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HONG KONG, China (AFP) — The euro, pound and yen all held their gains against the dollar Thursday and equities rose as traders grow increasingly hopeful the Federal Reserve will slow its pace of interest rate hikes Hong Kong led the gains thanks to a surge in tech firms, extending a recovery from Monday’s rout that was fueled by worries of Xi Jinping’s tightened grip on power in China. After a painful year for markets […]
Beijing, China | AFP | Wednesday Millions of people in China were under tight Covid restrictions on Wednesday as sporadic outbreaks across the country prompted business closures and disruption at the world’s largest iPhone factory. China is the last major economy welded to a zero-Covid strategy, persisting with snap lockdowns, mass testing and lengthy quarantines in a bid to keep infections to a minimum. But fast-spreading virus variants have challenged that approach in recent […]
Berlin, Germany | AFP | by Sebastien ASH with Huw GRIFFITH in Los Angeles German sportswear giant Adidas said Tuesday it was ending its partnership with Kanye West after a series of anti-Semitic outbursts by the controversial rapper. Recent comments by West — now known formally as Ye — were “unacceptable, hateful and dangerous”, Adidas said in a statement. “After a thorough review, the company has taken the decision to terminate the partnership with […]
Moscow, Russia | AFP | Gazprom said Tuesday it has begun operational tests on the Kovykta natural gas field in eastern Siberia, bringing Russia a step closer to boosting energy exports to China. The tests announced Tuesday are part of the measures to put the Kovykta gas field into service, which is expected in December, and will allow Russia to increase exports to China. “Putting the Kovykta into service is an important step in the […]
Brussels, Belgium | AFP | by Marc BURLEIGH Germany, the EU’s top economy and Europe’s export powerhouse, looks headed for imminent recession, according to a closely watched survey Monday that pointed to a deepening eurozone contraction. There are “growing signs of an impending recession in the eurozone’s largest economy,” S&P Global Market Intelligence said as it released its eurozone purchasing managers’ index for October. The PMI for the 19-nation area fell to 47.1, down from […]
Doha, Qatar | AFP | Europe faces painful “industrial rationalisation” due to its energy crisis that risks political trouble, the head of Shell warned Sunday, as the oil giant joined a natural gas project in Qatar. Shell chief executive Ben van Beurden agreed a deal for a 9.3 percent stake in Qatar Energy’s North Field South project, that will play a major role in the Gulf state’s effort to increase liquefied natural gas (LNG) […]
Brussels, Belgium | AFP | by Alex PIGMAN / Dave CLARK EU leaders on Friday reached agreement on a “roadmap” aimed at putting in place measures within weeks to shield European consumers from soaring energy prices. The accord came after 11 hours of wrangling over broad proposals to lower energy bills as gas prices pushed skywards by the war in Ukraine. The bloc’s 27 member states have been squabbling for months over which joint […]
London, United Kingdom | AFP | by Roland JACKSON / Véronique DUPONT Liz Truss, the shortest serving prime minister in UK history, leaves lasting scars on the economy after her botched budget rocked markets, spiked borrowing costs and tanked the pound. The crisis-hit PM, elected Conservative leader just six weeks ago on a tax-slashing platform, announced her resignation Thursday. Her budget, peppered with tax cuts and delivered last month, sought to boost growth in […]
San Francisco, United States | AFP | Massive layoffs appear to be on the horizon at Twitter, especially if billionaire Elon Musk completes his $44 billion purchase of the company, the Washington Post reported on Thursday. While pitching his deal to buy Twitter to investors, Musk said he planned to get rid of nearly three-quarters of the firm’s workers, lopping its ranks to just over 2,000 employees, the Post reported. Even if Musk’s deal to […]
San Francisco, United States | AFP | Elon Musk on Wednesday said he is “excited” about taking over Twitter, expressing enthusiasm even though he’s spent months trying to break free of the $44 billion buyout contract. A US judge early this month suspended litigation in the saga over Musk’s proposed takeover of Twitter, giving the parties until October 28 to finalize the on-again, off-again megadeal. Twitter had filed a lawsuit to hold Musk to […]
New Delhi, India (AFP) — Google has been fined more than $160 million by India’s anti-trust watchdog after a probe found the tech behemoth was abusing its commanding position in the local smartphone market. The California-based company’s Android mobile operating system is by far the dominant player in India and is run on 95 percent of all the country’s smartphones, according to research agency Counterpoint. But the Competition Commission of India (CCI) said Google had […]
Tokyo, Japan | AFP | by Katie Forster The falling yen hit 150 per dollar for the first time since 1990 on Thursday, driven down by the contrast between Japanese monetary easing and aggressive US interest rate hikes. The currency has plunged from February levels of around 115 as the Bank of Japan sticks to its longstanding ultra-loose policies, designed to encourage sustainable growth in the world’s third-largest economy. At the same time the US […]
