Business

Luxury giant LVMH sales, profit hit new highs

The world's top luxury group LVMH said Thursday that its sales and net profit both hit new heights last year, driven by strong demand in Europe, the United States and Japan. Sales soared 23 percent to 79 billion euros ($86 billion) and net profit jumped 17 percent to 14 billion euros for 2022 -- both new records for the g ...

NEW HEIGHTS. French luxury group LVMH Chair and Chief Executive Officer Bernard Arnault addresses a presentation of the group's 2022 results at the LV ...

AFP | 20 hours ago

Business

Philippines economy grows 7.6% despite inflation threat

The Philippines’ economic growth beat expectations last year, fuelled by strong consumer spending despite rising consumer prices, officials said Thursday. Gross domestic product expanded 7.6 percent in 2022, the state statistics agency said in a briefing, faster than the pandemic-blighted 5.7 percent output in 2021. ...

A worker pulls a trolley loaded with fabric goods for delivery to stores in the Divisoria district of Manila on January 26. The Philippines’ economi ...

AFP | 1 day ago

Business

BSP approves 13 bank branches in Q3 2022

To open 13 additional regular branches or banking offices in the third quarter of 2022, four major banks and one rural bank have received approval from the Bangko Sentral ng Pilipinas (BSP). The BSP also granted approval for 82 branch lite units (BLUs), which four rural banks requested, stated the circular issued by ...

Romeo Braceros Jr | 2 days ago

Business

Landbank, Israel embassy explore partnership to advance PH dev’t

The Land Bank of the Philippines (Landbank) and the Israel Embassy investigated potential areas of partnership to boost economic growth in the nation further to deepen bilateral ties between the Philippines and Israel. Ilan Fluss, the Israeli ambassador to the Philippines, and Cecilia Borromeo, the president and CEO ...

Romeo Braceros Jr | 3 days ago

Business

BSP okays credit card interest rate cap of 3%

The Monetary Board agreed to increase the maximum interest rate or financing charge imposed on a cardholder's unpaid outstanding credit card debt by 100 basis points (bps), or from two percent to three percent per month, to alter the ceilings on credit card transactions. The current one percent cap on the monthl ...

Romeo Braceros Jr | 4 days ago

Business

Musk announces more expensive subscription for ad-free Twitter

Twitter boss Elon Musk announced in a series of tweets Saturday that the company's subscription service would show less advertising to users, including an ad-free tier. The announcement comes as the social network has faced major economic uncertainty since its takeover by Musk in October. &qu ...

AFP FILE PHOTO

Agence France Presse | 5 days ago

Business

Google cuts 12,000 jobs as tech woes bite again

Google's parent company Alphabet announced Friday it will cut about 12,000 jobs globally, citing a changing economic reality as it became the latest US tech giant to enact large-scale restructuring. The layoffs come a day after Microsoft said it would reduce staff numbers by 10,000 in the coming months, following similar ...

In this file photo taken on June 27, 2022, a worker walks along a path at Google’s Bay View campus in Mountain View, California. Google's parent com ...

AFP | 6 days ago

Business

‘Rich people should be taxed more’

A rich Briton is among a group of millionaires in Davos pushing for governments to tax those like him more in order to bridge a wealth gap he warns is fragmenting the world. In an interview with AFP on the sidelines of the World Economic Forum, Phil White said he was alarmed at how the rich got even richer while average peopl ...

AFP PHOTO

AFP | 1 week ago

Business

Asian markets mixed after Wall St tumble as recession fears return

Markets were mixed Thursday while oil prices fell and the dollar weakened after disappointing US data renewed worries about a recession in the world's biggest economy. The optimism that has flowed through trading floors since the start of the year took a knock this week as concern about inflation and rising interest rates ...

STOCKS SOARED. Traders work on the floor of the New York Stock Exchange during the opening bell in New York City on January 18. Wall Street stocks cli ...

AFP | 1 week ago

Business

HOF’s Fast Track Program made 197 millionaires amid the pandemic

Who said there is no shortcut to success?  The House of Franchise, owned by JC Premiere, has repeatedly proven the old saying wrong. How? By no less, making the power of its brands and unique selling force gave birth to what now is called the "pandemic millionaire's group." When many busine ...

Ryan Louis Mantilla | 1 week ago