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BEIJING, China (AFP) — China on Friday lashed out at the decision by Standard & Poor’s to downgrade the country’s credit rating, calling the warning against ballooning debt “mistaken” and based on “cliches” about its economy. The agency slashed China from AA-minus to A-plus on Thursday, a move that followed a similar decision in May by Moody’s stemming from concerns that the world’s second largest economy is increasingly overleveraged. “Standard & Poor’s downgrade of China’s […]
TOKYO, Japan (AFP) — Toshiba tumbled Thursday after saying it would sell its memory chip business for around $18 billion, as its US partner vowed to keep fighting to block a deal seen as crucial to the Japanese industrial conglomerate’s survival. The embattled stock fell as much as 5.39 percent to 298 yen, before it recovered to 306 yen, still down 2.85 percent. Late Wednesday, Toshiba announced the sale to a group led by US […]
TAIPEI, Taiwan (AFP) — Taiwan’s struggling smartphone maker HTC said Thursday it was selling part of its smartphone business to US technology giant Google for $1.1 billion. The deal includes intellectual property licensing and half of its research staff, or around 2,000 people, and is expected to be completed in early 2018 pending regulatory approval, HTC said. “For Google, the deal will further strengthen its investment in and committment to smartphones and its hardware business… […]
TOKYO, Japan (AFP) – Tokyo stocks opened higher on Thursday as exporters received a boost from a weaker yen against the dollar after the US Federal Reserve kept alive the chance of a December interest rate hike. The bellwether Nikkei 225 index rose 0.80 percent, or 162.10 points, to 20,472.56 in early trade while the broader Topix index was up 0.70 percent, or 11.62 points, at 1,679.54. The US central bank concluded a two-day meeting […]
BEIJING, China (CCTV) — The central parity rate of the Chinese yuan weakened by 140 basis points to 6.5670 against the U.S. dollar on Wednesday, the lowest since the start of this month, according to the China Foreign Exchange Trade System. The midpoint of the Chinese yuan against the greenback is slipping to a two-week low of 6.5530 on Tuesday. Analysts said the fast appreciation of the yuan since late June drew a lot of […]
NEW YORK, USA (Reuters) — Toys ‘R’ Us Inc, the largest United States toy store chain, filed for bankruptcy protection on Monday (September 19), the latest sign of turmoil in the retail industry caught in a viselike grip of online shopping and discount chains. Toys ‘R’ Us said it received a commitment for over $3 billion (2.22 billion pounds) in debtor-in-possession financing from lenders including a JPMorgan-led bank syndicate and certain of the company’s existing lenders. […]
TOKYO, Japan (Reuters) — The Tokyo stock exchange showed volatile movement at the opening just hours after North Korea fired a ballistic missile that flew over Northern Japan early Friday (September 15). Both the Nikkei 225 stock market and the wider Topix markets opened slightly lower than Thursday (September 14), but both markets regained traction quickly, going up by 43.15 points within thirty minutes after trading began. The missile fired by North Korea flew over […]
BEIJING, China (CCTV) — China’s economic performance was stable in August, according to data released by the National Bureau of Statistics on Thursday. The industrial production was as a whole stable, and the added value of above-scale industrial (enterprises with an annual prime operating revenue of 20 million yuan or above) increased 6.0 percent year on year. This was despite the fact thay growth rate was 0.4 percentage points less than the rate in July. China’s […]
NANNING CITY, South China (CCTV) — The 14th China-ASEAN Expo (CAEXPO) and the China-ASEAN Business and Investment Summit opened in Nanning, capital of south China’ s Guangxi Zhuang Autonomous Region on Tuesday. Themed “jointly building the 21st Century Maritime Silk Road and boosting regional economic integration through tourism,” the four-day expo is held at the Nanning International Convention and Exhibition Center. Brunei’s Sultan Haji Hassanal Bolkiah and Cambodian Prime Minister Hun Sen were among the […]
NEW YORK CITY, USA (Reuters) — Shares in Apple took a late knock on Thursday (September 8), after a report in the Wall Street Journal that the iPhone 8 has hit production glitches that could push manufacturing back by about a month. The story says Apple could face shipping delays and supply shortages after the new phone makes its debut next week, a potential downer for fans as they look forward to the iphone’s 10th […]
LONDON, England (Reuters) — The film franchise features Bond, James Bond. And Apple Inc and Amazon.com Inc have joined a bevy of suitors bidding for distribution rights for the lucrative movies depicting the exploits of Britain’s famed fictional spy, the Hollywood Reporter said on Wednesday (September 6). Mega-retailer Amazon.com and iPhone maker Apple are hoping to gain a strong foothold in Hollywood. Their competition for the Bond film distribution rights includes Time Warner Inc’s Warner […]
MEXICO CITY, Mexico (AFP) — Royal Dutch Shell said Wednesday it would invest $1 billion in Mexico over the next decade, after the oil giant opened its first retail gas station in the country. The investment in the world’s fifth-biggest consumer of gasoline depends on market conditions continuing to develop at their current rates, said Shell executive Istvan Kapitany. The money is earmarked for “expanding and improving the retail network, improving fuel logistics infrastructure and […]
