Business

China billionaire-linked stocks plunge in Shanghai

SHANGHAI, China (AFP) — Stocks linked to missing Chinese billionaire Xiao Jianhua tumbled Friday as investors ignored a statement saying business at his vast empire was “normal” following reports of his abduction by security agents. Shanghai-listed companies controlled by Xiao’s Tomorrow Holding dropped by their daily limit on the first trading day after a week-long Chinese new year holiday. Chemical company Baotou Tomorrow Technology Co. sank five percent — the maximum allowed for companies at […]

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Tokyo stocks open higher before US jobs data

TOKYO, Japan (AFP) — Tokyo stocks opened higher on Friday with the yen taking a breather as investors waited for key US jobs data later in the day. The closely watched monthly US employment report — the first under the Donald Trump presidency — was expected to show the world’s largest economy added 170,000 jobs in January, with unemployment rate holding steady at 4.7 percent. Analysts said investors remain anxious over uncertainty surrounding Trump’s policies and […]

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Ferrari boasts record year as prepares to turn 70

by Céline CORNU Ahence France Presse MILAN, Italy (AFP) — Italian luxury carmaker Ferrari said Thursday it had achieved record profits in 2016, bolstered by strong demand for its supercharged 488 sports cars, a fillip to the “prancing horse” firm as it prepares to turn 70. The company announced better than expected net profits soared 38 percent to 400 million euros ($430 million), 110 million up on 2015 and outstripping analysts’ forecasts of nearer 390 […]

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Eastern Petroleum implements P60 price hike on LPG

MANILA, Philippines (Eagle News) — The Eastern Petroleum on Wednesday implemented a hike in the price of liquefied petroleum gas (LPG). The oil company said it hiked the price of its cooking gas by P5.30 per kilogram or equivalent to P58.30 per 11-kilogram cylinder. Meanwhile, the Unioil Petroleum Philippines is set to implement its price adjustment by Php 3 for every liter of auto LPG. The price adjustment was due to the international contract price of LPG.

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Surge in electric cars may blindside big oil: report

by Marlowe HOOD Agence France Presse PARIS, France (AFP) — Oil companies underestimating the global market for electric vehicles could be caught unaware by weakened demand for petrol within a decade, analysts said Wednesday. Falling costs of electric cars and renewable technology may halt growth in oil demand from as early as 2020, they argued in a report. The current boom in electric vehicles is on track to displace two million barrels of oil per […]

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Facebook vows aggressive investment as earnings surge

by Glenn CHAPMAN Agence France Presse SAN FRANCISCO, United States (AFP) — Facebook shares bounced Wednesday with word that profit more than doubled in the final quarter of last year, coming back down after a vow to spend heavily on the future. In earnings that topped most forecasts, Facebook said it made a net profit of $3.7 billion on revenue of $8.6 billion in the fourth quarter, as compared with profit of $1.6 billion on […]

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Global Foreign Direct Investment slip in 2016, modest recovery expected in 2017 – UNCTAD

In a backdrop of a weak global economic growth and lackluster gains in the volume of world trade, the global flows of foreign direct investment (FDI) fell 13% in 2016 to an estimated $1.52 trillion, according to the latest UNCTAD Global Investment Trends Monitor. The report indicated that the decline was tempered by modest growth in flows to North America (6%) and a sizeable increase in investment in other developed economies, principally Australia and Japan. […]

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Harley-Davidson slumps in ‘America First’ era

NEW YORK, United States (AFP) — Harley-Davidson on Tuesday revealed gloomy sales ahead after soft results last year, due to weakness in its home market despite the ascendancy of President Donald Trump’s “America First” agenda. The chief of the iconic motorcycle brand said he hopes to turn the company’s fortunes around by drawing in new, younger, fans, and introducing dozens of new models. Net profit for 2016 fell eight percent to $692.1 million, as motorcycle […]

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iPhone sales lift Apple to record quarter

by Glenn CHAPMAN Agence France Presse SAN FRANCISCO, United States (AFP) — Apple on Tuesday reported a rebound in iPhone sales to lift the tech giant to record revenue in the past quarter in quarterly results that eased concerns of slowing growth. The results showed strong demand for Apple’s iPhone 7 models launched last year, with demand outpacing supply. Revenue climbed to an all-time record $78.4 billion compared to $75.9 billion in the same period […]

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Asia markets extend losses on Trump worries

  HONG KONG, China (AFP) — Asian markets retreated again Tuesday, with fears growing about the impact of Donald Trump’s presidency on the global economy as he faces a wave of criticism over his controversial immigration policy. Traders fled for the exits for a second day after the new US leader signed an executive order Friday banning entry to travellers from seven Muslim-majority countries and imposing a temporary ban on refugees. While the White House […]

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Smoking costs $1.4 tn in health care, labour loss: study

by Mariëtte Le Roux PARIS, France (AFP) — Smoking cost the world economy more than $1.4 trillion (1.3 trillion euros) in 2012, and sucked up a twentieth of health care spending, a study said Tuesday. The killer habit consumed the equivalent of nearly two percent of global economic output or GDP, according to experts from the World Health Organization (WHO) and the American Cancer Society, with almost 40 percent of the burden falling on developing […]

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Deutsche Bank fined nearly $630 mn over Russia money laundering

NEW YORK, United States (AFP) — New York and British authorities on Monday slapped nearly $630 million in fines on German banking giant Deutsche Bank over alleged money laundering in Russia, New York State’s Department of Financial Services announced. The scheme illegally moved $10 billion out of Russia, using so-called mirror trades among the bank’s Moscow, London, and New York offices, authorities said. The US Justice Department also is investigating the matter. The fines were the latest […]

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