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RIYADH, Saudi Arabia – It is expected that 50, 000 overseas Filipino workers in Saudi Arabia will be affected by the oil crisis, with the majority working for the two main contractors of construction and industrial projects. According to the Migrante party-list , the government should take action immediately. According to reports, most OFWS in Saudi Arabia are no longer receiving salary and are waiting to be sent back home to the (Eagle News Service […]
TOKYO, Japan (AFP) — Japan swung back to a trade deficit in January as exports to China plunged, official data showed Thursday, underscoring the impact of a slowdown in one of Tokyo’s biggest trade partners. The disappointing figures come after Japan’s economy shrank 0.4 percent in the October-December quarter — or an annualised 1.4 percent drop — owing to weak demand for big-ticket items like cars and home appliances. That was Japan’s second quarterly contraction […]
(LOS ANGELES, California) As part of the agenda of his working visit to the city, President Benigno S. Aquino III on Tuesday met with top executives of three leading global corporations based in Los Angeles. Following his participation in the Special US-ASEAN Summit at Sunnylands in Rancho Mirage, President Aquino and the Philippine delegation traveled to Los Angeles for a two-day working visit. President Aquino began his working visit with a series of business meetings […]
TEHRAN, Iran (AFP) — Iran’s oil minister started talks Wednesday with his Iraqi, Venezuelan and Qatari counterparts as investors watched whether Tehran would follow Saudi Arabia and Russia’s pact to freeze output. Iran returned to the global oil market just weeks ago after sanctions on its energy and banking sector were lifted upon implementation of a landmark deal on its nuclear programme with world powers. The Islamic republic has long said it must pump more oil […]
TOKYO, JAPAN (Reuters) —The negative interest rate set by Japan’s central bank, effective on Tuesday, will add uncertainty to global economy and exert pressure on China’s currency, said economists. The Bank of Japan followed other central banks last month to cut interest rates to minus 0.1 percent to boost economic recovery amid plummeting oil prices and slowing growth in China. The move weakened the yen, which in turn could add pressure on China’s currency […]
TOKYO, JAPAN Japan’s economy contracted an annualised 1.4 percent in the final quarter of last year as consumer spending slumped, adding to headaches for policymakers already wary of damage the financial market rout could inflict on a fragile recovery, Gross Domestic Product (GDP) data showed on Monday (February 15). The data underscores the challenges premier Shinzo Abe faces in dragging the economy out of stagnation, as exports to emerging markets fail to gain enough […]
TOKYO, Japan (AFP) — Tokyo stocks surged more than five percent Monday morning as a drop in the yen boosted exporters with investors shrugging off a contraction in Japan’s economy during the final quarter of 2015. The benchmark Nikkei 225 index at the Tokyo Stock Exchange soared 5.12 percent, or 765.81 points, to 15,718.42 by the break, clawing back from an eye-watering loss of more than 11 percent last week. The broader Topix index of […]
SAN FRANCISCO, United States (AFP) — Uber said Thursday it has agreed to pay $28.5 million to settle a pair of lawsuits challenging its promises on driver safety checks. The settlement submitted for approval in US District Court in Northern California called for the ride-share company to divvy up the cash between some 25 million customers and to “avoid using certain language in safety-related advertising as well as the term Safe Ride Fee.” “No means […]
SINGAPORE, Singapore (AFP) — The dollar retreated across the board in Asia Thursday after comments from Federal Reserve boss Janet Yellen on the weak global economy suggested the central bank will not hike interest rates any time soon. The greenback also sank to late 2014 levels against the yen on the back of a flight to safe investments as markets from Asia to the Americas are buffeted by worries over the global outlook. Testifying before Congress on […]
The cost of making the US military’s futuristic F-35 fighter jet — already the most expensive weapons project in history — is on the decline, the officer in charge of the program said Wednesday. “Production costs continue to come down,” US Air Force Lieutenant General Chris Bogdan told a news briefing. “When it comes to the price of the airplane and the price of the engine, it continues to come down lot after lot.” The […]
PRESIDENT Aquino has approved the merger of the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines (LBP). Executive Order (EO) No. 198 on the merger of the two state banks, signed by the President last February 4, noted the “need to rationalize the operation of government agencies and government financial institutions (GFIs) to strengthen their financial capabilities, to improve the delivery of services, to achieve economic efficiency and to support […]
TOKYO, Japan (AFP) — Tokyo stocks dropped again Wednesday to their lowest level since late 2014, as fears of a global recession hammered investor confidence ahead of testimony by the head of the US central bank. The plunge came the day after the benchmark Nikkei index posted a 5.4-percent drop, its steepest one-day decline in percentage terms since June 2013. On Wednesday, the Nikkei slipped 2.31 percent, or 372.05 points, lower at 15,713.39, the lowest […]
