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by Alice Philipson and Tran Thi Minh Ha HANOI, Vietnam (AFP) — A strong response to the coronavirus pandemic, surging exports and healthy public spending have helped Vietnam buck a global recession in 2020 and fast-track its recovery, with analysts predicting it will likely enjoy one of the highest growth rates in the world. But the pain is not over for some sectors with containment measures and border disruptions hammering the country’s tourism industry, and […]
TOKYO, Japan (AFP) — Confidence among major Japanese manufacturers has recovered further after plunging on pandemic woes to its worst level since the global financial crisis, a key survey showed Monday. The Bank of Japan’s December Tankan business survey — a quarterly poll of about 10,000 companies — showed a reading of minus 10 among big manufacturers, after recording minus 27 in the previous survey and minus 34 in the June survey. The latest figure […]
Due to the pandemic, MSMEs have experienced dwindling sales and closures, both permanent and temporary. According to the Philippine Enterprise Survey conducted by Asian Development Bank, most MSMEs have run out of cash and savings, and may have postponed or cancelled their corporate parties or holiday bonuses to save money. With the COVID-19 crisis, MSMEs are very mindful of their cash flow to ensure the survival of their business. Expressing its understanding of the needs […]
NEW YORK, United States (AFP) — America’s billionaires have seen their wealth rise by more than $1 trillion since the start of the coronavirus pandemic, according to a study Wednesday, fueling a debate about higher taxes on the rich. The collective wealth of the 651 billionaires in the United States soared from $2.95 trillion on March 18 to $4.01 billion on Monday, said the Institute for Policy Studies and Americans for Tax Fairness (ATF). […]
KUALA LUMPUR, Malaysia (AFP) — China will consider joining a free trade pact once championed by the US but abandoned by Donald Trump, President Xi Jinping said Friday, as Beijing increasingly seeks to influence the global rules of commerce. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is an updated version of a giant deal originally backed by former US president Barack Obama as an effort to counter China’s rising might in Asia. Trump […]
SYDNEY, Australia (AFP) — Australia has exited its first recession in almost 30 years, after official figures on Wednesday showed the economy grew 3.3 percent in July-September compared with the coronavirus-hit previous quarter. With local transmission of Covid-19 largely under control, official data showed businesses have begun to rebound and consumer spending has surged. The Australian Bureau of Statistics said household spending largely drove the economic bounce, rising 7.9 percent compared with the previous quarter. […]
LOS ANGELES, United States (AFP) — Disney said Thursday it will cut 32,000 jobs in 2021, primarily from its US theme parks division, an increase from layoffs announced in September. The company, which previously said it would cut 28,000 jobs, has struggled with the pandemic and social restrictions. According to a filing with the Securities and Exchange Commission, the cuts — which Variety reported are part of September’s announcement — would be made in […]
Globe myBusiness supports SMEs (Small and Medium Enterprises) with the #GiftLocal campaign that aims to encourage Filipino consumers to purchase their gifts for family and friends from local small businesses. “We have always rallied the Filipino consumers to patronize local establishments and help Filipino SMEs,” said Globe myBusiness Strategy and Marketing Head Maridol Ylanan. “This year’s Gift Local campaign will serve an even greater purpose, as we feature the products of our SME partners that […]
by Alice Philipson, with Martin Abbugao in Singapore Agence France Presse HANOI, Vietnam (AFP) — Fifteen Asia-Pacific countries on Sunday signed the world’s biggest free trade deal, seen as a huge coup for China in extending its influence. The Regional Comprehensive Economic Partnership (RCEP) includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, with members accounting for around 30 percent of global GDP. First proposed in 2012, the […]
by Shingo ITO Agence France Presse TOKYO, Japan (AFP) — Japan’s economy exited recession in the third quarter, growing a better-than-expected 5.0 percent, government data showed Monday, following a record contraction. A rise in domestic demand as well as exports helped drive the quarter-on-quarter growth, after the coronavirus pandemic and a consumption tax hike slammed the economy into reverse earlier in the year. The positive figures come after three quarters of contraction in the […]
by Joseph SOTINEL Agence France Presse LONDON, United Kingdom (AFP) — Bitcoin’s rally above $15,000 has reignited debate over whether the cryptocurrency is so-called digital gold or a perilously risky bet as investors grapple with the coronavirus pandemic. The world’s most popular virtual unit has gained over 30 percent in value in almost three weeks up to Friday (November 6), taking it close to its December 2017 peak when it reached nearly $20,000. After […]
HONG KONG, China (AFP) — A spike in coronavirus infections across the United States and Europe hit Asian markets again Friday as traders fear another wave of lockdown measures will throw an already shaky economic recovery off course. The rally fuelled by excitement over a possible vaccine before 2021 and relief at Joe Biden’s US election win has given way to the reality that while there is light at the end of the tunnel, […]
