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HONG KONG, China (AFP) — Asian markets were mixed Thursday as another forecast-busting US inflation print ramped up bets on a series of sharp interest rate hikes by the Federal Reserve, and other central banks race to tighten monetary policy. The keenly awaited consumer price index came in at a blistering 9.1 percent in June, the highest since November 1981, as energy costs continued to rocket on the back of rising demand and weak […]
The White House said it expects June inflation data due out on Wednesday to be “highly elevated,” hours before the release of the latest consumer price index. US President Joe Biden has seen his approval ratings plummet as Americans face the worst inflation surge in more than 40 years. Promising to do whatever it takes to rein in price rises, the Federal Reserve has launched a series of aggressive interest rate hikes that have […]
NEW DELHI, India (AFP) — Indian authorities Wednesday accused Chinese smartphone maker Oppo of evading customs duty worth $551 million, the latest tech company from China to face scrutiny by local investigative agencies. India’s Directorate Of Revenue Intelligence (DRI) found evidence that Oppo wrongfully used duty exemptions for items imported for use in mobile phone production, a government statement said. DRI officials searched Oppo India offices and key managers’ residences, it said, and recovered […]
NEW YORK, United States (AFP) — Brent oil futures closed Tuesday under $100 a barrel for the first time in three months as recession worries cloud the near-term outlook for crude demand. The contract for the international oil benchmark for September delivery tumbled 7.1 percent to $99.49 a barrel as the market focused on worries about further China Covid-19 restrictions and the slowdown in Europe and the United States. The US benchmark, West Texas Intermediate, […]
NEW YORK, United States (AFP)– Twitter stock fell Monday after Tesla chief Elon Musk ditched a $44 billion deal to buy the social media giant. The platform stock dropped 5.46 percent on Wall Street, to $34.80 by around 7:05 am (11:05 GMT). It had lost 5.10 percent before the weekend. Musk on Friday pulled the plug on the deal, accusing the company of “misleading” statements about the number of fake accounts, according to a […]
HONG KONG, China (AFP) — Asian markets and oil prices fell Monday with a fresh Covid flare-up in Shanghai fanning fears of another economically painful lockdown in China’s biggest city. The news came after a forecast-busting US jobs report last week indicated the world’s top economy was coping so far with the Federal Reserve interest rate hikes, giving it room for more as it battles soaring inflation. Traders are also keeping tabs on developments […]
WASHINGTON, United States (AFP) — Elon Musk’s move to abandon his purchase of Twitter has been greeted with a mix of relief and disappointment across the political spectrum, with many criticizing the Tesla founder but others applauding his “exposure” of the influential messaging platform. The announcement of the deal valued at $44 billion in late April sparked fears the platform would see a surge in abuse and disinformation after Musk — a self-proclaimed free […]
HONG KONG, China (AFP) — Oil prices rose Wednesday after suffering a painful drop the previous day, though the euro remained wedged at a 20-year low and equities mostly fell in Asia as recession fears continue to flow through trading floors. Both main crude contracts were pummelled Tuesday as investors grow increasingly worried that leading economies will contract this year or next owing to sharp central bank interest rate hikes aimed at fighting decades-high […]
by Yassine KHIRI Agence France Presse Paris, France (AFP) — Big brands are rushing to the metaverse but the path to profit is still unclear and mass adoption may be years away, one of the sector’s biggest players, Sebastien Borget, told AFP in an interview. Borget is co-founder of The Sandbox, a platform that began life as a game for mobile phones and PCs but is transforming itself into a virtual world where anyone can […]
BRUSSELS, Belgium (AFP) — Eurozone inflation accelerated to another record high in June, official data showed on Friday, as the consequences of the Ukraine war continued to hammer the European economy. The EU’s Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of 8.1 percent a month earlier. Consumer prices in the eurozone have hit records since […]
TOKYO, July 1, 2022 (AFP) – Japan‘s energy “interests must not be undermined”, Tokyo said Friday, after Moscow issued a decree transferring operations of a key oil and gas project to a new Russian company. Japanese trading houses Mitsui and Mitsubishi Corp own 12.5 and 10 percent stakes respectively in the Sakhalin-2 project, but the future of their investments appears uncertain after the Russian decree. It calls for the establishment of a new Russian operator […]
Frankfurt, Germany (AFP) — German persecutors have raided the offices of South Korean auto group Hyundai-Kia and a supplier over alleged diesel-emissions cheating affecting more than 210,000 vehicles. Investigators searched eight locations in Germany and Luxembourg, Frankfurt prosecutors said in a statement sent to AFP Wednesday. Working together with authorities in Luxembourg, the raids were aimed at securing “communications, software and planning documents” in relation to the emissions-cheating accusations. Specifically, the Asian motor group is […]
