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Germany’s SEFE Is Looking for More Gas Before Privatization

German state-owned gas company SEFE is looking to expand its supply base before being privatized later this decade, according to Chief Executive Officer Egbert Laege.

2024-09-19T01:05:38Z

Advance, Cebuana Lhuillier expand partnership via P100-M lending deal

Philippines-based fintech company Advance and micro-financing services provider Cebuana Lhuillier are expanding their partnership with the signing of a P100-million lending deal. In a statement, Advance said the lending deal enables the company “to provide more credit, not only to thousands of individual employees but to hundreds of small and medium-sized businesses across the Philippines.” The partnership would form a new lending facility...

2024-09-17T13:09:10Z

Gensler Says AI Risks Heartbreak Like Scarlett Johansson’s ‘Her’

Overuse of the same kinds of artificial intelligence systems by too many brokers and money managers could set the stage for future turmoil, according to Gary Gensler, chair of the US Securities and Exchange Commission.

2024-09-18T19:50:45Z

Fed Opts for Outsize Cut as Powell Seeks to Ensure Soft Landing

Federal Reserve Chair Jerome Powell led his colleagues to an outsize interest-rate cut designed to preserve the strength of the US economy as risks to the labor market mount, marking an end to their single-minded focus on quashing inflation.

2024-09-18T23:36:15Z

Stock Traders ‘Sell the News’ After Fed Goes Big: Markets Wrap

A rally that briefly drove stocks to their all-time highs bumped into a wall as the Federal Reserve signaled it’s not in a rush to ease policy after cutting rates by a half-point.

2024-09-18T18:51:04Z

YouTube launches new TV-focused tools for creators

YouTube beefed up tools for creators on Wednesday as it competes with streaming rivals such as Netflix on the biggest screen in most homes: the television. "It's the fastest-growing screen," YouTube chief Neal Mohan said of televisions at a presentation to content creators in New York.

2024-09-19T00:46:39Z

Iconic Tupperware Brands Files for Bankruptcy

Sales have steadily declined since 2018, despite a brief boost during the COVID-19 pandemic.

2024-09-18T15:07:14Z

Ayala Corp. leads PH firms included in TIME's 'World's Best Companies' list

At least thirteen Filipino firms have made it to TIME's list of World’s Best Companies of 2024, with the Philippines' oldest enterprise besting all the local companies on the list. In the second edition of its World's Best Companies, in partnership with consumer data provider Statista, TIME ranked 1,000 firms all over the world to determine top performing companies based on employee satisfaction, revenue growth, and sustainability transparency...

2024-09-13T10:07:17Z

Student Loan Update: How Fed Interest Rate Cut Affects Borrowers

The expected rate drop comes amid falling inflation and may bring lower borrowing costs for student loans.

2024-09-18T16:36:37Z

The Federal Reserve is finally lowering rates. Here's what consumers should know

NEW YORK (AP) — The Federal Reserve has cut its benchmark interest rate from its 23-year high, with consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. On Wednesday, the Fed announced that it reduced its key rate by an unusually large half-percentage point, to between 4.75 and 5 percent, the first rate cut in more than four years. The central bank is acting because, after imposing 11...

2024-09-18T22:06:27Z

Fed Rate Cut: The Best Investments When Interest Rates Go Down

Vault’s Viewpoint on Investment Strategies for Falling Interest Rates Best Types of Investments for Falling Interest Rates With interest rates expected to fall, some investors might wonder which sectors are likely to do well in a changing rate environment. Here’s a look at the sectors most likely to benefit from an interest rate cut. Utilities […] The post Fed Rate Cut: The Best Investments When Interest Rates Go Down first appeared on Newsweek...

2024-09-10T11:55:17Z

GMA Network Triumphs as Digital Powerhouse in the Philippines and Southeast Asia

Leading broadcast media company GMA Network continues to solidify its position as a digital leader in the Philippines and Southeast Asia. The Network’s commitment to delivering the biggest and most credible news and information, and engaging entertainment across multiple online platforms has led to its stellar performance. Southeast Asia’s Top-Ranked Media and Entertainment Company As of August 2024, GMA Network secured the 20th spot on the...

2024-09-17T15:09:10Z

Alfamart opens 2,000th store

Sy family’s conglomerate SM Investment Corp. or SM Group has expanded the footprint of Alfamart in the Philippines to 2,000 stores, 10 years after it introduced the super minimart chain brand in the country. In a news release on Wednesday, SM Group announced the opening of Alfamart’s 2,000th store in a residential village in Sta. Rosa, Laguna. Alfamart, which inaugurated its first store in June 2014, is a venture between SM Group and Indonesia's...

