Business

Year-end profit leap biggest for PAL

  Cautious fine-tuning of strategic plans, prudent resource management and a fortuitous industry climate combined to produce Philippine Airlines’ most impressive financial performance – $134.42 million comprehensive income for 2015, which is a six-fold leap over the previous year and a fitting prelude to the flag carrier’s 75th year. The 2015 income – a 560% jump over 2014’s $20.38 million comprehensive income – represents PAL’s second profitable year after recovering from a $229.71 million loss […]

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Samsung Electronics flags 22% jump in operating profit

SEOUL , South Korea (AFP) — Samsung Electronics on Thursday flagged its biggest operating profit in more than two years, boosted by cost-cutting efforts and solid sales of its latest flagship smartphone. In an earnings estimate, the South Korean electronics giant — also the world’s top handset maker — predicted an operating profit of 8.1 trillion won ($7 billion) for April to June, up 22 percent from 6.9 trillion won a year ago. It is […]

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Pound, Asia markets plunge as Brexit fears resurface

    HONG KONG, China (AFP) — The pound slumped to a fresh 31-year low against the dollar Wednesday while Asian equity markets tumbled as the negative effects of the Brexit vote sent traders fleeing to safety. With last week’s global rally — inspired by promises of central bank stimulus after the poll — consigned to history, high-risk assets such as emerging currencies and oil have also been sent tumbling as fears begin to kick in. […]

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Oil losses mount as world markets hit by Brexit woe

Oil prices fell further in Asian trade Wednesday, tracking losses across equities and currency markets as fresh fears about the impact of Britain’s exit from the EU sent investors fleeing high-risk assets. A warning from the Bank of England that there was evidence risks from the June 23 Brexit vote “have begun to crystallise” sent shudders through world markets, with the pound diving to levels not seen since mid-1985 and stock markets diving. The uncertainty […]

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Banks report strong capital and liquidity after Brexit – Osborne

British banks have reported strong capital and liquidity in the aftermath of the vote to leave the European Union, finance minister George Osborne said on Tuesday (July 5) after meeting in London with the heads of major banks and building societies. “They report back that capital is strong, that liquidity’s strong, and we’ve got to make sure that that lending’s now available to businesses and families if they need it and they’ve assured me that […]

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Stocks slide, bonds surge as Brexit fears resurface

Asian share markets turned tail on Wednesday (July 7) as fears over instability in the European Union returned with a vengeance, sending the pound to three-decade lows and hammering risky assets of all stripes. Japan’s benchmark Nikkei average fell 2.00 percent to 15,355.62, while the broader Topix shed 1.96 percent to 1,231.99. Hong Kong shares tumbled 2 percent in early trade. South Korean shares slumped as sterling fell sharply. The Korea Composite Stock Price Index […]

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Philippines cuts growth targets

MANILA, Philippines (Eagle News) — The Duterte Administration Economic Managers cut the Philippines’ growth target for 2016 and 2017 to “conservative” levels after noting economic risks. In a briefing Tuesday, Budget and Management Secretary Benjamin Diokno said this year’s target was cut to six to seven percent from 6.8-7.8 percent and the 2017 target to 6.5-7.5 percent from 6.6 to 7.6 percent. The 2018 target was maintained at seven to eight percent, which was adopted […]

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Global stocks mostly fall as bond yields sink

NEW YORK, United States (AFP) — Moves by the Bank of England boosted London stocks Tuesday, but bourses elsewhere retreated as traders nervously eyed record low yields on government bonds. The British central bank relaxed commercial banks’ capital requirements to boost lending to businesses and households, providing a shot in the arm to London stocks, with the FTSE 100 adding 0.4 percent as the British pound fell to a 31-year low against the dollar. But Germany’s […]

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EU says British cut-tax plan not a good idea

PARIS, France (AFP) — The European Union’s top economic official on Tuesday criticised a British proposal to slash corporate tax to less than 15 percent following the nation’s vote to abandon the bloc. Britain’s finance minister George Osborne said at the weekend he would seek to slash corporation tax to under 15 percent over fears of a corporate exodus following the June 23 referendum to leave the European Union. The 28-nation EU gave a frosty reception […]

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Tokyo shares slip by break on stronger yen

TOKYO, Japan (AFP) — Tokyo’s benchmark stock index headed for its first loss Tuesday after six straight gains, with exporters hit by a stronger yen. Since diving almost eight percent on June 24 in reaction to Britain’s decision to leave the European Union, the Nikkei 225 has rallied on hopes the Bank of Japan will boost its stimulus programme. “Japanese shares declining after a series of gains isn’t strange,” Takuya Takahashi, a Tokyo-based senior strategist […]

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S&P set to cut Puerto Rico’s rating as debt default looms

WASHINGTON, United States (AFP) – Rating firm Standard & Poor’s said it was prepared to cut Puerto Rico’s credit rating to default as it expects the US territory will fail to make a crucial payment Friday. Puerto Rico already has missed several payment deadlines. The Caribbean island was expected to default on some $2 billion in debt payments due Friday, despite a rescue plan signed into law Thursday by President Barack Obama. “Puerto Rico, in […]

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Brexit vote shakes London property market

  LONDON, United Kingdom (AFP) by Patrice NOVOTNY The Brexit vote could cool London’s superheated property market, with some professionals already noting signs of a slowdown, though Gulf investors have signalled their interest is so far undimmed. After a slump in 2008 during the global financial crisis, the sector recovered, first tentatively and then at full pelt, with average prices this year reaching 54 percent higher than their pre-crisis peak. The growth was fuelled by […]

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