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Berlin, Germany | AFP | German sportswear giant Adidas put its partnership with Kanye West under review Friday after the US rap star triggered a furore by wearing a “White Lives Matter” T-shirt at Paris Fashion Week. “We have taken the decision to place the partnership under review,” the company said in a statement. The artist now known as Ye had been widely criticised over the T-shirt, which he wore and was also shown as […]
New York, United States | AFP | by John BIERS A US judge on Thursday suspended litigation in the saga over Elon Musk’s proposed $44-billion takeover of Twitter, giving the parties until October 28 to finalize the on-again, off-again megadeal. Delaware Judge Kathaleen McCormick, ruling on a Musk request to freeze the case that had drawn a biting retort from Twitter, said a trial originally scheduled to begin in 11 days could be rescheduled for […]
LONDON, United Kingdom (AFP) – Shares in energy giant Shell slid Thursday after revealing that third-quarter profit would be hit by a slump in refining margins. The British group’s stock lost 3.9 percent to around £23 ($26) as it forecast a hit of up to $1.4 billion in the three months to the end of September compared with the second quarter. “Shell enjoyed record profits in the first and second quarter spurred by a surge […]
London, United Kingdom (AFP) — Britain’s largest retailer Tesco on Wednesday announced tumbling profits in its first half as higher costs fuelled by rocketing inflation offset a jump in revenue. Profit after tax slumped to £253 million ($290 million) in the six months to late August from £781 million a year earlier, the supermarket giant said in a statement. The group noted “cost inflation is significant” and said full-year profits would be towards the lower […]
PARIS, France (AFP) – The biggest software upgrade in the short history of crypto has fulfilled its promise to wipe out more than 99 percent of the electricity used by the second-biggest cryptocurrency, experts have told AFP. That is no mean feat, given that the Ethereum blockchain was burning through about as much electricity as New Zealand. Sceptics had expected glitches with the upgrade, known as “the merge”, but it ended up being a “rather […]
TOKYO, Japan (AFP) — Business confidence fell among Japan’s largest manufacturers for the third straight quarter, a closely-watched survey showed Monday, defying analyst expectations for a rise in sentiment. The Bank of Japan’s Tankan survey shows major manufacturers are still much more upbeat than during the gloomiest days of the Covid-19 pandemic. But inflation, including higher energy prices fueled by the war in Ukraine, has weighed on business confidence this year, analysts say. The quarterly […]
by Sam Reeves Agence France-Presse FRANKFURT, Germany (AFP) — Luxury sports carmaker Porsche will debut on the Frankfurt stock exchange Thursday in one of Europe’s biggest listings in years, hoping its brand power can attract investors despite market turbulence. Even as stocks worldwide suffer from surging inflation and mounting recession fears, the maker of the 911 sports car is pushing ahead with the blockbuster flotation. The initial public offering (IPO) has generated buzz in Porsche’s […]
Mumbai, India (AFP) Apple will manufacture its new flagship smartphone in India, the US tech giant said Monday, as it seeks to diversify production away from a dependence on China. The iPhone supply chain is based mainly in China but the country’s zero-Covid policies and tensions with the United States have hurt production, analysts say. “We’re excited to be manufacturing iPhone 14 in India,” Apple said in a brief statement. The California-based firm already makes […]
HONG KONG, China (AFP) — The dollar lost a little of its strength Tuesday after starting the week by surging against major peers, including a record high versus the pound, though equity traders struggled to claw back recent losses owing to recession fears. While central banks around the world are ramping up interest rates to fight inflation, the main focus is on the US Federal Reserve’s increasingly hawkish tone that has seen it unveil three […]
Paris, France (AFP) by Ali BEKHTAOUI The world economy will take a bigger hit than previously forecast next year due to the effects of Russia’s war in Ukraine, the OECD said Monday. In a bleak report titled “paying the price of war”, the Paris-based organisation noted that the conflict aggravated inflationary pressure when the cost of living was already rising quickly. Covid outbreaks are still having an impact on the global economy while growth has […]
Abu Dhabi, United Arab Emirates (AFP) The United Arab Emirates agreed Sunday an “energy security” agreement with Germany to supply liquefied natural gas and diesel as Berlin searches for new power sources to replace Russian supplies. Emirati industry minister Sultan Ahmed Al Jaber called it a “landmark new agreement” that “reinforces the rapidly growing energy partnership between the UAE and Germany” as he signed the deal, which was witnessed by Chancellor Olaf Scholz, the UAE’s […]
Third straight day that peso hit new record lows (Eagle News) – The Philippine peso sank to a new record low of P58.49 to a US dollar on Thursday, September 22, the third straight day that the peso had gone down to record lows. On Wednesday, Sept. 21, the peso went down to P58 to a dollar, and the previous day, Tuesday (Sept. 20), it closed at P57.48. This came about as the US […]
