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Trump Adviser Says People Out of Work Due to Tariffs Should Be 'Optimistic'

Commerce Secretary Howard Lutnick has tried to downplay economic concerns as the U.S. and China engage in trade talks.

2025-05-11T16:37:09Z

China's consumption slide deepens as tariff war bites

China said Saturday that consumer prices slumped in April for the third straight month, reflecting persistent challenges as leaders attempt to revive an economy stymied by sluggish spending and a fierce trade war with Washington. The consumer price index (CPI) -- a key measure of inflation -- was down 0.1 percent last month year-on-year, according to data released Saturday by the National Bureau of Statistics (NBS), following previous drops in...

2025-05-10T07:18:29Z

PH debt balloons to record P16.68T in March 2025

The Philippines' running sovereign debt balance widened to a new record high as of March 2025 amid the government’s fundraising efforts to bankroll key programs, data released by the Bureau of the Treasury (BTr) showed Wednesday. The national government’s outstanding debt reached P16.68 trillion at the end of March, up 0.31% from P16.63 trillion as of end-February this year. Despite the growth, the Treasury said the sovereign debt stock “remains...

2025-05-07T06:05:36Z

More meetings set for PH-US tariff negotiations —DTI

A series of meetings would follow after Philippine trade and economic officials met with the Office of the United States Trade Representative (USTR) in Washington, D.C. earlier this month for a trade dialogue concerning the planned 17% tariff to be slapped on the country’s goods entering the US, according to Trade Secretary Ma. Cristina Roque. Roque, however, declined to divulge details as Philippine officials signed a non-disclosure agreement...

2025-05-06T11:05:14Z

E-games, e-bingo drove PH gaming revenues to grow 27.44% in Q1 — PAGCOR

The Philippines’ gaming industry saw its total revenues grow to more than a hundred billion pesos in the first quarter of 2025, driven for the first time by the growing popularity of electronic games among Filipinos, the Philippine Amusement and Gaming Corp. (PAGCOR) said Wednesday. In a statement, PAGCOR chairman and CEO Alejandro Tengco reported the country’s gross gaming revenues (GGR) reached P104.12 billion in January to March this year, up...

2025-05-07T07:05:36Z

PH economy grew faster by 5.4% in Q1 2025 — PSA

The Philippine economy expanded faster in the first three months of 2025 —described as a “measured start”— amid the growth seen in services, industry, and agriculture sectors, according to the Philippine Statistics Authority (PSA). The country’s gross domestic product (GDP) —the value of goods and services produced in a period— grew faster by 5.4% in the first quarter of 2025, higher than the upwardly revised growth rate of 5.3% in the last...

2025-05-08T04:01:13Z

USPS Update on New Shipping Services Prices for 2025

The Postal Service, the largest mail carrier in the U.S., is rolling out a rise to make its package delivery business more profitable.

2025-05-11T14:11:31Z

Inflation slows down further to 1.4% in April — PSA

The Philippines’ inflation rate continued its deceleration streak for the third straight month, remaining below 2% in April, on the back of slower movements of food and transport costs, the Philippine Statistics Authority (PSA) reported on Tuesday. At a press briefing, PSA chief and National Statistician Claire Dennis Mapa reported that last month’s inflation print —which measures the rate of increase in the prices of consumer goods and...

2025-05-06T03:05:05Z

US boosts funding for Subic-Clark-Manila-Batangas Railway

The United States Trade and Development Agency (USTDA) has ramped up its funding for a flagship project of the Luzon Economic Corridor (LEC) by another $1.3 million following negotiations with Philippine economic officials, the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) said. The additional funding, equivalent to P72.241 million based on the prevailing exchange rate of P55.57:$1, effectively...

2025-05-05T05:04:35Z

Rice prices continue contraction in April 2025

The retail prices of the Philippines’ main staple, rice, continued its contraction streak for the fourth consecutive month in April, according to a report by the Philippine Statistics Authority (PSA). At a press briefing on Tuesday, National Statistician and PSA chief Claire Dennis Mapa reported a year-on-year deflation in rice of -10.9%, a faster contraction from -7.7% seen in March. This also marked the 10th consecutive month of decline in...

