Business | ABS-CBN News

Phoenix Petroleum posts P63M net income in 2020 despite 'challenging' year

ABS-CBN News
Mar 31 10:24 AM

Phoenix Petroleum said Wednesday it posted P63 million net income despite the COVID-19 pandemic on the back of its "strong" diversified portfolio.  Read more »

Suez Canal works to clear backlog as shipping convoys resume

Nadeen Ebrahim, Reuters
Mar 31 09:57 AM

"We want to reaffirm in a clear message to the world that everything is back to the way it was," Egyptian President Abdel Fattah al-Sisi told reporters on Tuesday from a platform on the canal, as container ships passed behind him. Read more »

Inflation likely to settle within 4.2 to 5 percent range in March: BSP

ABS-CBN News
Mar 31 09:17 AM

Inflation for the month of March likely settled within the 4.2 percent to 5 percent range, the Bangko Sentral ng Pilipinas said Wednesday.  Read more »

Volkswagen pulls a fast one: 'Voltswagen' rebrand a ruse

John Biers, Agence France-Presse
Mar 31 09:06 AM

VW spokesman Mark Gillies said in an email late Tuesday that the "Voltswagen" rebrand was a joke after the Wall Street Journal and other media reported that the announcement was indeed a ruse. Read more »

Investors press companies on human rights in Xinjiang

Ross Kerber and Victoria Waldersee, Reuters
Mar 31 08:27 AM

A group of religious and socially conscious investors and other funds are ramping up pressure on Western companies over alleged human rights abuses in China's Xinjiang region, highlighting the challenges for brands trying to maintain their business ties amid rising tensions. Read more »

PayPal allows US shoppers to make cryptocurrency purchases

Agence France-Presse
Mar 31 07:08 AM

PayPal on Tuesday began allowing people in the United States to use cryptocurrency to make purchases from millions of merchants that use the financial platform for online transactions. Read more »

IMF to boost global outlook again, warns financial conditions uncertain

Andrea Shalal, Reuters
Mar 31 03:04 AM

The global economy was on firmer footing, but developments are diverging dangerously across regions and countries, and even within nations.   Read more »

PCCI welcomes Duterte's decision to allow private sector to import COVID-19 vaccines

ABS-CBN News
Mar 30 11:46 PM | Updated Mar 31 12:19 AM

President Rodrigo Duterte said he'll allow private firms in the Philippines to freely import their own supplies of COVID-19 vaccines. Read more »

PH shares fall as COVID-19 cases remain at record high

ABS-CBN News
Mar 30 11:41 PM

Philippine shares fell once again as foreigners resumed selling out of the local bourse in the wake of stricter quarantine measures.  Read more »

Saudi wants OPEC+ to extend oil cuts into June, source says

Rania El Gamal, Ahmad Ghaddar and Olesya Astakhova, Reuters
Mar 30 08:45 PM

Saudi Arabia is prepared to support extending oil cuts by OPEC and its allies into June and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns, a source briefed on the matter said on Monday. Read more »

Mga Pinoy na walang trabaho o kulang ang kita, lumobo muli dahil sa pandemya

ABS-CBN News
Mar 30 08:13 PM

Mula sa 4 milyong unemployed noong Enero, 200,000 agad ang nadagdag sa mga jobless nitong Pebrero. Read more »

Xiaomi to invest $10 billion in new electric vehicle unit over 10 years

Reuters
Mar 30 07:07 PM

Chinese smartphone maker Xiaomi Corp has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company announced on Tuesday in a filing.   Read more »

Google beefs up Google Maps, unveils new features such as weather layer, air quality filter

Jessica Fenol, ABS-CBN News
Mar 30 06:00 PM

Google said Tuesday it is introducing upgrades to Google Maps to make it even more accurate and extend its usefulness beyond navigation. Read more »

Cebu Pacific posts P22.2 billion net loss in 2020 due to 'severe' pandemic impact

