Economy

Economy Latest News

Philippines' Palawan approves 50-year ban on new mining permits
Philippines' Palawan approves 50-year ban on new mining permits
by  AFP

The local government in a resource-rich Philippine province has unanimously voted in favour of a 50-year ban on new mining permits, a decision its supporters said cannot be overridden by Manila. Environmental lawyer Grizelda Anda, who worked in support of Wednesday's vote, said Manila would not be able to legally overrule the local government's decision, which now awaits the governor's signature.

Taiwan says TSMC investment 'historic moment' for US ties
Taiwan says TSMC investment 'historic moment' for US ties
by  AFP

Taiwanese chipmaking giant TSMC's plan to invest $100 billion in the United States was a "historic moment" for Taiwan-US ties, the island's President Lai Ching-te said on Thursday. It will take the total amount the world's biggest chipmaker has pledged to invest in the United States to $165 billion, which TSMC said was the "largest single foreign direct investment in US history".

Ukraine titanium mine hopes US deal will bring funds
Ukraine titanium mine hopes US deal will bring funds
by  AFP

In a barren, yellow-and-grey moonscape, heavy machinery grinds away at a titanium mine in the heart of Ukraine. Ukraine, which has around five percent of global mineral resources, is the 11th biggest titanium producer in the world, according to World Mining Data.

7-Eleven owner seeks to fend off takeover with buyback, US IPO
7-Eleven owner seeks to fend off takeover with buyback, US IPO
by  AFP

The Japanese owner of 7-Eleven announced on Thursday a raft of new measures to fend off a takeover by a Canadian rival, including a huge share buyback and an IPO of its US unit. Reports of the raft of measures, that appeared before the retailer's announcement, caused its shares to surge as much as 10 percent in afternoon trade.

Acquittal of Fukushima operator ex-bosses finalised
Acquittal of Fukushima operator ex-bosses finalised
by  AFP

Japan's top court said Thursday it had finalised the acquittal of two former executives from the operator of the Fukushima nuclear plant charged with professional negligence over the 2011 meltdown. In March 2011, a massive tsunami swamped the Fukushima Daiichi plant on Japan's northeastern coast after an undersea 9.0-magnitude earthquake, the country's strongest in recorded history.