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by Hiroshi HIYAMA / Kyoko HASEGAWA The Bank of Japan announced a review of its longstanding monetary easing measures on Friday, but said it would maintain them for the time being in the first policy decision under new governor Kazuo Ueda. Analysts say the central bank’s stimulus measures, which were supposed to deliver a vital boost to the Japanese economy, are looking increasingly unsustainable. “The bank has decided to conduct a broad-perspective review of monetary […]
WASHINGTON, April 27, 2023 (AFP) – US economic growth lost steam in the first quarter this year, said the Commerce Department on Thursday, as the possibility of a mild recession brews while consumer spending weakens. Consumption has provided a boost to the world’s biggest economy, giving it a strong start to 2023, but recent banking sector turmoil and rising interest rates are likely to weigh on the outlook. US gross domestic product rose at an […]
by Glenn CHAPMAN Agence France-Presse SAN FRANCISCO, United States (AFP) — Shares in Facebook parent Meta surged Wednesday after the internet titan reported it made a profit of $5.7 billion in the first quarter of this year, beating forecasts after a massive wave of cost-cutting and layoffs. The profit came on revenue of $28.6 billion and as the number of people using Facebook every month grew to just shy of three billion, an earnings report […]
BUENOS AIRES, Argentina (AFP) — Argentina will pay for Chinese imports in yuan instead of US dollars in order to preserve its dwindling foreign reserves, Economy Minister Sergio Massa said on Wednesday. The South American country will be able to “program a volume of imports in yuan worth (the equivalent of) more than $1 billion from next month,” Massa said at a meeting in Buenos Aires with China’s ambassador Zou Xiaoli. This would “replace” the […]
Thyssenkrupp’s chief executive Martina Merz is stepping aside early, the German industrial giant said Monday, in a surprise announcement that sent the company’s shares into a nosedive. The CEO, who led a major restructuring of the steel-to-submarines group, requested talks on stepping down and the supervisory board agreed, Thyssenkrupp said in a statement. Miguel Angel Lopez Borrego, CEO of German engineering group Norma, has been put forward to replace her, starting in June. No reason […]
Zurich, Switzerland | AFP | Monday 4/24/2023 by Nathalie OLOF-ORS Tens of billions were withdrawn from Credit Suisse in the first three months of 2023, the bank’s earnings report showed Monday, providing clues to the towering challenges ahead as UBS prepares an emergency takeover. Switzerland’s long-time second largest bank saw 61.2 billion Swiss francs ($68.6 billion) withdrawn in the first quarter alone, it said Monday in what is likely its final quarterly report before it […]
Beijing, China | AFP | Sunday 4/23/2023 by Sébastien RICCI Pummelled by a housing crisis that caused a record-breaking slump last year, some Chinese property developers are starting to see light at the end of the tunnel, but analysts warn the sector is still on course to slow down in the long term. The real estate industry grew at lightning speed after restrictions were eased in 1998 across China, a country where buying a home […]
Hanover, Germany | AFP | Sunday 4/23/2023 by Léa PERNELLE Manufacturers are hoping for the artificial intelligence revolution to reach their factories, envisaging robots being used to repair complex machinery. There has been an explosion of interest in uses of AI across many sectors since the launch last year of chatbot ChatGPT from US startup OpenAI. And at last week’s Hanover Fair on industrial technology in Germany, the potential for artificial intelligence in the manufacturing […]
San Francisco, United States | AFP | Friday 4/21/2023 Twitter has dropped “state-affiliated” and “government-funded” labels from media accounts, according to a review by AFP on Friday of many high-profile pages on the platform. Many major media outlets from Western nations, Russia, China and other countries that previously had either of those tags no longer displayed them, according to AFP. They included the accounts of National Public Radio in the United States, China’s official Xinhua […]
Beijing accused the United States Friday of “naked economic coercion and technological bullying”, in response to Washington’s potential new restrictions on US firms’ ability to invest in Chinese entities. The Biden administration is considering a programme to restrict certain US outbound investments involving specific sensitive technology with significant national security implications. Beijing’s ambitions in the tech sector have already been hit by existing measures imposed by Washington and its allies, with Chinese authorities doubling down […]
Jack Ma, founder of Chinese tech giant Alibaba, has been made an honorary professor of business at a top Hong Kong university, the school announced Friday. The appointment comes weeks after the billionaire made a rare public appearance in China following his fall from grace during a government crackdown on the tech industry over two years ago. Ma has kept a low profile since late 2020, when a speech he made attacking Chinese regulators was […]
The European Parliament approved the world’s first comprehensive rules to regulate the “Wild West” world of cryptocurrencies on Thursday, hoping to protect investors against abuse and manipulation. EU member states have already backed the legislation covering cryptoassets, which include cryptocurrencies such as bitcoin and ethereum and other tradable tokens whose value is secured using blockchain technology, such as NFTs. The rules, now approved by a large majority of European lawmakers, hope to whip into shape […]
