Business

Musk floats ‘general amnesty’ of suspended Twitter accounts

San Francisco, United States (AFP) by Julie JAMMOT New Twitter owner Elon Musk on Wednesday polled users on whether the site should offer a general amnesty to suspended accounts, using the same method he used to handle the case of Donald Trump. The move comes as Musk has faced pushback that his criteria for content moderation is subject to his personal whim, with reinstatements decided for certain accounts and not others. “Should Twitter offer a […]

Amid Twitter chaos, Musk reveals new vision for hate content

  San Francisco, United States | AFP | After turning Twitter upside down, Elon Musk on Tuesday tried to clarify his plans for content moderation, a key issue for the future of the influential platform after the departure of advertisers and top executives. Musk on Friday said he had reinstated certain banned accounts on his site, but added that no decision had been made on welcoming back former US president Donald Trump. Twitter watchers have […]

Egg shortage lays UK low

London, United Kingdom | AFP | by Valentine GRAVELEAU A “full English breakfast” is not full without eggs. Whether fried or scrambled, they round out the calorific mainstay of traditional British cafes. But on top of inflationary pressures which have sent the price of ingredients soaring — including bacon, sausages and baked beans — Britain is also contending with a devastating outbreak of avian influenza. The result is a shortage of eggs, which has forced two […]

Japan inflation hits four-decade high in October

Tokyo, Japan (AFP) by Katie Forster / Mathias CENA Japanese inflation hit a four-decade high last month, government data showed Friday, fuelled by high energy costs and a weak yen and ramping up pressure on the central bank to move away from its ultra-loose monetary policies. Core consumer prices excluding volatile fresh food rose 3.6 percent on-year in October, marginally higher than analyst expectations. The reading marked the fastest pace since 1982, although it remains […]

Musk to testify at trial over his $50 bn Tesla compensation

by Juliette MICHEL Agence France-Presse NEW  YORK, United States (AFP) — Tesla tycoon Elon Musk will take the stand on Wednesday as part of a trial over his $50 billion pay package as CEO of the electric car giant. Musk will testify in the same Delaware court where he faced a lawsuit by Twitter to make sure he went through with his buyout of the social platform. The $44 billion purchase of Twitter has put […]

Chinese Pres. Xi urges G20 wealthy nations to reduce fallout of rate hikes

Nusa Dua, Indonesia | AFP | Chinese President Xi Jinping on Tuesday asked the G20 wealthy nations to contain the fallout from interest rate hikes, as the US Federal Reserve moves aggressively to fight inflation. “We must contain global inflation and resolve systematic risks in the economy and finance,” Xi told a summit of the 20 major economies taking place in Bali. “Developed economies should reduce the negative spillover effects of their monetary policy adjustments […]

FTX working to secure assets after ‘unauthorized’ transactions

New York, United States | AFP | by Julie CHABANAS The new chief executive of troubled cryptocurrency platform FTX said Saturday the company was making “every effort to secure all assets” following unauthorized transactions potentially worth hundreds of millions of dollars. “Unauthorized access to certain assets has occurred,” CEO John Ray said in a statement posted to Twitter by FTX’s general counsel, Ryne Miller. FTX officials did not detail the quantity of unauthorized transactions made, […]

Crypto.com CEO tries to reassure investors in rattled markets

Singapore, Singapore | AFP | Crypto.com’s CEO tried Monday to reassure investors after the company had to recover $400 million following an erroneous transfer, further shaking markets rattled by the collapse of fellow trading site FTX. Chief of the Singapore-based firm Kris Marszalek said on a livestream the company had a “very strong balance sheet”. The platform managed to recover $400 million after it had transferred the ether cryptocurrency to the wrong account. FTX’s bankruptcy […]

UK fashion retailer Joules faces collapse as inflation hits

London, United Kingdom | AFP | UK fashion retailer Joules on Monday announced it was on the brink of collapse, as decades-high inflation hits business costs and consumer spending. Joules, famous for its posh wellies, intends on appointing administrators to try to salvage some of the business, having failed to secure an emergency injection of cash, a statement said. It added that trading of its shares had been suspended. Joules employs around 1,600 staff, while […]

Cryptocurrency platform FTX files for bankruptcy, boss resigns amid tumult

New York, United States | AFP | Crisis-struck cryptocurrency platform FTX has gone bankrupt in the United States and its chief executive Sam Bankman-Fried has resigned, it said Friday, the latest blow in a saga that has reverberated across the digital currency landscape. The filing comes after the world’s biggest cryptocurrency platform Binance agreed to buy its rival earlier this week but backed out, leading market players to consider possible regulator responses. FTX Group announced […]

Twitter chaos deepens as key executives quit

by Julie JAMMOT Agence France-Presse SAN FRANCISCO, United States (AFP) — Elon Musk’s ownership of Twitter descended ever deeper into chaos on Thursday as key security executives resigned from the platform, drawing a sharp warning from US regulators. The walkouts came a day after the turbulent launch of new features introduced by Tesla and SpaceX owner Musk following his $44 billion buyout of the influential messaging app. Musk on Thursday warned employees that the site […]

US inflation eases in October but still near decades-high

by Beiyi SEOW Agence France-Presse WASHINGTON, United States (AFP) — US consumer prices cooled in October but remained at decades-high levels, according to government data released Thursday, keeping the pressure on President Joe Biden as his Democratic party struggles to retain control of Congress. The closely-watched report showed more evidence of rising costs, including a rebound in gasoline prices, in a year when surging inflation topped voter concerns, and as Americans headed to the polls […]