Tag: economy

North Korea reforming economy while denying change

by Sebastien Berger Agence France Presse PYONGYANG, North Korea (AFP) — On the side-streets of Pyongyang, small traders sell vegetables from impromptu stalls. At markets, dealers offer imported household goods — even Coca-Cola — and in state-owned department stores hard currency is openly exchanged at black-market rates. Officially, North Korea denies it is reforming and declares it remains guided by the Juche, or self-reliance, philosophy of founder Kim Il-Sung whose 105th birth anniversary is being marked […]

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Macron targets Le Pen over economy in French presidential debate

by Gina Doggett / Adam Plowright PARIS, FRANCE (AFP) — French presidential frontrunner Emmanuel Macron attacked far-right leader Marine Le Pen over her economic policy and plans to scrap the euro on Tuesday in an unprecedented debate between all 11 contenders ahead of this month’s election. The discussion was at times chaotic and dominated by the anti-capitalist and virulently anti-European Union smaller candidates who made their first major appearance ahead of the first round of the two-stage […]

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Japan business confidence rises again

TOKYO, Japan (AFP) — Confidence among Japan’s biggest manufacturers has risen for the second straight quarter, a key central bank survey showed Monday, a welcome boost for the world’s third-largest economy. The report comes after a batch of government data on Friday showed inflation and factory output picked up in February while the unemployment rate dipped to a two-decade low. Japan has been struggling to mount a firm economic recovery and put years of on-and-off […]

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Britain’s new coin goes into circulation

LONDON, United Kingdom (AFP) — Britain’s new £1 coin with the symbols of England, Scotland, Wales and Northern Ireland goes into circulation from Tuesday on the eve of the launch of a Brexit process that has put national unity in doubt. The 12-sided coin is the first change to the shape of the £1 coin since its introduction in 1983. Britain’s finance ministry said the new coin would be “the most secure of its kind […]

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China’s Li in Australia trade talks amid Trump fears

CANBERRA, Australia (AFP) — Australia urged China Thursday to press ahead with economic reforms as Premier Li Keqiang began a trade-focused visit amid growing fears of a US slide towards protectionism. China is Australia’s largest trade partner and its economic importance has grown in the Donald Trump era after the US president ripped into Australian Prime Minister Malcolm Turnbull in a decorum-breaking phone call, fraying relations. Turnbull said he hoped China and Australia could sign […]

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British inflation surges to 2.3%

LONDON, United Kingdom (AFP) — British annual inflation jumped in February to the highest level in almost three and a half years, driven by increasing fuel costs, data showed Tuesday. The 12-month inflation rate hit 2.3 percent last month compared with 1.8 percent in January, the Office for National Statistics (ONS) said in a statement. Analysts’ consensus forecast had been for a pick-up to 2.1 percent. The February reading was the highest level since September […]

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Assets in Panama banks reach record level despite ‘Panama Papers’

PANAMA CITY, Panama (AFP) — Banks based in Panama managed a record level of assets last year — $121 billion — despite fallout from the “Panama Papers” scandal, an industry body in the Central American country said Thursday. The International Banking Center, which represents Panamanian and foreign banks, said members’ assets “reached the record level of $121.075 billion” — a jump of 3.3 percent over 2015. Panama has come under intense international tax scrutiny since […]

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Bank of Japan gives upbeat assessment of Japan economy

TOKYO, Japan (AFP) — Japan’s central bank gave an upbeat assessment of the world’s number three economy on Thursday, but it flagged risks including “developments” in the United States and Chinese economies, as well as Britain’s exit from the European Union. The Bank of Japan held fire on fresh policy measures in a widely expected decision after a meeting, a day after the Federal Reserve tightened borrowing costs and underscored its confidence in the world’s […]

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DOF wants to revive Pantawid Pasada program

MANILA, Philippines (Eagle News) — The Department of Finance (DOF) is eyeing the revival of the Pantawid Pasada Program for commuters and public utility vehicles. This is to reduce the effect of the proposed excise tax on petroleum products if implemented. According to Quezon Rep. Dakila Carlo Cua, the House committee on ways and means chair, the cash subsidy scheme will help cushion the impact of high fuel prices on public utility vehicles when implemented. […]

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PH secures economic priorities in ASEAN

PARAÑAQUE CITY, March 11 (PIA) — The Philippines successfully advocated its trade priorities in ASEAN as the country’s hosting of the ASEAN Economic Ministers’ Meeting (AEM) Retreat and Related Meetings ended on March 10. The Department of Trade and Industry led by Secretary Ramon Lopez secured endorsements from ASEAN Economic Ministers on the timely realization of Philippine priority deliverables for 2017. “Aside from championing our trade agenda as a country, we are also able to advance […]

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China producer prices jump 7.8% in February: govt

BEIJING, China (AFP) — Prices for goods at the factory gate in China rose for the sixth straight month in February, officials said Thursday, slightly beating expectations as strong demand boosts the world’s second-largest economy. The producer price index (PPI) rose 7.8 percent year-on-year, according to the National Bureau of Statistics, topping economist expectations of a 7.7 percent increase in a Bloomberg poll. It marked an acceleration from the previous five months and fuelled expectations […]

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Japan’s economy grows revised 0.3% in Q4

TOKYO, Japan (AFP) — Japan’s economy expanded by a revised 0.3 percent in the last quarter of 2016, government data showed Wednesday, as company investment and a weaker yen propped up growth. The latest GDP figure was marginally higher than an initial estimate of 0.2 percent growth in the October-December period, but lower than market expectations for a 0.4 percent expansion. It marked the fourth straight quarter of expansion in the world’s third-largest economy. For […]

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