BREAKING NEWS: Business (2)

Peso caught up in US election frenzy

Tue, 05 Nov 2024 02:12:43 +0000

Uncertainties over the US presidential elections would unlikely sink the peso to the record-low 59 level, regardless of the winner of the tight race to the White House, analysts said, although the local currency is still bound to feel some weakness this week. The peso finished the first trading day of November at 58.34 against

BIZ BUZZ: Why is Facebook allowing scam promos?

Tue, 05 Nov 2024 02:11:43 +0000

Cyberscammers using deepfake videos of Elon Musk, the richest person on the planet, have defrauded Americans of billions of dollars, according to US media reports. Here in the Philippines, among the cyberscammers’ favorite big-time “endorsers,” especially those targeting stock market newbies, is business tycoon Teresita Sy-Coson of the SM group. Her name and image are

PH factory output grew for 14th straight month in Oct

Tue, 05 Nov 2024 02:10:43 +0000

The country’s manufacturing sector remained on the growth path, with output rising for the 14th straight month in October, and outperforming the region, according to S&P Global. The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI), which measures the country’s manufacturing output, came in at 52.9 in October, the 14th straight month that the index

Singapore firm poised to take control of DITO CME

Tue, 05 Nov 2024 02:09:42 +0000

Singaporean firm Summit Telco Corporation Pte. Ltd has struck a deal to acquire an additional 9 billion shares—currently valued at P17.1 billion—in DITO CME Holdings Corp., operator of DITO Telecommunity (DITO Tel). Once finalized, Summit will emerge as the largest shareholder in the company built by Davao-based businessman Dennis Uy. At present, Summit Telco already

Fitch: Weaker US growth prospects might hit PH remittances

Tue, 05 Nov 2024 02:08:42 +0000

Potential policy shifts after the US presidential elections could weigh on the growth prospects in the world’s largest economy, a development that can hurt emerging markets (EMs) like the Philippines via the remittances channel, a major lifeline for Filipinos, Fitch Ratings said. In a commentary, the debt watcher said remittances was a channel for potential

T-bill auction yields mixed results

Tue, 05 Nov 2024 02:07:43 +0000

Yields on Treasury bills (T-bills) ended mixed during the Monday auction that saw market players aiming to secure longer-dated paper in anticipation of further policy rate cuts. Broken down, the 91-day T-bill rate averaged 5.605 percent, up from last week’s 5.586 percent. The 182-day paper, on the other hand, fetched an average yield of 5.5735

ERC chief returns to a Meralco rate hike dilemma

Tue, 05 Nov 2024 02:06:42 +0000

Energy Regulatory Commission (ERC) chair Monalisa Dimalanta has returned to the grind after a two-month suspension, with her focus set on mounting cases, including addressing concerns over a possible rate hike in the Manila Electric Co. (Meralco) franchise area. Dimalanta faced reporters during a virtual press conference on Monday, her first after Malacañang reinstated her

PSEI hangs amid bated breath on inflation, GDP data

Tue, 05 Nov 2024 02:05:43 +0000

Philippine shares moved sideways on the first trading day of the month as investors juggled anxiety over the upcoming US presidential elections and local inflation data. The benchmark Philippine Stock Exchange Index (PSEi) closed nearly flat on Monday as it shed 0.1 percent or 6.86 points to 7,136.1. Likewise, the broader All Shares Index went

Alternergy pours P2.9B into wind, solar projects

Tue, 05 Nov 2024 02:04:42 +0000

Alternergy Holdings Corp. is ramping up the buildup of its renewables portfolio with a total of at least P2.9 billion injected into three clean power projects. Alternergy president Gerry Magbanua said on Monday the group’s Tanay Wind Power Project already secured an initial P1.5 billion. This 128-megawatt (MW) wind park has an estimated project cost

Lending buoyed PSBank Jan-Sept earnings to P4B

Tue, 05 Nov 2024 02:03:43 +0000

Philippine Savings Bank (PSBank) booked a 19-percent growth in earnings, which reached P4 billion in the January to September period driven by its lending business, with the company preparing for an influx in loan demand due to falling interest rates. The thrift banking arm of the Metrobank Group on Monday said core revenues, which include

PBB 9-month profit surges to record P1.8B

Tue, 05 Nov 2024 02:02:43 +0000

Philippine Business Bank (PBB) posted record-high earnings in the first nine months of the year as its loan portfolio expanded alongside the growth of the consumer business. In a stock exchange filing on Monday, the banking business of Zest-O Group founder Alfredo Yao said its net income surged by 57 percent to P1.8 billion, which

Women in the boardroom

Tue, 05 Nov 2024 02:01:43 +0000

If the United Nations Committee on the Elimination of Discrimination against Women can have its way, it wants women to have an equal (50:50) share with men in the decision-making process in public, private sector, political, economic and digital spaces. In a statement it released last week, the committee said “[targets] of 30 percent representation

Turkish inflation inches down to 48.6% in October — official

Mon, 04 Nov 2024 21:21:58 +0000

Istanbul, Turkey — Turkey’s annual inflation rate fell less than expected to 48.6 percent in October, official data showed Monday, as officials strive to bring down soaring consumer prices. Inflation had slowed to 49.4 percent in September, also less than expected. Turkey’s central bank began to raise interest rates last year to battle soaring prices,

Mon: ICL lifts TASE

Mon, 04 Nov 2024 19:12:18 +0000

ICL and parent company Israel Corp. jumped sharply as Energean led the declines.

