Business | ABS-CBN News

Tesla drops cheapest Model X, S variants, cuts prices to simplify lineup

Yilei Sun and Norihiko Shirouzu, Reuters
Jul 16 03:03 PM

Tesla Inc has dropped the standard-range variants of its Model X and Model S from its product lineup and adjusted prices across its range, in a sales push that comes days after the US electric vehicle maker reported record deliveries. Read more »

LIST: Canceled flights due to tropical depression Falcon

ABS-CBN News
Jul 16 02:58 PM | Updated Jul 16 07:16 PM

Several flights were canceled Tuesday due to bad weather brought by tropical depression Falcon. Read more »

Third telco Dito's entry to foster 'healthy competitive environment': Globe

ABS-CBN News
Jul 16 01:47 PM

Globe Telecom on Tuesday said it welcomed the entry of third telco player Dito Telecommunity, formerly known as Mislatel. Read more »

National minimum wage up to Congress: Labor chief

ABS-CBN News
Jul 16 01:26 PM

It is up to Congress to act on calls to set a national minimum wage, Labor Secretary Silvestre Bello said Tuesday. Read more »

Toyota PH replacing airbag computers of some Toyota Rush units due to issues

ABS-CBN News
Jul 16 01:04 PM | Updated Jul 16 01:10 PM

Toyota Motor Philippines on Tuesday said it would initiate a special service campaign to replace some curtain shield airbag computer of select Toyota Rush units which may have "programming issues." Read more »

Udenna Corp buys 100-million shares in mining firm Atok-Big Wedge

Michelle Ong, ABS-CBN News
Jul 16 12:46 PM

Atok-Big Wedge Co. Inc. on Tuesday said Udenna Corp bought 100 million common shares of the mining firm for P2 per share. Read more »

Philippine shares break into bull market territory with over 20-pct gain

ABS-CBN News
Jul 16 11:50 AM | Updated Jul 16 12:18 PM

Philippine stocks entered bull market territory, buoyed by expectations of lower interest rates due to cooling inflation and an upbeat outlook for corporate earnings, analysts said Read more »

Canada set to postpone Huawei 5G decision to after vote, given sour ties with China - sources

David Ljunggren, Reuters
Jul 16 10:24 AM

Canada is likely to postpone a decision on whether to allow China's Huawei Technologies Co Ltd to supply 5G network equipment until after the October federal election, given increasingly strained relations with Beijing, said three well-placed sources. Read more »

Duterte wants 'minor details' ironed out before signing 'security of tenure' bill: Bello

ABS-CBN News
Jul 16 10:12 AM | Updated Jul 16 11:12 AM

President Rodrigo Duterte could be clarifying "minor details" before signing a proposed law that guarantees security of tenure for employees by preventing labor-only contracting, a Cabinet aide said Tuesday. Read more »

Third telco Dito likely to pursue 'aggressive' pricing to gain market share: Fitch

ABS-CBN News
Jul 16 09:46 AM | Updated Jul 16 10:02 AM

New telecommunications player Dito (formerly known as Mislatel) is likely to pursue an “aggressive” pricing strategy on its first few years of operations, in a bid to gain market share, Fitch Ratings said Tuesday. Read more »

Twitter revamps website in bid to mimic mobile app

Agence France-Presse
Jul 16 06:48 AM

Twitter on Monday began rolling out an overhauled version of its website, making it more similar to the mobile version of the one-to-many messaging platform. Read more »

Facebook needs 'very high standard' for Libra coin: US Treasury

Rob Lever, Agence France-Presse
Jul 16 06:45 AM

Facebook must meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday.   Read more »

IKEA closing only US furniture factory, cutting 300 jobs

Agence France-Presse
Jul 16 06:37 AM

IKEA said it will close its only US factory at the end of the year, cutting 300 jobs, as it will be more cost effective to make the products in Europe and import them.  Read more »

Pinakamalaking port passenger terminal sa bansa, binuksan sa CDO

Jayberth Pairat, ABS-CBN News
Jul 16 02:57 AM

CAGAYAN DE ORO—Binuksan na nitong Lunes ang pinakamalaking port passenger terminal sa bansa. Read more »

Huawei to invest $3.1B in Italy but calls for fair policy on 5G

Elvira Pollina, Reuters
Jul 15 11:27 PM

MILAN - China's Huawei Technologies said it would invest $3.1 billion in Italy over the next three years, as the Chinese telecoms giant called on Rome to ensure the "transparent, efficient and fair" use of its 'golden power' on 5G network development. Read more »

Fuel prices to rise for 5th straight week

ABS-CBN News
Jul 15 11:06 PM

With oil prices on the rise, a local consumer group expresses dismay over halt orders against fuel cost unbundling. Read more »

PH shares break into bull market territory ahead of Q2 earnings season

ABS-CBN News
Jul 15 11:04 PM

Philippine shares shrug off gloomy data from China as it outperformed regional peers, breaking out into the bull market territory. Read more »

Tech tax set to dominate G7 finance ministers meeting

Antonio Rodriguez, Agence France-Presse
Jul 15 10:22 PM

A row over taxing tech giants is set to dominate a meeting of G7 finance ministers near Paris this week, with the world's leading industrialized nations already riven by disruptive US trade policies.   Read more »

PSEi enters bull market territory

ABS-CBN News
Jul 15 08:58 PM

Philippine shares are on a tear, as the index revisits bull market territory. (July 15, 2019) Read more »

US firms may get nod to restart Huawei sales in 2-4 weeks -official

Alexandra Alper and Karen Freifeld, Reuters
Jul 15 07:38 PM

The US may approve licenses for companies to re-start new sales to Huawei in as little as two weeks, according to a senior US official, in a sign President Donald Trump's recent effort to ease restrictions on the Chinese company could move forward quickly. Read more »

Bitcoin drops more than 10 percent as scrutiny of cryptocurrencies grows

Tom Wilson, Reuters
Jul 15 05:34 PM

Bitcoin slumped more than 10% over the weekend to a two-week low as fears of a crackdown of cryptocurrencies grew on mounting scrutiny of Facebook's planned Libra digital coin. Read more »

Mindanao Railway price tag balloons due to project revisions

ABS-CBN News
Jul 15 04:28 PM

The Mindanao Railway Project Phase 1-Tagum-Davao-Digos Segment will now cost P82.9 billion, or more than double its previous price tag of P35.9 billion in 2017.  Read more »

S&P affirms PLDT rating, notes revenue to be affected by third telco Dito

ABS-CBN News
Jul 15 04:12 PM

S&P Global Ratings on Monday affirmed PLDT’s BBB+ rating but warned that at least 40 percent of its revenue is now exposed to competition due to the entry of third player Dito Telecommunity (Mislatel).  Read more »

Cash remittances hit $2.6-B in May

ABS-CBN News
Jul 15 03:55 PM | Updated Jul 15 06:03 PM

This brought cash remittances in the first 5 months of the year to $12.3 billion, 4.5 percent higher than in the same period in 2018.  Read more »

Property consulting firm calls for right policies to boost PH real estate sector

ABS-CBN News
Jul 15 03:41 PM

A property consultant firm urges the Philippine government to put in place the right policies to take advantage of the booming property sector. Leechiu Property Consultants says, Philippine President Rodrigo Duterte has the political capital to push for charter change to unlock more economic potential. Read more »