Business

S&P set to cut Puerto Rico’s rating as debt default looms

WASHINGTON, United States (AFP) – Rating firm Standard & Poor’s said it was prepared to cut Puerto Rico’s credit rating to default as it expects the US territory will fail to make a crucial payment Friday. Puerto Rico already has missed several payment deadlines. The Caribbean island was expected to default on some $2 billion in debt payments due Friday, despite a rescue plan signed into law Thursday by President Barack Obama. “Puerto Rico, in […]

Brexit vote shakes London property market

  LONDON, United Kingdom (AFP) by Patrice NOVOTNY The Brexit vote could cool London’s superheated property market, with some professionals already noting signs of a slowdown, though Gulf investors have signalled their interest is so far undimmed. After a slump in 2008 during the global financial crisis, the sector recovered, first tentatively and then at full pelt, with average prices this year reaching 54 percent higher than their pre-crisis peak. The growth was fuelled by […]

New version of Android crowned ‘Nougat’

SAN FRANCISCO, United States (AFP) — Google’s newest mobile operating system will be called Nougat, continuing a tradition of naming Android software after sweet treats, the tech giant said Thursday. Google had invited people to send in suggestions at its annual developers conference in May, and revealed the winning Android name at a playful ceremony at its campus in the Silicon Valley city of Mountain View. Nutella was thought to be a favorite, but Nougat […]

Apple considering Tidal music purchase

SAN FRANCISCO, United States (AFP) — Apple is exploring the purchase of rival music streaming service Tidal, which is run by rap star Jay-Z, the Wall Street Journal reported Thursday. The paper said Apple is interested in using the company to beef-up its own year-old steaming service Apple Music. Talks between the companies are ongoing and might not result in a tie-up, the Journal said, citing unnamed people familiar with the matter. Executives at Tidal […]

Philippine Airlines income jumps more than six-fold

MANILA, Philippines (AFP) — Once-troubled flag-carrier Philippine Airlines (PAL) on Thursday announced a 560 percent jump in its “comprehensive income” for 2015, signalling a remarkable recovery after a huge loss in the fiscal year 2013. Low fuel prices and an increase in destinations and aircraft numbers boosted “comprehensive income” to $134.42 million for the period, the airline said in a statement. Comprehensive income refers to the airline’s net profit and other sources of income, a […]

US man claims Apple owes him a fortune for iPhone idea

SAN FRANCISCO, United States (AFP) – A Florida man who claims Apple made a killing with his iPhone idea is suing the technology giant seeking billions of dollars. A lawsuit filed in a federal court in Florida this week by Thomas Ross argued that Apple “hijacked and exploited” a design he came up with in 1992 for an “electronic reading device.” He is demanding damages of no less than $11 billion and another $10 billion […]

Adidas, Kanye West expand clothing, footwear partnership

NEW YORK, United States (AFP) — Adidas doubled down on its business ties with rap star Kanye West on Wednesday, announcing a new line of footwear and accessories to be sold in dedicated shops. The Germany-based athletic wear giant said merchandise under the newly launched adidas + KANYE WEST label is an expansion of its existing YEEZY brand. “With adidas + KANYE WEST we are exploring new territories by opening up the sports world to […]

Japan factory output dives in knock to recovery

TOKYO, Japan (AFP) — Japanese industrial production dived in May for the first time in three months, official data showed Thursday, in a worrying sign for the already fragile economy. Factory output dropped 2.3 percent in May from a month earlier, much worse than the average 0.2 percent drop expected by economists, according to Bloomberg News. The weak figures come after Japan logged a trade deficit in May, its first since January, while retail sales […]

PHL stocks rally ahead of Duterte inauguration

MANILA, June 30 — Local share prices rallied near 7,800-mark on Wednesday as it tracked the upbeat global markets days after the British exit ‘Brexit’ vote and ahead of Duterte administration. The barometer Philippine Stock Exchange (PSE) zoomed 131.84 points or 1.72 percent to 7,798.53 from previous day’s 7,666.69 finish. “The local bourse soared in tandem with global marts as expectation for more stimuli sent investors running for bargain issues,” said RCBC Securities Inc. in a […]

Pound steady in Asia on hopes for stimulus

TOKYO, Japan (AFP) — The pound held steady Wednesday and demand for higher-yielding currencies picked up as traders considered a meeting of Japanese officials and the possibility of fresh stimulus to counter the impact of Britain’s EU exit. In Tokyo, sterling bought $1.3328 slightly down from $1.3340 in New York where it had made gains after plunging to a 31-year-low $1.3121 earlier in the week. Japanese Prime Minister Shinzo Abe, Bank of Japan Governor Haruhiko […]

Pinterest ramps up e-commerce features

SAN FRANCISCO, United States (AFP) — Online bulletin board Pinterest on Tuesday unveiled new features to facilitate shopping on the site, as the platform pushes to become an e-commerce hub. The new offerings announced at the company’s San Francisco headquarters include a virtual shopping bag that users can fill as they cruise bulletin boards. “When you’re ready to check out, everything you’ve added to your bag will be right there waiting for you,” Pinterest product […]