2025-05-06T04:05:08Z

Cutting Newark Flights Is Temporary Fix for Long-Term Crisis

Airline chief executives are poised to work with US aviation officials to throttle back more Newark airport flights, a fix that may ease short-term safety concerns but won’t solve long-term challenges.

2025-05-10T14:34:51Z

Elton John, Dua Lipa Urge UK to Rethink AI Copyright Plans

Top UK artists, including Paul McCartney, Elton John and Dua Lipa, urged Prime Minister Keir Starmer to strengthen copyright protections ahead of a critical vote on rules governing artificial intelligence next week.

2025-05-10T13:49:16Z

Japan’s Sputtering Economy Likely Stalled Before Trump’s Tariffs

Japan’s economy likely suffered a contraction in the first three months of this year, signaling underlying fragility even before US tariff measures started hitting the country in earnest, according to economists surveyed by Bloomberg.

2025-05-12T00:32:25Z

Canadian unemployment rate hits six-month high amid US-imposed tariffs

Statistics Canada showed an unemployment rate of 6.9 percent, with most cuts in the manufacturing sector.

2025-05-09T16:20:49Z

Trump Seeks to Align US Drug Costs With Cheapest Ones Abroad

President Donald Trump said he plans to order a cut in US prescription drug costs by mandating that Americans pay no more than people in countries that have the lowest price.

2025-05-11T23:32:12Z

Scottish refinery closure spells trouble for green transition

Andrew Petersen is a third-generation oil refinery worker from a small, industrial Scottish town. He argued that the UK and devolved Scottish governments needed to do more to bridge the gap between shuttering polluting industries and the transition to greener energy -- which will accelerate closer to Britain's 2050 net zero target.

2025-05-11T06:59:28Z

EU Goes on Offense to Retain Firms and Counter Trump’s Tariffs

The European Union is planning to counter President Donald Trump’s efforts to lure companies to the US by easing the bloc’s regulatory burden on sectors from autos to chemicals to aeronautics.

2025-05-10T06:38:51Z

Trump Says 80% China Tariff ‘Seems Right,’ Ahead of Talks

President Donald Trump floated an 80% tariff on China ahead of negotiations due to begin Saturday as he urged Beijing to do more to open their markets to US goods.

2025-05-09T12:31:11Z

Asia’s Pharma Stocks Drop as Trump Plans US Drug Price Cuts

Shares of Asian pharmaceutical companies fell after US President Donald Trump said he planned to order a cut in US prescription drug costs to bring them in-line with other countries.

2025-05-12T01:32:11Z

PH trade gap widens to $4.13 billion in March 2025

The country’s balance of trade in goods saw a wider deficit in March this year as growth in imports outpaced the increase in exports during the month, the Philippine Statistics Authority (PSA) reported on Wednesday. Data released by the PSA showed the Philippines' external goods—the difference between the value of exports and imports—stood at a shortfall of $4.127 billion in March, up 23.1% year-on-year. A deficit indicates that the value of a...

2025-04-30T12:02:41Z

Trump’s Thirst for Cheap Oil Irks an Industry He Loves to Praise

Terrel Hardin was at a diner along Route 66 in western Oklahoma when his phone rang with bad news: The engine on one of his oil rigs had broken. In times past it would be a straightforward $6,000 fix, but President Donald Trump’s trade war has upended supply chains, and he wasn’t sure the part would even be available.

2025-05-11T16:32:09Z

Newark Airport Hit by Another 90-Second Radar Outage

Air traffic controllers guiding planes in and out of Newark Liberty International Airport briefly lost communications and radar displays early Friday morning, the second outage in as many weeks affecting the transportation hub.

2025-05-09T15:48:13Z

Housing Market Latest: Mortgage Rates Hold, Home Listings Surge

Total home listing soared to over 1 million last week for the first time since 2019.

2025-05-09T16:14:40Z

Recruiter Woes Compound as Tariffs Sting Global Labor Markets

Recruiters across Europe and the US had a dismal start to the year. US President Donald Trump’s tariffs are now dimming their prospects for the rest of 2025.

2025-05-10T07:24:14Z

Seattle Businesses Take Canadian Cash at Par to Lure Sports Fans

For years, the arrival of the Toronto Blue Jays in Seattle brought a familiar sight: tens of thousands of exuberant Canadians pouring into the city to cheer on their baseball team.

