Business

Wirecard administrator eyes piece-by-piece sell-off

FRANKFURT AM MAIN, Germany (AFP) —  The unprecedented scandal at German payments processor Wirecard could lead to the group being sold off piecemeal, after its insolvency administrator said investors are eyeing profitable business units. A provisional committee of Wirecard creditors signed off on an international search for buyers Tuesday and confirmed lawyer Michael Jaffe as administrator. “Many investors from all over the world have already signaled interest in buying the core business or independent business […]

Japan business confidence at lowest level since 2009: survey

TOKYO, Japan (AFP) — Confidence among Japan’s biggest manufacturers plunged to the worst level since 2009, a key survey showed Wednesday as the coronavirus pandemic hits global demand and disrupts production. The Bank of Japan’s June Tankan business survey — a quarterly poll of about 10,000 companies — showed a reading of minus 34 among major manufacturers, the lowest level since June 2009 when the global financial crisis hit the world’s third-largest economy. The shock […]

Japan jobless rate up, available jobs in worst plunge since 1974

TOKYO, Japan (AFP) — Japan’s unemployment rate rose to 2.9 percent in May, official data showed Tuesday, the third consecutive monthly rise as the coronavirus pandemic takes its toll on the world’s number-three economy. The 0.3-percentage-point rise from April suggests Japan’s first recession since 2015 is beginning to have an impact on the labour market. Another closely watched indicator showed there were 120 jobs available for every 100 jobseekers, compared to 132 jobs in April […]

Globe myBusiness prepares SMEs: ‘Para Sa Bagong Bukas’

By Caesar Vallejos, OPEN FOR BUSINESS Aptly themed “Para Sa Bagong Bukas”, Globe’s Saludo SME, prepares the Small and Medium Enterprises to embrace the new normal. A double entendre, the theme could mean ‘a new tomorrow’ and ‘open anew.’  Saludo SME was launched in 2019 and in this year’s edition, Globe myBusiness salutes “SMEs who have remained open or planning to get back on their feet” amidst the global pandemic. The COVID-19 pandemic which prompted […]

Nokia to cut 1,200 jobs at Alcatel-Lucent in France

PARIS, France (AFP) — Nokia plans to eliminate 1,233 jobs at its Alcatel-Lucent subsidiary in France, slashing its workforce in the country by a third as it grapples with intense competition in the telecoms equipment market amid the launch of 5G networks, the company and unions said Monday. It is the fourth round of layoffs at hardware manufacturer Alcatel-Lucent in the four years since it was bought by Nokia in 2016, and the biggest by […]

Dubai ports giant ‘prepares for worst’ as virus impact looms

by Sarah Stewart and Omar Hasan DUBAI, United Arab Emirates (AFP) — The giant Dubai-based ports operator DP World is “preparing for the worst” in the months ahead, as coronavirus inflicts the heaviest blow on global trade since World War II. However, the firm which runs port and logistics operations in 54 countries is still hungry for revenue-generating acquisitions, its chairman Sultan Ahmed bin Sulayem told AFP in an interview. Already one of the most […]

New Zealand takes biggest economic hit in 29 years

WELLINGTON, United States (AFP) — New Zealand’s economy suffered its biggest contraction in 29 years during the first three months of the year, official data showed Thursday, with worse expected as the coronavirus pandemic’s full impact emerges. Gross domestic product (GDP) shrank 1.6 percent in the January-March quarter, the biggest fall since early 1991. The contraction exceeded market expectations of about one percent, even though the quarter only covers the early stages of the coronavirus […]

World stocks power ahead on rapid recovery hopes

NEW YORK, United States (AFP) — Global stocks powered higher Tuesday as strong US retail sales data bolstered confidence in the economic recovery, even as China further tightened restrictions to try to limit a fresh coronavirus outbreak in Beijing. Major indices in Europe and the United States gained following a surprisingly big rebound in retail sales in May, which came after an April marred by widespread coronavirus shutdowns. Analysts also pointed to a boost from […]

Japan economy better than feared but still in recession

TOKYO, Japan (AFP) —  Japanese growth figures were better than initially feared in the first quarter, according to official data published on Monday, but the world’s third-top economy was still mired deep in recession. Gross domestic product contracted by 0.6 percent in the January-March period compared to the previous quarter. Authorities had initially reported a 0.9-percent contraction. Economists had expected the revision, with the market forecasting a 0.5-percent contraction. The figures confirmed that Japan was […]

Russia to spend over $70 billion on virus recovery plan

MOSCOW, Russia (AFP) — Russia plans to spend about $72 billion (65 billion euro) on a plan to restore the economy following the coronavirus shutdown, Prime Minister Mikhail Mishustin said Tuesday. The program to boost employment, incomes and economic growth “contains over 500 measures, its cost over two years will be about five trillion rubles,” Mishustin told President Vladimir Putin in a televised meeting. Putin described the plan as a “foundation” for repairing the economy […]

Shares in Latin America’s biggest airline plunge after bankruptcy filing

by Miguel SANCHEZ SANTIAGO, Chile (AFP) — Shares in Latin America’s largest airline plunged on the New York and Santiago stock exchanges on Tuesday after LATAM filed for bankruptcy in the US. LATAM has suffered a drastic slump in business due to the coronavirus pandemic, which has hit travel and tourism all over the world. Last month the airline scaled back operations by 95 percent. “LATAM entered this crisis as a healthy and profitable group […]

Singapore warns of worst economic contraction since independence

SINGAPORE, Singapore (AFP) — Singapore’s embattled economy could shrink by as much as seven percent this year, which would be the worst reading since independence, with the government saying Tuesday the coronavirus pandemic had throttled the key export sector. The city-state is seen as a bellwether of the global economy and the historic contraction highlights the extreme pain being wrought on countries by the killer disease. The warning also came hours before Singapore’s deputy prime […]