China Reels From Banking Crisis

Mergers are gobbling up failing local banks weakened by exposure to troubled sectors of the economy.

SpiceJet Posts March Quarter Profit on Loan Settlement Gains

Indian budget carrier SpiceJet Ltd. reported a six-fold jump in fiscal fourth-quarter profit after it settled borrowings worth $90.8 million from Canada’s export development agency at a discount.

Social Security Update as Judge Rules About Benefits Being Income

Colorado Court of Appeals stipulated that the federal law allows Social Security money to be used in payments to a former spouse.

Marcos says P10B used for Calabarzon dev't plan from 2023 to 2024

President Ferdinand ''Bongbong'' Marcos Jr. said Thursday that P10 billion was utilized for the Philippine Rural Development Plan of Region IV-A from year 2023 to 2024. “Ngunit, higit pa po sa mga tulong at serbisyong ito, kami po ay patuloy na kumikilos upang palakasin ang ekonomiya ng Calabarzon,'' Marcos said during the distribution of presidential assistance to farmers, fisherfolk and families in Batangas. (Aside from the aid and services,...

Social Security Expands by Nearly 20,000 People

In June, the number of Americans who received Social Security benefits ticked up by 20,000.

BOI books record P950-B investment pledges in H1 2024 — DTI

The Department of Trade and Industry (DTI) on Thursday expressed optimism on the country's investment climate despite the double-digit decline in foreign direct investments (FDI) seen in April as the Board of Investments (BOI) booked record investment commitments in the first half of 2024. In a statement, the DTI said its attached agency, BOI, approved a total of P950 billion worth of investments from January to June 2024. The amount of approved...

Richemont’s Resilience in Jewelry Offsets China Watch Slump

Richemont posted a slight rise in sales in the first quarter as solid results from its jewelry brands offset declines from China and its luxury watchmakers.

China making youth unemployment a 'top priority'

At a job fair for soon-to-be graduates in central Shanghai, recruiters sat bored under washed-out tarpaulins as rain and an apparent lack of interest kept potential young employees away. "It's difficult to find a job that matches your degree and aspirations," one of the few young jobseekers at the fair, a data sciences student, told AFP. "Lots of college students actually have too high expectations," said Julia Shao, who was recruiting for a...

Medicare Change Sparks Price Increase Warning From Health Care Expert

Over the next two years, Medicare is set to change in various ways because of policy updates in the Inflation Reduction Act.

China waits anxiously for economic plan as gloom reigns

Rows and rows of partially inhabited high-rises sprawl into the suburbs of the northern Chinese metropolis of Tianjin, their empty balconies emblematic of a slowing economy that has not kept pace with the country's ambitions. The Chinese private sector's once-freewheeling growth has slowed significantly, in part because of crackdowns on companies such as tech giants and tutoring firms.

Powell says Federal Reserve is more confident inflation is slowing to its target

WASHINGTON (AP) — Chair Jerome Powell said Monday that the Federal Reserve is becoming more convinced that inflation is headed back to its 2% target and said the Fed would cut rates before the pace of price increases actually reached that point. “We've had three better readings, and if you average them, that's a pretty good pace," Powell said of inflation in a question-and-answer question at the Economic Club of Washington. Those figures, he...

Recent data adds to Fed confidence on cooling inflation: Powell

Federal Reserve Chair Jerome Powell said Monday that recent data boosts the central bank's confidence that inflation is coming down towards its two percent target -- a trend that signals interest rate cuts on the horizon. "We didn't gain any additional confidence in the first quarter but the three readings in the second quarter, including the one from last week, do add somewhat to confidence," Powell said in an interview with David Rubenstein of...

Corus Warns About Its Future After Devastating Loss of Warner TV Rights

Canada’s Corus Entertainment Inc. warned that it may soon breach its debt covenants and said it’s planning more restructuring as advertising revenue spirals downward. The shares plunged to a record low.