2024-09-11T09:06:35Z

European Union court largely upholds Qualcomm antitrust penalty in 2019 case but trims fine

LONDON (AP) — Qualcomm lost its legal fight on Wednesday to get a European Union antitrust penalty thrown out after a top court largely rebuffed the technology company's arguments in the case involving cellphone chipsets. The European Union's General Court said it was rejecting most of Qualcomm's appeal against the 242 million euro ($269 million) fine that the bloc's regulators issued in 2019, when they accused the company of “predatory pricing”...

2024-09-18T12:21:40Z

PH foreign debt hits $130.18 billion as of end-June 2024—BSP

The Philippines' total external debt (EDT) has ballooned to US$130.18 billion as of end-June 2024, the Bangko Sentral ng Pilipinas (BSP) said. This is higher by $1.49 billion (or 1.2 percent) from the $128.69 billion level as of the end of March this year. "The rise in the debt level was primarily driven by net availments aggregating $1.50 billion as the national government raised $2.61 billion from: (a) the issuance of its US$2.00 billion Dual...

2024-09-13T15:07:26Z

China’s Failing US Lobby Playbook Puts Tech Companies at Risk

US lawmakers are signaling to China that the world’s second-largest economy and its companies face a tough slog in America for the foreseeable future, regardless of who controls Washington after the November election.

2024-09-19T00:46:41Z

Anticipated Rate Cut Leaves Wall Street Near Record High

Wall Street holds it's breath while The Fed is poised to announces how deep it will cut interest rates

2024-09-18T13:52:14Z

Stocks Will Continue to Rally After Sharp Fed Rate Cut, Investors Say

The US economy will avoid a recession, majority of respondents said

2024-09-18T22:50:46Z

A Hungarian company is linked to the pagers that exploded in Lebanon and Syria

BUDAPEST, Hungary (AP) — In a duplex in a quiet neighborhood of the Hungarian capital is the headquarters of a company that is linked to the manufacture of the pagers that exploded in Lebanon and Syria as part of an apparent Israeli operation against the Hezbollah militant group. BAC Consulting shares the ground floor of the modest building in Budapest with other enterprises. On Wednesday morning, Associated Press journalists saw the names of...

2024-09-18T17:21:32Z

Ship owner cut corners on repairs before deadly Baltimore bridge collapse, US says in $100M lawsuit

BALTIMORE (AP) — The owner and manager of the cargo ship that caused the Baltimore bridge collapse recklessly cut corners and ignored known electrical problems on the vessel, the Justice Department alleged Wednesday in a lawsuit seeking to recover more than $100 million that the government spent to clear the underwater debris and reopen the city’s port. The lawsuit filed in Maryland provides the most detailed account yet of the cascading series...

2024-09-18T14:32:10Z

More than 39,000 vehicles added to PH roads in August

Over 39,000 vehicles were added to Philippine roads in August, largely driven by commercial vehicle sales during the month, data released by local manufacturers on Tuesday showed. A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMI) showed that total new motor vehicles for the month stood at 39,155 units. This is 0.4% lower than the 39,331 units sold in July, and...

2024-09-17T09:09:03Z

T-Mobile Sees Ebitda Up to $39 Billion by 2027, Fueled by AI

T-Mobile US Inc. outlined its growth ambitions for the next three years on Wednesday, forecasting higher profit fueled by customer gains and enhanced by new technologies, including artificial intelligence.

2024-09-18T17:55:35Z

Lawsuits buffet US offshore wind projects, seeking to end or delay them

BRIGANTINE, N.J. (AP) — Opponents of offshore wind around the U.S. are pelting projects with lawsuits seeking to cancel them or tie them up for years in costly litigation. The court cases represent another hurdle the nascent industry must overcome, particularly along the East Coast where opposition to offshore wind farms is vocal and well-organized. They add another pressure point for an industry already struggling with escalating prices, shaky...

2024-09-18T19:52:17Z

Bitcoin Fluctuates After Fed Cuts for First Time in Four Years

Bitcoin was little changed after the Federal Reserve reduced borrowing rates for the first time since the Covid pandemic paralyzed the economy more than four years ago and helped cryptocurrencies break into the mainstream.

2024-09-18T19:20:48Z

Best Auto Loan Refinance Lenders of September 2024

12 Best Refinance Auto Loan Lenders of 2024 What Happens When You Refinance Your Car Loan? When you refinance your car loan, you pay off your existing loan with a new loan. You’ll need to complete a loan application and provide proof that you qualify for the loan. You won’t need a down payment, but […] The post Best Auto Loan Refinance Lenders of September 2024 first appeared on Newsweek Vault.

2024-05-13T23:00:09Z

Student Loan Forgiveness Warning as Key Deadline Looms

The options for borrowers carrying defaulted loans will narrow at the end of this month.

