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FRANKFURT, Germany, Oct 4, 2023 (AFP) – Efforts to bring down inflation will take time, a senior European Central Bank official said Wednesday, warning that the eurozone had yet to fully feel the impact of higher interest rates. “While inflation continues to decline, it is still expected to remain too high for too long,” ECB vice-president Luis de Guindos said at a conference in Cyprus. The ECB last month raised interest rates for a 10th […]
VIENNA, Oct 4, 2023 (AFP) – An OPEC+ panel recommended Wednesday that the oil cartel keep its current output reduction strategy unchanged after heavyweights Saudi Arabia and Russia vowed to maintain their cuts to prop up prices. Oil prices recovered in recent months and approached $100 per barrel last week as top producers Saudi Arabia and Russia have taken millions of barrels off the market. Crude prices have eased in more recent days, however, as […]
By Thomas URBAIN NEW YORK, Oct 3, 2023 (AFP) – The trial of Sam Bankman-Fried, former CEO of one of cryptocurrency’s biggest exchanges, began Tuesday with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients. The 31-year-old — once one of the most respected figures in crypto — now faces decades in prison and could see his name stand alongside Bernie Madoff and Elizabeth Holmes as the […]
WASHINGTON, Oct 3, 2023 (AFP) – Meta is proposing to offer European users a subscription-based version of Instagram and Facebook if they would rather not be tracked for ads, a source said on Tuesday. The idea, first reported by the Wall Street Journal, comes as the social media giant seeks to comply with a growing list of EU regulations designed to curb the power of US big tech. The company founded by Mark Zuckerberg makes […]
By Daniel AVIS NEW YORK, Oct 3, 2023 (AFP) – United Airlines announced Tuesday it had ordered a total of 110 new planes from Boeing and Airbus, and secured options to purchase 90 more, in a major deal signaling confidence in the aviation sector. The US airline said in a statement it had ordered 50 Boeing 787-9 and 60 Airbus A321neo aircraft, with deliveries due to begin in 2028. The combined orders are worth $22.4 […]
LONDON, Oct 3, 2023 (AFP) – The dollar rose above 150 yen on Tuesday for the first time in a year, as the Japanese currency weakened further on a mix of ultra-loose monetary policy in Japan coupled with rising US interest rates that are attracting investors to the greenback. In mid-afternoon trading, the dollar/yen rate hit 150.16, a level not seen since October 2022, before falling back. Analysts say the yen’s decline could prompt the […]
By Daniel AVIS WASHINGTON, Oct 3, 2023 (AFP) – Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to renewable energy as the world looks to combat climate change, the International Monetary Fund said Tuesday. The fractures have led to a doubling in new trade restrictions on commodities since 2021, with low-income countries bearing the brunt of the costs, the IMF announced Tuesday. “To achieve net-zero-carbon emission […]
JAKARTA, Oct 3, 2023 (AFP) – Short video app TikTok said it will stop transactions on its app in Indonesia from Wednesday after Southeast Asia’s biggest economy banned direct sales on social media platforms last week to protect millions of small businesses. The new regulation is yet another setback for TikTok, which has faced intense scrutiny in the United States and other nations in recent months over users’ data security and the company’s alleged ties […]
ROME, Oct 2, 2023 (AFP) – Italian energy group Eni said Monday that it had made a significant gas find in Indonesia, off the coast of East Kalimantan. The company said preliminary studies had put the potential of the site at 140 billion cubic metres of gas (5 trillion cubic feet). The find came at the Geng North-1 exploration well drilled to a depth of 5,025 metres in 1,947 metres water depth in the […]
By Maria DANILOVA WASHINGTON, Sept 30, 2023 (AFP) – Last-ditch moves to prevent a US government shutdown took a dramatic step forward Saturday, as Democrats overwhelmingly backed an eleventh-hour Republican measure to keep federal funding going for 45 days, albeit with a freeze on aid to Ukraine. The stopgap proposal adopted by the House of Representatives with a vote of 335-91 was pitched by Speaker Kevin McCarthy just hours before a midnight shutdown deadline that […]
WASHINGTON, Sept 30, 2023 (AFP) – The United States is heading toward a government shutdown this weekend with no foreseeable way out of a deadlock in Congress over hardline Republican calls for deep spending cuts. The new US fiscal year begins on October 1, but sharp disagreements in the Republican Party over the scale of federal debt has prevented passage of the bills needed to keep the government funded and open. The credit ratings agency […]
WASHINGTON, Sept 30, 2023 (AFP) – The US government on Saturday was hours from shutting down after the far right of the Republican Party scuppered final attempts at a temporary budget agreement, throwing into doubt everything from access to national parks to Washington’s massive support for Ukraine. The closure of all but critical government services, set to start after midnight Saturday (0400 GMT Sunday) if lawmakers fail to reach a deal, would be the first […]