Trump Media shares surge on 1st day of trading after assassination attempt on the former president

Trump Media surged in the first day of trading following an assassination attempt on former President Donald Trump. Also on Monday, a federal judge presiding over Trump's classified documents trial in Florida dismissed the case because of her concerns over the appointment of the special prosecutor who brought the case. Shares in the owner of social networking site Truth Social soared more than 35% in early trading. The U.S. Secret Service is...

Amazon Sold a Used Diaper. It Tanked a Mom-and-Pop Business

The company put the returned diaper back into circulation, prompting a scathing review that haunts the sellers to this day.

Warburg-Backed PDG Eyes Asia Data Center Expansion Fueled by AI

Singapore’s Princeton Digital Group plans to double the capacity of its data centers in three years to meet surging demand from global artificial intelligence developers, highlighting tech firms’ rising interest in Asia.

IRS Issues Warning to Americans About Tax Credit

The agency warned taxpayers not to fall for false advice from social media.

Chinese kindergartens pivot to senior care as population ages

Senior citizens sway to old-time tunes at a former kindergarten in northern China, as educators turn their sights away from children in the face of a rapidly ageing population and a baby bust. Since joining the centre in Taiyuan, "I feel like I'm young again," she told AFP. - 'Silver economy' - China saw a significant rise in the senior population last year, adding nearly 17 million people aged 60 and above, according to official statistics.

Antitrust body issues guidelines on merger remedies

Antitrust watchdog Philippine Competition Commission (PCC) said Thursday it has issued guidelines outlining its approach in assessing potential competition concerns arising from mergers and acquisitions. In a statement, the PCC said it approved, on May 9, 2024, the Guidelines on Merger Remedies. The guidelines contain the antitrust body’s approach on the design, selection, and implementation of “merger remedies.” The PCC, under its merger and...

Philippines’ startup ecosystem growing fast —Brainsparks, e27

The Philippines’ startup scene is rapidly gaining traction, according to startup incubator Brainsparks and ecosystem platform e27. "The growth we are seeing in the Philippine startup ecosystem is encouraging for both startups and venture capitalists. There are immense opportunities for innovation and entrepreneurship here. Our startups are becoming more competitive in the region,” said Brainsparks co-founder Artie Lopez. Likewise, e27 co-founder...

8 Best No-Fee Checking Accounts of July 2024

Newsweek writer Lora Shinn contributed to this post. The post 8 Best No-Fee Checking Accounts of July 2024 first appeared on Newsweek Vault.

Biden's Rent Plan Sparks Backlash

The president has suggested a cap on rent.

Hedge Fund Segantii Has Returned More Than 90% of Client Money

Segantii Capital Management Ltd. has returned more than 90% of its client capital, according to people familiar with the matter, less than two months after the hedge-fund firm told investors that it would give them back their money.

PH office space demand up 56% in H1 2024

Net demand for office space in the Philippines grew by 56% in the first half of 2024 but this is set to be partly addressed by over 780,000 square meters (sqm.) fresh supply that will be coming in the second half, Leechiu Property Consultants (LPC) said Thursday. Data released by LPC showed that the cumulative net demand in the first half stood at 1.4 million sqm., while the net take-up was recorded at 445,000 sqm., the highest in the first half...

Verizon Is Exploring Selling Thousands of Towers in US

Verizon Communications Inc., the biggest wireless carrier in the US, is exploring selling thousands of mobile-phone towers across the country, according to people familiar with the matter.

Maharlika Corp. eyes issuing ‘thematic sub-funds’

Maharlika Investment Corp. (MIC), the state-owned firm running the Philippines’ first sovereign wealth fund, is planning to issue “thematic sub-funds” as part of its future fundraising and investing activities. “MIF (Maharlika Investment Fund) will set up sub-funds… thematic sub-funds,” MIC president and CEO Rafael Consing said in an interview on PTV’s Pre-SONA Special with RJ Nieto on Tuesday. Thematic funds refer to equity mutual funds that...

