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Former utility executives are indicted in an Ohio bribery scheme

A former CEO and one of his top executives with an Ohio energy company at the center of a $60 million bribery scheme have been indicted on racketeering charges, federal prosecutors announced Friday. The former FirstEnergy Corp. executives — ex-CEO Chuck Jones and Senior Vice President Michael Dowling — were accused of taking part in an enterprise t...

2025-01-17T18:51:42Z

Interviewer Stunned by Man's 'Absurd' Salary Demand During Job Interview: "Delusion"

A surprising job interview left an employer questioning an applicant's salary expectations.

2025-01-17T12:40:39Z

Retailers Opening the Most Stores in 2025

Dollar General and Dollar Tree have by far the largest expansion plans earmarked for 2025.

2025-01-17T12:06:07Z

Federal Reserve says it will leave climate change organization

WASHINGTON (AP) — The Federal Reserve said Friday that it is leaving an international grouping of central banks that focused on how regulation of the financial system could help combat climate change. The Fed's membership has been criticized by Republicans in Congress. In a short statement, the Fed said it had “appreciated” working with the Network...

2025-01-17T19:36:42Z

US to tighten trade rules to hit low-cost China shipments

The United States unveiled a new rule Friday to tighten an exemption allowing low-value imports to enter the country duty-free, taking aim at Chinese shipments that might be benefiting from it. The proposal disqualifies certain products from the low-value, or "de minimis," exemption, which allows goods valued at $800 or below to come into the United States without paying duties or certain taxes.

2025-01-17T21:08:32Z

PDIC remits P107.23B to Treasury

The Philippine Deposit Insurance Corporation has remitted P107.23 billion to the Bureau of Treasury, an amount which will support the administration's priority projects. On Monday, the PDIC said that the Philippines' deposit insurance levels are at par with international standards even after it remitted idle funds to the Bureau of Treasury. “We assure the public that after the remittance, the Deposit Insurance Fund (DIF) of the PDIC, remains...

2025-01-13T04:14:13Z

Maynilad in talks with banks for planned IPO

West zone concessionaire Maynilad Water Services Inc. is now in discussions with several banks as it prepares for its planned public listing. Maynilad chairman Manuel V. Pangilinan told reporters on Wednesday that the water distributor is “busy talking to the banks.” Pangilinan, in September 2023, announced plans to list Maynilad prior to the delisting to Metro Pacific Investments Corp. from the Philippine Stock Exchange. He said that Maynilad...

2025-01-15T11:00:14Z

US auto safety regulators open investigation into GM engine failures, including popular Silverados

U.S. auto safety regulators have opened an investigation into complaints that General Motors vehicles equipped with certain V8 engines, including its best-selling Silverado, can seize up without warning. The National Highway Transportation Safety Administration on Thursday said it was investigating an estimated 877,710 vehicles after receiving 39 c...

2025-01-17T16:51:24Z

US Sanctions Chinese Entities for Telecoms, Treasury Hacks

The Biden administration on Friday announced sanctions on two Chinese entities accused of cyberattacks, including a firm it said is directly involved in the recent espionage campaign against US telecommunications firms and a hacker behind the recent breach of Treasury Department computers.

2025-01-17T16:58:16Z

PH eyes to hike domestic borrowings share in sovereign debt mix to 80%

The Philippine government is planning to increase the share of local borrowings in the sovereign debt mix as part of the Marcos administration’s strategy to reduce the exposure of state financing against fluctuations in the foreign exchange market amid the peso’s weakness against the greenback. “Our target is a funding split of 80-20, in favor of domestic [borrowings],” National Treasurer Sharon Almanza told GMA News Online. The government’s...

2025-01-14T10:14:47Z

Trump Tariff Risks Fuel a Chaotic Hunt for Gold in London

The risk that US President-elect Donald Trump will impose universal import tariffs is causing fresh turmoil in the global gold market, with a closely watched barometer of bullion demand reaching historic highs in London.

2025-01-17T15:11:44Z

Philippine trade deficit at $4.767B as of November 2024

The Philippine trade deficit narrowed last November as exports contracted at a faster rate than imports during the month, data released by the Philippine Statistics Authority (PSA) on Thursday showed. Preliminary data from the PSA showed that the balance of trade in goods (BoT-G) posted a $4.767-billion trade deficit in November 2024, narrower than the $5.781-billion deficit in October, and the $4.769-billion deficit in November 2023. A deficit...