South Korea pushes AI to bolster military as population shrinks

Mon, 04 Nov 2024 18:41:01 +0000

After court victory, 5 Israeli cos exhibit at France's Euronaval

Mon, 04 Nov 2024 18:20:54 +0000

The companies are participating in Euronaval, five days after the Paris Commercial Court struck down the decision by the French government to bar Israeli companies.

B.C. port employers to launch lockout as labour disruption begins

Mon, 04 Nov 2024 18:19:00 +0000

Employers at British Columbia ports say they are going ahead with locking out more than 700 foremen across the province after strike activities from union members began.

World stocks tread water ahead of crunch US election

Mon, 04 Nov 2024 18:15:15 +0000

European stocks retreat as caution over imminent presidential election weigh on regional benchmark

Business Insider hires Ortega as director of newsroom operations

Mon, 04 Nov 2024 18:14:38 +0000

Business Insider editor in chief Jamie Heller sent out the following on Monday: I’m thrilled to announce that Kate Ortega is joining our newsroom as Director of Operations. Kate is a seasoned news pro who recently served as Assistant Managing Editor for newsroom operations for six years at The Wall Street Journal. In that role, […]

Toyota open to fresh EV, hybrid battery investments in North America

Mon, 04 Nov 2024 18:07:42 +0000

Huawei courts global chip talent with new Shanghai R&D hub

Mon, 04 Nov 2024 18:07:42 +0000

Rest of World promotes Chandran to deputy editor

Mon, 04 Nov 2024 17:56:14 +0000

Rest of World editor in chief Anup Kaphle sent out the following on Monday: We are excited to share that Rina Chandran, a stellar newsroom leader and veteran journalist, is named a deputy editor at Rest of World. She will start her new role on Jan. 1, 2025. Rina has distinguished herself since joining Rest of World […]

Losses widen at Abbey Theatre even as revenue increases

Mon, 04 Nov 2024 17:50:45 +0000

New accounts show losses rose by 17%

Bord Pleanála’s concession not the end of court case over €40m midlands meat factory

Mon, 04 Nov 2024 17:43:37 +0000

Developer Banagher Chilling intends to defend the planning permission for its project

New initiative connects Israeli tech to UK healthcare

Mon, 04 Nov 2024 17:17:58 +0000

The Dangoor Health-Tech Academy will foster collaboration between Israeli startups and Britain's National Health System, initially focusing on AI or automation-driven healthcare solutions.

FT hires Venugopal as India newsletter editor

Mon, 04 Nov 2024 17:15:34 +0000

The Financial Times has hired Veena Venugopal as its India newsletter editor. She has been working at Apple as an editor. Venugopal previously worked at The Hindu and LiveMint. She was also an associate editor at Outlook Publishing. Venugopal holds an MBA from the SP Jain Institute of Management & Research.

Metro to serve Jerusalem population of 1.8m by 2050

Mon, 04 Nov 2024 17:11:44 +0000

The Jerusalem District Planning and Building has been discussing the city's long term growth and transport plans.

CMHC says risks remain in mortgage market as delinquencies creep up

Mon, 04 Nov 2024 16:52:00 +0000

Canada's housing agency says risks remain in the mortgage market as over a million contracts are up for renewal next year while a growing share of new mortgages are being issued by alternative lenders.

The U.S. has forgotten how to sing the song of democracy

Mon, 04 Nov 2024 16:37:33 +0000

Export deals at China's Canton Fair climb 10% to $25bn

Mon, 04 Nov 2024 16:37:33 +0000

High Court dispute over commercialisation of water invention is settled

Mon, 04 Nov 2024 16:24:05 +0000

Nanobubble technology is used to oxygenate water, a costly process which many commercial bioprocesses require

Maruti Suzuki PV production down 16% Y-o-Y in Oct

Mon, 04 Nov 2024 16:22:45 +0000

Car market leader Maruti Suzuki India cut production of its passenger cars by 16 per cent last month but increased those of utility vehicles by 33 per cent compared to October 2023, according to a regulatory filing by the company.Its passenger cars production stood at 89,174 units last month against 1,06,190 units in October 2023, down 16 per cent, Maruti Suzuki India said in the filing.

Defense Ministry to sell homes around Israel

Mon, 04 Nov 2024 16:03:52 +0000

The Ministry of Defense has published a public auction for the sale of 19 apartments worth an estimated NIS 28-30 million.

