Tag: economy

Dominguez: Massive infra program, comprehensive tax reform to drive PHL inclusive growth

(Eagle News) – Department of Finance Secretary Carlos Dominguez III has said the administration’s “massive infrastructure program” and comprehensive tax reform package would drive the inclusive growth of the country. According to Dominguez, the first element was indispensable as the Philippines for decades has lagged behind its neighbors in economic investments, grappling with a debt overhang. Dominguez was apparently referring to the Build, Build, Build program of the Duterte administration. Under the program, the government […]

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Trump wades into currency uproar, favors ‘strong dollar’

by Heather SCOTT / with Andrew Beatty in Davos Agence France Presse WASHINGTON, United States (AFP) — President Donald Trump waded into the uproar over the US currency Thursday, saying he wants to see “a strong dollar,” countering comments by his treasury secretary that appeared to signal the opposite and sent the greenback plunging to three-year lows. It was an inauspicious start to Trump’s first foray as president onto the glitzy global stage at the […]

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UK’s globetrotting trade chief defends globalism

by Jitendra Joshi Agence France-Presse DAVOS, Switzerland (AFP) — Britain will stand by the poverty-alleviating benefits of free trade as it charts its difficult divorce from the EU, a top minister said Tuesday despite the country’s need to cosy up to President Donald Trump’s America. In an interview with AFP at the World Economic Forum, International Trade Secretary Liam Fox said he would use the Davos meetings to press Britain’s case in talks with US and other […]

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Pernia: PHL one of the fastest-growing economies in Asia

(Eagle News) — National Economic and Development Authority (NEDA) Director General and Socioeconomic Planning Secretary Ernesto Pernia said on Tuesday that the Philippines was again one of the fastest-growing economies in Asia, only after China and Vietnam. Pernia made the announcement after the Philippine Statistics Office announced the Philippine economy hit a 6.6-percent growth rate in the last quarter of 2017. The PSA said this brought the overall growth of the country’s economy in 2017 to […]

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Qatar says Saudi-led boycott amounts to ‘economic warfare’

DOHA, Qatar (AFP) — Qatar on Wednesday said a Saudi-led boycott, now in its eighth month, amounted to “economic warfare” as Doha plans to seek compensation for those hit by the sanctions. “This is economic warfare,” foreign ministry spokeswoman Lulwa al-Khater said at a press briefing. Khater said the energy-rich emirate would “not leave a stone unturned” in legally pursuing claims for businesses. Tensions have escalated in the Gulf since Saudi Arabia, the United Arab […]

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Toyota, Mazda to build joint US plant in Alabama

NEW YORK, United States (AFP) — Japanese automakers Toyota and Mazda announced Wednesday they will build their $1.6 billion joint US manufacturing plant in Huntsville, Alabama. In August, the companies revealed their plans for the factory, which will eventually employ up to 4,000 people. Production at the plant of vehicles for the US market is expected to begin in 2021. They also plan to jointly develop technologies for electric vehicles. “Welcome to sweet home Alabama,” […]

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Indonesian President Joko Widodo to visit India

(Eagle News) — Indonesian president Joko “Jokowi” Widodo will once again visit India this year. The Indonesian leader’s visit is slated before the end of January, in time for the Association of Southeast Asian Nations-India Commemorative Summit on the 25th of this month, and India’s Republic Day Parade the following day. The visit aims to strengthen the two countries’ strategic partnership. Once in New Delhi, President Widodo is expected to meet Indian Prime Minister Narendra […]

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Japan’s new crypto-currency crooners sing the bitcoin beats

TOKYO, Japan (AFP) — Move over AKB48: Japan has a new all-girl “idol” band — the Virtual Currency Girls — on a mission to educate the public about bitcoin and other cryptocurrencies. Each of the eight girls in the band, known in Japanese as “Kasotsuka Shojo,” plays a character representing a virtual currency such as bitcoin, ethereum or ripple. Promotional material shows the performers wearing character masks, frilly mini-skirts and “maid” aprons complete with knee-high […]

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World Bank: PHL to continue to be “fastest-growing economy” in ASEAN

(Eagle News) — The Philippines will continue to be the “fastest-growing economy” in the Association of Southeast Asian Nations in the next three years. This is according to the World Bank’s January 2018 Global Economic Prospects report released on Wednesday. According to the WB, the country’s Gross Domestic Product was expected to grow 6.7 percent in 2018 and 2019. In 2020, the growth rate is expected to be 6.5 percent. The WB said the forecast […]

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Samsung projects $14.1 billion Q4 operating profits

SEOUL, South Korea (AFP) — South Korean telecom giant Samsung Electronics expects to post record operating profits of $14.1 billion in the fourth quarter, it said Tuesday. The company estimated operating profits of 15.1 trillion won ($14.1 billion) in the October to December period, an all-time high for quarterly profits and nearly double the 9.2 trillion won posted a year earlier. Samsung has had to overcome a bribery scandal that saw the company’s de-facto head […]

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Different approaches to bitcoin in Asia

TOKYO, Japan (AFP) — From clampdowns to a warm embrace, regulators in Asia have taken very different approaches to dealing with the bitcoin phenomenon. Here are the developments in a few key markets: Chinese clampdown  In mid-September, China’s central bank, the People’s Bank of China (PBOC), told virtual currency trading platforms based in Beijing and Shanghai to cease market operations. Authorities also clamped down on ethereum and any other electronic units that are exchanged online without being […]

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Singapore bar offers bitcoin New Year party package

SINGAPORE, Singapore (AFP) — A Singapore bar that bills itself as the world’s highest cryptocurrency club is offering a New Year’s Eve package that includes a limousine pick-up and butler service — but it’ll cost you a whole bitcoin. Skyline, on the 45th floor of a skyscraper overlooking the city-state’s glittering waterfront, is promising partygoers a luxury-filled night out, with champagne and oysters and caviar. But it won’t come cheap, with the price of bitcoin […]

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