Business and Economy

BlackBerry shares up after company sends invite for potential new launch

TORONTO—Shares of BlackBerry (TSX:BB) climbed higher for the second consecutive day Wednesday after the tech company announced plans for an event that could officially unveil the Passport, it’s latest smartphone. The Waterloo, Ont.,-based company’s stock closed up 2.5 per cent to $11.70, off its high of $11.92 earlier in the session. That followed an increase …

Moody’s forecasts PH, Malaysia as leaders of regional growth

Moody’s Analytics, the research affiliate of Moody’s Investor Service, has forecast that the Philippines and Malaysia will lead Southeast Asia’s economic growth for the rest of the year, with the rest of the region expected to catch up by 2015. The economic research and financial services company said that the growth will be due to …

Toronto stock market declines ahead of busy week for economic data

TORONTO — The Toronto Stock market was little changed at the start of a week that will see a heavy slate of key economic data. The S&P/TSX composite index was down 24.42 points at 15,601.31, after closing at a record high close Friday. The Canadian dollar was down 0.27 of a cent to 91.7 cents …

Whistler tourism, income affected by crackdown on foreign workers

OTTAWA — Canada’s posh and bustling ski-resort town of Whistler has made an urgent appeal to Ottawa officials about the Harper government’s initiatives to clamp down on its Temporary Foreign Workers (TFW) program. The Vancouver Sun ran a story on September 1, in which it detailed that the Whistler Chamber of Commerce, represented by chamber …

PHL T-bill rates down Monday

MANILA — General drop in the rate of the government’s Treasury bill (T-bill) prompted the auction committee of the Bureau of the Treasury (BTr) to make a full award across the board Monday. Rate of the benchmark three-month bill went down to 1.24 percent from 1.37 percent during the auction last August 4. Rate of …

P22.4B for rural infrastructure gets green light from World Bank

MANILA – A loan and financial package in the amount of P22.4 billion ($508 million) has been approved by the World Bank, Malacanang said on Sunday. The fund, which has been given the name Philippine Rural Development Project, is to be spent on the development of infrastructure and other projects in rural areas of the …

PH overseas remittance outlets affected by rising costs, stricter rules

MANILA – Escalating operational costs and local regulatory changes have presented a conundrum for Philippine banks with regard to remittance outlets for overseas remittance units. Banks are now faced with the decision of maintaining operations of said outlets, or to close these down, as it has steadily become difficult to justify continued operations. In an …

P10-B earmarked for Mindoro projects; infrastructure top priority, says

  PUERTO GALERA, Philippines—President Benigno Aquino III on Friday paid a visit to Barangay Talipanan in the tourist haven of Mindoro to orient local authorities on the major infrastructure projects to be carried out in the provinces of Oriental Mindoro and Occidental Mindoro. A total P10.7-billion has been allocated for these projects; P6.1 billion of …

Global stocks muted ahead of US growth revision, Qantas surges on separation

TOKYO—Global stock markets were muted Thursday ahead of U.S. economic data and possible policy announcements from Japan. Keeping score France’s CAC 40 slipped 0.4 per cent to 4,377.14 in early European trading, while Britain’s FTSE 100 was down 0.2 per cent to 6,818.81. Germany’s DAX fell 0.6 per cent to 9,508.15. Wall Street was set …

State owned Air China first half profit sinks by half as weaker yuan hikes costs

HONG KONG—Air China says its six-month profit fell by more than half as the weakening yuan raised financing costs and other expenses. The state-owned carrier reported late Tuesday that profit fell to 474.4 million yuan ($77 million) for the January-June period from 1.1 billion yuan last year. Revenue rose 7 per cent to 49 billion …