Economic news

Asian currencies drop as investors flee to safe haven assets amid news of virus spreading beyond China Asian currencies fell on Monday following news of the rapidly spreading coronavirus being reported on several countries outside of China. The news fanned fears of a pandemic and had investors retreating to safe haven assets such as gold […]

Canada’s Teck Resources Ltd. pulled back the request to build a C$20.6 billion ($15.7 billion) Frontier oil sands mine in Alberta, which had been heavily criticized by environmentalists and indigenous groups and is on the final stage of decision for approval. Teck said that it would write down the project’s C$1.13 billion ($852.12 million) carrying […]

Warren Buffett’s Berkshire Hathaway Inc. reported a 23% decline in its quarterly operating profit, while rising prices in many stock holdings allowed the conglomerate to top its past full-year earnings. Buffett explained Berkshire’s entry into stocks in his letter to the conglomerate’s shareholders. Berkshire’s last acquisition of stocks was four years ago, leaving the company […]

Japan, represented by Finance Minister Taro Aso, assailed the tax reform proposal presented by the United States saying that it could compromise or disable global efforts to agree on new rules in imposing taxes on huge tech firms. The finance leaders of the Group of 20 (G20) major economies of the world are campaigning a […]

SYDNEY- Global shares and oil both underperformed on Monday. However, safe-haven gold became the sought-after asset as coronavirus contagion outside China inflicted world economic outlook with diagnoses and deaths bloating in South Korea, Italy, and Middle East. South Korea immediately raised alarm as the virus records increased up to 700 new cases with confirmed deaths […]

SINGAPORE- Oil lost an estimated 3% earnings and fell close to hitting one-week low on Monday as the rapid coronavirus contagion outside China dampened markets sentiment and made investors wary on dwindling crude demand. Global shares also hit lower grounds as virus concerns resurfaced brought by bloating records of virus cases in South Korea, Italy, […]

Samsung appoints former finance minister Bahk Jae-wan as new board chairman Samsung Electronics said on Friday that former finance minister Bahk Jae-wan had been appointed as the tech giant’s new board chairman after his predecessor was imprisoned for union-busting activities. Bahk had been serving in the company since 2016 and has been deemed by Samsung […]

Morgan Stanley to strike a $13 billion deal with E*Trade Morgan Stanley said on Thursday that it would buy E*Trade Financial corp in a stock deal amounting around $13 billion. The deal with the discount brokerage has been seen as the biggest acquisition by a Wall Street bank since the financial crisis in 2008. Chief […]

The Brexit transition period slated until December 2020 to negotiate with its former bloc, the European Union is less likely to happen, according to a poll conducted by Reuters in which more than half or two-thirds of economist-respondents said so. In this highly likely scenario, the trade deal between the conflicting parties will turn into […]

Japan’s core consumer inflation barely recovered in January. This had put pressure on the Bank of Japan to maintain its massive monetary stimulus to underpin the economy weakened by slow growth and weak prices. Tame inflation is cause for worry in Japan’s economy still saddled by the virus impact. The BOJ expressed no interest to […]