Business

WASHINGTON, D.C.: The US economy surprisingly accelerated to a 2.4-percent annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve’s (Fed) 16-monthlong fight to bring down inflation. Thursday’s estimate from the Commerce Department indicated that the gross …

Philippine stocks ended the week in the red, tracking the movement of the US markets. The 30-company Philippine Stock Exchange index slipped 52.66 points, or 0.79 percent, to close at 6,625.26, while the broader all-shares index also declined 20.08 points to 3,526.92. “Philippine equities tumbled on a mixed batch of …

The Bank of Canada says it’s trying to not raise interest rates more than it has to, as members of the governing council are mindful of the risks associated with raising rates too much.  Central bank issues summary of deliberations at their last meeting to decide on rate policy. The …

U.S. regulators unveiled a sweeping overhaul Thursday that would direct banks to set aside billions more in capital to guard against risk, which was immediately slammed by the industry as “misguided.”  Move would make lenders more stable, but come with added costs in a proposal banks call ‘misguided.’ U.S. regulators …

The U.S. Federal Reserve raised its benchmark lending rate by a quarter of a percentage point, to an upper limit of 5.5 per cent, on Wednesday — and left the door open to another increase, if necessary.  Central bank increases benchmark lending rate. The U.S. Federal Reserve raised its key …

The owner of Canada’s largest grocery and drugstore chains posted a quarterly profit of $508 million in the past three months, as sales across virtually all of its businesses continue to grow.  Company says growth is coming from discount space and its costs are also up. The owner of Canada’s …

WASHINGTON, D.C.: Lawmakers intent on reducing China’s influence on the US economy are pushing the Treasury Department to help curb the outsized role of Beijing at the Inter-American Development Bank, which supports economic and social development in Latin America and Caribbean. The bipartisan group of lawmakers say Beijing is using …

NEW YORK: Visa Inc. said its adjusted third-quarter profits rose by nearly double digits, as the global payments company continues to benefit from the broad shift by consumers to using credit and debit cards instead of cash. The company said Tuesday that it earned a profit of $4.2 billion, or …

Sales are growing so quickly that some installers wonder whether heat pumps could even wipe out the demand for new air conditioners in a few years and put a significant dent in the number of natural gas furnaces. Heat waves, improved technology and government rebates behind soaring interest Luise Cox …

The Department of Transportation included a P130-billion mandatory infrastructure investment clause in the terms of reference for the bidding of the rehabilitation of the Ninoy Aquino International Airport. “Aside from the P30-billion upfront payment, there is a commitment to spend P130 billion for mandatory infrastructure that should be implemented within …