Business

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FRANKFURT AM MAIN: German industrial conglomerate Siemens plans to slash thousands of jobs in its power and gas division hit by a drop in orders, a German magazine report said Thursday. The group intends to “close or sell” up to 11 of the unit’s 23 sites around the world, according…

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TOKYO: Like every day for the past 40 years, Kunihiko Kato dusts down the shelves at his electrical goods shop and meticulously lays out his selection of batteries. But the customers have long since gone as Japan’s economy languishes. “We used to sell a lot of TVs, but now…” tails…

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The Philippine Ports Authority (PPA) said on Thursday that it guarantees the public congestion-free Manila ports as Christmas cargoes start to come in. Manila ports include the Terminal (MICT), the Manila South Harbor (MSH) and the Manila North Port (MNP). “As of the moment, the combined yard utilization at the…

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BRUNSWICK, Georgia: The Georgia Ports Authority increased its auto import capacity on Colonels Island by 50 percent in the past year, enabling companies to move 800,000 cars per year, authority Executive Director Griff Lynch said on Thursday (Friday in Manila). Lynch delivered the news in his annual state of ports…

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More luxury cruise options are setting sail from Port Everglades. On Thursday, Silver Muse, the newest vessel for ultra-luxury operator Silversea Cruises arrived at the Broward County seaport where it will operate a schedule of South America and Caribbean sailings this fall and winter season. The all-suite, 596-passenger ship’s first…

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Huntington Ingalls Industries has received a contract worth up to $385.6 million to overhaul the submarine USS Boise, which last deployed in 2014 and has been kept out of service due to a maintenance backlog at the Navy’s public shipyards. The Los Angeles-class attack sub has been portrayed by the…

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As this column sees print, I would be enroute to Manila after participating in the conference in Alexandria, Egypt, to assist in the International Maritime Organization’s (IMO) activity of establishing the Arab-WIMA (Women in Maritime Association). The Arab women who came to the inaugural meeting of the Arab-WIMA (AWIMA) represent…

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THE country’s balance of payments (BoP) position reverted to a surplus of $24 million in September from a deficit of $7 million in August, the Bangko Sentral ng Pilipinas (BSP) reported on Friday. However, the surplus last month was much lower than the $117-million surplus recorded a year earlier. “The modest…

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Enough money will be available to fund the Duterte government’s ambitious ‘Build Build Build” program, a Cabinet official claimed on Thursday. “As far as the infrastructure is concerned there will be no problem with the budget; we are pursuing what we call an expansionary fiscal policy,” Budget Secretary Benjamin Diokno…

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The Trade deparment is looking to spend P330 million for programs aimed at assisting Marawi City residents displaced by five months of conflict. Speaking at the sidelines of the 43rd Business Conference in Manila, Trade Secretary Ramon Lopez said the amount would be used for livelihood programs that will span…

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