SM collaborates with gov’t, industry groups to boost job generation

Conglomerate SM group is collaborating with the government and industry groups to boost job generating and jobs matching in the country. In a news release, SM said it is working with the Private Sector Advisory Council, the Department of Labor and Employment, Employers Confederation of the Philippines, Jobstreet by SEEK, Philippine Chamber of Commerce and Industry, Philippine Exporters Confederation, and other organizations “in providing job...

AMLC: CA issued freeze order on assets of Alice Guo, 2 others

The Court of Appeals (CA) has ordered the freezing of the bank accounts and personal assets of suspended Bamban, Tarlac Mayor Alice Guo, and two others for their alleged involvement in illegal activities at a Philippine offshore gaming operation. The Anti-Money Laundering Council (AMLC) said the CA issued the resolution on Wednesday, a day after the AMLC filed the petition for the freeze order. The AMLC said Guo, Zhiyang Huang, and Baoying Lin...

DigiPlus makes it to maiden Fortune Southeast Asia 500 list

Digital gaming and entertainment firm DigiPlus Interactive Corp., the company behind BingoPlus, is among the 38 Philippine companies that were included in the maiden Fortune Southeast Asia 500 list. In a statement, DigiPlus said it was included on the list as it posted an overall revenue valuation of $490.2 million and $73.4 million in profits. The digital gaming firm was ranked 482nd on the list. Fortune, a global multi-platform media company,...

Stock market today: Global stocks are mixed ahead of US retail sales data

European markets slipped and Asian stocks were mixed on Tuesday ahead of the release of U.S. retail sales data that could help sway a decision by the Federal Reserve on interest rates. Germany’s DAX lost 0.6% to 18,475.67 and the CAC 40 in Paris declined 0.8% to 7,571.83. In London, the FTSE 100 was down 0.5% at 8,144.13. The futures for the S&P 500 and the Dow Jones Industrial Average were 0.1% lower. In Asian trading, Japan’s benchmark Nikkei...

Equities mixed, dollar up after Wall St record as Trump odds grow

Markets fluctuated Tuesday as rising expectations that Donald Trump will return to the White House played up against fresh hopes that the Federal Reserve will cut interest rates at least once this year. The dovish comments over the past week have sent bets on a September rate cut soaring, while some traders are eyeing as many as three by the end of the year.

Philippines to resume exporting raw sugar to US in August — SRA

The Philippines will be resuming its exports of raw sugar to the United States in August, nearly four years after it made its last shipment to America, following requests from industry stakeholders. Interviewed by reporters on Thursday, Sugar Regulatory Administration (SRA) administrator and CEO Pablo Luis Azcona said, “Exporters are requesting if they’ll be allowed to export.” “Exporters are volunteering to export… they will serve the 25,000...

KKR Considers $3 Billion Sale of Machinery Maker Kito Crosby

KKR & Co. is considering options for Kito Crosby including a sale and is working with an adviser to run an auction process for the machinery maker, according to people familiar with the matter.

Gun Makers, Crypto See Stock Jumps After Trump Assassination Attempt

The news of the attempted assassination has had a rippling effect across the political and economic arena.

US Stocks Rise as ‘Trump Trades’ Take Hold, Small-Caps Rally

US stocks closed higher Monday as investors weighed the market implications of the attack on Donald Trump over the weekend and looked ahead to a rush of earnings this week.

Grab Philippines fares always include surge fees -PCIJ

Ride-hailing application Grab Philippines’ algorithm always included surge fees in computing fares and customers still endured lengthy wait times despite such fees, a recent report by the Philippine Center for Investigative Journalism (PCIJ) found. According to the report, the surge multiplier averaged 1.51 times, with the lowest at 1.19 times, and the highest at 1.98 or nearly twice the per-kilometer and per-minute cost and the maximum rate...

