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BEIJING, China (AFP) — Japanese tech investment titan SoftBank has decided to sell nearly all of its stake in Alibaba to limit exposure to China, the Financial Times reported Thursday. SoftBank was an early investor in the Chinese internet giant founded by Jack Ma but began to offload its shares last year. According to the report, SoftBank, which once owned 34 percent of Alibaba, has sold more than $7 billion of its shares since the […]
Washington, United States (AFP) by Beiyi SEOW World Bank member countries have endorsed measures allowing a $50 billion lending boost over the next decade, its outgoing president David Malpass said Wednesday. The move, announced during the International Monetary Fund (IMF) and World Bank spring meetings in Washington, is part of an ongoing evolution of the development lender amid pushes for it to meet global challenges like climate change. Earlier on Wednesday, US Treasury Secretary Janet […]
Paris, France | AFP | Wednesday 4/12/2023 Solar and wind energy surged to make a record 12 percent of the world’s electricity in 2022, a climate think tank calculated in a report Wednesday — though coal remained the leading source globally. The report provides the latest gauge of renewable energy growth as countries scramble to meet emissions targets to curb climate change and secure alternative power sources after gas-exporter Russia’s invasion of Ukraine in February […]
Washington, United States | AFP | Wednesday 4/12/2023 Global government debt is on track to reach levels not seen since the height of the Covid-19 pandemic, the International Monetary Fund (IMF) warned on Wednesday. China and the United States are responsible for the vast majority of the expected debt increase over the next five years, the head of the IMF’s Fiscal Affairs department, Vitor Gaspar, told AFP in an interview. He was speaking ahead of […]
by Nathalie OLOF-ORS Agence France-Presse BERN, Switzerland (AFP) — The Swiss parliament voiced its fury on Tuesday at the collapse of Credit Suisse and how the rules intended to prevent such a major bank from getting itself into trouble completely failed. At an extraordinary session of parliament called to debate the implosion of the bank and its takeover by larger rival UBS, Swiss President Alain Berset defended orchestrating the merger, saying a bankruptcy would have […]
New York, United States | AFP | Monday 4/10/2023 Wall Street stocks declined early Monday as markets digested the latest US jobs data and prepared for key inflation updates, on top of bank earnings in a news-heavy week. Monday’s session was the first since the release of March employment figures by the Labor Department, which showed the US economy added 236,000 jobs last month. This was slightly less than expected, and came as the unemployment […]
Tokyo, Japan | AFP | Monday 4/10/2023 Japan’s new central bank chief said Monday no major rate hikes were on the horizon, and that a long-standing loose monetary policy remained “appropriate”. Kazuo Ueda took over this month from Haruhiko Kuroda, the bank’s longest-serving governor and architect of a monetary policy intended to help boost the world’s third-largest economy. Ueda, 71, takes the reins with the central bank under pressure to join international peers that have […]
Washington, United States | AFP | Tuesday 4/4/2023 The recent banking turmoil in the United States and Europe could spread to crucial non-bank institutions like pension funds, further complicating central banks’ fight against high inflation, the International Monetary Fund said Tuesday. Banking risks “could intensify in coming months amid the continued tightening of monetary policy globally,” and spread to the interconnected non-bank sector, which now holds almost half of all global financial assets, IMF economists […]
NEW YORK, United States (AFP) — World oil prices soared Monday while equity markets mostly won modest increases after several top producers led by Saudi Arabia sprang surprise output cuts. Crude futures surged almost eight percent at one stage, a day after multiple members of the OPEC+ exporters’ alliance unexpectedly slashed production by a total of more than one million barrels per day. The shock reduction will start in May and last until the end […]
HONG KONG, China (AFP) — Oil prices soared almost six percent in Asian trade Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day. The West Texas Intermediate contract jumped 5.74 percent to $80.01 a barrel, while Brent jumped 5.67 percent to $84.42. The move by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman will be in effect from next month until the end […]
Pakistan’s year-on-year inflation hit 35.37 percent in March — the highest in nearly five decades — as the government scrambled to meet International Monetary Fund (IMF) conditions to unlock a desperately needed bailout. Month-on-month inflation was 3.72 percent, according to government data released Saturday, while the average inflation rate for the past year was 27.26 percent. Years of financial mismanagement and political instability have pushed Pakistan’s economy to the brink of collapse, exacerbated by […]
Mexico City, Mexico | AFP | Sunday 4/2/2023 Two people have died after a hot-air balloon flying near Mexico’s famed Teotihuacan archeological site caught fire, the government said Saturday. “The passengers jumped from the balloon,” the government of the state of Mexico said in a statement, adding that a child suffered burns. It identified the victims as a 39-year-old woman and a 50-year-old man, without providing their names. It said the minor had suffered second-degree […]