2024-09-18T15:21:38Z

Smuggled agri products, cigarettes worth P136M seized in Subic

Authorities seized agricultural products and cigarettes worth around P136.59 million were seized in Subic, according to the Bureau of Customs (BOC). "On August 15, 2024, five 40-foot containers said to contain 13,250 cartons of frozen fish egg balls, with an estimated value of PhP 21 million. However, the shipment was made the subject of a verification request from the BOC’s Intelligence Group Deputy Commissioner Juvymax R. Uy, and led to...

2024-09-11T12:06:36Z

Oil Industry Yet to Prove Carbon Capture Viable: Kerry

John Kerry, the Biden administration’s former top climate diplomat, said the oil and gas industry must prove carbon capture can play a meaningful role lowering emissions or face a quicker-than-expected transition away from fossil fuels.

2024-09-18T19:21:02Z

US Fed cuts rates by larger than usual half-percentage point

Central bank’s rate-setting committee says it has ‘greater confidence’ inflation is moving towards 2 percent target.

2024-09-18T18:58:32Z

Vista Picks Evercore to Help Sell Finastra’s Capital Markets Arm

Vista Equity Partners is working with Evercore Inc. to help sell the fintech Finastra’s Treasury and Capital Markets business, people familiar with the matter said.

2024-09-18T19:10:34Z

Juan Carlo Puno appointed as next Globe CFO

Globe Telecom Inc. corporate strategy officer and senior vice-president for corporate finance Juan Carlo Puno is set to take over as the firm's chief financial officer (CFO) on October 16, succeeding Rosemarie “Rizza” Maniego-Eala. In a disclosure, Globe said Eala is set to retire to pursue “personal and professional goals” after over two decades with the company. “In her nearly 27 years of dedicated service to Globe, Ms. Maniego-Eala has been a...

2024-09-16T06:08:36Z

Boeing CEO Announces Furloughs Amid Union Strike Over Pay Dispute

Boeing CEO Kelly Ortberg announced the furloughs as negotiations between the union continue.

2024-09-18T21:21:41Z

Risks of Home Equity Loans and How To Avoid Them

Vault’s Viewpoint What Is a Home Equity Loan and How Does It Work? A home equity loan is where you borrow from the equity you’ve built in your home. Equity is based on your home’s current market value minus the amount you still owe on your mortgage. As you pay off your mortgage, you should […] The post Risks of Home Equity Loans and How To Avoid Them first appeared on Newsweek Vault.

2024-09-18T21:28:55Z

Complete Costs of Buying a Home

Vault’s Viewpoint on Costs of Buying a Home What Do Current Home Prices in the U.S. Look Like? Home prices in the U.S. peaked in 2022 at $442,600, according to data from the Federal Reserve Bank of St. Louis. They’ve been inching down since then, thanks to the Federal Reserve’s tightening monetary policy. As of […] The post Complete Costs of Buying a Home first appeared on Newsweek Vault.

2024-09-18T21:14:02Z

Man Spending Late Wife's Money on First Kids and Not New Family Backed

A personal finance expert said blended families face added challenges when parents have different views on spending and saving.

2024-09-18T17:22:11Z

Trump, Harris Angle to Gain Political Edge From Fed Rate Cut

The Federal Reserve’s move to slash interest rates reverberated across the 2024 presidential race as Democrat Kamala Harris hailed the move as a boon for middle class families while Republican Donald Trump suggested the cut may have been politically motivated.

2024-09-18T21:51:04Z

Student Visas to Drop 10% in 2025 as Canada Curbs Migration

Prime Minister Justin Trudeau’s government is taking more steps to reduce immigration in a country that has buckled under the strain of explosive population growth.

2024-09-18T17:21:03Z

Rogers Takes Control of Leafs, Raptors in $3.5 Billion Deal

Rogers Communications Inc. is buying BCE Inc.’s stake in Maple Leaf Sports & Entertainment Ltd. for C$4.7 billion ($3.5 billion), giving the telecommunications firm control of Canada’s most valuable sports company.

2024-09-18T13:20:58Z

Treasury rule would expand tax credits for installing electric vehicle chargers

WASHINGTON (AP) — The Biden administration is moving to clarify how homeowners and businesses can receive lucrative tax credits for installing electric vehicle chargers. A rule proposed Wednesday by the Treasury Department would make credits worth up to $1,000 for individuals and $100,000 for businesses available for each EV charger that is installed. If finalized, the new rule would be especially valuable to businesses that plan to install...