PH Car manufacturing grew 13.2% in January to May 2024

The Philippines’ car manufacturing industry saw mid-double-digit growth in the first five months of 2024, data released by the ASEAN Automotive Federation (AAF) showed. From January to May, the country produced 54,045 motor vehicles, up 13.2% from 47,761 automotive units manufactured in the same period last year. In May alone, the Philippines produced 11,650 motor vehicles. Similarly, car sales in the Philippines are also on the rise as the...

Google Fails to Lure EU Cloud Firms to Ax Microsoft Pact

Google offered a group of European Union-based cloud firms a package worth about €470 million ($512 million) in a failed attempt to derail their antitrust settlement with Microsoft Corp. that freed the US software giant from a potentially costly EU case.

'Ghost Jobs' Are on the Rise

Posting a fake listing for a job is considered acceptable by the majority of hiring managers, a new survey has found.

Marcos names banker Walter Wassmer as member of BSP Monetary Board

President Ferdinand ''Bongbong'' Marcos Jr. has named top banker Walter Wassmer as a member of the Bangko Sentral ng Pilipinas (BSP) Monetary Board, the Presidential Communications Office said on Thursday. According to the PCO, Wassmer was a consultant and non-executive director of the BDO Unibank, Inc. from 2022; Senior EVP and Institutional Banking Group Head from 1997 to 2022 in the same bank before joining the public sector. Wassmer also...

Stimulus Checks Being Sent This Week in One State

The total available is up to $1,312, with some residents able to score their payments by Thursday, July 18.

Migrant Influx to Keep Cooling US Job Market, SF Fed Study Says

A slowing in the US labor market that started last year is set to continue amid an ongoing wave of undocumented immigration, according to a Federal Reserve Bank of San Francisco study.

Thomas Matthew Crooks' Parents Told 'Don't Blame Yourself' by Neighbor

Locals have been left shaken after learning the Trump rally shooter lived in their street, but one issued public words of comfort for his parents.

Cartier-owner Richemont says China sales tumble 27%

Cartier-owner Richemont said Tuesday its quarterly sales in China tumbled by 27 percent as the deepening economic malaise in the world's second-largest economy lashes luxury firms. China has become a key market for luxury firms in recent years thanks not only to its rising ranks of millionaires but also the swelling middle class.

European Stocks Drop After Disappointing Earnings: Markets Wrap

European stocks fell and US equity futures pared earlier gains as disappointing corporate earnings weighed on sentiment.

Fed’s Daly Says Confidence on Inflation Growing, Not There Yet

Federal Reserve Bank of San Francisco President Mary Daly said inflation is coming down in a way that bolsters confidence it’s on its way to 2%.

Amazon Prime Day is a big event for scammers, experts warn

NEW YORK (AP) — Amazon Prime Day is here, and experts are reminding consumers to be wary of scams. Deceptions such as phony emails from people impersonating online retailers like Amazon are nothing new. But phishing attempts increase amid the heavy spending seen during significant sales events, whether it's Black Friday or Prime Day, according to the Better Business Bureau. “This is a huge moment on the retail calendar," Josh Planos, vice...

Menendez Jury Ends Second Day of Talks After Bribe Question

Jurors at the corruption trial of US Senator Bob Menendez ended a second day of deliberations without a verdict after asking the judge about two bribery charges and whether they must be unanimous to acquit on any count.

Credit card volumes in PH rose to 11.2M in 2023

Credit card market in the Philippines saw continued growth last year, according to a study by global information and insights company TransUnion. Citing its analysis, TransUnion said total outstanding credit card volumes in the country increased to 11.2 million cards as of the fourth quarter of 2023 from 9.3 million cards in the same period in 2022. The insights company added that, during the same period, credit card penetration rate —...

Boeing 777-9 Undertakes Certification Flights Amid Hopes of 2025 Rollout

Testing has commenced on Boeing's newest passenger jet, though numerous setbacks have delayed its commercial rollout till 2025 at the earliest.