BREAKING NEWS: Business (2)

Hong Kong IPOs suffer from business downturn and China tension

Sun, 25 Sep 2022 22:04:48 +0000

In saying goodbye to Abe, Modi should get close to Kishida

Sun, 25 Sep 2022 22:04:48 +0000

North Korea rattles saber as U.S. carrier arrives for drills with South

Sun, 25 Sep 2022 22:04:48 +0000

Did China overestimate its births? Leaked data raises questions

Sun, 25 Sep 2022 18:18:59 +0000

Pogo exodus to cost PH P200B a year, Leechiu warns

Sun, 25 Sep 2022 18:09:00 +0000

The Philippine economy stands to lose almost P200 billion annually—from office and residential rentals, income taxes, electricity bills, employees’ wages and regulatory revenues, among others—if the remaining players in the local online gaming industry are shut down, a property analyst who closely follows the Philippine offshore gaming operators (Pogos) said. In a briefing, Leechiu Property […]

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Meralco electricity sales likely rose 6% in Q3

Sun, 25 Sep 2022 18:08:00 +0000

Power distribution giant Manila Electric Co. (Meralco) said electricity sales rose about 6 percent in the third quarter as the resumption of in-person classes pushed up commercial demand from the pandemic induced slump. Ferdinand Geluz, Meralco chief commercial officer and first vice president, said the continuous reopening of the economy lifted sales but they were […]

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Gameskraft Technology faces Rs 21,000-crore tax notice for 'GST evasion'

Sun, 25 Sep 2022 18:07:11 +0000

The Council is expected to meet next month to take up the panel's report on the issue

BIZ BUZZ: The luckier Dennis Uy?

Sun, 25 Sep 2022 18:07:00 +0000

The debates over the need for a so-called third telco have long died down, but the local telecommunications industry remains as cutthroat as ever, with firms continuing to jockey for prime positions that will allow them to take advantage of the booming demand for connectivity in the country. Biz Buzz hears that NOW Corp. of […]

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Inflation likely to peak at 6.7% in Sept or Oct, says report

Sun, 25 Sep 2022 18:06:00 +0000

The Philippine peso might gain ground against the US dollar in November and December when the volume of cash remittances from Filipinos living and working overseas usually peaks, potentially helping slow down inflation or the increase in the prices of basic commodities, according to First Metro Investment Corp. and the University of Asia and the […]

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Peso movement to guide equity investors this week

Sun, 25 Sep 2022 18:05:00 +0000

Market observers will be monitoring currency movements as stocks mirror the decline of the Philippine peso while central banks around the world continue aggressive monetary tightening to tame inflation. The benchmark Philippine Stock Exchange Index (PSEi) plunged 4.42 percent to 6,259.54 the past week amid a flurry of interest rate increase announcements, including the Bangko […]

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DHL to charge higher fees in 2023 to hedge vs inflation

Sun, 25 Sep 2022 18:04:00 +0000

Consumers using the parcel delivery services of logistics company DHL Express Philippines will pay more next year, as it adjusts its prices to blunt the impact of accelerating inflation and fund capital expenditures. Its fees, which are adjusted on an annual basis, will increase by 7.9 percent effective Jan. 1, 2023. “With the annual price […]

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Yao infuses capital in PBB ahead of rights offer

Sun, 25 Sep 2022 18:03:00 +0000

Business tycoon Alfredo Yao’s Philippine Business Bank (PBB) infused more capital in the lender ahead of its stock rights offering. The bank’s principal shareholders subscribed to P1.25 billion of the P5 billion capital increase, which was approved by the PBB board of directors and stockholders, a regulatory filing showed. The bank’s major shareholders also deposited […]

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The No.1 paranoia that all billionaires share —and how you can profit from it

Sun, 25 Sep 2022 18:02:00 +0000

A business is about making the right decisions. Making the right decisions depends upon you seeing the facts. Unfortunately, that is rarely the case with most business leaders or owners. They are surrounded by blind spots and walls they cannot see through. It is not their fault. It is built into the position of being […]

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India beat Australia by six wickets in third T20I, clinch series 2-1

Sun, 25 Sep 2022 18:01:40 +0000

This was Kohli's second century partnership at the Rajiv Gandhi Stadium after figuring in a 102-run stand with K.L Rahul against West Indies in 2019.

The wins of change: Thriving in a world of in-betweens

Sun, 25 Sep 2022 18:01:00 +0000

The 20th International CEO Conference on “The wins of change: Thriving in a world of in-betweens” of the Management Association of the Philippines (MAP) was conducted for the first time in a hybrid platform. The past two years saw many firsts brought about by the pandemic. In 2020, MAP had its first Web CEO Conference, […]

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Crisis in Rajasthan Congress as Gehlot-loyalist MLAs threaten to resign

Sun, 25 Sep 2022 17:27:18 +0000

High drama unfolded in Rajasthan Sunday evening as a group of Congress MLAs loyal to Chief Minister Ashok Gehlot headed to the assembly speaker's residence to submit their resignation ahead of a legislature party meeting which was likely to pick his ...

