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OPEC: Oil glut 'may ease' by 2017 as non-cartel supply drops
VIENNA, Austria – OPEC said Friday, May 13, a global crude glut that has squeezed the market and sent prices plunging over the past year "may be easing" as a result of countries outside the oil...
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General Motors' Opel unit in hot seat over emissions
BERLIN, Germany – German carmaker Opel, a subsidiary of General Motors, found itself in the spotlight Friday, May 13, with the transport ministry demanding explanations for media reports alleging...
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IMF's Lagarde unleashes stark UK economy Brexit warning
LONDON, United Kingdom – International Monetary Fund (IMF) boss Christine Lagarde waded into Britain's EU referendum battle on Friday, May 13, warning that quitting the European Union would be "pretty...
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US retail giants feel pain as online shopping hits
NEW YORK, USA – Iconic American stores Macy's and Gap are facing tough questions about their future following dreary earnings announcements this week that highlighted the growing market share taken by...
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5 'salawikain' that reflect Filipino money values
MANILA, Philippines – During a night reading session with my daughter, we came across a classic Filipino children’s book: Si Langgam at Si Tipaklong (The Ant and the Grasshopper).Memories of my...
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Navigating the stock market according to Warren Buffett
MANILA, Philippines – When a man worth $72.7 billion speaks, the whole word listens. Acknowledged as the world’s most successful investor, Warren Buffett's investing strategy is often frowned upon...
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BSP to shift to interest rate corridor in June
MANILA, Philippines (UPDATED) – The Bangko Sentral ng Pilipinas (BSP) will shift to an interest rate corridor (IRC) system on June 3, adjusting downward its key policy rates.BSP Deputy Governor Diwa...
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Massive crowd sees off world's largest cruise ship in France
SAINT-NAZAIRE, France – Tens of thousands of people turned out Sunday, May 15, in France to see off the world's biggest-ever cruise ship, the 120,000-ton Harmony of the Seas, as it set sail for the...
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DICT bill now on Aquino's desk
MANILA, Philippines – A bill that will create a Department of Information and Communications Technology (DICT) has finally landed on President Benigno Aquino III's desk for signing, a little over a...
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Chinese pouring billions into US real estate – study
WASHINGTON, USA – Chinese nationals became the largest foreign buyers of US homes last year as they pour billions into American real estate, seeking safe offshore assets, according to a new study...
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Philips eyes almost billion euro windfall in May 27 IPO
THE HAGUE, Netherlands (UPDATED) – Dutch electronics giant Philips announced Monday, May 16, it would float 25% of its shares in a highly anticipated IPO of its lighting arm which could raise almost...
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Gil Buenaventura is new RCBC president and CEO
MANILA, Philippines – The embattled Rizal Commercial Banking Corporation (RCBC) has appointed Development Bank of the Philippines (DBP) chief Gil Buenaventura as its new president and CEO, replacing...
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AboitizPower eyes Chevron's PH, Indonesian geothermal assets
MANILA, Philippines – Aboitiz Power Corporation (AboitizPower) is interested in bidding for the geothermal assets of US-based energy giant Chevron, as it prepares to ramp up its generating capacity to...
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OFW remittances hit $2.7 billion in March 2016
MANILA, Philippines – Personal remittances by overseas Filipino workers (OFWs) reached $2.7 billion in March 2016, 1.4% higher than in March 2015, said Bangko Sentral ng Pilipinas (BSP) Governor Amando...
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Nissan to be fined for emissions cheating in South Korea
SEOUL, South Korea (UPDATED) – South Korea said Monday, May 16, it will fine Nissan for manipulating emissions data on a popular diesel sports utility vehicle, bringing the Japanese car giant into a...
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Cebu Pacific, 7 other budget airlines form alliance
SINGAPORE – Eight budget airlines from Southeast Asia, Japan, and Australia said Monday, May 16, they have formed what they called the world's largest alliance of low-cost carriers, enabling customers...
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Warren Buffett takes $1 billion stake in Apple
NEW YORK, USA – Billionaire investor Warren Buffett has taken a $1 billion stake in Apple, whose stock has been in an extended slump.The stake was revealed in a regulatory filing by Buffett's holding...
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Pfizer to buy eczema specialist Anacor for $5.2 billion
NEW YORK, USA – US drugs giant Pfizer is buying California biotech company Anacor Pharmaceuticals, a specialist in eczema treatment, in an all-cash $5.2 billion deal, the companies said Monday, May...
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European vote against China market status not 'constructive' – Beijing
BEIJING, China – A European Parliament vote against granting China market economy status in the World Trade Organization was "not at all constructive," Beijing's foreign minister said Monday, May 16,...
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Syria's famous damask rose withered by war
DAMASCUS, Syria – Its fame is such that the damask rose features in Shakespeare, but for Syrian farmers growing the flower that produces the heady-scented oil used to flavor Turkish delight, tragedy...
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