Business

Global stocks surge on hopeful signs from US-China trade talks

NEW YORK, United States (AFP) — European and US stock markets leapt on Friday as positive signs emerged from US-China trade talks aimed at averting an escalation of a tariff war between the world’s top two economies. US President Donald Trump said the negotiations in Beijing were going “extremely well” and his Chinese counterpart Xi Jinping announced the talks would continue in Washington next week. Trump also said there was a “possibility” he would extend […]

Global energy demand to soar one third by 2040: BP

LONDON, United Kingdom (AFP) — Global energy demand will surge by a third over the next two decades on advancing prosperity, but Indian demand growth will eclipse that of flagging giant China, Britain’s BP forecast Thursday. “The demand for energy is set to increase significantly driven by increases in prosperity in the developing world,” BP said in its Energy Outlook 2019 for the industry. “This improvement in living standards causes energy demand to increase by […]

China’s January inflation comes in slower than expected

BEIJING, China (AFP) — Factory and consumer price inflation in China rose at a slower rate than expected in January as global growth cools and the US trade war drags on, official data showed Friday. The producer price index (PPI) — an important barometer of the industrial sector that measures the cost of goods at the factory gate — rose 0.1 percent on-year in January, compared with a 0.9 percent rise the previous month. The […]

Asian shares drop on trade talks fears, weak US retail

HONG KONG, China (AFP) — Asian stocks retreated Friday as concern grew over reports of an impasse in China-US trade talks in Beijing, and Wall Street was hit by weak US retail sales. Bourses across the region posted losses as investors shrugged off news that US President Donald Trump would sign a massive spending bill to avert a government shutdown, while Chinese inflation eased more than expected. Top US economic officials were due to meet […]

US officials to meet Xi as trade talks near end

by Ryan Mcmorrow Agence France Presse Top US economic officials were to meet on Friday with Chinese President Xi Jinping as the sides aim to wrap up trade talks in Beijing with enough goodwill to extend a truce in their tariff war. The world’s two biggest economies are seeking an accord to bridge their deep trade differences, after President Donald Trump set a March 1 deadline beyond which he would rescind a freeze on tariff […]

Airbus pulls plug on costly A380 superjumbo as sales plummet

by Joseph Schmid Agence France Presse PARIS, France (AFP) — European aerospace giant Airbus said Thursday that it would stop building its A380 superjumbo, the double-decker jet which earned plaudits from passengers but failed to win over enough airlines to justify its massive costs. The final two double-deckers will be delivered in 2021, just 14 years after the first A380 went into service, after the Dubai-based Emirates decided to reduce its total orders by 39 […]

Hong Kong port slips from global top five for first time

  HONG KONG, China (AFP) — Hong Kong’s port, which once vied with rival Singapore for global dominance, has slipped out of the world’s top five busiest shipping container terminals for the first time, new data has revealed. The bustling southern Chinese financial hub owes its very existence to its ideal location as a port, a cornerstone of the remarkable growth of a city’s whose name means “Fragrant Harbour”. It has been among the world’s […]

Asian shares ease as US-China trade talks begin

HONG KONG, China (AFP) — Asian stocks eased Thursday as traders anxiously awaited news from high-level US-China trade talks starting in Beijing. Negotiators from the two economic superpowers kicked off discussions in the Chinese capital aimed at defusing a row that has already triggered tariffs on billions of dollars worth of exports and threatened to stymie global growth. Failure to resolve the dispute would initiate a sharp hike in US tariffs on $200 billion of […]

Global stocks rise on hopes of US-China trade deal

NEW YORK, United States (AFP) — Global stocks rose Wednesday on optimism over US-China trade talks, while oil prices gained after the International Energy Agency reported lower output from OPEC producers. Bourses in Asia and Europe advanced, taking cues from Tuesday afternoon when Wall Street rallied on President Donald Trump’s statement that he could delay new tariffs on Chinese goods set to take effect March 1 if a deal is close. US stocks also climbed […]

Japan’s Toshiba cuts profit outlook again

TOKYO, Japan (AFP) — Struggling Japanese engineering firm Toshiba lowered its profit forecasts Wednesday with rising costs weighing on its energy operations. The fresh downgrade comes as the firm undergoes painful reforms to stay afloat after logging billions of dollars in losses from its disastrous acquisition of US nuclear firm Westinghouse. Having sold its lucrative chip making business, Toshiba also saw sharply lower operating profit over the past three quarters compared with the previous year, […]

Asian shares rise as Trump boosts US-China talks

HONG KONG, China (AFP) — Asian stocks climbed Wednesday as US President Donald Trump said he could extend the deadline for a trade deal with China, appearing to boost the prospects of an agreement. Trump said “things are going well” at preliminary talks in Beijing, where top economic officials will gather Thursday seeking an accord to stop sharp US tariff hikes that could damage the global economy. “If we’re close to a deal, where we […]

OPEC oil production falls as S.Arabia slashes output

PARIS, France (AFP) — Global oil cartel OPEC said Tuesday it sharply reduced crude oil production last month, after heavyweight Saudia Arabia slashed output and exports fell in crisis-hit Venezuela. In its monthly report, OPEC said it produced 797,000 fewer barrels per day in January than in the previous month, a decrease in line with the cartel’s pledge to curb output in a bid to boost sagging prices. The decrease by the group of 14 […]