ABS-CBN News
Mar 30 04:42 PM

Cebu Pacific said Tuesday it posted a net loss of P22.2 billion in 2020 due to the "heavy impact" of the COVID-19 pandemic.    Read more »

Refunds for downtime: DICT backs bill making telcos pay for service interruptions

ABS-CBN News
Mar 30 04:37 PM

The Department of Information and Communications Technology on Tuesday said it supports a bill requiring telcos and and internet service providers to give refunds for service outages and interruptions. Read more »

Putulan ng kuryente, tubig tigil muna umano habang umiiral ang ECQ

ABS-CBN News
Mar 30 04:37 PM | Updated Mar 30 07:20 PM

Wala muna umanong putulan ng kuryente at tubig habang nasa ilalim ng enhanced community quarantine ang Metro Manila at mga karatig-probinsiya.   Read more »

Even large business now hurting after 1 year of lockdowns: Management group

ABS-CBN News
Mar 30 03:57 PM

One of the country's most influential business groups on Tuesday said it "hopes" the government will not extend the strict quarantine measures imposed over Metro Manila and nearby provinces because of its impact on businesses.    Read more »

DOTr offers free rides for essentials workers as ECQ hampers transport

ABS-CBN News
Mar 30 02:52 PM

Essential workers who commute and others who are authorized outside of their residence during the implementation of the enhanced community quarantine in the so-called NCR Plus could avail of free rides in 44 routes around Metro Manila and its adjacent areas, the Department of Transportation said Tuesday. Read more »

PH unlikely to hit growth target amid spike in COVID-19 cases: Fitch Solutions

ABS-CBN News
Mar 30 02:50 PM

The Philippines is unlikely to hit its growth target this year because of the recent surge in COVID-19 cases and the strict quarantine restrictions imposed to curb this, Fitch Solutions said on Monday.  Read more »

Tencent super app WeChat beefs up short video-sharing, live-streaming features

Celia Chen and Iris Deng, South China Morning Post
Mar 30 01:16 PM

Tencent Holdings’ super app WeChat has reinforced its short video-sharing and live-streaming functions, according to the latest update of the multipurpose social media platform, amid increased competition from Douyin, the Chinese version of ByteDance-owned TikTok.   Read more »

UN panel warns ‘well-known global brands’ may be linked to Xinjiang human rights abuses

Robert Delaney, South China Morning Post
Mar 30 12:56 PM | Updated Mar 30 01:05 PM

Scores of Chinese and foreign companies producing “well-known global brands” may be involved in human trafficking, forced labor and other human rights abuses in China’s Xinjiang region, a United Nations working group said on Monday, calling more attention to an issue that Beijing is increasingly on the defensive about.   Read more »

Global warming could cut over 60 countries' credit ratings by 2030, study warns

Marc Jones, Reuters
Mar 30 12:22 PM

A new algorithm-based study by a group of UK universities has predicted that 63 countries – roughly half the number rated by the likes of S&P Global, Moody's and Fitch - could see their credit ratings cut because of climate change by 2030. Read more »

Backlog of ships at Suez Canal could be cleared in up to 3.5 days: chairman

Reuters
Mar 30 10:51 AM

A backlog of shipping around the Suez Canal that built up while the waterway was blocked by a giant container ship could be cleared in three or three-and-a-half days, the canal authority's chairman said on Monday.   Read more »

4.2 million Filipinos jobless in February 2021: PSA

ABS-CBN News
Mar 30 09:40 AM | Updated Mar 30 09:43 AM

Unemployment worsened in February 2021 compared to the previous month as the Philippines continues to grapple with the impact of the COVID-19 pandemic, based on government data released Tuesday.  Read more »

Employers group seeks clarity on COVID-19 vaccine procurement by private sector

ABS-CBN News
Mar 30 09:06 AM | Updated Mar 30 10:00 AM

The government should release guidelines to expedite the private sector's procurement of COVID-19 vaccines after President Rodrigo Duterte announced he would allow them to buy doses for their workers, a business group said Tuesday. Read more »