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HONG KONG , China (AFP) — HSBC’s net profit was down 18 percent at $4.3 billion in the first quarter, the bank said Tuesday, affected by “extreme levels” of market volatility early in the year. “Our first quarter performance was resilient in tough market conditions that affected the entire banking sector,” said group chief executive Stuart Gulliver. Falling oil prices and fears over China’s economic slowdown contributed to a stocks rout in Asia early 2016 […]
Baker Hughes will quickly put to use the $3.5 billion breakup fee it’ll get from Halliburton after the two called off their merger. The oil drilling giant says, it’ll buy back stock and debt. And it’ll cut costs to produce half a billion dollars in savings by year-end. Evercore ISI analyst James West said, “Independently, Baker will quickly become a turnaround story as it is now able to right-size the company for a difficult 2016.” […]
A Chicago woman has sued Starbucks Corp in federal court, claiming the world‘s largest coffee chain puts too much ice in chilled drinks, and is seeking $5 million, local news reported on Monday (May 2). Filed in U.S. District Court in Chicago last week by Stacy Pincus, the lawsuit said Starbucks iced coffee and iced tea drinks contain less than the advertised amount of beverage. Lawyers have applied for class status for the lawsuit, which […]
HONG Kong, China (AFP) — China and Japan’s economies are expected to slow sharply over the next two years but Asian growth will remain strong as domestic demand takes up the slack from weak global trade, the IMF said Tuesday. Government stimulus measures, lower commodity prices and low unemployment will help drive regional expansion, the International Monetary Fund said, and called on leaders to push on with reforms. However, in its Regional Economic Outlook for […]
(REUTERS) A Chicago woman has sued Starbucks Corp in federal court, claiming the world’s largest coffee chain puts too much ice in chilled drinks, and is seeking $5 million, local news reported on Monday (May 2). Filed in U.S. District Court in Chicago last week by Stacy Pincus, the lawsuit said Starbucks iced coffee and iced tea drinks contain less than the advertised amount of beverage. Lawyers have applied for class status for the […]
KITAKYUSHU, Japan (Reuters) – International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed out, providing that the health of the global economy does not pose a concern. Oil prices hit 2016 highs on Friday with Brent crude LCOc1. reaching $48.50 a barrel on optimism that a global oil glut will ease. That, coupled with a weaker dollar, has helped lift crude futures by more than $20 a […]
The German government and auto industry has agreed to subsidize electric and hybrid cars. As David Pollard reports, buyers will get a premium of 3,000 euros or more.
BEIJING , China (AFP) –One of China’s top airlines will split $10 billion of new orders between European manufacturer Airbus and US-based Boeing, it said, as competition heats up for aviation market share in the world’s second-largest economy. China Eastern Airlines said in a statement to the Hong Kong stock exchange that the lion’s share of the orders, nearly $6 billion, will go to Airbus for 20 A350 aircraft. It will also spend close to […]
Eagle News Service and Philippine Telegraph and Telephone Corporation (PT&T) has partnered up for the most extensive coverage of the May 9,2016 Elections in the Philippines. PT&T will provide high speed broadband connection for the Eagle News Service’s coverage of the elections entitled Desisyon ng Bayan 2016. This will bolster the online and social media presence of Eagle Broadcasting Corporation particularly through its websites net25.tv and eaglenews.ph Mr. Jorge A. Cabacungan, President of Eagle Broadcasting Corporation […]
SEOUL , South Korea (AFP) — Booming sales of home appliances and televisions helped South Korea’s LG Electronics report a surge in first-quarter profits Thursday, despite a continued slump in smartphone sales. Net income for January to March amounted to 198 billion won ($173.9 million), up 415 percent from a year ago, the Seoul-based company said in a statement. The tech giant produces a range of consumer electronics from air conditioners to TVs and mobile phones. […]
QUEZON City, Philippines – The World Bank raised the bar for its oil price forecast for 2016, adding that the oil price is already recovering from over-supply. According to the World Bank, oil will be priced at $41. (Eagle News Service Described by Jay Paul Carlos, Video Editing by Jericho Morales, Uploaded by MRFaith Bonalos)
LONDON , United Kingdom (AFP) — Lloyds Banking Group on Thursday announced a 45-percent drop in first quarter net profit on expected costs linked to the repurchasing of bonds launched after the financial crisis. Underlying pre-tax profits were largely stable and chief executive Antonio Horta-Osorio said the first three months of the year had delivered “a robust financial performance” and left the group with a strong balance sheet. LBG, which has been returned almost fully […]
