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NEW YORK, Oct 24, 2023 (AFP) – The US auto workers union announced Tuesday it has extended its strike to a giant General Motors truck plant, saying the company’s strong profits meant workers should get “their fair share.” The latest United Auto Workers union stoppage, which expands the nearly six-week strike to GM’s Arlington, Texas assembly plant, came hours after GM reported a better than expected $3.1 billion in third-quarter profits earlier Tuesday. The move […]
LONDON, Oct 24, 2023 (AFP) – World stock markets saw choppy trading Tuesday though Wall Street moved ahead in anticipation of a flood of strong corporate earnings, even as economic and geopolitical fears still dog sentiment ahead of this week’s eurozone interest rate decision. Volatile US Treasury yields had affected stock trading Monday in the US, where some indexes rebounded after a sluggish start but the S&P 500 fell to its lowest close since May. […]
By Robbie COREY-BOULET and Haitham EL-TABEI RIYADH, Oct 24, 2023 (AFP) – The Gaza war raging between Israel and Hamas could deal a heavy blow to the global economy, banking titans told a glitzy investment forum in Saudi Arabia on Tuesday. The dour mood from some of the gathering’s most high-profile speakers underscored how the conflict threatens attempts by the world’s biggest oil exporter to diversify its economy away from fossil fuels. Hamas militants who […]
RIYADH, Oct 23, 2023 (AFP) – Saudi Arabia said on Monday it would organise an eSports World Cup starting next year, the latest boost to a sector Riyadh hopes will create tens of thousands of local jobs. “The eSports World Cup is the natural next step in Saudi Arabia’s journey to become the premier global hub for gaming and eSports,” the Gulf kingdom’s de facto ruler, Prince Mohammed bin Salman, said in a statement. Prince […]
TAIPEI, Oct 23, 2023 (AFP) – Taiwan defended tech giant Foxconn on Monday after China launched an investigation into several of the firm’s sites, saying that Taiwanese businesses should not be subjected to “political interference”. Chinese authorities are inspecting Foxconn’s sites in southern Guangdong province and Jiangsu in the east, as well as carrying out on-site investigations into the company’s land use in central Hunan and Hubei provinces, China’s state-run Global Times reported Sunday. It […]
TOKYO, Oct 23, 2023 (AFP) – Japanese Prime Minister Fumio Kishida promised on Monday tax cuts as part of a new economic programme that he hopes will shore up his sagging popularity. Kishida has seen his ratings plummet to the lowest levels since he took office two years ago, and over the weekend his ruling Liberal Democratic Party (LDP) lost a by-election. In a legislative policy address to parliament, Kishida listed his economic achievements and […]
BEIJING, Oct 20, 2023 (AFP) – China on Friday announced new curbs on exports of certain types of graphite, key to making batteries for electric vehicles, days after the United States slapped fresh restrictions on outflows of high-tech microchips. Washington said this week it would ramp up restrictions on exports of cutting-edge semiconductors crucial for powering artificial intelligence systems — its latest effort to curb Beijing’s access to advanced tech. China has branded Washington’s policy […]
WASHINGTON, Oct 19, 2023 (AFP) – The US ratings agency Moody’s has put the Israeli government’s A1 credit ratings on review for downgrade, citing the “unexpected and violent conflict between Israel and Hamas.” The severity of the conflict, sparked by the deadly attack by Hamas on southern Israel on October 7, “raises the possibility of longer lasting and material credit impact,” Moody’s said in a statement Thursday. More than 1,400 people were killed in the […]
HONG KONG, Oct 20, 2023 (AFP) – Asian markets fell and oil prices extended gains Friday on worries that an expected ground invasion of Gaza by Israel will spark a wider conflict in the Middle East. Risk aversion was compounded by Federal Reserve boss Jerome Powell, who indicated a pause in interest rates at the bank’s next meeting but left open the prospect of another hike later. Traders are keeping a fearful eye on developments […]
TOKYO, Oct 20, 2023 (AFP) – Japanese consumer inflation slowed to below three percent last month for the first time since August 2022 on the back of easing gas and electricity prices, government data showed Friday. The annual reading of 2.8 percent, excluding volatile fresh food prices, was just shy of market expectations of 2.7 percent and follows 3.1-percent rises in August and July in the world’s number-three economy. But stripping energy as well as […]
By Daniel AVIS WASHINGTON, Oct 19, 2023 (AFP) – US inflation is “still too high” despite a recent slowdown, Federal Reserve Chair Jerome Powell said Thursday, leaving the door open for a new interest rate hike. Additional evidence of “persistently above-trend growth” or fresh signs of tightness in the labor market “could warrant further tightening of monetary policy,” he told a conference in New York. The Fed recently slowed its aggressive campaign of monetary tightening […]
HELSINKI, Oct 19, 2023 (AFP) – Finnish telecom giant Nokia said Thursday it could cut its workforce by as many as 14,000 people after it reported lower-than-expected third-quarter profits. “In the third quarter we saw an increased impact on our business from the macroeconomic challenges,” CEO Pekka Lundmark said in a statement. Nokia’s savings programme is expected to reduce the firm’s employees to as low as 72,000, reducing costs by up to 1.2 billion euros […]
