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Washington, United States | AFP | US consumer inflation cooled slightly in January but the figure remains markedly above policymakers’ target, boosted by rent and energy costs, Labor Department data showed on Tuesday. The consumer price index (CPI), a key gauge of inflation, has come down from a blistering 9.1 percent peak last June while the central bank embarked on an aggressive campaign to rein in soaring prices. As households were squeezed by decades-high inflation, […]
Tokyo, Japan | AFP | Tuesday 2/14/2023 by Etienne BALMER / Katie Forster Economics professor Kazuo Ueda was nominated Tuesday as the Bank of Japan’s next governor, tasked with navigating a way forward after a decade of extraordinary monetary easing. The respected economist, described as careful and cautious, was a surprise pick for the change of guard after the outgoing governor’s deputy reportedly turned down the job. The position will likely be tough going, with […]
Tokyo, Japan | AFP | Tuesday 2/14/2023 Japan’s economy expanded just 0.2 percent in the last quarter of 2022, a smaller rebound than expected despite the long-awaited reopening of the country to tourists, government data showed Tuesday. The figure for the three months to December fell short of the 0.5 percent growth forecast by analysts surveyed by Bloomberg, with the world’s third-largest economy growing 1.1 percent for the calendar year. Japan reopened its doors to […]
London, United Kingdom | AFP | by Roland JACKSON Oil soared Friday after Russia slashed its crude output in response to a Western price cap that was imposed on exports after Moscow’s invasion of Ukraine. Europe’s benchmark Brent oil and US counterpart WTI crude jumped more than two percent after Russian deputy prime minister Alexander Novak cut production by 500,000 barrels per day, or five percent of output. “Crude prices reacted positively to the […]
Sri Lanka’s president said Wednesday the island nation will remain bankrupt for at least three more years as he works to repair battered government finances following an unprecedented economic crisis. Ranil Wickremesinghe took office last year at the peak of national unrest sparked by months of food, fuel and medicine shortages. He has since pushed through tax hikes and negotiated with international creditors after a default on Sri Lanka’s foreign debt to clear the way for […]
Washington, United States | AFP | President Joe Biden said in an address to Congress Tuesday that the US economy is better positioned to grow “than any country on Earth,” despite disruptions from Covid-19 and Russian President Vladimir Putin’s invasion of Ukraine. “The pandemic disrupted our supply chains and Putin’s unfair and brutal war in Ukraine disrupted energy supplies as well as food supplies,” Biden said during his State of the Union address. “But we’re better positioned than […]
Tokyo, Japan (AFP) — Nintendo cut its full-year net profit forecast on Tuesday, saying the global chip shortage and other supply chain problems had hit console sales in the nine months to December. The Japanese gaming giant also trimmed the annual hardware sales forecast for its Switch console to 18 million units from the previous target of 19 million. New games such as “Pokemon Scarlet and Violet” and “Splatoon 3” have performed well, the Kyoto-based […]
by Taimaz SZIRNIKS The boards of French automaker Renault and Japanese partner Nissan have approved a major overhaul of their rocky 24-year alliance following months of negotiations, the companies said on Monday. The carmakers said in a joint statement that they “rebalanced” their relationship, with Renault reducing its stake in the Japanese firm from 43.4 percent to 15 percent, the same size as Nissan’s share in its French counterpart. The agreement includes Nissan taking a […]
by Glenda KWEK Agence France-Press MUMBAI, India (AFP) — Beleaguered Indian tycoon Gautam Adani denied Friday that his rise to become Asia’s richest man — a title he has lost in a phenomenal stock rout — was due to Prime Minister Narendra Modi, as shares in his conglomerate slumped again. His listed units’ combined market capitalization has collapsed by more than $100 billion since US short-seller Hindenburg Research — which makes money by betting on […]
SAN FRANCISCO, United States (AFP) — Google and Apple on Thursday reported downbeat results for the last quarter of 2022 as Amazon beat expectations, but warned that the coming months would be uncertain in a difficult moment for Big Tech. The world’s biggest tech companies posted their earnings as shares in Meta skyrocketed a day after it reported better results than expected and signaled spending and job cuts. The results follow several weeks of unprecedented […]
The business empire of Gautam Adani has shed tens of billions of dollars in value on the back of a report alleging accounting fraud that the Indian tycoon’s firm has strenuously rejected. Who is Gautam Adani? Adani, 60, is a publicity-shy school dropout of humble origins who rose to become the world’s third-richest man with a fortune — until last week — of around $130 billion. Moving to Mumbai in his teens to work sorting […]
Adani Group’s ambitious share sale exceeded its subscription targets Tuesday in a relief for the Indian conglomerate, which is reeling from allegations of “brazen” corporate fraud that wiped more than $65 billion off its value. The success of India’s biggest follow-on public offer (FPO) is the first reprieve in a horror week for the sprawling business empire of Gautam Adani — still Asia’s richest man despite a bruising $36 billion hit to his personal […]
