jan du […]
Sony warns over falling sales, clings to profit
TOKYO, Japan (AFP) — Sony on Friday cut its sales forecast for the current fiscal year, citing the impact of a surging yen and slower smartphone sales, as net profit also took a hit. But it managed to stay in the black as strong sales of its PlayStation 4 offset negative impacts from a sharp rise in the yen and deadly earthquakes in Japan earlier this year which temporarily shuttered its regional factories. Revenue in […]
Amazon revenue beats estimates; Alphabet posts strong revenue
Amazon.com Inc reported a better-than-expected rise in quarterly revenue on Thursday (July 28), powered by blockbuster growth in its cloud services unit. Amazon’s web retail sales in the United States and internationally, the core of the company’s business, also topped expectations, and it forecast revenue ahead of expectations for the third quarter. Shares of Amazon, the world’s biggest online merchant, were up 2 percent in after-hours trading. The Seattle-based company is riding a wave of […]
Apple says one billion iPhones have been sold
SAN FRANCISCO, United States (AFP) — Apple announced Wednesday the sale of its billionth iPhone, a milestone for the company as it seeks to keep momentum in a competitive smartphone market. Chief executive Tim Cook made the announcement at a staff meeting at the company’s California headquarters. “IPhone has become one of the most important, world-changing and successful products in history,” he said in a statement. “It’s become more than a constant companion. IPhone is […]
Smartphone sales drive Samsung Q2 profit
SEOUL, South Korea (AFP) — Solid sales of its flagship smartphone and an aggressive cost-cutting drive saw Samsung Electronics on Thursday post a better-than-expected gain in net profit for the second quarter. The giant South Korean conglomerate said its key mobile division enjoyed “substantial earnings improvement” in the April-June period led by expanded sales of its high-end Galaxy S7 and S7 Edge phones. Industry trackers estimate that the world’s largest smartphone maker has sold about […]
Fed leaves rates unchanged but says US economy improving
WASHINGTON, United States (AFP) by Douglas Gillison The Federal Reserve left key interest rates untouched Wednesday but acknowledged improved economic performance, suggesting a rate increase may still be on the horizon in 2016. Policy makers had not been expected to raise rates, out of concern that a hike could stifle fragile growth. Their improving view on economic conditions left open the possibility of an increase in the benchmark federal funds rate, currently at 0.25-0.50 percent, […]
