The World Bank has retained its gross domestic product (GDP) growth forecast for the Philippines at 6.4 percent in 2016 and at 6.2 percent in 2017 and 2018. https://youtu.be/xG8Vn-ZuJQw
Business
Amazon bans most ‘incentivized’ reviews
SAN FRANCISCO, United States (AFP) — Amazon on Monday banned reviews of products received free or at generous discounts, unless authors have been deemed trustworthy by the online retail giant. The online retail giant previously allowed “incentivized” reviews of items, as long as posts made it clear that authors might be biased by not having to pay or by getting favorable deals. Amazon has always banned reviews that are paid for, with the exception of […]
A costly divorce: Bosses urge clarity over Brexit
BIRMINGHAM, United Kingdom (AFP) – by Edouard GUIHAIRE Katherine HADDON “Divorces always cost you a lot of money,” sighed Charlie Mullins, one of many British bosses pushing ministers for more details on life post-Brexit at the Conservative Party’s annual conference. Dressed in an electric blue suit, Mullins is the charismatic founder of Pimlico Plumbers, whose vans are a common sight in the British capital and whose clients reportedly include Richard Branson. Fronting his company’s stall at […]
Asian markets recover on waning Deutsche Bank concerns
HONG KONG, China (AFP) — Asian markets rallied Monday with financials up on easing fears about the future of German giant Deutsche Bank after a source said it was nearing a deal to slash a multi-billion-dollar US fine. Traders fled for cover last week, sending stocks reeling Friday, after US officials slapped the lender with a $14 billion charge over its role in the subprime mortgage crisis. The gigantic figure fuelled fears the bank […]
World Bank secretly finances Asian ‘coal boom,’ group says
WASHINGTON, United States (AFP) — The World Bank is indirectly financing a boom in some of Asia’s dirtiest coal-fired power generation despite commitments to end most funding for the sector, a development advocacy group charged Monday. The power plants, which contribute to climate change and deforestation as well as premature deaths due to illness, are cropping up from Bangladesh to the Philippines, all with financing provided by financial intermediaries supported by the Bank, said a […]
Oil prices down on doubts over OPEC deal
SINGAPORE, Singapore (AFP) — Oil prices fell in Asia Friday as doubts emerged over the long-term success of a surprise OPEC agreement to cut output and stabilise the oversupplied market. The Organization of the Petroleum Exporting Countries on Wednesday stunned traders by announcing plans to trim collective production by around 750,000 barrels per day. Initial euphoria over what would be the first output cut in eight years sent prices soaring six percent but the rally […]
Yahoo hacked by ‘professional’ criminals: researchers
WASHINGTON, United States (AFP) — The massive theft of Yahoo user data disclosed last week came from “professional” hackers seeking to profit from the breach, according to an analysis by security researchers. The analysis published Wednesday by the security firm InfoArmor, which claims to have seen some of the data, contrasts with Yahoo’s claim that the attack was likely “state-sponsored,” but did suggest that stolen data was sold to a state-sponsored group at one point. […]
Spotify launches Japan streaming with karaoke twist
TOKYO, Japan (AFP) — Online music giant Spotify said Thursday it is launching a streaming service in Japan with a karaoke twist, the world’s second-biggest music market but one still dominated by compact discs. Sweden-based Spotify said it will offer a free service with advertising and an ad-free 980 yen ($9.70)-per-month version with around 40 million song titles. “The Japanese market is very different” from other markets, and “we want to make sure Spotify here […]
Samsung to resume S. Korea sales of new Note 7 phones
SEOUL, South Korea (AFP) — Samsung said Thursday it would resume sales of new Galaxy Note 7 smartphones in South Korea this week, hoping to turn the page on the troubled device after an ongoing global recall prompted by battery explosions. The company on September 2 suspended sales of the oversized “phablet” and recalled 2.5 million units shipped worldwide after faulty batteries caused the phones to explode while charging. With the recall underway in 10 […]
OPEC shock markets with oil output cut deal
by Martin Abbugao SINGAPORE, Singapore (AFP) — OPEC shocked markets with a deal to cut oil output after kingpin Saudi Arabia allowed bitter rival Iran to be exempted, but analysts warned Thursday the move would not likely have a lasting impact. The cartel’s announcement of the first reduction in eight years sent crude prices surging up to six percent Wednesday, while energy firms in the US and Asia followed suit with huge gains. At the […]
South Korea court says it has not yet decided whether sale of Hanjin Shipping is needed
(REUTERS) The South Korean court overseeing Hanjin Shipping’s receivership process said on Wednesday that a sale of the world’s seventh-largest container carrier, which collapsed late last month, is one of many options it is considering if the court concludes the company is to be rehabilitated. Judge Choi Ung-young, who serves as a court spokesman for media inquiries on the case, said a sale is possible in principle if it’s deemed the best way to […]
Asian markets down, energy firms hit by oil deal woes
HONG KONG, China (AFP) — Tokyo stocks led a broad retreat in Asian markets Wednesday as the yen recovered, while regional energy firms struggled with crude prices on concern about the chances of success at an upcoming producers’ meeting. The OPEC oil cartel and Russia are due to meet later Wednesday in Algeria to discuss a global oil glut and overproduction that has strangled prices for more than two years. However, hopes for a deal […]
