Business

Elon Musk surpasses Bill Gates as the world's second-richest person as Tesla's market value nears $500 billion

The jump in Musk's net worth places him second to Amazon boss Jeff Bezos, whose wealth stands at $182 billion.


Fuel prices increase for 5th consecutive day; Check out latest petrol, diesel prices

State-owned fuel retailers started to steadily increase prices on Friday after international Oil Marketing Companies (OMCs) broke a nearly two-month-long hiatus from daily fuel price revisions


DR Congo: Former militia leader sentenced to life for war crimes

Ntabo Ntaberi Sheka convicted of ‘murder, rape, sexual slavery and enlisting children under 15 years old’, court rules.


Xiaomi’s Sales Grows Fastest in Two Years After Huawei Slide

Xiaomi Corp. posted its fastest pace of revenue growth in more than two years after the Chinese smartphone giant grabbed market share from Huawei Technologies Co. when American sanctions deepened.


PlayStation 5: Sony boss has bad news for anyone who hasn't managed to get the PS5 yet

Jim Ryan, CEO at Sony Interactive Entertainment, has delivered some bad news for anyone who hasn’t managed to get the console yet


Cheese Prices Plunge as Lockdowns Bite Into Dining Business

Cheese prices are plunging as Covid’s second wave drives diners from restaurants.


Carson Block’s ‘Insane Alpha’ Disappears in Bad Year for Shorts

Carson Block is having an unusually tough time betting against Chinese stocks.


ING Bank eyes to offer consumer lending service in 2021

ING Bank N.V. Philippines is looking at further diversifying its platform as it plans to offer consumer lending service within its mobile application. During the media launch of ING Pay, ING Philippines head of Retail Mohamed Keraine said “ING Lend” is going to be introduced next year as the bank is going “step-by-step” in offering consumer banking services in its platform. After launching ING Save in 2018 and ING Pay this month, Keraine said,...


Oil wipes out most of its pandemic losses and hits its highest since March, as a vaccine rollout turns traders bullish on 2021

"An oil demand rebound in 2021 is now a certainty and markets are not waiting to price it in," SEB chief strategist Bjarne Schieldrop said.


Gold Drops to Four-Month Low as Biden Transition Looks Assured

Gold extended a drop to the lowest level in four months after the formal transition to President-elect Joe Biden was triggered, alleviating political uncertainty.


Jio Payments Bank seeks RBI nod to open accounts of RIL, other group firms

Permission has been sought even though RBI has placed curbs on lending by scheduled commercial banks to companies they lend up to a certain limit; RBI's response is awaited


Europe’s Biggest Utility Unveils $190 Billion Investment Plan

Enel SpA, Europe’s biggest utility, is set to invest 160 billion euros ($190 billion) over the next 10 years on a bet that demand for green energy and electrification will surge globally.


Winter is coming, and millions may lose their jobs in restaurants and hospitality

Many restaurants and businesses in colder-weather regions will face big challenges, including job losses, as winter arrives, a new study shows.


Peru’s 100-Year Bond Sale Shows Markets Can Defy Political Chaos

Peru, a country that’s on its third president this month, convinced investors that its strong financial institutions would carry the day.


Global Stock Rally Spurs Large Japanese Investors to Cash In

A sharp rebound in global equities after the Federal Reserve’s unprecedented stimulus in March has spurred the biggest shift in Japanese fund flows in seven years.


10 things you need to know before the opening bell

This is what traders are talking about.


EU Set to Tap Buoyant Demand for Social Bonds With Another Sale

The European Union’s third sale of social bonds was met with enthusiasm once again, with investors showing continued interest in securities designed to finance the bloc’s economic recovery.


British telcos may be fined 10% of revenues for using Huawei gear under new law

British telcos could face large fines if they fail to remove Huawei equipment from their 5G networks under new legislation.


German business confidence down for 2nd consecutive month

BERLIN (AP) — Business confidence in Germany, Europe's biggest economy, fell for a second consecutive month in November as a resurgence of coronavirus infections led to partial shutdowns across the continent, a closely watched survey showed Tuesday. Still, the decline was smaller than economists had predicted. And official data released separately on Tuesday showed that the economy performed a bit better in the third quarter than previously...


Oil Highest Since March on Vaccine Progress, Biden Transition

Oil traded at its highest level since March as markets broadly rallied on the start of the U.S. presidential transition process and with the demand outlook strengthening after a string of positive vaccine breakthroughs.


The Latest Unicorn Startup Is a Used Car Website in India

The pandemic temporarily shuttered the country’s mass transit systems, stoking demand for affordable vehicles.


Best Amazon Black Friday 2020 deals for Tuesday include Fitbit Versa 2 and new Echo Dot

Amazon Black Friday week sale is in full swing with massive discounts on everything from tech to fashion. Here are our top picks of today's best deals


Russia Online Retailer Ozon Raises $990 Million in U.S. IPO

Russian online retailer Ozon Holdings Plc will raise $990 million in its initial public offering in the U.S., taking advantage of demand for technology stocks amid the busiest fourth quarter for new listings since 1999.


Land registry agrees to share data with BIR

THE Land Registration Authority (LRA) and the Bureau of Internal Revenue (BIR) said they signed a memorandum of agreement (MoA) running for five years which will allow the two agencies to share records in aid of improving tax assessments and collections.


Labour market failed to employ enough workers this festive season: CMIE

Besides the weak employment rate, the CMIE Managing Director and CEO Mahesh Vyas noted that the deterioration of labour metrics in November is a signal again that the recovery is not complete


UK telecom companies face big fines under new security law

LONDON (AP) — Telecom companies in Britain face hefty fines if they don't comply with strict new security rules under a new law proposed in Parliament on Tuesday that is aimed at blocking high-risk equipment suppliers like China's Huawei. The Telecommunications (Security) Bill tightens security requirements for new high speed 5G wireless and fiber optic networks, with the threat of fines of up to either 10% of sales or 100,000 pounds ($134,000)...


