Business

Japan says economy grows 0.5% in July-September

Tokyo, Japan (AFP) — Japan’s economy grew more than expected in the third quarter as exports offset slack consumer spending, official data showed Monday. The world’s third largest economy expanded 0.5 percent quarter-on-quarter between July and September, for an annualized 2.2 percent expansion in Gross Domestic Product (GDP), the Cabinet Office said. The market had forecast a slower 0.2 percent growth rate, or an annualized expansion of 0.8 percent. Japan’s economy contracted in the last three months […]

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Toshiba first-half profit triples on asset sales

TOKYO, Japan (AFP) — Toshiba said Friday its half-year profit tripled, owing to cost cuts and the sale of its home appliances business, providing a boost to the firm as it tries to turn the page on an embarrassing accounting scandal. The vast conglomerate posted an April-September net profit of 115.3 billion yen ($1.08 billion), well up from 37.3 billion yen seen a year ago. It also logged a 96.8 billion yen operating profit, reversing […]

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Asia shares rebound in sharp turnaround from Trump shock

TOKYO, Japan (Reuters) — Asian shares rebounded on Thursday (November 10) and the dollar firmed in a remarkable snapback from the shock of Republican Donald Trump’s presidential victory, though the speed of the reversal left some market watchers scratching their heads. The Nikkei duly recouped all of Wednesday’s (November 9) 5 percent loss and more to trade up roughly 6 percent as the yen weakened following the previous session’s surge. In South Korea, the Korea […]

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Markets plunge, peso at record low as Trump surges

HONGKONG, China (AFP) — Equity markets collapsed Wednesday and the Mexican peso hit a record low as the prospect of Donald Trump winning the race for the White House grew more likely as he picked up wins in crucial states. Safe haven assets rallied as investors went running for cover, with the yen and gold pushing higher. Initial confidence that market favourite Hillary Clinton would win the knife-edge race was wiped out as results showed […]

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The dollar is down as Trump moves ahead in early exit polls

TOKYO, Japan (Reuters) — The dollar fell against the Japanese yen on Wednesday morning (November 9) as early exit polls for the U.S. presidential election revealed Republican candidate Donald Trump moving ahead. General manager and FX analyst at Japan’s Gaitame.com, Takuya Kanda, said that Trump’s protectionist views have led the market to move toward a more risk-averting direction. “If Trump becomes president, Japan will struggle with foreign exchange intervention, and yen-selling intervention; and also, considering his […]

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Dollar spooked in Asia as U.S. polls too close to call

TOKYO, Japan (Reuters) — Asian markets were on tenderhooks on Wednesday (November 8) as early state exit polls in the U.S. presidential election showed wins for both candidates and no clear trend as yet. In Tokyo, Japan’s benchmark Nikkei stock average opened at 17281.95 up 117.24 points on a possible Hillary Clinton win but later shed some points after Donald Trump was seen winning a few states in early exit polls. South Korean shares opened […]

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Tokyo stocks higher on optimism over Clinton win

TOKYO, Japan (AFP) — Tokyo stocks opened higher on Tuesday as investors bet on strengthening chances of Hillary Clinton winning the US presidential election. “We’ve been swung this way and that over who may win, but expectations of a Clinton victory are firming,” said Toshihiko Matsuno, a senior strategist at SMBC Friend Securities Co. “Since it’s easier to predict policy with her, there’s more of a sense of security in the market. “Stocks may price […]

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HSBC shares rally on profit results after cost-cutting drive

LONDON, United Kingdom (AFP) – HSBC shares rallied Monday in a positive response to quarterly profits after the British banking giant underwent a radical cost-cutting exercise. Adjusted pre-tax profit — which strips out one-off items and unfavourable currency movements — rose seven percent in the three months to September to $5.59 billion from a year earlier, beating analysts’ expectations. Reported pre-tax profit, however, plunged 86 percent from a year earlier to $843 million. That figure […]

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HSBC says Q3 pretax profit up 7 percent

HONGKONG, China (AFP) — HSBC said Monday its third quarter adjusted pretax profit rose seven percent from a year ago to $5.59 billion, beating expectations. “Reported profits were down, but adjusted profits were higher than last year’s third quarter in all four global businesses and four out of five regions,” HSBC global chief executive Stuart Gulliver said. The September quarter adjusted profit — which strips out one-off items — compared with the previous corresponding period’s […]

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Web Summit is windfall for Portugal’s economy

by Brigitte HAGEMANN LISBON, Portugal (AFP) — The bars on the banks of Lisbon’s Tagus river are gearing up for a bonanza as tens of thousands of people descend on the city for Europe’s largest tech event. The Web Summit, also known as “Davos for geeks,” which runs from Monday to Thursday with more than 53,000 people from 165 countries signed up to attend, is expected to deliver a shot in the arm for Portugal’s […]

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Tokyo stocks open higher after FBI decision

TOKYO, Japan (AFP) — Tokyo stocks opened higher on Monday after the FBI lifted the threat that Hillary Clinton might face charges over her private email server ahead of the US presidential election. FBI Director James Comey decided not to change his July recommendation that the Democratic nominee not be prosecuted for putting US secrets at risk while serving as secretary of state. Comey’s announcement last month that the FBI was checking newly discovered emails […]

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On creating more jobs

QUEZON City, Philippines (November 8) – Before the Aquino Administration left the Malacañang on June, many people agreed that our economy has grown quite a bit. However, when it comes on employment rate in the country, much is left to be done. According to the Labor Force Survey conducted before Aquino end his Administration, the country’s unemployment rate is very high at 5.8 percent. The research group even added that government data show that “the Philippines still […]

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