To rent or buy? What's in store for the clothing rental industry in Canada

Sun, 25 Sep 2022 17:10:34 +0000

Clothing rental has become more mainstream over the last decade with the rise of the sharing economy, but the COVID-19 pandemic wasn't kind to these types of retailers. As pandemic restrictions lifted, however, some Canadian rental businesses saw a boost in traffic.

Piramal, Zurich Insurance to bid jointly for Reliance General Insurance

Sun, 25 Sep 2022 17:08:19 +0000

Administrator pegs general insurance arm valuation at Rs 9,450 crore

Apartments sold and rented

Sun, 25 Sep 2022 16:20:47 +0000

A selection of recent real estate deals in Israel including in Tel Aviv, Ramat Gan, Rishon Lezion, Beer Yaakov, Lod, Haifa, Tiberias and Beersheva.

Mukul Rohatgi declines Centre's offer to be next Attorney General

Sun, 25 Sep 2022 16:15:48 +0000

The Centre had offered the post of AG to Rohatgi earlier this month to succeed K K Venugopal, 91, whose term will end on September 30

Defence exports up 334% in last 5 yrs, now exporting to 75 nations: Govt

Sun, 25 Sep 2022 16:14:22 +0000

The Press Information Bureau (PIB) said in a tweet: "The Indian Defence sector, the second largest armed force is at the cusp of revolution."

Samsung sells smartphones worth Rs 1k cr on Day 1 of online festive sales

Sun, 25 Sep 2022 16:00:56 +0000

Samsung has slashed prices of Galaxy series smartphones in the range of 17 to 60 per cent for the festive season sales.

Post FTA, non-petroleum exports to UAE up 14% in June-August: Govt

Sun, 25 Sep 2022 15:28:20 +0000

Growth in shipments to Emirates is 5x that to the rest of the world; surge primarily led by gems and jewellery, electrical equipment

JioMart morphs into e-marketplace to take on Amazon and Flipkart

Sun, 25 Sep 2022 15:16:40 +0000

Reliance Retail's digital commerce arm has been onboarding additional sellers across categories

Hong Kong's crypto industry eager for policy support

Sun, 25 Sep 2022 15:01:00 +0000

HONG KONG: Hong Kong's cryptocurrency entrepreneurs and investors are looking to the government to take more measures to support the industry amid growing concerns about the city's diminishing status as a crypto hub resulting from regulatory uncertainty.

No power crisis likely this festive season

Sun, 25 Sep 2022 14:47:16 +0000

India is unlikely to see a repeat of the 2021 energy crisis this festive season as coal-fired power stations across the country have comfortable levels of the fuel stock to meet electricity demand of the world's fastest expanding major economy.

RBI likely to slow down on rate cuts till 2023: ADB

Sun, 25 Sep 2022 14:28:58 +0000

With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report.The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year ending in March 2023 to 6.7 per cent from its earlier projection of 5.8 per cent.For the next fiscal year too, the forecast has been revised upwards to 5.8 per cent from 5 per cent earlier.

Finally, a shimmer of hope for the 'golden fibre'

Sun, 25 Sep 2022 14:12:24 +0000

In the early part of 1800, a 30-acre plot next to Fort Gloster on the banks of river Hooghly in Howrah district of Bengal was the nerve centre of industrial activity; it housed India's first steam-powered cotton mill, Bowreah Mills, which was set up by a British merchant and went on to become a hub of factories - a rum distillery, foundry, cotton yarn factory, an oil mill and a paper mill, et al.Spearheaded by Dwarkanath Tagore, the industrialist grandfather of Rabindranath Tagore, the commercial complex was possibly the first of its kind in the country.Close to 200 years later, after much ebb and flow of history, the hub is set for a resurgence of sorts.

Graeme McDowell receives $475,000 dividend from his golf promotions company

Sun, 25 Sep 2022 13:56:52 +0000

McDowell, who switched to the Saudi-backed LIV tour earlier this year, received a payment of $2.1m a year in 2020

Defence exports grew by 334% in last 5 years: Govt

Sun, 25 Sep 2022 13:42:56 +0000

Defence exports have grown by 334 per cent in the last five years and India is now exporting to over 75 countries due to collaborative efforts, the government said on Sunday.The Press Information Bureau (PIB) said in a tweet: "The Indian Defence sector, the second largest armed force is at the cusp of revolution.""Defence exports grew by 334 per cent in the last five years; India now exporting to over 75 countries due to collaborative efforts," it said.

Canara Bank to raise Rs 3,000 cr in AT1, tier-II capital in H2FY23

Sun, 25 Sep 2022 13:20:35 +0000

The bank, which aims to keep capital adequacy at the 16% and above level, has already raised Rs 6,000 cr via these instruments in H1

With comfortable coal stocks, no power crisis likely this festive season

Sun, 25 Sep 2022 12:52:18 +0000

With coal used to produce almost 70 per cent of electricity, officials are confident that the 2021 crisis will not be repeated this festive season that kicks in a week's time.

