Business

Huawei says it plans to invest $3.1 billion in Italy

MILAN, Italy (AFP) — Chinese tech giant Huawei said Monday it plans to invest $3.1 billion (2.75 billion euros) in Italy over three years, as the firm looks to strengthen its foothold in Europe after the US labelled it a major security risk. Huawei — a leader in next-generation 5G wireless technology — is subject to US sanctions over concerns about its ties to the government in Beijing and Washington has urged allies to shun […]

Asian markets in retreat as China growth slows further

HONG KONG, China (AFP) — Asian markets slipped on Monday as data showed China’s economy growing at its weakest pace in nearly three decades, hit by the US trade war, while investors debate the depth of an expected Federal Reserve interest rate cut. The world’s number-two economy expanded 6.2 percent in April-June, the worst reading since the early 1990s but in line with forecasts and within the government’s target range. The reading highlights the negative […]

Singapore economy shrinks in warning for global trade

SINGAPORE, Singapore (AFP) — Growth in export-reliant Singapore suffered a surprise sharp contraction in the second quarter, official data showed Friday, sending a stark warning that US-China trade tensions are hurting the global economy. The city-state’s gross domestic product shrank an annualized 3.4 percent, sharply down from 3.8 percent growth in the first three months of the year and well off forecasts of a slight expansion. On a year-on-year basis, it expanded just 0.1 percent, […]

Huawei planning major job cuts in US: WSJ

WASHINGTON, United States (AFP) — Chinese telecoms giant Huawei, which is subject to US sanctions over concerns about its ties to the government in Beijing, is planning to make major job cuts at its US operations, The Wall Street Journal reported Sunday. The layoffs are expected at Huawei’s US-based research and development arm, Futurewei Technologies, the paper reported, citing unnamed people familiar with the situation. The unit currently employs 850 people at several labs in […]

Amazon to offer job skill training to 100,000 US workers

WASHINGTON, United States (AFP) — Amazon announced plans Thursday to offer job training to around one-third of its US workforce to help them gain skills to adapt to new technologies. The US tech giant said it would spend $700 million for its Upskilling 2025 program to train 100,000 employes to help them move into more skilled roles within or outside of Amazon. The move comes amid growing concerns that automation and robots are killing low-skilled […]

Most Asian markets in retreat as eyes turn to Federal Reserve

HONG KONG, China (AFP) — Most Asian markets extended losses Tuesday as investors re-evaluated the Federal Reserve’s interest rate options following last week’s strong US jobs report. Traders globally ran for cover after the forecast-beating payrolls figures dealt a blow to hopes for a steep cut in borrowing costs, stopping in its tracks an equities rally and pushing the dollar higher. The focus now turns to the release of minutes from the Fed’s June policy […]

Mislatel, renamed Dito, awarded certificate to operate by President Duterte; vows 55 Mbps internet speed

  (Eagle News) — Mindanao Islamic Telephone Co. (Mislatel) consortium, the new player in the Philippine telecommunications industry, could soon operate in the country after it formally received its Certificate of Public Convenience and Necessity (CPCN) from President Rodrigo Duterte. Duterte awarded on Monday, July 8, the certificate to Mislatel which vowed to improve the prevailing internet speed from 4.5 Mbps to 55 Mbps. The consortium will be renamed Dito Telecommunity Corporation, which is expected […]

Hong Kong media firm dives 90% as chairwoman arrested

HONG KONG, China (AFP) — Shares in media company Camsing International crashed 90 percent in Hong Kong on Monday after saying its chairwoman had been arrested in China. In a statement to the city’s stock exchange, Camsing said the board became aware Friday that Lo Ching, who was also an executive director, was “currently being held in criminal custody” by the Yangpu Branch of the Shanghai Public Security Bureau. “The directors are unable to ascertain […]

June 2019 inflation slows down to 2.7 percent becoming lowest recorded since Sept 2017

  (Eagle News) – The country’s inflation for June decelerated to 2.7 percent, becoming the lowest recorded since September 2017. This was according to the Philippine Statistics Authority which noted that the inflation last May was higher at 3.2 percent. If the inflation rate will be compared to June last year, the June 2018 inflation is much higher, or almost double, at 5. 2 percent. “The slowdown of inflation in June 2019 was mainly driven […]

Oil prices tumble even as producers extend supply agreement

HONG KONG, China (AFP) — Oil prices fell sharply on Tuesday even as leading crude exporters extended a supply agreement, while global equities mostly nudged higher in the aftermath of the weekend’s US-China trade detente. Benchmark crude prices tumbled more than four percent following the latest agreement among oil producers, confirmed at a meeting of the Organization of the Petroleum Exporting Countries in Vienna and supported by Russia and other exporters. Analysts still see the […]

OPEC extends oil output cuts after Moscow-Riyadh pact

by Roland JACKSON / Jastinder KHERA VIENNA, Austria (AFP) — OPEC agreed Monday to extend by nine months daily oil output cuts aimed at supporting prices and soaking up excess supplies, following last weekend’s G20 pact between cartel kingpin Saudi Arabia and non-member Russia. “We are very happy to announce that we have reached an agreement to extend for nine months the current production level,” said OPEC president and Venezuelan Oil Minister Manuel Quevedo at […]

Asian markets surge on Trump-Xi breakthrough, oil rallies

HONG KONG, China (AFP) — Asian markets surged Monday after Donald Trump and Xi Jinping agreed to restart trade talks, reviving hopes of an end to their tariffs war, while oil prices also rallied on news that Saudi Arabia and Russia will extend their output caps. Trump’s historic visit to North Korea, where he met leader Kim Jong Un, soothed geopolitical concerns and added to the upbeat mood on trading floors. After a highly anticipated […]