2025-05-09T21:33:55Z

Elizabeth Holmes Partner Rakes in Millions for New Blood Testing Machine

Elizabeth Holmes partner Billy Evans is raising millions for new blood testing machine

2025-05-10T21:05:36Z

Saudi Hospital Operator’s $500 Million IPO Sells Out in Hours

Saudi Arabian hospital operator Specialized Medical Co. had demand for all the shares on offer in its $500 million initial public offering, hours after books opened on the deal in Riyadh.

2025-05-11T10:41:05Z

Saudi oil giant Aramco announces first-quarter profits of $26 billion, down 4.6% from a year earlier

DUBAI, United Arab Emirates (AP) — Saudi Arabia’s state-owned oil giant Aramco posted first-quarter profits of $26 billion on Sunday, down 4.6% from the prior year as falling global oil prices undermine the kingdom’s multi-trillion-dollar development plans. Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $108.1 billion over the...

2025-05-11T16:33:59Z

PH reserves down to $104.6B in April 2025

The country’s foreign reserves continued to decline for the second straight month in April amid US President Donald Trump’s reciprocal tariff-fueled global uncertainty tempered foreign investments and the national government’s settlement of some of its external debt, according to the Bangko Sentral ng Pilipinas (BSP). Preliminary data released by the BSP showed the gross international reserves (GIR) —a measure of the country’s ability to settle...

2025-05-08T08:01:17Z

Trump Touts 80% Tariff on China: 'Seems Right!'

The U.S. and China are due to have trade talks very soon.

2025-05-09T11:54:20Z

Canadian Telecom Firms Blame Immigration Policies for Mobile Subscriber Slowdown

For years, Canada’s top telecom providers rode a wave of high immigration, collectively adding hundreds of thousands of new mobile phone subscribers most quarters. Those days are over.

2025-05-10T17:29:43Z

Americans Fear Retirement Shortfall

Forty-one percent of older Americans said they are currently unable to support the retirement lifestyle they want.

2025-05-10T08:39:49Z

Peso sustains strength, closes at P55-to-$1 level for 2nd straight day

The Philippine peso continued its appreciation streak on Friday, touching the P55-to-a-dollar level for the second straight day and closing at its strongest level in over a year. Data from the Bankers Association of the Philippines (BAP) showed the local currency ended the week at P55.57:$1, gaining 27 centavos from its previous close of P55.84:$1 on April 30, 2025. This is the peso’s strongest since it finished at P55.53:$ on March 15, 2024....

2025-05-02T12:03:27Z

PH lifts import ban on poultry, eggs from Minnesota

The Philippine government has lifted the ban on importing domestic and wild birds, as well as poultry products from the State of Minnesota, USA. In a statement on Tuesday, the Department of Agriculture (DA) said the lifting of the trade restriction “follows the resolution of an earlier outbreak of High Pathogenicity Avian Influenza (HPAI) in the state.” In his Memorandum Order No. 22, Agriculture Secretary Francisco Tiu Laurel Jr. allowed the...

2025-05-06T09:05:12Z

D&L Industries nets P681M in Q1, up 10%

Chemicals and food ingredients maker D&L Industries Inc. saw its bottom line grow by 10% in the first quarter of 2025 on the back of its growing exports business. In a disclosure to the Philippine Stock Exchange on Wednesday, D&L reported a net income of P681 million in the January – March period, up 10% from P618 million seen in the same period last year. The company said its exports business contributed 34% to its total sales of P14.268...

2025-05-07T09:05:43Z

US and China Tout Progress in Trade Talks, Offer Few Details

The US and China both reported “substantial progress” after two days of talks in Switzerland aimed at de-escalating a trade war, marking what Chinese Vice Premier He Lifeng called “an important first step” toward resolving differences.

2025-05-11T17:02:07Z

Economic jitters and soaring gold prices create a frenzy for US jewelry merchants

LOS ANGELES (AP) — At the biggest jewelry center in the United States, Alberto Hernandez fired up his machine on a recent day and waited until it glowed bright orange inside before shoveling in an assortment of rings, earrings and necklaces weighing about as much as a bar of soap: just under 100 grams, or 3.2 troy ounces. Minutes later, the bubblin...

