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BEIJING, China (AFP) — Tesla has recalled nearly 128,000 cars in China due to a fault that could “increase the risk of vehicle collision”, the country’s state market regulator said. It is the latest hitch for the US electric vehicle giant that is hugely popular in China, but has also faced complaints from consumers and been hit by Covid-19 lockdowns. About 127,785 domestic and imported Tesla Model 3 cars were recalled due to a […]
LONDON, United Kingdom (AFP) — Stock markets climbed and oil prices steadied Monday on easing concerns over tight crude supplies and decades-high inflation, traders said. Turkey’s lira was stable against the dollar and euro after official data showed the country’s inflation had soared to a fresh record high. Elsewhere, trading was halted on Sri Lanka’s stock exchange seconds after opening Monday as the island nation’s president offered to share power with the opposition. Protests demanding […]
NEW YORK, United States (AFP) — Wall Street stocks finished modestly higher Friday as solid US jobs data boosted expectations for more Federal Reserve interest rate hikes, while oil prices retreated after US allies agreed to tap their emergency stockpiles. The government jobs report for March showed US employers adding 431,000 positions and the unemployment rate falling to 3.6 percent, a hair above where it was before the pandemic. The data showed progress in […]
HONG KONG, China (AFP) — Equities fell Friday after their worst quarter since the early days of the pandemic as traders assess the impact of the war in Ukraine and the Federal Reserve’s plans to fight surging inflation by ramping up interest rates. Oil fell further following a plunge Thursday in response to news that the United States would release a million barrels a day from its reserves as it looks to rein in […]
HONG KONG, China (AFP) — Oil prices tumbled Thursday on reports that the United States is considering tapping its reserves to combat a supply crisis sparked by the Ukraine war. However, equities struggled to build on the week’s rally after Russia poured cold water on hopes that ceasefire talks were progressing, leaving the prospect of a protracted war in eastern Europe. The conflict has already sent shockwaves through the world economy, with growth forecasts […]
SAN FRANCISCO, United States (AFP) — Hackers stole cryptocurrency worth over $600 million from a digital ledger used by players of the popular online game Axie Infinity, in a major digital cash heist revealed Tuesday. Interest in cyptocurrency has boomed, along with its values, but the money has also become an attractive target for tech savvy thieves. Ronin Network said the attack targeting its blockchain netted 173,600 ether and $25.5 million worth of stablecoin, […]
MOSCOW, Russia (AFP) –Russia reiterated Tuesday that it will only be accepting payment for gas deliveries to the EU in rubles after G7 ministers called this arrangement “unacceptable”. “Nobody will supply gas for free. This is just impossible. And it can only be paid for in rubles,” Kremlin spokesman Dmitry Peskov told reporters. “Companies must understand the completely changed environment that has arisen in the conditions of the economic war waged against Russia,” he […]
BERLIN, Germany (AFP) — Germany said Friday it was drastically slashing its energy purchases from Russia amid Moscow’s invasion of Ukraine, with oil imports to be halved by June and coal deliveries to end by the autumn. “In recent weeks, together with all relevant players, we have made intensive efforts to import less fossil energy from Russia and broaden out our supply base,” said Economy Minister Robert Habeck. “The first important milestones have been […]
Brent crude back to above $120 a barrel HONG KONG, China (AFP) — Oil prices extended their gains Thursday on growing fears of further Russia sanctions that could hit already thin supplies, while most equity markets retreated owing to surging inflation and central bank plans to sharply hike interest rates. The recent rally across equities over the past week appears to have run its course for now as investors nervously track developments in the […]
NEW YORK, United States (AFP) — Oil prices soared Monday as a weekend attack on Saudi facilities and discussions among European Union members over banning Russian crude raised concerns about global supplies. Top producer Saudi Arabia warned that Yemeni rebel attacks on the kingdom’s oil facilities pose a “direct threat” to global supplies, while Baltic states indicated they would favor an embargo of Russian crude in retaliation for its invasion of Ukraine. The comments propelled […]
by Haitham EL-TABEI Agence France Presse RIYADH, Saudi Arabia (AFP) — Energy giant Saudi Aramco said Sunday its 2021 net profit soared by more than 120 percent, due to higher crude prices, as global economic growth recovered from a pandemic induced downturn. The announcement came hours after Yemen’s Huthi rebels — against whom Saudi Arabia leads a military coalition — targeted several locations, including Aramco facilities, in cross-border armed drone attacks. Aramco, Saudi Arabia’s […]
TOKYO, Japan (AFP) — Japan’s central bank chief said on Friday the country will likely reach its key two-percent inflation target as oil rates surge, but the bank will continue monetary easing policies because the price rises are caused by external factors. The Bank of Japan has struggled to lift inflation for nearly a decade with the world’s third-largest economy swinging between periods of sluggish inflation and deflation, both considered bad for growth. “Unlike in […]
