Business

Lithuania opens trade office in Taipei

Vilnius, Lithuania | AFP | Lithuania announced Monday that it has opened an office in Taipei in order to boost trade, a year after Taiwan had inaugurated a de facto embassy in the capital of the Baltic EU country. “I am happy that we were able to open this representative office,” Lithuanian Economy Minister Ausrine Armonaite told reporters in Vilnius, stressing Vilnius is not developing diplomatic ties. Lithuania decided to use the name of the […]

Large hydrocarbon deposit discovered off Angolan coast

  Luanda, Angola | AFP | A large hydrocarbon deposit has been discovered off the shore of Angola’s capital Luanda at a site operated by American firm ExxonMobil, the country’s national agency for oil, gas and biofuels announced Monday. The deposit was discovered about 365 kilometres (225 miles) northwest of the oil-rich nation’s coast through a drilling 1,100 metres deep, the Angola’s National Agency for Oil, Gas and Biofuels (ANPG) said in a statement. The […]

Big-time hike on gasoline; minimal rollback for diesel, kerosene

By Kris Crismundo  Philippine News Agency MANILA – Oil companies will implement price adjustments on petroleum products starting Tuesday. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix, Seaoil, Shell, and Unioil said they will increase gasoline prices by PHP1.40 per liter and will decrease diesel prices by PHP0.50 per liter. Caltex, Seaoil, and Shell will also slash kerosene prices by PHP0.35 per liter. Other oil firms are expected to follow suit. Since the start […]

Ryanair flies into profit, eyes strong outlook

London, United Kingdom | AFP | Irish airline Ryanair flew back into a first-half profit Monday and forecast a strong outlook despite recession headwinds in Europe, as air travel rebounds after the lifting of Covid restrictions. Profit after tax came in at 1.37 billion euros (dollars) in the six months to the end of September after a net loss of 48 million euros a year earlier, the Dublin-based carrier said in a statement. Ryanair said […]

Meta planning massive layoffs: report

  San Francisco, United States | AFP | Facebook-parent Meta will become the latest tech firm to scale back its workforce, with plans to layoff thousands of employees this week, US media reported Sunday. The Wall Street Journal, citing people familiar with the matter, reported that the layoffs could impact “many thousands” of Meta employees and that an announcement was expected as soon as Wednesday. As of September 30, Meta had about 87,000 employees worldwide […]

Indonesia Q3 growth rises but remains below forecasts

Jakarta, Indonesia | AFP | Indonesia’s economic growth accelerated in the third quarter of 2022 on the back of strong exports and domestic consumption, official data showed on Monday, but it remained below forecasts. It was the biggest jump for Southeast Asia’s largest economy in more than a year, rising from 5.44 percent in the second quarter to 5.72 percent for the period between July and September, the Central Statistics Agency said. The Indonesian economy […]

China exports fall in October, first decline since 2020

Beijing, China | AFP | by Jing Xuan TENG China’s exports shrank in October, the first such decline since mid-2020, customs authorities said Monday, as a domestic slowdown and the threat of global recession hit international trade. Exports fell 0.3 percent year-on-year in October, according to the General Administration of Customs, a steep drop from September’s 5.7 percent increase and well below analysts’ expectations. Year-on-year imports were down 0.7 percent in October, negative for the […]

Twitter starts rolling out new paid subscription

  San Francisco, United States | AFP | Twitter began rolling out a controversial new paid subscription system on Saturday that the social network’s unpredictable new owner, billionaire Elon Musk, ordered staff to build after taking over last week. Days into the Tesla boss’s stewardship of one of the world’s leading platforms for discourse and activism, his promises and provocations are prompting a wave of reactions — including warnings from the United Nations and an […]

Twitter sacks half of staff as Musk launches overhaul

  San Francisco, United States | AFP | by Julie JAMMOT Twitter sacked half of its 7,500-strong staff on Friday as new owner Elon Musk launched his major overhaul of the troubled company just a week after his blockbuster takeover. An internal document seen by AFP said “roughly 50 percent” of employees were impacted and would be denied access to company computers and email on an immediate basis. Workers around the world were shown the […]

Twitter says layoffs to begin Friday

SAN FRANCISCO, United States (AFP) — Twitter said it will start laying off employees on Friday, as the new billionaire owner Elon Musk moves quickly after his big takeover to make the messaging platform financially sound. A company-wide email seen by AFP says Twitter employees will receive word via email at the start of business Friday, California time, as to what their fate is. It does not give a number but the Washington Post and […]

US stocks fall after Fed’s latest rate hike

New York, United States | AFP | Wall Street stocks retreated Wednesday after the Federal Reserve announced another big interest rate hike and signaled expectations for more increases. Near 1920 GMT, the Dow Jones Industrial Average was down 0.7 percent at 32,431.91. The broad-based S&P 500 dropped 1.4 percent to 3,800.96, while the tech-rich Nasdaq Composite Index fell 2.1 percent to 10,665.51. The US central bank, as expected, raised the benchmark borrowing rate by 0.75 […]

Plea from Ukraine first lady kicks off annual tech summit in Portugal

  Lisbon, Portugal | AFP | One of the world’s biggest tech conferences will get going in Lisbon on Wednesday, after Ukraine’s first lady formally opened the event by urging participants to use their skills to save lives rather than end them. Olena Zelenska told an audience of several thousand at the Web Summit’s opening ceremony late on Tuesday not to put “technology at the service of terror” — unlike some in Russia. “Some IT […]