2025-05-11T04:11:49Z

Netflix to hike PH rates in June

Netflix is set to increase their rates for Philippine subscribers starting in June, following the implementation of the 12% value-added tax (VAT) on digital services provided by foreign companies. In an advisory emailed to subscribers, Netflix said it will apply VAT to memberships, and the monthly price will be updated to the following starting June 1, 2025: Mobile: P169 per month Basic: P279 per month Standard: P449 per month (additional P169...

2025-05-06T05:05:11Z

Puerto Rico seeks to lure manufacturing to boost its economy as Trump's tariff war deepens

SAN JUAN, Puerto Rico (AP) — A global trade war is offering Puerto Rico hope as the U.S. territory attempts to strengthen its fragile economy. Government officials are jumping on planes to try and convince international companies to relocate their manufacturing plants to the island, where they would be exempt from tariffs. Any relocation would be a...

2025-05-11T13:07:26Z

SM Investments to focus on agility, financial discipline amid Trump tariffs

SM Investments Corp. (SMIC), the holding firm of the Sy family's businesses, said Wednesday it is focusing on remaining agile, even as the country's fundamentals remain sound amid the ongoing global tensions brought about by the tariffs announced by US President Donald Trump. According to SMIC chairman and independent director Amando Tetangco Jr., the company's businesses remain stable, as the country's economic growth, inflation, and...

2025-04-30T12:02:41Z

Social Security Beneficiaries Reaches New High

As more baby boomers reach retirement age, the number of recipients relying on the program is set to increase.

2025-05-09T16:54:48Z

Donald Trump Launches Bid To Overhaul USPS

Trump is set to nominate FedEx board member David Steiner as the next USPS postmaster general.

2025-05-09T14:58:51Z

Officials, Airlines to Talk Newark Reductions After Outages

Airlines and aviation officials plan to meet on May 14 to discuss further flight cutbacks at Newark airport following multiple breakdowns in radar systems.

2025-05-09T20:33:29Z

Capitalism Isn't Working for the Poor. Let's Try Something Else | Opinion

It's time to admit that our "one size fits all" capitalist system isn't working for everyone.

2025-05-09T13:58:47Z

Toyota Faces Biggest Hit From Trump Tariffs Among Automakers

Toyota Motor Corp. is the biggest carmaker in the world — and also the auto industry’s biggest loser when it comes to projected losses from US President Donald Trump’s trade war.

2025-05-11T20:47:25Z

PH manufacturing continued to contract in March 2025

The Philippine manufacturing sector continued to contract in March 2025 as five industry divisions posted annual declines during the month, government data released on Wednesday showed. The volume of production index (VoPI) for the month posted a 0.2% decline, preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI) of the Philippine Statistics Authority (PSA). This follows the 1.5% contraction in February, and the...

2025-05-07T06:05:35Z

Musk Says Testing Gold Card Visa Program in ‘Quiet Trial’

President Donald Trump’s “gold card” visa program is quietly being tested to ensure the system works properly, Elon Musk said in a post on X.

2025-05-11T16:00:43Z

Texas Faces Major Housing Market Correction as Prices Drop Across State

Texas has seen a surge in house building over the past few years along with a significant population rise.

2025-05-10T09:20:23Z

As US and China begin trade talks in Geneva, Trump's tariff hammer looks less mighty than he claims

WASHINGTON (AP) — The way President Donald Trump sees it, beating China in a trade war should be easy. After all, his logic goes, the Chinese sell Americans three times as much stuff as Americans sell them. Therefore, they have more to lose. Inflict enough pain, like the combined 145% taxes he slapped on Chinese imports last month, and they’ll beg ...

2025-05-09T12:06:37Z

PH, US agree to take concrete steps to address trade, tariff issues

Top Philippine and US officials agreed to take “concrete steps” to address lingering concerns on their bilateral trade following the Trump administration’s imposition of new tariffs on Manila, a key regional ally, and other global trading partners. Trade and economic officials from the Philippines, led by President Ferdinand "Bongbong" Marcos Jr.’s Investment and Economic Affairs adviser Frederick Go; Department of Trade and Industry Secretary...

2025-05-04T13:04:18Z