2025-01-09T05:12:29Z

Biden’s Chips Team Hands Off $52 Billion Program to a Skeptical Trump

President Joe Biden’s $52 billion bid to transform the domestic chip industry — one of the most ambitious pieces of US industrial policy since World War II — is about to enter a pivotal stage: life under a new administration.

2025-01-17T18:42:13Z

Metro Pacific Tollways raising P30B-P50B ahead of mega-tollways merger —Pangilinan

The planned mega-tollways merger between expressways giants led by tycoons Manuel V. Pangilinan and Ramon S. Ang will be pushed back to a later date as Pangilinan-led Metro Pacific Tollways Corp. (MPTC) will turn its focus more on raising funds to cutdown its obligations. At the sidelines of Management Association of the Philippines (MAP) 2025 Board Inaugural Meeting in Taguig City on Wednesday, Pangilinan was asked for an update regarding the...

2025-01-15T11:00:13Z

Traders Pile into Bullish China ETF Wagers After Trump-Xi Call

Traders snapped up bullish option bets Friday on exchange-traded funds linked to Chinese stock indexes after US President-elect Donald Trump and Chinese President Xi Jinping discussed trade and other topics.

2025-01-17T21:41:47Z

Zoomer to Boomer: How Old Will Each Generation Be in 2025?

Who will celebrate their sweet 16 or turn 21? Newsweek has the complete guide showing how old people of each generation will be this year.

2025-01-17T16:51:26Z

Treasury levels sanctions tied to a massive hack of telecom companies and breach of its own network

WASHINGTON (AP) — The Treasury Department on Friday announced sanctions in connection with a massive Chinese hack of American telecommunications companies and a breach of its own computer network. The sanctions target a Chinese hacker who officials say is affiliated with Beijing's Ministry of State Security and was involved in a cyberintrusion disc...

2025-01-17T16:44:45Z

Does Remote Work Boost Productivity? Experts Weigh in

Remote work became the norm—will returning to offices undo its success?

2025-01-17T14:05:43Z

FDI net inflows up 50.2% in October 2024 — BSP

Net inflows of foreign direct investment (FDI) to the Philippines saw a recovery in October 2024, the Bangko Sentral ng Pilipinas (BSP) reported on Friday. Preliminary data released by the BSP showed that FDI —a key source of jobs and capital for the local economy— posed a net inflow of $1 billion in October last year, up 50.2% from $681 million in October 2023. The central bank defines FDI as an investment by a foreign direct investor in a...

2025-01-10T11:13:26Z

Philippine peso seen to weaken to fresh record-low

The Philippine peso is expected to hit a fresh record-low this year, with the US dollar projected to strengthen across most Asian currencies as US President-elect Donald Trump is set to implement protectionist policies. According to HSBC economist for ASEAN Aris Dacanay, the peso is expected to weaken even further than P59:$1 this year, a record-low which was last reported on December 19, 2024, but not as low as P60:$1. “We do think it will...

2025-01-08T09:12:10Z

LVMH Regains Title of Europe’s Most Valuable Stock From Novo

It’s taken LVMH nearly a year-and-a-half to wrestle back its spot as Europe’s biggest stock from Novo Nordisk A/S.

2025-01-17T14:02:43Z

Novo Suffers Wegovy Trial Setback as US Plans to Cut Price

Novo Nordisk A/S’s blockbuster drug Wegovy was targeted for price cuts by the US government and suffered a setback in a new trial, adding to growing threats to the Danish company’s early dominance in the surging market for new weight-loss treatments.

2025-01-17T13:37:42Z

Capital One dealing with service disruption, mostly related to deposits

Capital One is continuing to experience a disruption to its service on Friday, with some customers frustrated that they are unable to see their deposits. As of 8:04 a.m. Eastern, there were nearly 3,400 reports of outages, according to Downdetector. That's up from around 2,100 reports early Thursday. Most of the complaints appeared to be coming fro...

2025-01-17T14:36:24Z

Trump's economic plans could cause inflation: IMF chief economist

Donald Trump's economic plans risk reigniting US inflation, International Monetary Fund (IMF) chief economist Pierre-Olivier Gourinchas told AFP, a few days before the president-elect returns to the White House. Gourinchas spoke to AFP at the IMF's headquarters in Washington, a day before the publication of its key World Economic Outlook (WEO) report on Friday.