Tax collections to continue rising trend in coming months, say experts

Sun, 25 Sep 2022 12:01:36 +0000

Gross direct tax collection grew 30% to Rs 8.36 lakh crore in April to mid-Sept period of current fiscal on increased corporate tax and personal income tax mop up due to increased economic activity

EY UK boss defends split of firm, saying it would boost audit quality

Sun, 25 Sep 2022 11:59:05 +0000

Hywel Ball speaks out ahead of partner vote on radical restructuring

Bonds are down. That's hurting retirees and people trying to save for college

Sun, 25 Sep 2022 11:54:06 +0000

Investors are getting hit with a double whammy: stocks AND bonds are down. That's hurting retirees and people trying to save for college.

FPIs pump in Rs 8,600 cr in Sept in equities; pace of investment slows

Sun, 25 Sep 2022 11:38:00 +0000

Indication of further rate hike by the US Federal Reserve, fears of a recession, depreciating rupee and continued tensions in Russia and Ukraine will affect FPI flows, says Basant Maheshwari

RBI set for fourth straight rate hike to quell inflation, say experts

Sun, 25 Sep 2022 11:34:19 +0000

The Reserve Bank of India (RBI) may take cues from its global counterparts, including the US Federal Reserve, to raise interest rate for the fourth time in a row on Friday to tame stubborn inflation. The RBI, which has since May raised the ...

High NPAs in education loan segment turn banks cautious, says PSB official

Sun, 25 Sep 2022 11:25:02 +0000

As a result some genuine cases are overlooked and there are delays, the official said.

Republican Party’s anti-climate agenda threatens cosy alliance with Wall Street

Sun, 25 Sep 2022 10:48:31 +0000

Some states are attempting to punish financial firms for climate-friendly investing

Zara’s billionaire founder in talks to enter Irish property market

Sun, 25 Sep 2022 10:32:50 +0000

Seen & Heard: Google Ireland still hiring, business failures tipped to rise, Aer Lingus trade unions to lodge pay claim, Pepper Finance increases mortgage rates and Kula plans first Dublin hotel

South Korea's Yoon in mudslinging match with opposition leader

Sun, 25 Sep 2022 10:18:36 +0000

Natural gas price to rise to record level this week

Sun, 25 Sep 2022 10:06:49 +0000

Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, is likely to rise to record levels at the rate review scheduled this week, sources said.The government-dictated price for natural gas produced in the country is to be revised on October 1.After factoring in the spike in energy prices witnessed in recent months, the rate paid for gas produced from old fields such as of state-owned Oil and Natural Gas Corporation (ONGC) is likely to rise to $9 per million British thermal units from current $6.1.

Factors that will drive the markets this week

Sun, 25 Sep 2022 09:49:25 +0000

The domestic stock market may face volatility amid the monthly derivatives expiry scheduled this week, while investors would mainly await the outcome of RBI's interest rate decision on Friday, said analysts.Global market movement would also continue to drive sentiment amid a bearish trend recently following rate hikes by the US Federal Reserve and other central banks.The Reserve Bank of India (RBI) may take cues from its global counterparts to raise interest rate for the fourth time in a row to control inflation.

Stocks and bonds both get clobbered this time. Here's what's behind the double whammy

Sun, 25 Sep 2022 09:00:44 +0000

Stocks are down more than 20% this year. Usually when that happens bonds hold their value. But right now both are down sharply, hurting retirees and people saving for college in 529 plans.

(Image credit: Andrew Kelly/Reuters)

Hong Kong businesses push for full reopening as quarantine ends

Sun, 25 Sep 2022 08:54:00 +0000

Hong Kong’s dismantling of hotel quarantine for arrivals is being met by calls for the city to remove remaining restrictions on travellers to help revive its fortunes as an international financial hub.

From HP sauce to Burberry, the future of the Queen's endorsements is up in the air

Sun, 25 Sep 2022 08:00:00 +0000

HP Sauce is just one of the late Queen Elizabeth's favourite brands — and they are among hundreds of products that hold Royal warrants. Here's what happens to the branding advantage gained from her seal of approval now that Her Majesty has died.

FPIs pump in Rs 8,600-crore in September; pace of investment slows

Sun, 25 Sep 2022 06:45:18 +0000

FPIs turned net buyers in July after nine straight months of net outflows, which started in October last year.

LG Innotek reliance on Apple's custom renders it vulnerable

Sun, 25 Sep 2022 06:40:39 +0000

Kyoto startup is eager for you to try its umami-rich cricket burger

Sun, 25 Sep 2022 06:40:39 +0000

Engineering sector MSMEs seek production linked incentive scheme

Sun, 25 Sep 2022 06:02:49 +0000

The association#39;s President S C Ralhan said that the Indian hand tools industry has a long way to go in order to realise its full potential and it holds huge possibilities.