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MANILA, Philippines (Eagle News) — The Duterte Administration Economic Managers cut the Philippines’ growth target for 2016 and 2017 to “conservative” levels after noting economic risks. In a briefing Tuesday, Budget and Management Secretary Benjamin Diokno said this year’s target was cut to six to seven percent from 6.8-7.8 percent and the 2017 target to 6.5-7.5 percent from 6.6 to 7.6 percent. The 2018 target was maintained at seven to eight percent, which was adopted […]
NEW YORK, United States (AFP) — Moves by the Bank of England boosted London stocks Tuesday, but bourses elsewhere retreated as traders nervously eyed record low yields on government bonds. The British central bank relaxed commercial banks’ capital requirements to boost lending to businesses and households, providing a shot in the arm to London stocks, with the FTSE 100 adding 0.4 percent as the British pound fell to a 31-year low against the dollar. But Germany’s […]
PARIS, France (AFP) — The European Union’s top economic official on Tuesday criticised a British proposal to slash corporate tax to less than 15 percent following the nation’s vote to abandon the bloc. Britain’s finance minister George Osborne said at the weekend he would seek to slash corporation tax to under 15 percent over fears of a corporate exodus following the June 23 referendum to leave the European Union. The 28-nation EU gave a frosty reception […]
TOKYO, Japan (AFP) — Tokyo’s benchmark stock index headed for its first loss Tuesday after six straight gains, with exporters hit by a stronger yen. Since diving almost eight percent on June 24 in reaction to Britain’s decision to leave the European Union, the Nikkei 225 has rallied on hopes the Bank of Japan will boost its stimulus programme. “Japanese shares declining after a series of gains isn’t strange,” Takuya Takahashi, a Tokyo-based senior strategist […]
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 […]
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 […]
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 […]
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 […]
Graphic showing how the Philippines fairs on major international rankings on business, economic freedom, competitiveness, corruption and gender gap. (AFP)
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 […]
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 […]
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 […]