2025-01-17T14:16:16Z

US lawsuit accuses PepsiCo of price discrimination that favored Walmart over smaller stores

The Federal Trade Commission sued PepsiCo on Friday, alleging that it has engaged in illegal price discrimination by giving unfair price advantages to one large retailer at the expense of other vendors and consumers. The benefiting customer wasn't named in an FTC statement about the lawsuit. But a source familiar with the case, who asked not to be ...

2025-01-17T18:06:38Z

Milei’s Budget Cuts Nets Argentina First Surplus in Over a Decade

President Javier Milei made good on his promise to deliver a fiscal surplus in his first year, achieving a feat not seen in over a decade in Argentina’s deficit-prone economy.

2025-01-17T20:08:06Z

NGCP maintains compliance with foreign ownership rule

The National Grid Corporation of the Philippines (NGCP) has maintained that it is compliant with the 40% limit on foreign ownership as provided by the Constitution and other laws such as the Philippine Grid Code. Clark Agustin, NGCP Assistant Vice President for System Operations, made the response during the questioning of Representatives Ace Barbers and Gerville Luistro. Agustin said the consortium comprised of Monte Oro Grid Resources...

2025-01-15T08:00:16Z

5M may lose jobs in 2025 due to AI, climate change — FFW

Around 5 million Filipino workers are in danger of losing their jobs this year due to artificial intelligence (AI) and climate change, the Federation of Free Workers (FFW) said Thursday. According to FFW, this is based on the projection of the International Monetary Fund (IMF) that 14% of the total workforce in the Philippines is at risk of being replaced by AI as well as job losses of 2.3 million due to the effects of typhoons in 2024. “We...

2025-01-16T14:00:52Z

IMF sees steady global growth, but warns that Trump tariff, tax and deportation plans cloud outlook

WASHINGTON (AP) — The International Monetary Fund expects the world economy to grow a little faster and inflation to keep falling this year. But it warned that the outlook is clouded by President-elect Donald Trump’s promises to slash U.S. taxes, impose tariffs on foreign goods, ease regulations on businesses and deport millions of immigrants worki...

2025-01-17T14:49:41Z

CBO Projects U.S. Debt to Surge $23.9T, Excluding Tax Cuts by Trump

The U.S. national debt is projected to surge by $23.9 trillion over the next decade, according to the Congressional Budget Office.

2025-01-17T19:16:47Z

Cebu Pacific logs 24.5M passengers in 2024, up 17.6%

Budget carrier Cebu Pacific had serviced 24.5 million passengers in 2024, up 17.6% from 20.9 million in 2023 amid growing travel demand. In a statement, Cebu Pacific said that of the total number of passengers flown in 2024, 18.5 million were domestic passengers, growing 15.5% year-on-year. International passengers, meanwhile, increased by 24.6% to 6 million. The airline said the seat load factor last year averaged 84.4%, while overall capacity...

2025-01-16T07:00:37Z

Power rate hike looms as NGCP begins recovery of ancillary services

Electricity consumers across the country may expect higher electricity bills beginning next month as the National Grid Corp. of the Philippines (NGCP) is set to recover the remaining unsettled payments for its contracted reserve requirements or ancillary services from power generators. To recall, the Energy Regulatory Commission (ERC) approved last December the collection of the remaining 70% deferred payments to the power reserve market...

2025-01-15T11:00:14Z

Supreme Court Upholds Law That Threatens US TikTok Ban

The Supreme Court unanimously upheld a law that threatens to shut down the wildly popular TikTok social media platform in the US as soon as Sunday, ruling that free speech rights must yield to concerns that Chinese control of the app creates a national-security risk.

2025-01-17T15:28:21Z

Zoomer Generation Having Early Midlife Crisis

"Gen Z is not necessarily doing well," MetLife's Todd Katz said. ""These people are trying to save money for major life expenses when everything costs more."

2025-01-17T12:40:36Z

Automakers Seek Repeal of Biden’s High-Speed Braking Rule

The largest US auto trade group wants a federal court to block a Biden administration rule requiring carmakers to install automatic emergency braking systems on new vehicles that the industry argues is impractical.

2025-01-17T17:22:58Z

TikTok’s Fate Rests on Trump After Supreme Court Upholds Law

The US Supreme Court has ended TikTok’s nine-month legal battle, forcing leaders both within the company and in Beijing to consider a dwindling set of alternatives for keeping the popular video-sharing app alive.

