Business

Samsung halts sale, exchange of Note 7 over safety fears

by Giles HEWITT SEOUL, South Korea (AFP) — Samsung told customers worldwide Tuesday to stop using their Galaxy Note 7 smartphones as it struggled to contain a snowballing safety crisis that threatens to derail the powerhouse global brand. The South Korean conglomerate also called a halt to worldwide sales and exchanges of the troubled Note 7s, as the federal US consumer regulator issued an alarming warning of the possible dangers the device posed to its […]

Big time oil price hike seen

MANILA, Philippines (Eagle News)– Oil companies are set to launch another big-time oil price hike on Tuesday (October 11), particularly in diesel and kerosene. Sources say the increase per liter both in diesel and kerosene would range from P1.50 to P1.60 and P0.75 to P0.90 in gasoline. The increase is the result of the abnormal movement of the prices of petroleum products in the world market. https://youtu.be/GTZFJOQXAz8

Samsung says ‘adjusting production’ of recalled Note 7

SEOUL, South Korea (AFP) — Samsung Electronics said Monday it was “adjusting” production of its recalled Galaxy Note 7 smartphone, after key distributors stopped offering replacements because of continued safety concerns. “We are in the process of adjusting production volumes to enhance quality control and to enable thorough investigations following the recent cases of Galaxy Note 7 explosions,” the South Korean company said in a statement. © 1994-2016 Agence France-Presse

Europe gets tough with Brexit Britain

PARIS, France (AFP) – by Guy JACKSON Europe’s leaders have vowed no compromise on the terms of their divorce with Britain as a free-falling pound on Friday dramatically underscored the perils ahead for Prime Minister Theresa May’s government. French President Francois Hollande sent one of the strongest warnings yet that Britain will have to pay a heavy price for leaving the European Union, while European Commission chief Jean-Claude Juncker said the bloc must be “unyielding” […]

Samsung in hot water after ‘new’ phone catches fire on plane

CHICAGO, United States (AFP) — A US flight was evacuated prior to takeoff when a passenger’s Galaxy Note 7 — reportedly a replacement in Samsung’s global recall — caught fire, landing the company in new controversy. Samsung has been struggling with a recall of 2.5 million Galaxy Note 7 handsets due to complaints of exploding batteries, a problem the replacement phones are supposed to fix. But on Wednesday, a Southwest Airlines flight leaving Louisville, Kentucky was […]

Samsung to ‘review’ US hedge fund plan to split firm

SEOUL, South Korea (AFP) — Samsung Electronics responded warily Thursday to a plan submitted by the US activist hedge fund Elliott Management for splitting the South Korean electronics giant into a separate holding and operating company. “We will carefully review the shareholders’ proposals,” the technology conglomerate said in a terse one-line statement, with its spokesmen declining any further comment. Entities controlled by Elliott, the hedge fund run by billionaire Paul Singer, own about 0.62 percent of […]

Battle over blame puts Deutsche Bank’s past in spotlight

FRANKFURT, Germany (AFP) – by Pauline HOUEDE Deutsche Bank’s complaints that it is the target of speculators are triggering debate in Germany over where responsibility really lies for the troubled giant’s woes. After an eventful week that saw the Frankfurt institution’s shares plumb historic lows on fears over its financial health, Vice-Chancellor Sigmar Gabriel blamed the past decisions of “irresponsible managers” for Deutsche’s state. From the height of banks’ bid to compete with global investment banks […]

Trump tumbles on rich list, down $800 mln: Forbes

NEW YORK, United States (AFP) – It seems running for president is hurting Donald Trump’s finances big time. The Republican nominee’s fortune fell $800 million last year sending him tumbling 35 spots on a list of richest Americans, Forbes said Tuesday. The business magazine said the New York real estate mogul is worth $3.7 billion — down from an estimated $4.5 billion in March — and just over a third of the $10 billion that […]

IMF warns of protectionist threat to global growth

WASHINGTON, United States (AFP) – by Douglas Gillison The IMF on Tuesday left its global economic forecasts unchanged into 2017 but called on governments to take action against the threats of low growth and protectionism. With Britain voting to secede from the European Union and US presidential candidates disfavoring open borders, the International Monetary Fund said populist politics imperiled free trade and economic growth. Global output is expected to grow this year by 3.1 percent […]

Philippines considers Russia as trading partner

QUEZON City, Philippines – The Department of Finance is looking at Russia as a possible trading partner for the Philippines’ agricultural products. This is part of the plan of the Duterte administration to open the Philippine market to other foreign investors.