Business

Japanese airbag maker Takata files for bankruptcy

  (Reuters) — Embattled airbag maker Takata Corp on Monday (June 26) filed for bankruptcy protection in Japan and said it would seek $1.588 billion in financial aid from U.S.-based auto parts supplier Key Safety Systems (KSS). The KSS deal would help it deal with the fallout from its defective airbag inflators at the center of the global auto industry’s biggest ever recall, Takata CEO Shigehisa Takata said in a news conference in Tokyo on […]

Oil languishes near multi-month lows on glut fears as Saudi Arabia appoints new crown prince: analyst reaction

Reuters — Oil prices held near multi-month lows on Wednesday (June 21) as investors discounted evidence of strong compliance by Organization of Petroleum-Exporting Countries and non-OPEC oil producers with a deal to cut a global output. Global benchmark Brent was unchanged at $46.02 barrel at 0651 GMT after falling nearly 2 percent in the previous session to its lowest settlement since November. United States crude futures for August were trading up 4 cents at $43.55, after spending […]

Jackie Kennedy watch fetches nearly $380K in New York

NEW YORK, United States (AFP) — An engraved gold Cartier watch given to Jacqueline Kennedy and a reciprocal thank-you painting from the former first lady sold for $379,500 at auction in New York on Wednesday, Christie’s said. The Tank watch was given to Kennedy by her brother-in-law, Prince Stanislaw “Stas” Radziwill, in February 1963 to commemorate a 50-mile hike in Palm Beach championed by former president John F. Kennedy in a drive to make Americans […]

Tokyo stocks down at break, Takata dives on bankruptcy fears

TOKYO, Japan (AFP) — Tokyo stocks slipped Thursday morning with troubled airbag supplier Takata diving by more than half as it appeared to be headed for bankruptcy court. The benchmark Nikkei 225 index lost 0.10 percent, or 20.54 points, to sit at 20,118.25 by the break, while the Topix index of all first-section issues edged down 0.03 percent, or 0.42 points, to 1,611.14. © Agence France-Presse

Uber CEO Kalanick resigns under pressure

by Julie CHARPENTRAT / with Rob Lever in Washington Agence France-Presse SAN FRANCISCO, United States – Uber’s embattled chief executive Travis Kalanick has resigned, yielding to pressure from investors seeking to clean up a toxic corporate culture at the fast-growing ridesharing group. Kalanick had announced an indefinite leave of absence a week earlier following the release of a report on Uber’s workplace troubles by former US attorney general Eric Holder. His departure announced late Tuesday caps […]

Toshiba enters exclusive chip sales talks with US-SKorea-Japan group

TOKYO, Japan (AFP) — Toshiba said Wednesday it will hold exclusive talks with a consortium of United States, South Korean and state-backed Japanese investors to sell its prized memory chip business, as the loss-hit conglomerate scrambles to raise cash. The company needs money after taking massive losses in its US nuclear operations that have put the survival of a pillar of corporate Japan in doubt. Toshiba’s board Wednesday decided to select the consortium as a […]

Leading US-based index to include Chinese stocks for 1st time

by Albee Zhang with John Biers in New York Agence France-Presse SHANGHAI, China (AFP) — China on Wednesday hailed the acceptance of its stocks in a leading United States-based index of emerging market shares as a signal of confidence in the Asian power’s economy after three previous rejections. The Shanghai and Shenzhen stock markets opened higher after New York’s MSCI agreed to include 222 large capitalization Chinese stocks in its MSCI Emerging Markets Index, representing […]

Cebu: Most preferred KPO hub outside Manila due to labor pool – Colliers

  Cebu remains to be the largest and most practical choice for knowledge process outsourcing (KPO) firms looking for viable locations outside Manila due to its diverse and skilled labor pool, according to Colliers International. KPO companies offer higher value outsourcing services such as medical transcription (health information management), software engineering, and finance and accounting. In Cebu, “dominant driver is still labor pool,” Joey Bondoc, Research Manager of Colliers International said. The share of KPO […]

UK economy faces slowdown on political turmoil, Brexit: CBI

by Roland JACKSON Agence France Presse LONDON, United Kingdom (AFP) — Britain’s economy will slow in the coming years, the CBI business lobby warned Tuesday, blaming domestic political turmoil — and the impact of Brexit one day after EU divorce talks began. The economy will expand by 1.6 percent this year before slowing to 1.4 percent in 2018, according to upgraded forecasts from the Confederation of British Industry, after 1.8-percent growth in 2016. The CBI, […]

Google steps up efforts to block extremism, following Facebook

WASHINGTON, United States (AFP) – Google is stepping up its efforts to block “extremist and terrorism-related videos” over its platforms, using a combination of technology and human monitors. The measures announced Sunday come on the heels of similar efforts unveiled by Facebook last week, and follow a call by the Group of Seven leaders last month for the online giants to do more to curb online extremist content. “While we and others have worked for […]

Tokyo stocks up at break, exporters lifted by weak yen

TOKYO, Japan (AFP) — Tokyo stocks rose Monday morning, tracking a record close for the Dow on Wall Street, with exporters boosted by a weaker yen as data showed Japan saw a surprise trade deficit in May. The benchmark Nikkei 225 index gained 0.60 percent, or 118.93 points, to 20,062.19 by the break while the Topix index of all first-section issues was up 0.61 percent, or 9.69 points, at 1,605.73. Japan logged a surprise deficit […]

Bailout deal thrusts burden back on Greece say analysts

by Catherine Boitard Agence France-Presse ATHENS, Greece  – As Greece’s government Friday welcomed a long-delayed bailout agreement, analysts warned the deal throws responsibility back on the struggling country to pull itself out of crisis. Greek Prime Minister Alexis Tsipras said the agreement — hammered out by the International Monetary Fund (IMF) and eurozone finance ministers — opens the way to a “final exit to the crisis.” Reached Thursday, the deal averted another summer of Greek […]