Security firm ordered to pay worker €2,500 for refusing force majeure leave

Mon, 04 Nov 2024 16:02:41 +0000

Wife left incapacitated from emergency surgery for complications during childbirth

Nearly 98% of Rs 2000 notes have been returned

Mon, 04 Nov 2024 15:25:29 +0000

The Reserve Bank of India (RBI) on Monday said 98.04 per cent of the Rs 2000 banknotes have been returned to the banking system, and only Rs 6,970 crore worth such notes are still with the public.On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation.

Aryt Industries jumps on NIS 310m US order for fuses

Mon, 04 Nov 2024 15:16:38 +0000

The new order almost doubles the company's backlog of orders to NIS 700 million.

France says still room for negotiation over China’s brandy tariffs

Mon, 04 Nov 2024 15:13:23 +0000

Shanghai, China — French foreign trade minister Sophie Primas on Monday said the window for negotiation with Beijing over tariffs on European brandy was open but warned Paris could take “all possible” measures in response. Beijing in October announced provisional tariffs on European Union brandy imports, part of an escalating trade row between Beijing and

Second only to Ukraine: The cost of Israel's defense burden

Mon, 04 Nov 2024 15:11:33 +0000

Prof. Esteban Klor of Hebrew University and INSS: To avoid a lost decade, the government must divert resources to growth engines.

High Court pauses effects of Dublin airport summer passenger cap

Mon, 04 Nov 2024 15:07:52 +0000

The High Court has agreed to pause the effects of a Dublin Airport passenger cap that was due to imminently affect airlines’ access to take-off and landing slots over the summer 2025 period

Judge rules against Alberta casino, dinner theatre operator

Mon, 04 Nov 2024 15:06:00 +0000

An application to stay a receivership order of Mayfield Investments Ltd., a company that owns multiple businesses in Alberta including the Camrose Resort and Casino, Medicine Hat Lodge and Calgary's Stage West Dinner Theatre, has been denied by the court.

U.S. economy will maintain steady 2% growth in 2025: BofA CEO

Mon, 04 Nov 2024 15:04:34 +0000

China to hash out stimulus plan with US elections in its sights

Mon, 04 Nov 2024 14:44:30 +0000

China’s top lawmakers gathered Monday to hash out a major stimulus package that analysts say could grow even bigger if former US president Donald Trump wins the White House this week. Beijing has in recent months heeded calls to step up support for the economy after years of inaction, announcing a raft of measures including

High Court pauses Dublin Airport summer passenger cap to prevent ‘immediate, serious’ consequences

Mon, 04 Nov 2024 14:39:31 +0000

Central to the application was the airlines’ argument that they have a right under EU law to certain take-off and landing slots

Employer says B.C. port foremen to be locked out Monday afternoon amid contract dispute

Mon, 04 Nov 2024 14:33:05 +0000

Employers of port foremen across British Columbia say they've made the "difficult decision" to lock out workers Monday afternoon, raising fears the move may freeze trade on Canada's West Coast.

FT taps Parkin to be Middle East and Africa news editor

Mon, 04 Nov 2024 14:22:06 +0000

Benjamin Parkin has been named Middle East and Africa news editor at the Financial Times, based in London. He was previously in India for the FT for five years between 2019 and 2024. He started as a correspondent covering corporate India in Mumbai, before moving to New Delhi as South Asia correspondent to cover regional politics, […]

Wired strikes partnership with 404 Media

Mon, 04 Nov 2024 14:16:55 +0000

Wired has struck an exclusive partnership with 404 Media, a tech news site launched last year by former Motherboard journalists. Wired and 404 Media will co-publish two exclusive articles a month that will cover topics including hacking, cybersecurity, cybercrime, AI, consumer rights, surveillance, privacy, and more. This partnership allows for two newsrooms to reach an […]

Average wage in Israel rose in September

Mon, 04 Nov 2024 14:10:00 +0000

In September 2024, the average monthly wage in Israel was NIS 13,535, up from NIS 13,376 in August 2024, the Central Bureau of Statistics reports, according to initial estimates.

Japan plans automated cargo transport system

Mon, 04 Nov 2024 14:06:01 +0000

TOKYO — Japan is planning to build an automated cargo transport corridor between Tokyo and Osaka, dubbed a “conveyor belt road” by the government, to make up for a shortage of truck drivers. The amount of funding for the project is not yet set. But it’s seen as one key way to help the country

Oil, gas companies told to cut emissions by one-third under planned cap

Mon, 04 Nov 2024 13:53:00 +0000

Oil and gas producers in Canada will be required to cut greenhouse gas emissions by about one-third over the next eight years under new regulations being published today by Environment Minister Steven Guilbeault.

Ikea will pay 6 million euros to East German prisoners forced to build their furniture in landmark move

Mon, 04 Nov 2024 13:44:00 +0000

Furniture giant Ikea has agreed to pay 6 million euros (US$6.5 million) towards a government fund compensating victims of forced labour under Germany's communist dictatorship, in a move campaigners hope will pressure other companies to follow.