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TOKYO, Japan (AFP) — Tokyo stocks gained Tuesday as a strong US jobs report continued to support the global market while the yen edged lower against the dollar, boosting Japanese exporters. The benchmark Nikkei 225 index rose 0.28 percent or 63.60 points to close at 22,539.54, while the broader Topix index edged up 0.02 percent or 0.27 points at 1,774.96. “Investors remain utterly unfazed by the prospect of trade tariffs or even higher interest rates,” […]
(Eagle News) — The discovery of oil reserves in Alegria, Cebu can help boost the Philippine economy. This is according to President Rodrigo Duterte after the Department of Energy announced the discovery of commercial quantities of gas and oil from Alegria oil Field in Southern Cebu. “We have been lagging behind our neighbors, and not because we are lazy or poor. But in terms of natural resources. We are behind Indonesia because they have oil. […]
TOKYO, Japan (AFP) — Japan’s economy shrank for the first time in two years in the first quarter of the year amid weak consumption, official data showed Wednesday. The world’s third-largest economy contracted by 0.2 percent quarter-on-quarter in the January-March period, compared with growth of 0.1 percent at the end of 2017, the Cabinet Office said. Private consumption was flat after an uptick of 0.2 percent in the final quarter of last year. Private […]
by Francesco Fontemaggi / Dave Clark © Agence France-Presse WASHINGTON, United States (AFP) — The United States promised Friday that it would work to rebuild North Korea’s sanctions-crippled economy if Kim Jong Un’s regime agrees to surrender its nuclear arsenal. Secretary of State Mike Pompeo’s vow came as senior US officials expressed growing optimism ahead of the landmark June 12 summit between Kim and President Donald Trump. Pompeo, who held talks Pyongyang’s young leader over […]
HONG KONG, China (AFP) — Asian markets built on the past week’s gains Friday following another rally in New York as traders welcomed a below-forecast US inflation read that dampened expectations for a sharp lift in interest rates. While geopolitical tensions continue to linger after Donald Trump pulled out of the Iran nuclear pact this week, dealers were buoyed by the prospect of cheaper borrowing after data showed consumer prices edged up only slightly in […]
by Jung Hawon Agence France Presse SEOUL, South Korea (AFP) — In theory Park Jae-yeol should have retired 11 years ago. But despite its advanced economy South Korean state pensions are meagre, and the 71-year-old is obliged to continue working, delivering packages to high-rise apartments. He pushes a cartload of brown boxes into a lift at a block of flats in Seoul, his aging eyes strained by constant squinting at tiny address labels. “Money is […]
MANILA, Philippines (AFP) — The Philippine economy was one of Asia’s best performers in the first quarter of 2018, data showed Thursday, but the strong growth has fuelled speculation the central bank will be forced to lift interest rates. The 6.8 percent expansion, which tied it with China and was only eclipsed by Vietnam, was boosted by a surge in government spending under President Rodrigo Duterte. Philippine growth, which was four percentage points higher than […]
HONG KONG, China (AFP ) — Hong Kong banking giant HSBC said Friday that pre-tax profit dipped four percent to $4.76 billion in the first three months of the year owing to rising operating costs but added it would buy back $2 billion worth of stock. It also said revenue rose six percent to $13.7 billion in the period as it benefits from an improving global economy and rising interest rates. The upbeat January-March results […]
SEOUL, South Korea (AFP) — Shares in South Korean builders, railway component makers and other firms with links to the North rocketed on Monday as Friday’s inter-Korea summit fuelled optimism for new cross-border projects. The historic meeting saw the North’s leader Kim Jong Un and South Korean President Moon Jae-in vowing to “encourage more active cooperation, exchanges” and promote “co-prosperity.” The declaration sent shares of many firms which were once involved in now moribund inter-Korean […]
by Sebastien Berger © Agence France-Presse SEOUL, South Korea (AFP) — North Korean leader Kim Jong Un’s promise to build “socialist economic construction” in his nuclear-armed but impoverished and isolated country could herald more Chinese-style economic reforms, according to analysts — but he will never explicitly say so. Alongside the declaration Saturday that the North had completed the development of its nuclear arsenal and no more atomic or missile tests were needed, Kim proclaimed that the […]
by Heather Scott © Agence France-Presse WASHINGTON, United States (AFP) — Trade tensions between the United States and China, which threaten to spill over into the global economy, are dominating a gathering of world finance officials even as the Group of 20 avoided the topic on Friday. Official after official has called for disputes to be resolved through dialogue rather than unilateral tariffs, and warned about the threat to the economic recovery. French Economy […]
WELLINGTON, New Zealand (AFP) — New Zealand is halting all new offshore oil and gas exploration as part of its efforts to deal with climate change, the centre-left government said Thursday. “(We are) taking an important step to address climate change and create a clean, green and sustainable future for New Zealand,” Prime Minister Jacinda Ardern said. The oil and gas industry in New Zealand generates about NZ$2.5 billion a year ($1.8 billion), including NZ$1.5 […]