When is Black Friday 2020? Start date and what UK deals are available online now

Find out what date Black Friday 2020 falls on and what shops have already kicked off their massive sales


UK cuts its quarantine policy to five days — but there’s a catch

Travellers arriving in the UK will be able to cut their self-isolation period from 14 to 5 days starting next month if they test negative for the coronavirus.


NCR construction materials price growth picks up in Oct.

WHOLESALE PRICE growth of construction materials in Metro Manila accelerated in October, the Philippine Statistics Authority said.


New Zealand Dollar Rises Past 70 Cents for First Time Since 2018

New Zealand dollar extended its advance past 70 cents per dollar, a level not seen since June 2018, as the market further priced out the possibility of negative borrowing costs.


These AAA Bonds Are Tumbling as China Default Fears Spread

A string of defaults by Chinese state-owned companies has sent shockwaves across the world’s second-largest credit market.


AstraZeneca Data Hint at Halting Severe Covid, Slaoui Says

The leader of the U.S. government’s coronavirus vaccine program said AstraZeneca Plc found that 16 participants who received a placebo in its clinical trial contracted severe Covid-19, a sign that the shot could block the worst cases of disease.


Astra Shot That Works Better in Small Doses Raises Questions

The news reached Sarah Gilbert Saturday evening that the Covid-19 vaccine she’s developed with AstraZeneca Plc appeared to work. But the University of Oxford professor had expected a key number: Was it more than 90% effective, as others have been -- or less?


Amazon’s $3,000 Signing Bonuses Irk Workers Who Got $10 Coupons

The willingness to risk dissension in the ranks reflects a dawning reality: Many Americans are reluctant to re-enter the workforce, despite high joblessness.


Global stocks jump as Trump authorizes Biden's presidential transition process to begin

Biden's planned nomination of former Fed chair Janet Yellen as Treasury Secretary is another key driver boosting market sentiment.


Goldman Sachs to Start Paris Trading Venue as Brexit Nears

Goldman Sachs Group Inc. is planning a European stock trading platform to ensure its clients can still buy and sell shares even without a post-Brexit agreement to allow dealing in London.


Bitcoin Pierces $19,000 for First Time Since 2017

Bitcoin surpassed $19,000 for the first time since 2017 as the mania over digital currencies continues to grip Wall Street.


European Business Mood Turns Sour as Economy Takes Another Hit

European executives are losing confidence in the outlook as new virus restrictions threaten to drag the economy into another slump.


Germany’s DAX to Get Bigger, Stricter After Wirecard Fiasco

Germany’s DAX index plans its most sweeping overhaul since its inception, adding 10 new companies and new quality controls after the implosion of Wirecard AG rocked investor confidence in the gauge.


Credit Suisse to Take $450 Million Charge on Hedge Fund York

Credit Suisse Group AG expects to book a $450 million impairment on its stake in York Capital Management as the U.S. firm winds down most of its hedge-fund strategies, the latest in a series of hits to the bank’s balance sheet and reputation.


Early warning during calamities must be followed by community-level action — expert

PHILIPPINE STAR/MICHAEL VARCASEARLY WARNING of a calamity needs to be matched by appropriate community action, a University of the Philippines (UP) expert said Tuesday.


HK to Shut Bars; the Best Places to Be Amid Covid: Virus Update

Hong Kong will shut bars and clubs as the city tightens social distancing rules amid a recent spike in virus cases.


ECB Sees Hard Choices for Authorities Timing End of Pandemic Aid

Governments and central banks face a tricky balance between shocking the economy if they end pandemic support too soon, and undermining it if they keep measures in place too long, according to a European Central Bank report.


Energy Leads Global Stocks Higher; Dollar Weakens: Markets Wrap

Global stocks advanced for a second day as investors cheered the start of U.S. President-elect Joe Biden’s formal transition and the prospect for more economic stimulus.


Regional income inequality seen worsening in countries spending less on welfare

BW FILE PHOTOINCOME INEQUALITY is expected to worsen in Asia Pacific economies that skimped on social safety nets and welfare spending during the pandemic, according to Moody’s Investors Service.


Germany Can Fund Virus Aid Into 2021, Merkel Lawmaker Says

Germany can comfortably afford to provide financial aid to businesses affected by coronavirus lockdown restrictions until well into next year, according to a senior lawmaker in Chancellor Angela Merkel’s bloc.


U.K. Looks at Huawei Install Ban Next Year to Placate Hawks

The U.K. is considering a ban on the installation of Huawei Technologies Co. 5G equipment as soon as next year to appease hawks pushing for tighter restrictions on the Chinese network equipment maker, according to people familiar with the matter.


Unintended consequences of the Special Resident Retiree’s Visa

FREEPIKThe Philippines prides itself on its tropical weather, pristine beaches, thousand islands, scenic natural wonders, delicious local cuisine, and hospitable people, making it one of the most sought-after travel destinations for tourists looking for recreation and relaxation. For these same reasons, the country makes for an appealing retirement haven not only for Filipino citizens but foreign nationals as well.


Biden taps Yellen — Banks pause return-to-office plans — Investors pour money into magic mushrooms

The top finance stories for November 24, including the latest news on Wall Street's plans for returning to the office.


China says pope's remarks about "persecuted" Uighurs are groundless

China says pope's remarks about "persecuted" Uighurs are groundless