Business

UK inflation nears three-year peak as economy reopens

LONDON, United Kingdom (AFP) — Britain’s annual inflation rate has soared close to a three-year peak as consumer prices accelerated on easing virus curbs, official data showed Wednesday. The Consumer Prices Index hit 2.5 percent in June, which was the highest rate since August 2018 and compared with a 2.1 percent gain in May 2021, the Office for National Statistics said in a statement. Inflationary pressures were partly stoked by the temporary impact of rising […]

US sees biggest annual inflation jump since 2008

by Heather SCOTT WASHINGTON, United States (AFP) — The United States saw its biggest surge in inflation in more than a decade last month, according to government data released Tuesday, hitting consumers and challenging the White House and Federal Reserve narrative that the price spike will fade in the coming months. As widespread Covid-19 vaccinations allowed the world’s largest economy to relax pandemic restrictions, Americans have resumed spending and traveling but have faced rising prices […]

US states accuse Google of app store monopoly

by Glenn CHAPMAN Agence France Presse SAN FRANCISCO, United States (AFP) — Dozens of US states joined forces in a lawsuit filed Wednesday accusing Google of abusing its power when it comes to getting apps for Android-powered mobile devices. The litigation aimed at the Play Store online shop for apps and other digital content for Android smartphones comes as the power of Big Tech firms is facing increasing pressure from regulators and lawsuits. “We are […]

Cyberattack hits hundreds of US businesses

  SAN FRANCICO, United States (AFP) — A US IT company urged customers to shut down their servers Friday after cyberattackers smuggled ransomware onto its network platform. Kaseya said Friday evening that it had limited the attack to “a very small percentage of our customers” who use its signature VSA software, “currently estimated at fewer than 40 worldwide.” Cybersecurity firm Huntress Labs had earlier said in a Reddit forum that it was working with partners […]

Globe Business kicks off tribute campaign for MSMEs

  By Randy Bernardino The COVID-19 pandemic has tested Micro-, Small and Medium-Sized Enterprises (MSMEs) to see if they are future-proof. Some businesses are struggling to survive, while others have shut their doors completely.  In spite of the unprecedented disruptions, small business owners have been resilient and resourceful to adapt to the changing times.  Globe Business salutes these efforts as it kicks off the campaign #SaludoSMEs with the theme “Tuloy Tayo.” This is in conjunction […]

Haiti, Malta, Philippines, South Sudan put on money laundering watch list

  Haiti, Malta, Philippines and South Sudan were placed Friday on a “grey list” of countries under increased monitoring to counter money laundering and terrorist financing. The Financial Action Task Force, an international organisation that coordinates global efforts to crack down on money laundering and terrorism financing, said nations on the list are working with it to correct deficiencies in their financial systems. The additions bring to 22 the number of countries currently under increased […]

Bitcoin dives as China widens crackdown on crypto mining

BEIJING, China (AFP) — Bitcoin tumbled more than 10 per cent Monday after China broadened a crackdown on its massive cryptocurrency mining industry with a ban on mines in a key southwestern province. Chinese mines power nearly 80 percent of the global trade in cryptocurrencies despite a domestic trading ban since 2017, but in recent months several provinces have ordered mines to close as Beijing turns a sharp eye to the industry. Authorities in the […]

World Bank warns uneven global recovery leaving poor nations behind

by Heather SCOTT WASHINGTON, United States (AFP) — Fueled by widespread Covid-19 vaccinations in advanced nations, the world economic recovery has picked up speed, but the upbeat outlook obscures a worrying picture in poor nations, the World Bank said Tuesday. The global economy is now expected to grow 5.6 percent this year, 1.5 points faster than projected in January — the fastest post-recession bounceback in 80 years, according to the latest Global Economic Prospects (GEP) […]

Bitcoin sinks and approaches $30,000

LONDON, United Kingdom (AFP) — The price of bitcoin fell sharply on Tuesday, approaching a symbolic $30,000 threshold it has not crossed since January and dragging other cryptocurrencies in its wake. At around 15:45 GMT, bitcoin fell 8.6 percent to a value of $31,501, a level not seen since mid-May, when the volatile cryptocurrency temporarily lost 30 percent in one session. The second-largest cryptocurrency, ethereum, lost 11.2 percent of its value, falling to $2,361. “Numbers […]

UK competition watchdog probes Facebook use of ad data

LONDON, United Kingdom (AFP) — Britain’s competition watchdog said Friday it has opened an investigation into Facebook’s use of advertiser data s the EU announced a similar probe into the social media giant. “We intend to thoroughly investigate Facebook’s use of data to assess whether its business practices are giving it an unfair advantage in the online dating and classified ad sectors,” Andrea Coscelli, head of the Competition and Markets Authority, said in a statement. […]

Most Asian markets up ahead of US jobs but Fed taper talk builds

HONG KONG, China (AFP) — Most Asian markets rose Thursday, with focus on the upcoming release of key US jobs data, while traders were also trying to gauge when the Federal Reserve will begin reconsidering its ultra-loose monetary policies in light of a robust economic recovery. Oil prices also extended gains, fuelled by growing optimism that the reopenings and coronavirus vaccine rollouts will lead to a surge in activity over the coming months and ramp […]

Nestle eyes new strategy as leaked file show many products unhealthy

ZURICH, Switzerland (AFP) — Global food giant Nestle said Monday it was developing a new nutrition strategy after the Financial Times reported on an internal document showing that most of its food and drinks were unhealthy. An internal presentation circulated among top executives earlier this year had revealed that more than 60 percent of Nestle’s mainstream food and drinks portfolio did not meet “recognised definition of health”, the British business daily reported. The presentation, seen […]