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(REUTERS) Wal-Mart Stores Inc would have to spend an additional $4.95 billion if it were to raise the minimum wage for its hourly employees in the United States to $15 per hour from the current $10 per hour, according to an estimate by the UC Berkeley Center for Labor Research. As the country’s largest private employer, Wal-Mart employs nearly 1.5 million people in the United States. Of that, 1.1 million are hourly employees, […]
HONG KONG, China (AFP) — Asian shares turned lower Friday following losses in New York and Europe as traders fret over the state of the global economy, with potentially big market-moving events coming into focus. After a healthy run of recent gains helped by rising oil prices, investors took a step back as the head of the European Central Bank (ECB) called for action to kickstart eurozone growth — which was taken as a sign its […]
SEOUL, South Korea (Reuters) — Seoul prosecution investigators raided Lotte Group headquarters on Friday (June 10) morning, a group spokesman told Reuters, in what local media reported as a widening investigation into South Korea’s fifth-largest conglomerate. The raids came as the group’s Hotel Lotte unit is readying an IPO, worth up to $4.6 billion, that has been cut in value and pushed back after the emergence of a bribery probe. About 200 Seoul prosecution investigators […]
NEW YORK, United States (AFP) — A blue diamond from the South African mine famous for contributing to the British Crown Jewels sold for more than $25 million in New York on Thursday, Christie’s said. The auction house said the Cullinan Dream was the largest Fancy Intense Blue type diamond to go under the hammer and was snapped up by an absentee bidder for $25.4 million, including premiums. Christie’s said it is the biggest of […]
SAN FRANCISCO, United States (AFP) — Google co-founder Larry Page has secretly poured more than $100 million into building flying cars, Bloomberg reported Thursday. Page has backed Zee.Aero while striving to keep his involvement hidden, according to the report that cited unnamed sources described as having intimate knowledge of the flying car startup launched in 2010. “Based in the heart of Silicon Valley, Zee is developing a revolutionary new form of transportation,” the startup said […]
SAN FRANCISCO, United States (AFP) — Apple said Wednesday it was revamping its App Store with a new revenue-sharing model for app developers and, for the first time, search-related advertising. The move comes with Apple seeking to boost its revenue from services amid what appears to be a plateauing of sales of iPhones and a slowdown in the table market. In a significant shift in its revenue model, Apple said it would reduce its share […]
Ralph Lauren chopping a 1,000 jobs – about eight percent of its full-time positions – and shutting down fifty stores. It’s part of a sweeping plan to lower costs and revive sales. The problem? Not much demand for luxury apparel and accessories, plus heavy discounts in department stores. Also, the company’s lower-end Polo and Lauren labels are losing business to fast fashion retailers, like H&M and Zara. Retail analyst Mary Epner says, “They have too many […]
SEOUL, South Korea (AFP) — Prosecutors on Wednesday raided Daewoo Shipbuilding and Marine Engineering Co. (DSME), one of South Korea’s three giant shipbuilders, as they probe a suspected accounting fraud, the company said. Some 150 staff from the Supreme Prosecutors’ Office stormed the DSME headquarters in Seoul and its Okpo shipyard on the southern island of Geoje. “This morning, they started collecting accounting books, computer hard disks and other documents,” a spokesman of the company […]
MERALCO will reduce its overall power rate by 13 centavos to Php 8.32 per kilowatt-hour this month, driven by the fall in the generation charge. According to a statement from the power firm, the reduction for typical households with a consumption of 200 kwh will amount to Php 25.47, 300 kwh at Php 38.21, 400 kwh at Php 50.95 and 500 kwh at Php 63.69. Meralco cited the generation charge dropped by Php 0.16 per […]
HONG KONG, China (AFP) — Stocks mostly rose in Asia Friday following a strong lead from New York, while optimism about a US jobs report later in the day pushed the dollar up against the yen and euro. The upbeat outlook was also evident in oil markets, where prices held around the $50 mark as OPEC’s refusal to cap output was offset by a fall in US stockpiles. With the start of June proving to be […]
SEOUL, South Korea (AFP) — South Korea’s Hyundai Heavy Industries has received the green light for a near 3.0 billion restructuring program — including asset sales and job cuts — to keep the world’s largest shipbuilder afloat. A spokesman for KEB Hana Bank, one of the company’s chief creditors, confirmed Wednesday that it had approved the 3.5 trillion won ($2.94 billion) plan, to be implemented over the next three years. Hyundai Heavy, along with Daewoo […]
FRANKFURT, Germany (AFP) — The pharmaceuticals sector is facing an intensive period of mergers and acquisitions in the coming years, even if US firms Pfizer and Allergan recently failed to tie the knot, the corporate consultancy firm EY said Monday. “We’re going to see a high level of investments and divestments in the pharmaceuticals sector in the coming years,” said Gerd Stuerz, analyst at EY. In April, Pfizer and Allergan called off a $160-billion (144-billion-euro) tie-up […]
