The rouble slumped to new all-time lows on Thursday (January 21) as speculative pressure on the currency built, piling pressure on policymakers and reinforcing fears about the fragility of the commodity-dependent economy. Pushed down by a collapse in global prices of oil that has soured sentiment for Russian assets, the rouble broke through 83 roubles per dollar for the first time before later slumping to 86 per dollar. Chief economist with Alfa Bank, Natalia Orlova, […]
Business
Technological innovations boost industrial revolution in world: WEF experts
Technological innovations are boosting the transformation of the global economy and society, as the 46th World Economic Forum (WEF) annual meeting is being held under the theme “Mastering the 4th Industrial Revolution” in Davos, Switzerland. A robot named Hubo, which can replace people to conduct search and rescue work in disaster-stricken areas, caught much attention at the Davos forum. A report of the forum forecast that the rise of robots and artificial intelligence will overset […]
Asia stocks get welcome respite as crude prices bounce
Battered crude oil prices bounced back from their lows on Thursday (January 21, 2015), propelling solid gains in Asian shares and the dollar. Thursday’s gains built on Wall Street’s consolidation overnight in which major indexes finished with declines of more than 1 percent, but well off the 3 percent plus they plumbed in the previous session when U.S. crude had dropped to 2003 lows. Japan’s benchmark Nikkei average added 0.5 percent early after plunging 3.7 […]
‘Middle-class Joe’ Biden tells Davos bosses to look after workers
U.S. Vice President Joe Biden criticised modern corporate “short-termism” on Wednesday (January 20) and urged chief executives gathered in Davos to look after their workers as well as their shareholders. Relishing his nickname of “middle-class Joe”, he told delegates at the World Economic Forum annual meeting that the middle classes, the backbone of economies and democracies, now faced unprecedented threats from technological change. “For I believe the underlying question for world leaders, civil society, academia, […]
Tension rises as Russia’s rouble falls further
Russians gathered outside banks and closed restaurants on Wednesday (January 20) demanding foreign currency mortgages to be restructured and salaries paid, as the national currency hit the new record low. Employees flocked to the closed doors of the Sbarro pizza restaurant, holding flags and banners calling on the owners to pay them. Sergei, one of the protesters, explained that he and his colleagues have not received money for their work in a while. “The salary […]
World Economic Forum annual meeting opens in Davos
The opening ceremony of the annual meeting of the World Economic Forum (WEF) was held in the Swiss city of Davos on Tuesday. The theme of this year’s forum is “Mastering the Fourth Industrial Revolution.” Other topics on the agenda include sustainable development of the world economy, global warming and the environment, as well as the refugee crisis and anti-terror issues. “I hope you go home and you are, as myself and all my colleagues, […]
RMB depreciation will have little impact on China’s economy: official
The depreciation of the Chinese currency yuan will have little impact on the country’s economy, said Wang Bao’an, director of the National Bureau of Statistics, on Tuesday. “The depreciation of renminbi is triggered by two factors, both domestic and foreign ones. One of them is the appreciation of the U.S. dollar. That’s a practical reflection in China. The appreciation of the U.S. dollar brings about the depreciation of renminbi. I think the depreciation of renminbi […]
Analysts say China GDP figures show worrying trend for economy
GDP figures showing the Chinese economy grew at 6.8 percent in the final quarter of 2015 indicate a worrying downward trend, said an analyst on Tuesday (January 19), as the weakest growth since the financial crisis added pressure on the government to restore investor confidence. Concerns about China’s policy making ability have shot to the top of global investors’ risk lists for 2016 after a renewed plunge in its stock markets and yuan currency stoked […]
Labor groups proposed 16K minimum wage
Confederation for Unity, Recognition and Advancement for Government Employees or COURAGE proposed that the minimum wage be raised to Php 16, 000 for employees working in the private sector. Said proposal was made as the Senate studies the Salary Standardization Law for government employees. COURAGE added that every employee should feel the economic growth which the Aquino administration is proud about. (Eagle News Service Described by Jay Paul Carlos, Video Editing by Dexter Magno, Uploaded […]
DTI will meet businessmen for lowering of SRP
The Department of Trade and Industry will meet businessmen this Friday, January 22, to talk about the proposed lowering of the suggested retail price of primary products at the National Price Monitoring Council. DTI added that said talk is timely due to the series of oil price rollbacks in the world market. (Eagle News Service Described by Jay Paul Carlos, Video Editing by Dexter Magno, Uploaded by MRFaith Bonalos) https://youtu.be/baBkIREqL5U
Big time rollback on price of gasoline this week
Due to the movement of oil prices in the world market, expect a big time rollback on the price of petroleum products this week. Diesel prices will be down by Php 1.30 to Php 1.50 per liter while gasoline prices will be down by Php 1 to Php 1.20. (Eagle News Service Described by Jay Paul Carlos, Video Editing by Dexter Magno, Uploaded by MRFaith Bonalos)
Taiwan shares rise following DPP election win
Taiwan stocks rose 0.75 percent to 7720.13 points as of 0507GMT on Monday (January 18), after the Democratic Progressive Party’s Tsai Ing-wen won the presidential election over the weekend on the island. Tsai Ing-wen and her Democratic Progressive Party (DPP), which is less friendly to China, won a convincing victory in both presidential and parliamentary elections on Saturday (January 16), in what could usher in a new round of instability with China, which claims self-ruled […]
