Business

Volkswagen announces $650 million investment in Argentina plant

BUENOS  AIRES, Argentina (AFP) — German automaker Volkswagen on Friday announced a plan to invest $650 million in an Argentina plant where it will manufacture a new sport-utility vehicle, according to a statement released by the government. Business-friendly President Mauricio Macri, who ushered Argentina out of recession in 2016, has encouraged foreign investment especially after his center-right coalition’s wins in last month’s midterm elections. Production of the SUV is anticipated to begin in 2020. In a televised […]

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Massive data breach has cost Equifax nearly $90 million

SAN FRANCISCO, United States (AFP) — A massive security breach that hit Equifax has cost the US credit bureau nearly $90 million so far, a figure that is set to rise further, its chief financial officer said on Thursday. The company, which gathers data on consumers to help lenders determine borrowers’ creditworthiness, revealed in September that hackers had stolen the personal details, including names, dates of birth and social security numbers, of nearly 146 million people. In […]

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World stocks slip as tax jitters sap confidence

NEW YORK, United States (AFP) — Global stock markets retreated Friday, extending the previous session’s losses, as uncertainty over US President Donald Trump’s much-vaunted tax cuts and lackluster corporate earnings took their toll on investor confidence. At the close of the trading day in New York, the Dow Jones Industrial Average snapped an eight-week winning streak, closing 0.2 percent lower, while the broad S&P 500 and tech-dominated Nasdaq were essentially flat. Senate Republicans on Thursday released a […]

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After Trump’s state visit, China to widen foreign access to financial sector

  BEIJING, China (AFP) — China on Friday said it will further open the country’s financial markets to foreign firms, a key demand from the United States and Europe which have long complained about the strict limits on access to the giant economy. The announcement came after Donald Trump’s state visit to Beijing during which the US leader called for a more level playing field for American companies and measures to reduce a massive trade […]

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Asian markets turn lower as US tax-cut fears brew

HONG KONG, China (AFP) — Asian markets headed into the weekend on a negative note on Friday as traders fret over the outlook for Donald Trump’s much-vaunted tax-cut plans while profit-takers cashed in after the latest rally. The losses extended the broad regional sell-off Thursday, which started when Tokyo’s Nikkei saw a two percent gain in the morning reverse to a 1.7 percent loss at one point. While investors will be keeping an eye on […]

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Global stocks tumble as Wall Street, Tokyo hit reverse

NEW YORK, United States (AFP) — Global stocks tumbled Thursday as disappointing earnings, profit taking and fears a US corporate tax cut will be delayed combined to drive major indices down. US stocks closed lower after declines in Japan, London, Frankfurt and Paris. Major tech stocks saw heavy losses: Google-parent Alphabet fell a full percentage point, Microsoft gave up 0.6 percent and Apple lost 0.4 percent. “A combination of profit taking and perhaps the prospect […]

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Saudi Aramco signs energy deals worth nearly $4.5 billion

RIYADH, Saudi Arabia (AFP) — Saudi Aramco on Thursday signed agreements worth nearly $4.5 billion with multinational oil and gas contractors, in what the company dubbed as an effort to diversify the economy. The deals were signed with companies including Spain’s Tecnicas Reunidas, Italy’s Saipem, China Petroleum Pipeline and Abu Dhabi’s National Petroleum Construction. The investments “reflect our concerted effort… to diversify our economy, promote local manufacturing, support a sustainable environment and strengthen our business […]

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Siemens reports leap in profits in 2016/17 financial year

FRANKFURT, Germany (AFP) – German industrial behemoth Siemens reported a leap in profits in its 2016/17 financial year, meeting its own forecasts as the group continues a long-term restructuring. Net profits at the group, whose products range from wind turbines to trains to medical equipment, grew to 6.0 billion euros ($7 billion), up 11 percent compared with the previous year. (Agence France-Presse)

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Japan’s struggling Toshiba logs $436 mn loss in first half

TOKYO, Japan (AFP) — Troubled Japanese conglomerate Toshiba said Thursday it logged a net loss of $436 million for the fiscal first half, as it moves to complete the multi-billion-dollar sale of its chip business to restore its balance sheet. The Tokyo-based firm said the loss was mainly due to the tax impact associated with the controversial deal to sell the chip unit to a consortium led by Bain Capital. The announcement came after the company said […]

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US, China sign $250 bn in business deals as Trump visits

BEIJING, China (AFP) — China and the United States announced more than $250 billion in business deals during US President Donald Trump’s state visit to Beijing on Thursday. The deals range from billions in Chinese soybean and aircraft imports to major projects like the development and export of liquified natural gas from Alaska. The signing of more than a dozen deals did little to quiet Trump’s complaints about China’s “unfair” trade practices. President Xi Jinping acknowledged there has […]

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Tokyo stocks open higher on bargain hunt

TOKYO, Japan (AFP) — Tokyo stocks opened higher Thursday as investors snapped up shares at bargain prices after the previous day’s fall, and as the market gained support from rallies on Wall Street. The benchmark Nikkei 225 index edged up 0.37 percent, or 84.08 points, to 22,997.90 in early trade while the broader Topix index was up 0.30 percent, or 5.47 points, at 1,823.07. Mitsubishi UFJ rose modestly at the open on reports it would […]

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Tokyo stocks open lower as yen rises

TOKYO, JAPAN (AFP) — Tokyo stocks opened lower Wednesday after hitting a 25-year high the day before, as the yen firmed against the dollar and Wall Street’s rally lost steam. The benchmark Nikkei 225 index fell 0.53 percent, or 121.74 points, to 22,815.86 in early trade while the broader Topix index was down 0.30 percent, or 5.40 points, at 1,807.89. “After the Nikkei index rose above benchmark levels in the past few days there is […]

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