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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 […]
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 […]
SAN FRANCISCO, United States (AFP) — Tesla on Wednesday announced plans to raise $1.15 billion in new funding to help fuel production of a mass market-targeted Model 3 electric car set for release this year. Tesla said that it planned to offer $250 million in common stock and $750 million in convertible notes, with underwriters being given the option to buy an additional 15 percent of each offering. Tesla co-founder and chief executive Elon Musk […]
HONG KONG, China (AFP) — Hong Kong’s troubled flagship airline Cathay Pacific on Wednesday posted its first annual loss since the height of the financial crisis as it was hit by “intense competition” and a drop in demand from business travellers. The firm is struggling despite an expansion of international air travel in the region as lower cost carriers, particularly from mainland China, eat into its market share. Companies like China Eastern and China Southern […]
RIYADH, Saudi Arabia (AFP) — Saudi Arabia is committed to stabilizing the global oil market, the energy ministry of the world’s biggest oil exporter said on Tuesday, as prices fell below $48 a barrel. The Organization of the Petroleum Exporting Countries and non-OPEC countries last year pledged to reduce output by around 1.8 million barrels per day (bpd) as part of a concerted effort to curb a global oil glut. Saudi Arabia “is committed and […]
WASHINGTON, United States (AFP) — Yahoo said Monday that board member and former Internet executive Thomas McInerney would lead the business that remains after the sale of its core assets to Verizon is completed. The Internet pioneer said the sale of its main operating unit was on track to be completed in the second quarter, and that McInerney would head the financial holding company that is provisionally called “Altaba.” The main holding of Altaba would […]
TOKYO, Japan (AFP) — Toshiba shares tumbled in early trading Tuesday after news reports that the troubled industrial giant would again delay announcing its financial results. The stock lost 6.1 percent to 201.8 yen in the first few minutes before rebounding slightly to 204.8 yen, still down 4.69 percent from the previous day. Toshiba, reeling from huge losses at its United States nuclear power unit, was to issue its April-December financial results on Tuesday, one […]
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. […]
TOKYO, Japan (AFP) — Tokyo stocks opened lower on Monday as the yen picked up against the dollar after US jobs data beat expectations. Wall Street and most European equity markets traded firmly Friday in response to the American economy generating 235,000 new jobs in February, well above forecasts. And even though the robust reading confirmed views of a looming interest rate hike by the Federal Reserve, the dollar slipped after having risen ahead of […]
Finance Secretary Carlos Dominguez III said the Bureau of Internal Revenue (BIR) is still determining the correct amount that Mighty Corporation should pay in deficiency taxes as lawyers for the cigarette manufacturing firm have been “obstructing” government efforts to look into its business activities. “We have not received any written order from the President. [BIR Commissioner] Billy Dulay has not even finished quantifying how much (Mighty) should pay,” Dominguez said. Dominguez added that “we […]
NEW YORK, United States (AFP) — Oil prices took a battering on Thursday, with US prices falling below $50 a barrel for the first time this year, amid worries about increased American shale production in the wake of ramped-up capital investment. The euro meanwhile rallied against the dollar as the European Central Bank said it no longer saw a deflation threat and noted signs on a improving eurozone economy. Equity markets in Paris and Frankfurt […]
BERLIN, Germany (AFP) — German media group Axel Springer said Thursday its digital publishing empire would bring further increases in sales and profits in 2017, after meeting its forecasts last year. The publisher achieved a net profit of 450 million euros ($474 million) in 2016, up almost 50 percent on the previous year’s figure. Operating, or underlying, profit increased 6.5 percent to 595 million euros, on revenues around the same level as in 2015 at […]