2025-01-17T18:18:01Z

Stalled-Out Tech Stocks Leave ‘Other 493’ to Drive Market Gains

Some less-loved sectors of US equities are taking the lead in driving the market higher to start 2025, as lofty valuations and slowing profit growth dull the appeal of the technology giants that fueled much of last year’s strength.

2025-01-17T17:53:07Z

SNAP Benefits Being Sent Out This Week: Here's Who's Impacted

To get the EBT payments for groceries this week, you'll need to match a certain set of criteria and also usually have a select case number type for most states.

2025-01-17T19:36:43Z

Map Reveals Where Joann Could Close Stores

Several Joann stores are closing as the fabric and crafts store files for Chapter 11 bankruptcy for the second time.

2025-01-17T14:31:17Z

Trump Team Has Wealth-Fund Ambitions for Small Lending Agency

Donald Trump pledged to create “the greatest sovereign wealth fund of them all.” His advisers think one way to do it is a government agency they bet can help mobilize hundreds of billions from Wall Street.

2025-01-17T17:41:48Z

BSP: Remittances hit six-month low at $2.808 billion in November 2024

Remittances from overseas Filipinos declined to a six-month low in November 2024, data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday showed. Cash remittances or money transfers through banks or formal channels for the month stood at $2.808 billion, lower than the $3.079 billion recorded in October, and the lowest since the $2.583 billion in May 2024. It is, however, higher than the $2.719 billion recorded in November 2023....

2025-01-15T07:00:10Z

D&L Industries venturing into plant fiber-plastics tech

Food ingredients and industrial chemicals giant D&L Industries Inc. is venturing into plant fiber-plastics technology this year. In a news release, D&L Industries said its subsidiary D&L Polymer & Colours Inc. (DLPC) has dedicated its research and development to developing plant fiber-plastics. “The Philippines has an endless supply of natural fibers that are mostly deemed as waste,” said DLPC president and CEO Lester Lao. “About 25 years ago,...

2025-01-15T14:00:19Z

Traders Boost Bets on US Dollar Strength Ahead of Trump’s Return

Speculative currency traders bolstered wagers for an even stronger US dollar in the leadup to President-elect Donald Trump’s return to the White House.

2025-01-17T21:41:36Z

BlackRock Settles With Tennessee Over ESG Strategy

Tennessee said it settled a lawsuit with BlackRock Inc. after accusing the world’s largest money manager of allegedly breaching consumer protection laws by making “misleading” statements about its ESG investment strategy.

2025-01-17T17:53:28Z

UnitedHealth CEO Defends Company Amid Price Gouging Accusations

CEO Andrew Witty said health care in the country needs to be "less confusing, less complex and less costly."

2025-01-17T16:30:56Z

Bitcoin Jumps to High for the Year Ahead of Trump Inauguration

Bitcoin appears to be back on track toward record highs with the second presidential inauguration of pro-crypto Donald Trump just days away.

2025-01-17T16:56:27Z

Over 20 industry groups back Meralco franchise renewal — senator

More than 20 industry groups have expressed support for the renewal of Meralco's franchise, according to a press statement by Senator Joel Villanueva on Tuesday. Villanueva, author of Senate Bill 2824 which seeks to grant Meralco a fresh 25-year authority to operate, said many business and industry groups in the country have backed the timely renewal of the company's franchise, including the Federation of Philippine Industries (FPI), the...

2025-01-14T10:14:46Z

Social Security Benefits To Change for Thousands Under New Proposals

Taxes on Social Security income are in place across nine states in the country, but this could soon change.

2025-01-17T16:40:57Z

CBO projects US debt to grow $23.9 trillion in 10 years, not including costs of extending tax cuts

WASHINGTON (AP) — The national debt is slated to rise by $23.9 trillion over the next decade, a sum that does not include trillions of dollars in additional tax cuts being championed by President-elect Donald Trump. The nonpartisan Congressional Budget Office released its 10-year budget outlook on Friday that showed a slightly brighter picture as h...

2025-01-17T17:09:52Z

Florida jury says CNN defamed Navy veteran in story about endangered Afghans

A Florida jury on Friday found that CNN defamed a U.S. Navy veteran in a 2021 story about people paid to rescue endangered Afghans following the Taliban takeover of that country. It was an unusual ruling against a media outlet in a defamation case. Libel laws are generally protective of news organizations, and plaintiffs must meet a high standard t...

2025-01-17T18:01:28Z