FRANKFURT, Germany (AFP) – A group of German businessmen and academics are taking the European Central Bank to court over its controversial bond-buying programme, their lawyer said on Tuesday. A complaint against the ECB’s corporate sector purchase programme was filed at Germany’s highest court, the Constitutional Court, on May 12, a court spokesman told AFP. The business leaders argued that the central bank was “going beyond its mandate” in purchasing corporate bonds as part of its […]
Business
Philips eyes almost billion euro IPO windfall
THE HAGUE, Netherlands (AFP) – by Jo Biddle Dutch electronics giant Philips announced Monday it will float 25 percent of its shares in a highly anticipated IPO of its lighting arm which could raise almost one billion euros. The Amsterdam-based company said it would release some 37.5 million shares for the initial public offering on May 27, with an option of releasing more if the offer is over-subscribed. The floatation could raise between 694 […]
Diamond magnate’s rare stone goes under the hammer in Geneva
GENEVA ,Switzerland (AFP) — A 14.62-carat blue diamond owned by an architect of the modern diamond industry could fetch a record price at this week’s Magnificent Jewels auctions in Geneva. The dazzling rock previously belonged to the late Philip Oppenheimer, scion of the family that controlled the De Beers diamond mining company. As chairman of a powerful cartel called the Central Selling Organization, Oppenheimer — who died in 1995 — tightly controlled the international diamond […]
Norway sovereign wealth fund to sue Volkswagen: report
LONDON, United Kingdom (AFP) — Norway’s sovereign wealth fund, the world’s largest, is to sue German carmaker Volkswagen over an emissions-cheating scandal that caused it huge losses, the Financial Times reported Sunday, May 15. “We have been advised by our lawyers that the company’s conduct gives rise to legal claims under German law. As an investor it is our responsibility to safeguard the fund’s holding in Volkswagen,” Peter Johnsen, the chief executive of the fund’s […]
Apple weakness hits Nasdaq; oil lifts Dow
NEW YORK, United States (AFP) — A hefty drop in Apple shares left the Nasdaq in the red Thursday, but higher oil prices helped keep the Dow in positive territory. Apple briefly ceded its crown as the world’s biggest publicly traded company to Google parent Alphabet during the session, but managed to edge out Alphabet at the end of trade. But Apple still finished down 2.4 percent on worries about declining iPhone sales and the lack […]
Global oil supply glut to ‘shrink dramatically’ this year: IEA
PARIS, France (AFP) – by Kate Millar A global oil glut that has sent prices tumbling is set to “shrink dramatically” later this year, as wildfires have disrupted Canada’s output and demand in India soars, the International Energy Agency (IEA) said Thursday. Demand for oil worldwide is set to grow at a “solid” rate in 2016, with India the “star performer” after making up nearly 30 percent of the global increase in demand in the […]
Singtel profits up on increased mobile internet use
SINGAPORE , Singapore (AFP) — Singapore Telecom (Singtel) on Thursday reported a full-year net profit rise, driven by increased mobile data usage as more customers browse the Internet on handheld devices. Investments in high-speed Internet networks and services are paying off as the easy mobile connections allow people to consume more data while on the go, said Singtel, Southeast Asia’s biggest telecom firm by revenue. “Mobile data was the bright spot,” said Singtel Group chief […]
Oil prices subdued in Asia after touching 2016 highs
SINGAPORE (AFP) — Oil prices dipped in Asia on Thursday as investors locked in profits after the previous day’s surge to six-month highs that was fueled by a surprise decline in US stockpiles. The Department of Energy said Wednesday that inventories slid 3.4 million barrels last week, confounding analysts’ expectations for a rise and signalling strong demand in the world’s top oil-consuming nation. The report also said US oil production fell, providing hope to a […]
Nissan confirms talks for tie-up with Mitsubishi
TOKYO , Japan (AFP) — Nissan Motor confirmed Thursday it was in capital tie-up talks with scandal-hit Mitsubishi Motors, as media reports said the deal would effectively be an acquisition that would create a mega-automotive group. The deal, if agreed, would create a firm that would rival global titans Toyota and Volkswagen in terms of sales volume, Japanese media said. “Nissan and Mitsubishi are discussing various matters including capital cooperation, but nothing has been decided,” […]
Oil prices dip after latest surge
SINGAPORE, Singapore ( AFP ) — Oil prices dipped in Asia Wednesday after the previous day’s rally as Canadian oil companies prepare to restart production after being closed by huge wildfires. The commodity has seen strong swings this week as traders weigh up the effects of the blazes that have torn across the vast oil sands region of Alberta as well as disruptions elsewhere. Tuesday saw both main contracts rally as data showed output […]
Yen slips on intervention threat, peso up after Philippine vote
TOKYO, Japan (AFP) — The yen weakened Tuesday as Japanese officials ramped up a bid to tame the surging currency, while the Philippine peso ticked higher with anti-establishment firebrand Rodrigo Duterte set to become the country’s new president. After soaring to 18-month highs against the dollar, the yen has sagged as officials threaten to intervene in currency markets to stop its “speculative” rally. On Tuesday, finance minister Taro Aso repeated warnings about possible action, after saying […]
Nokia posts loss for first joint results with Alcatel-Lucent
HELSINKI , Finland (AFP) — Nokia suffered a net loss of 513 million euros ($583 million) in the first quarter, the Finnish telecom equipment giant said Tuesday in its first earnings announcement after acquiring its French-American rival Alcatel-Lucent. The group’s sales fell by eight percent in its main network equipment business, but Nokia highlighted in a statement its operating margin increased by 1.7 points to 6.2 percent. In comparable figures, the company’s global revenue fell […]
