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WORLD, Undefined (AFP) – European stock markets started the New Year on a high note on Monday after a rough 2022 but the IMF chief warned that a third of the world economy faces recession in 2023. The Paris CAC 40 surged 1.9 percent and the Frankfurt DAX jumped more than one percent but London, Wall Street and oil markets were closed for the New Year holiday. Most Asian stock markets were also shut. Of those […]
Manila, Philippines (AFP) Tens of thousands of travellers were stranded at Philippine airports on Sunday after a power outage knocked out communication and radar equipment at the country’s busiest hub in Manila, forcing hundreds of flights to be cancelled, delayed or diverted. Aviation authorities detected a “technical issue” on Sunday morning involving the air traffic management centre at Manila’s domestic and international airport. More than 360 flights in and out of Manila were cancelled, diverted […]
London, United Kingdom (AFP) by Roland JACKSON Many global stock markets in 2022 suffered the worst showing in years, rocked by Russia’s invasion of Ukraine, decades-high inflation, the end of easy money and China’s latest Covid woes, and as the outlook darkens for 2023. Equities were slammed as the US Federal Reserve, the European Central Bank and the Bank of England aggressively lifted interest rates in a bid to tackle rampant consumer price rises. In […]
d returned to “business as usual” despite US sanctions as it estimated annual revenues to remain flat for 2022. A leading supplier of telecom gear, smartphones and other advanced equipment, Huawei was hammered during a crackdown by the administration of previous US president Donald Trump over cybersecurity and espionage concerns. His successor Joe Biden has added to that pressure with regulations that threaten Huawei’s access to global semiconductor supply chains. But Huawei’s chairman Eric […]
by Juliette Michel and John Biers Agence France Presse More than 10,000 flights cancelled over the festive holiday, chaos at airports across America: Southwest Airlines found itself in the hot seat Tuesday as the airline behind the lion’s share of the weather-linked travel mayhem. The Dallas-based, domestic-focused carrier, which has historically enjoyed a strong reputation with consumers, drew withering expletive-filled rebukes on social media, where labor leaders also highlighted horror stories from stranded airline […]
PARIS, France (AFP) – Even by the extreme standards of cryptocurrency trading, the past few weeks have been a wild ride for Binance, the world’s biggest exchange for crypto assets. After the collapse of its rival FTX in a hail of allegations of fraud and criminality last month, trust in the entire sector has crumbled. Customers pulled more than $3 billion from Binance in a single day last week as part of a three-day frenzy that […]
US officials announced Tuesday a $3.7 billion settlement with Wells Fargo over an array of “illegal activity” that burdened customers with wrongful home foreclosures and other problems. Wells Fargo will pay $2 billion to compensate customers and $1.7 billion in civil fines under a Consumer Financial Protection Bureau settlement that the agency said pertained to some 16 million consumer accounts. Wells Fargo called the agreement an “important milestone” in the bank’s progress after a series […]
London, United Kingdom (AFP) by Joe JACKSON UK nurses on Tuesday staged a second one-day strike amid an increasingly acrimonious fight with the government for better wages and warnings that patient safety could be jeopardised. Up to 100,000 members of the Royal College of Nursing (RCN) in England, Wales and Northern Ireland walked out for the first time in the union’s 106-year history last Thursday. They want an above-inflation pay increase to make up for […]
Washington, United States (AFP) US lawmakers early Tuesday released the text of a $1.7 trillion funding bill which Congress hopes to pass within days to avert a government shutdown. The bill includes $858 billion in defense funding and will also provide $44.9 billion in emergency assistance for Ukraine. It also includes $772.5 billion for non-defense discretionary programs, including $118.7 billion for Veterans Affairs medical care, a 22 percent increase, and provides $40.6 billion to help US […]
Hong Kong, China (AFP) Asian markets rose Wednesday and the dollar struggled to recover as investors welcomed softer-than-expected US inflation data that could allow the Federal Reserve to slow down its pace of interest rate hikes. The reading provided some much-needed holiday cheer on trading floors and came the day before the US central bank’s last policy decision of the year, which will be pored over for clues about its plans for 2023. There […]
Madrid, Spain (AFP) Zara owner Inditex reported Wednesday a jump in profits in the third quarter of its fiscal year despite soaring inflation and the war in Ukraine impacting business costs. The group, which also owns Massimo Dutti, said it pulled in a net profit of 1.3 billion euros ($1.4 billion), between August 1 and October 31, compared to 1.23 billion euros in the same period last year. Analysts surveyed by financial information service Factset […]
Washington, United States (AFP) Disgraced cryptocurrency tycoon Sam Bankman-Fried was arrested Monday in the Bahamas at the request of the United States, according to US officials seeking to charge him after the spectacular collapse of his FTX platform. The arrest comes on the eve of Bankman-Fried’s scheduled appearance at a US Congress hearing in which he was to testify under oath about the crypto exchange’s overnight demise. The 30-year-old had in recent weeks defied […]
