Business

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FIXED-LINE services provider Eastern Communications is banking on the growing offshore gaming industry to expand its business, a company executive said on Thursday. Bernard Bernardino, Eastern Communications excellence and customer focus head, said the company seeks to not just focus on the enterprise market but also on the booming online…

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THAILAND’S energy conglomerate PTT Public Co. Ltd (PTT PCL), the parent firm of PTT Philippines Corp., will pursue an acquisition-growth strategy this year backed by its ample cash and a stronger capital budget, a BMI Research study said. “A gradual recovery in global oil prices looks set to extend further…

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AIRCRAFT manufacturer Airbus said on Thursday that its activities in the Philippines were expected to generate an asset value of $300 million annually by end-2018 from the current $60 million. The growth is attributed to the increasing orders from airlines in the country, particularly Cebu Pacific, Philippine Airlines and AirAsia Philippines. PAL…

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FRANKFURT AM MAIN: German auto giant BMW said Friday it plans to build an electric version of its compact Mini in China, in a possible joint venture with local partner Great Wall. The Munich-based group is in “advanced discussions” aimed at “a new joint venture in China”, it said in…

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FRANKFURT AM MAIN: Germany’s federal statistics authority on Friday revised down its reckoning of the country’s government budget surplus in 2017, but the overshoot remained at record levels. Inflows into federal, state and municipal coffers outweighed spending by 36.6 billion euros ($45.1 billion) in 2017, Destatis said in a statement.…

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LONDON: IAG, which owns British Airways and Spanish carrier Iberia, said Friday that full-year net profit gained only slightly, as restructuring costs offset benefits from the demise of smaller rivals. Profit after tax grew 3.6 percent to 2.0 billion euros ($2.5 billion) in 2017 from a year earlier, the owner…

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HONG KONG: Russian aluminium giant Rusal said on Friday the firm’s founder Oleg Deripaska would step down from his business empire as it prepares for a multi-billion-dollar “shoot-out” for ownership of the country’s biggest miner. Deripaska, who was among the first oligarchs to amass huge wealth in the years following…

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PARIS: Chinese conglomerate Fosun snapped up the ailing French fashion label Lanvin Thursday and promised to revive its fortunes. Lanvin, the oldest French luxury house still in existence, has been in turmoil since the shock sacking of popular designer Alber Elbaz two years ago. It sank into the red to…

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BRUSSELS: Bagless vacuum cleaner manufacturer Dyson suffered a blow Thursday in its bid to force rivals to carry more detailed energy efficiency labels, as the legal advisor to the EU’s top court said such a move would breach European rules. The company, founded by Brexit-backing billionaire James Dyson, challenged the…

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WASHINGTON: New claims for US unemployment benefits dropped last week, remaining near their lowest level in 45 years as employers struggle to fill open positions, according to government data released Thursday. Though the weekly figures are volatile, the data is consistent with reports from the Federal Reserve and business groups…

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