2024-09-18T18:48:08Z

BIR renews partnership on tax admin, compliance with multi-sectoral groups

The Bureau of Internal Revenue (BIR) on Tuesday renewed its partnership with multi-sectoral private organizations on the effective facilitation of consultation between the taxman and the business sector concerning tax policies. At a signing ceremony at the BIR head office in Quezon City, BIR Commissioner Romeo Lumagui Jr. and representatives of multi-sectoral groups inked a memorandum of agreement (MOA). The MOA signed was a renewal of the...

2024-09-10T12:06:10Z

Oracle-Backed Chipmaker Ampere Explores Potential Sale

Ampere Computing LLC, the semiconductor startup backed by Larry Ellison’s Oracle Corp., is exploring a potential sale, according to people with knowledge of the matter.

2024-09-19T00:30:54Z

Recto: PH's participation in MAAC to help stop tax evasion, avoidance

Finance Secretary Ralph Recto on Thursday said the Philippines’ participation in the Convention on Mutual Administrative Assistance in Tax Matters (MAAC) is seen to help stop tax evasion and avoidance in the country. In a statement, Recto welcomed the passage of Senate Resolution No. 139, which concurred with the ratification of the country’s participation in the MAAC. “We are very glad to finally have the MAAC in full force in the Philippines....

2024-09-12T06:06:55Z

Boeing CEO says the company will furlough employees soon to preserve cash during labor strike

Boeing’s CEO said Wednesday that the company will begin furloughing “a large number” of employees to conserve cash during the strike by union machinists that began last week. Chief Executive Kelly Ortberg said the people who would be required to take time off without pay starting in the coming days include executives, managers and other employees based in the U.S. “While this is a tough decision that impacts everybody, it is in an effort to...

2024-09-18T16:32:14Z

GM offering adapters to help electric vehicle owners access Tesla chargers

General Motors is now offering adapters to help its electric vehicle owners access Tesla chargers. The Detroit automaker said Wednesday that it is opening up access to more than 17,800 Tesla Superchargers for its customers, with the use of a GM approved NACS DC adapter. Customers in the United States will be able to buy the adapter for $225 through GM vehicle brand mobile apps. By using the Tesla Supercharger network, GM EV vehicle owners will...

2024-09-18T12:56:22Z

PLDT names Butch Jimenez as new EVP and COO

Telecommunications giant PLDT Inc. has named its second-in-command, nearly a year after its chairman Manuel V. Pangilinan took over as chief executive officer (CEO) following the retirement of Alfredo Panlilio due to health reasons. In a disclosure to the Philippine Stock Exchange on Tuesday, PLDT announced that its Board of Directors approved on Sept. 17 the appointment of Menardo "Butch" Jimenez Jr. as executive vice president and chief...

2024-09-17T12:09:09Z

BOI: Year-to-date investment approvals at P1.35T as of Sept. 16

The Philippine Board of Investments (BOI) on Monday said it has approved P1.35-trillion worth of investments so far this year, marking an 82% increase from the same period last year largely driven by the energy sector. The approvals surpassed the P1.26-trillion full-year figure for 2023, and are 82% higher than the P741.98-billion approvals in January to September 15, 2023. The biggest share of approvals came from the energy sector which...

2024-09-16T11:08:39Z

Pinoy-founded Seafood City supermarket chain launches digital marketplace

Seafood City, a Filipino grocery-restaurant chain in North America, on Wednesday launched a one-stop digital marketplace application to enhance customer experience of its overseas Filipino patrons and their relatives back home. At an event in Makati City, Seafood City executive vice president Elewin Rebaya introduced SFC+, a digital marketplace app which brings together top Filipino brands and services, allowing its users to shop for authentic...

2024-09-18T14:09:38Z

How I’m Using a CD Ladder as Part of My Emergency Fund Strategy

Vault’s Viewpoint CD Rates in 2024 The Federal Reserve has kept rates elevated in recent years in an attempt to curb inflation. That’s translated into higher yields on cash accounts, like CDs. However, the CD rate forecast could change with increased expectations for a Fed rate cut. Right now, the best CD rates are above […] The post How I’m Using a CD Ladder as Part of My Emergency Fund Strategy first appeared on Newsweek Vault.

2024-09-18T21:28:54Z

Boeing to start large temporary furloughs amid Seattle strike

Boeing said Wednesday it would start temporary furloughs of professional and white-collar staff as it seeks to conserve cash amid a labor strike that has shuttered Seattle manufacturing plants. Boeing plans for "selected employees to take one week of furlough every four weeks on a rolling basis for the duration of the strike," said a message to employees from CEO Kelly Ortberg.

2024-09-18T16:31:38Z

Gen Z Aren't Ready For Work

1 in 7 companies said they might refrain from hiring recent college grads next year after bad experiences with younger workers.

2024-09-18T13:06:32Z