News

US, China nearing deal to remove sales ban against ZTE: sources

Michael Martina, Reuters
May 22 01:35 PM

Washington and Beijing are nearing a deal that would remove an existing US order banning American firms from supplying Chinese telecommunications firm ZTE Corp, 2 people briefed on the talks told Reuters. Read more »

Tax reform 'unfairly blamed' for price spikes, Dominguez tells congressmen

Michelle Ong, ABS-CBN News
May 22 11:54 AM

The first tranche of tax reforms is being "unfairly blamed" for rising consumer prices, Finance Secretary Carlos Dominguez said Tuesday, as he defended the government's key economic measure before lawmakers. Read more »

Sony buys EMI Music Publishing in $1.9 billion deal

Kyoko Hasegawa and Miwa Suzuki, Agence France-Presse
May 22 11:47 AM

Japanese entertainment giant Sony Tuesday announced a $1.9-billion deal to acquire EMI Music Publishing, one of the world's largest music publishing companies with rights to songs by the likes of Queen and Pharrell Williams. Read more »

Asian markets mixed as trade deal euphoria abates

Agence France-Presse
May 22 11:10 AM

Asian investors took a step back on Tuesday after the previous day's rally, with some skepticism over the China-US trade deal seeping in, while oil prices pushed higher after Washington flagged harsh sanctions on key producers Iran and Venezuela. Read more »

Price pressures on oil to linger, energy dept says

ABS-CBN News
May 22 09:27 AM | Updated May 22 10:13 AM

Oil prices have jumped for the second week in a row due to developments abroad and price pressures are likely to stay, the Department of Energy said Tuesday. Read more »

Activist groups launch campaign to break up Facebook

Agence France-Presse
May 22 06:59 AM

A coalition of activist groups on Monday announced a campaign to break up Facebook, arguing that the huge social network "has too much power over our lives and democracy."  Read more »

The key to 1.5 million Chinese tourists' wallets? Scan-to-pay

Jessica Fenol, ABS-CBN News
May 22 06:54 AM | Updated May 22 12:28 PM

Filipino businessmen are cashing in on the projected 1.5 million Chinese tourist arrivals this year by allowing them to shop with their smartphones, eliminating tedious trips to money changers. Read more »

Uber hit with harassment suit following policy shift

Agence France-Presse
May 22 06:53 AM

Uber was hit with a lawsuit Monday alleging sexual harassment and discrimination against female employees, apparently the first case in court since the ride-hailing giant scrapped a requirement for arbitration of such claims. Read more »

Globe fintech sticking to fiat currencies for now: CEO

ABS-CBN News
May 22 06:50 AM

Financial technology firm Mynt, which operates e-wallet GCash, believes in the value of blockchain technology but is unlikely to “touch” cryptocurrencies, its CEO said. Read more »

Wigan owners confirm sale to Hong Kong consortium

Agence France-Presse
May 22 06:35 AM

Wigan's owners confirmed the proposed sale of their shareholding in the League One champions to a Hong Kong-based consortium on Monday.   Read more »

Motorists brace for another oil price hike

ABS-CBN News
May 22 01:00 AM

For the second week in a row, motorists will have to brace for higher fuel prices.  Read more »

Some businessmen wary of rising costs, interest rates, weak peso

ABS-CBN News
May 22 12:10 AM

As investors closely watch how higher interest rates will affect corporate plans, the private sector remains supportive of the Duterte administration's massive infrastructure program.  Read more »

PSEi makes last-minute drop, falls back below 7,700

ABS-CBN News
May 22 12:01 AM

Traders were also on edge over the persistently weak peso, with the Philippine Stock Exchange index giving up all its modest gains for the day, just seconds before the closing bell.  Read more »

$100-M fintech hub to rise in Cagayan

ABS-CBN News
May 21 11:58 PM

MANILA - A $100-million facility that will house foreign financial technology companies will open at the Cagayan Economic Zone Authority (CEZA) in 2 years' time, the head of the agency said on Monday. Read more »

Stocks, oil and dollar rise as trade war put 'on hold'

Julien Ponthus, Reuters
May 21 07:28 PM

Stocks, oil prices and the dollar were on the rise on Monday after the US-China trade war was declared "on hold" while in Europe, Italy's borrowing costs climbed and the Milan bourse retreated as two anti-establishment parties got closer to power. Read more »

Toys 'R' Us Australia put in administration after US stores fold

Agence France-Presse
May 21 07:22 PM

The Australian operations of American chain Toys 'R' Us was placed under administration Monday, months after the closure of its US and British stores as the retail sector battles the online shopping boom. Read more »

UAE announces ownership, visa reforms to lure foreign investors

Agence France-Presse
May 21 05:39 PM

The United Arab Emirates has announced plans to allow 100 percent ownership and visa incentives to foreigners, in a bid to attract investors to boost its slowing national economy. Read more »

Questions you need to answer before investing

ABS-CBN News
May 21 04:44 PM

Salve Duplito, On The Money's resident financial planner, shares why it's important to answer the question "why?" before investing.  Read more »

Marawi rehab to cost P53.4 billion: NEDA

Michelle Ong, ABS-CBN News
May 21 03:00 PM

Rebuilding Marawi would cost P53.4 billion, the National Economic Development Authority said Monday, ahead of the anniversary of the siege by Islamic militants on the city. Read more »

Rice starts vanishing from menus as Asians grow richer, healthier

Rina Chandran, Thomson Reuters Foundation
May 21 02:45 PM | Updated May 21 03:48 PM

Lunchtime in Taipei's Ximending district is a test of wills and patience as tourists and locals jostle at restaurants and street stalls to choose from steamed and fried dumplings, flat and thin noodles, stuffed pancakes, grills and desserts. Read more »

ALAMIN: Dagdag-singil sa petrolyo simula Martes

ABS-CBN News
May 21 02:30 PM | Updated May 21 09:04 PM

Magkakaroon ng dagdag sa presyo ng produktong petrolyo simula Martes, ayon sa anunsiyo ng ilang kompanya ng langis nitong Lunes. Read more »

Unionbank to link rural banks using blockchain

Jessica Fenol and Michelle Ong, ABS-CBN News
May 21 12:30 PM | Updated May 21 02:58 PM

Unionbank said Monday it would tap blockchain to connect rural banks in the same way systems such as Bancnet and SWIFT link larger lenders. Read more »

BPOs must prepare for 'inevitable' AI, says Pernia

ABS-CBN News
May 21 12:14 PM | Updated May 21 12:27 PM

The business process outsourcing sector should prepare for the "inevitable" use of artificial intelligence to prevent job losses, Socioeconomic Planning Secretary Ernesto Pernia said Monday. Read more »

Tax reform helped spike 1Q sales: Emperador

Warren de Guzman, ABS-CBN News
May 21 11:54 AM | Updated May 21 11:55 AM

Higher disposable incomes due to the middle class after the government reduced income taxes helped Emperador grow sales by 8.5 percent in the first 3 months of the year, a company official said Monday. Read more »

AirAsia 'piso sale': Airline releases available routes

ABS-CBN News
May 21 11:27 AM

AirAsia released destinations included in its P1 peso base fare sale that started on Monday and will run 7 days. Read more »