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BERLIN, Germany (AFP) — Deutsche Bank has agreed to pay a total of $7.2 billion to settle a case with the US Department of Justice over its role in the subprime mortgage crisis, the lender said in a statement Friday. The payment includes a $3.1 billion dollar fine and $4.1 billion in relief to consumers as part of an agreement in principle with US authorities, it said. Deutsche has been negotiating the terms of the […]
HELSINKI, Finland (AFP) — Nokia announced Wednesday it is suing Apple in German and US courts for patent infringement, claiming the US tech giant was using Nokia technology in “many” products without paying for it. Finnish Nokia, once the world’s top mobile phone maker, said the two companies had signed a licensing agreement in 2011, and since then “Apple has declined subsequent offers made by Nokia to license other of its patented inventions which are […]
SAN FRANCISCO, United States (AFP) — Facebook on Monday began testing a live audio streaming service that will let people essentially broadcast radio-style on the leading online social network. Partners working with Facebook to test “Live Audio” included BBC World Service, book publisher HarperCollins, British talk radio station LBC, and authors Adam Grant and Brit Bennett. The new feature comes as an alternative to a Facebook tool that lets people stream live video at the […]
NEW YORK, United States (AFP) — Nike reported higher second-quarter earnings Tuesday behind increased sales in key markets, including China, and said it was making progress in cutting inventory in North America. Executives gave an upbeat outlook on China, where sales jumped 12 percent to $1.1 billion. Net income for the quarter ending November 30 rose seven percent to $842 million. Sales rose six percent to $8.2 billion. Participation in the Shanghai marathon was 38,000 […]
MANILA, Dec. 20 – The Bureau of Internal Revenue (BIR) posted a 15 percent revenue collection increase to P157.3 billion in November from its year-ago performance. The BIR said in a report to Finance Secretary Carlos Dominguez III that it collected P157.29 billion last month, or 15.34 percent higher than its November 2015 collection of P136.37 billion. This year’s total collection of the BIR has reached P1.454 trillion as of Nov. 30, which is P127.41 […]
by Aurélia END Clare BYRNE Agence France-Presse PARIS, France (AFP) – A French court on Monday found IMF head Christine Lagarde guilty of negligence over a massive state payout to a tycoon when she was French finance minister but spared her a fine or prison sentence. The ruling was a rare setback in Lagarde’s glittering career but it was not clear how it would affect her position at the International Monetary Fund, whose board was […]
MANILA – President Rodrigo Duterte wooed a group of business leaders in Singapore by discussing the many developments and reforms in the Philippines especially in the key growth sectors: energy and infrastructure. “The Philippines is open for business and we welcome what you have to offer,” the President told them at the Jurong Ballroom of the Shangri-la Hotel in Singapore on Friday, Dec. 17. This would mean more investments and encouraging competition, putting an end […]
Agence France-Presse CARACAS, Venezuela (AFP) – Desperate Venezuelans looted delivery trucks and clashed with police Friday as protests broke out in anger at chaotic efforts to change the country’s banknotes, officials and locals said. The authorities took the largest-denomination note out of circulation but failed to release the bigger bills supposed to replace it in time, leaving citizens with no way of buying food. “There is attempted looting in various parts of the country,” tweeted […]
QUEZON City, Philippines (Eagle News) — Malacañang allayedfears of the business sector regarding the interest rate hike implemented by the United States Federal Reserve. According to Finance Secretary Carlos Dominguez, the country’s macroeconomic fundamentals remain strong and that the Duterte administration has many massive infrastructure projects that will bring in needed cash.
MANILA, Dec. 16 – Finance Secretary Carlos Dominguez III expressed optimism that the country’s rock solid macroeconomic fundamentals along with the Duterte administration’s infrastructure buildup strategy will create enough fiscal and monetary buffers for the Philippines to ride out external shocks such as this latest move by the US Federal Reserve Board to raise interest rates. Dominguez assured the public and the business community that the government is maintaining its growth targets for the short […]
TOKYO, Japan (AFP) — Tokyo stocks opened higher on Thursday as the dollar soared against the yen in response to the US central bank’s move to hike interest rates. The greenback was trading at a 10-month high of 117.63 yen — a plus for shares of Japanese exporters — after the Federal Reserve deemed the US economy strong enough to absorb higher borrowing costs. It was only the second rate rise in a decade. The […]
by Eugenia LOGIURATTO Agence France Presse BRASILIA, Brazil (AFP) – Brazil’s Senate on Tuesday approved a 20-year government spending freeze billed as the centerpiece of austerity reforms aimed at restoring economic health to the troubled Latin American giant. The upper house voted 53 to 16 to lock in the spending ceiling. Center-right President Michel Temer says tough measures are needed to get Brazil’s finances back under control, but his austerity policies have prompted violent protests […]
