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LONDON, June 20, 2023 (AFP) – Asian and European stocks mostly fell Tuesday, as China’s smaller-than-forecast interest rate cut failed to dispel worries over its flagging powerhouse economy. Sentiment was also subdued before the return of Wall Street traders from a long holiday weekend. London stocks firmed on the eve of critical UK inflation data and ahead of Thursday’s expected interest rate increase from the Bank of England. Frankfurt and Paris slid one week after […]
LE BOURGET, France, June 19, 2023 (AFP) – Indian low-cost carrier IndiGo said Monday it had ordered a 500 A320 airliners from European manufacturer Airbus at the Paris Air Show in the largest ever civil aviation deal. Here is a list of major orders by size: 2023 On the first day of the Paris Air Show IndiGo places a “historic” order of 500 A320 family aircraft. The order is worth $55 billion at list prices […]
BEIJING, June 20, 2023 (AFP) – Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown. The move comes as the market leader prepares to undergo a fundamental reorganisation of its sprawling business operations, which span cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence. […]
PARIS, June 18, 2023 (AFP) – Boeing expects the number of commercial planes in service around the world to double in the next 20 years, according to estimates published on Sunday, anticipating a slightly larger increase than competitor Airbus. The American aircraft manufacturer estimates 48,575 planes will be in service in 2042, compared with 24,500 last year. This will require producing, across all manufacturers combined, 42,595 planes — half to replace existing aircraft, and the […]
SEOUL, June 13, 2023 (AFP) – South Korea has charged a former Samsung executive accused of stealing company secrets worth hundreds of millions of dollars to set up a copycat chip factory in China, prosecutors told AFP on Tuesday. Semiconductors have become a flashpoint issue between the United States and China, which are locked in a fierce battle over access to chip-making technology and supplies. South Korean prosecutors said the 65-year-old former Samsung employee allegedly […]
WASHINGTON, June 9, 2023 (AFP) – The world’s largest cryptocurrency exchange Binance said late Thursday it was halting US dollar deposits and encouraged clients to withdraw their dollars by early next week, following charges leveled by the government. The US Securities and Exchange Commission on Monday charged the crypto giant with securities law violations that it said amounted to “an extensive web of deception” and “calculated evasion of the law.” Binance is alleged to have […]
KARACHI, June 9, 2023 (AFP) – Pakistan failed to meet any economic growth targets for the fiscal year 2022-23, according to a key government report released Thursday — a day before the new budget is to be presented to the national assembly. GDP growth was a miserly 0.3 percent, while agriculture, industrial output, and exports all failed to meet their targets. Pakistan’s economy has been stricken by a balance-of-payments crisis as it attempts to service […]
TOURS, France, June 5, 2023 (AFP) – A Citroen 2CV made of wood, thought to be the only one of its kind, has sold for 210,000 euros ($225,000) at auction in France, setting a new price record for the iconic vehicle. The car, in full working order and registered in France, beat expectations when it went under the hammer in the central town of Tours on Sunday. The body of the 2CV was hand-crafted out […]
ISTANBUL, June 5, 2023 (AFP) – Airlines will return to profit and fly a near-record 4.35 billion passengers this year, but the sector’s post-pandemic recovery remains fragile, an industry group said on Monday. The industry is forecast to post net profits totally $9.8 billion in 2023, or double previous estimates, boosted by the end of China’s Covid restrictions, according to the International Air Transport Association (IATA). The association added that its 2022 losses were half […]
VIENNA, June 4, 2023 (AFP) – Riyadh on Sunday announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession. The meeting of the 13-member Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and its 10 partners, led by Russia, saw some tough negotiations. Saudi Arabia’s fresh cut of one million barrels per day (bpd) is for July but “extendable”, its […]
TOKYO, June 1, 2023 (AFP) – Japan’s prime minister unveiled a $25 billion plan on Thursday to expand support for young people and families in a bid to help raise the country’s plummeting birthrate. Larger direct subsidies for those with children and more financial help for education and prenatal care are on the cards, along with the promotion of flexible work styles and paternity leave. Fumio Kishida said he was proposing “policies to tackle the […]
ISLAMABAD, June 1, 2023 (AFP) – Pakistan’s year-on-year inflation hit a record 37.97 percent in May, official data revealed Thursday, with the nation on the brink of economic collapse and crucial bailout talks stalled. Non-perishable foods and transport costs climbed more than 50 percent over May 2022, while average inflation for the past 12 months was 29.16 percent, the latest Pakistan Bureau of Statistics data showed. “This level of inflation badly affects poor and middle-class […]
