Business

‘Middle-class Joe’ Biden tells Davos bosses to look after workers

U.S. Vice President Joe Biden criticised modern corporate “short-termism” on Wednesday (January 20) and urged chief executives gathered in Davos to look after their workers as well as their shareholders. Relishing his nickname of “middle-class Joe”, he told delegates at the World Economic Forum annual meeting that the middle classes, the backbone of economies and democracies, now faced unprecedented threats from technological change. “For I believe the underlying question for world leaders, civil society, academia, […]

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Tension rises as Russia’s rouble falls further

Russians gathered outside banks and closed restaurants on Wednesday (January 20) demanding foreign currency mortgages to be restructured and salaries paid, as the national currency hit the new record low. Employees flocked to the closed doors of the Sbarro pizza restaurant, holding flags and banners calling on the owners to pay them. Sergei, one of the protesters, explained that he and his colleagues have not received money for their work in a while. “The salary […]

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World Economic Forum annual meeting opens in Davos

The opening ceremony of the annual meeting of the World Economic Forum (WEF) was held in the Swiss city of Davos on Tuesday. The theme of this year’s forum is “Mastering the Fourth Industrial Revolution.” Other topics on the agenda include sustainable development of the world economy, global warming and the environment, as well as the refugee crisis and anti-terror issues. “I hope you go home and you are, as myself and all my colleagues, […]

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RMB depreciation will have little impact on China’s economy: official

The depreciation of the Chinese currency yuan will have little impact on the country’s economy, said Wang Bao’an, director of the National Bureau of Statistics, on Tuesday. “The depreciation of renminbi is triggered by two factors, both domestic and foreign ones. One of them is the appreciation of the U.S. dollar. That’s a practical reflection in China. The appreciation of the U.S. dollar brings about the depreciation of renminbi. I think the depreciation of renminbi […]

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Analysts say China GDP figures show worrying trend for economy

GDP figures showing the Chinese economy grew at 6.8 percent in the final quarter of 2015 indicate a worrying downward trend, said an analyst on Tuesday (January 19), as the weakest growth since the financial crisis added pressure on the government to restore investor confidence. Concerns about China’s policy making ability have shot to the top of global investors’ risk lists for 2016 after a renewed plunge in its stock markets and yuan currency stoked […]

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Labor groups proposed 16K minimum wage

Confederation for Unity, Recognition and Advancement for Government Employees or COURAGE proposed that the minimum wage be raised to Php 16, 000 for employees working in the private sector. Said proposal was made as the Senate studies the Salary Standardization Law for government employees. COURAGE added that every employee should feel the economic growth which the Aquino administration is proud about. (Eagle News Service Described by Jay Paul Carlos, Video Editing by Dexter Magno, Uploaded […]

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DTI will meet businessmen for lowering of SRP

The Department of Trade and Industry will meet businessmen this Friday, January 22, to talk about the proposed lowering of the suggested retail price of primary products at the National Price Monitoring Council. DTI added that said talk is timely due to the series of oil price rollbacks in the world market. (Eagle News Service Described by Jay Paul Carlos, Video Editing by Dexter Magno, Uploaded by MRFaith Bonalos) https://youtu.be/baBkIREqL5U

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Big time rollback on price of gasoline this week

Due to the movement of oil prices in the world market, expect a big time rollback on the price of petroleum products this week. Diesel prices will be down by Php 1.30 to Php 1.50 per liter while gasoline prices will be down by Php 1 to Php 1.20. (Eagle News Service Described by Jay Paul Carlos, Video Editing by Dexter Magno, Uploaded by MRFaith Bonalos)

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Taiwan shares rise following DPP election win

Taiwan stocks rose 0.75 percent to 7720.13 points as of 0507GMT on Monday (January 18), after the Democratic Progressive Party’s Tsai Ing-wen won the presidential election over the weekend on the island. Tsai Ing-wen and her Democratic Progressive Party (DPP), which is less friendly to China, won a convincing victory in both presidential and parliamentary elections on Saturday (January 16), in what could usher in a new round of instability with China, which claims self-ruled […]

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Asian shares skid to 2011 levels as oil slump intensifies

Asian shares slid to their lowest levels since late 2011 on Monday (January 18) after weak U.S. economic data and massive falls in oil prices stoked further worries about a global economic downturn. Oil prices fell as much as four percent on Monday, with international benchmark Brent futures falling below $28 per barrel, touching their lowest level since 2003. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.0 percent in early trade, extending its […]

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My 2020 Olympic stadium design is different, says architect

Kengo Kuma, the architect of the 2020 Tokyo Olympics stadium, on Friday (January 15) strongly rejected accusations that he copied the design by British-Iraqi architect Zaha Hadid. A futuristic design proposed by architect Hadid was originally chosen in an international contest to build the centrepiece stadium, but it was dropped last year due to ballooning costs. A design by Japanese architect Kengo Kuma with a price tag of 149 billion yen ($1.27 billion), as opposed […]

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China launches new AIIB development bank as power balance shifts

Chinese President Xi Jinping launched a new international development bank seen as a rival to the U.S.-led World Bank at a lavish ceremony on Saturday, as Beijing seeks to change the unwritten rules of global development finance. Despite opposition from Washington, U.S. allies including Australia, Britain, German, Italy, the Philippines and South Korea have agreed to join the Asian Infrastructure Investment Bank (AIIB) in recognition of China’s growing economic clout. “Asia’s financing needs for basic […]

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