Moody's has downgraded South Africa's credit rating to junk status, piling more anguish on an economy already in recession and battered by Africa's worst coronavirus outbreak. Two other major international rating agencies Fitch and S&P had cut the credit rating of Africa's most developed economy to subinvestment level in 2017. Losing its last investment grade rating will see the country being excluded from the FTSE World Government Bond Index. The downgrade late Friday came as South Afric
Samsung Electronics retained its dominant position in the South American smartphone market last year, data showed. Samsung accounted for 38 percent of the South American smartphone market in 2019, up 1.4 percentage points from a year earlier, according to market researcher Counterpoint Research. Motorola was the runner-up with a 15.5 percent market share, up 2.7 percentage points from a year ago, while Huawei Technologies came in third place and LG Electronics and Apple were fourth and
With the global economy melting down after the failure of Lehman Brothers in 2008, world leaders swiftly created an international forum that committed to boost economies by spending more and keeping trade open. Central banks announced rate cuts within seconds of each other. The approach to the economic shock from the coronavirus outbreak is, so far, looking very different. The disease for most people causes only mild or moderate symptoms. For some, it can cause more severe illness.
RIYADH (AFP) -- The deadly coronavirus epidemic could put an already fragile global economic recovery at risk, the IMF warned Sunday, as G20 financial chiefs voiced "real concern" over its economic ripple effects. Global growth was poised for a modest rebound to 3.3 percent this year, up from 2.9 percent last year, International Monetary Fund chief Kristalina Georgieva said after a two-day meeting of G20 finance ministers and central bank governors in Riyadh. But the projected recov
BEIJING (AP) -- Automakers are reopening factories in China that were idled by anti-virus controls as they try to reverse a sales slump in their biggest market. Local officials have orders from the ruling Communist Party to get businesses functioning again while still enforcing anti-disease curbs that shut down much of the world's second-largest economy. "Local governments are putting their full weight behind helping businesses open,'' the president of the American Chamber of Commerce i
WASHINGTON (AFP) - It is too early to tell the economic toll from the virus outbreak in China, but the hit to global growth should be "mild," International Monetary Fund chief Kristalina Georgieva said Wednesday. The death toll from the new coronavirus epidemic in China has climbed past 1,350, but hopes have risen that the outbreak could peak later this month. The IMF is expecting a "V-shaped impact," with a sharp decline in activity in China followed by a sharp recovery,
Under Armour is plunging in premarket trading after the company said it anticipates a big financial hit from the viral outbreak in China and saying separately that it may need to restructure this year at a cost of hundreds of millions of dollars. The athletic gear company anticipates the virus outbreak in China will drag first-quarter sales down by $50 million to $60 million. It's also looking at pre-tax charges this year of between $325 million to $425 related to restructuring. Th
NEW YORK (AFP) -- Boeing on Tuesday officially pushed back the timeframe for the 737 MAX to return to the skies, sending shares plunging and overshadowing an earlier announcement of a first flight of the delayed 777X plane.Boeing said it is now targeting the return of the grounded MAX "during mid-2020," the latest delay in the schedule for the troubled jet, which has been grounded since March following two deadly crashes.Boeing shares finished at $313.37, down 3.3 percent, after t
From jumping bail and fleeing to Lebanon to be met with an arrest notice from Interpol, Carlos Ghosn's escape from Japan has been worthy of a Hollywood plot.Here's what we know about the former Renault-Nissan boss's flight:The exact circumstances of his departure from Japan, where he was under house arrest pending trial, are still shrouded in mystery.On Thursday, Kyodo News quoted an associate of Ghosn, Imad Ajami, as claiming the tycoon was helped by two private security operatives who pretende
A Chinese official says Beijing wants a prompt settlement of its trade war with Washington. A deputy commerce minister said Monday that Beijing wants "satisfactory results as soon as possible.'' The official gave no details of talks on a "Phase 1" deal announced by President Donald Trump in October. Another US tariff hike on $160 billion of Chinese imports is due to take effect Sunday. China announced Friday it was carrying out a promise to waive punitive tariffs on American
Air New Zealand has dethroned Singapore Airlines to reclaim the title of world’s best airline for the sixth time. AirlineRatings.com released the latest edition of its annual ranking, which is based on 12 criteria including fleet age, passenger reviews, profitability, investment rating, product offerings and staff relations. This year, the flagship carrier of New Zealand took top honors, nudging Singapore Airlines into second place, followed by All Nippon Airways, Qantas and Cathay Paci
BEIJING (AFP) -- China will require telecom operators to collect face scans when registering new phone users at offline outlets starting Sunday, according to the country's information technology authority, as Beijing continues to tighten cyberspace controls.In September, China's industry and information technology ministry issued a notice on "safeguarding the legitimate rights and interests of citizens online", which laid out rules for enforcing real-name registration.The notice said t
The Chinese e-commerce giant Alibaba has raised at least $11 billion in a share offering in Hong Kong, netting the city's biggest offering since 2010 despite recent political turmoil.Alibaba said Wednesday that it has set the price for the offering at 176 Hong Kong dollars ($22.50) per share. The price is a 2.9% discount for the closing price for its shares traded in New York. It's also below the original maximum offer price of $188 Hong Kong dollars.The company's shares are due to begin trading
According to Euromonitor International, global luxury goods sales reached $954 billion in 2017 and the global market grew 5 percent in 2018 across most segments. Luxury cars sales accounted for almost 53 percent of all global luxury goods sales. This proportion grew over the reviewed period, and is expected to continue increasing to 2022.
In finance, as in comedy, timing is everything. Get it right and you have investors (or the audience) in the palm of your hand. Get it wrong and the ensuing silence is painful.Saudi Arabia has stepped on stage finally to launch the initial public offering of its oil monopoly Saudi Aramco. By a strange quirk of the calendar, the price of the shares will be set on the same day OPEC meets to decide the next step in its strategy of propping up the price of crude.It’s hard to see this coinciden