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BEIJING, China (AFP) — Bitcoin plunged below $40,000 for the first time in more than three months Wednesday after China said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them. The comments sent the unit diving more than 10 percent and dealt it another blow soon after being battered by comments from tycoon Elon Musk and his Tesla car company. Trading in cryptocurrencies has been banned in China since […]
LONDON, United Kingdom (AFP) — British unemployment dipped to 4.8 percent in the first quarter, official data showed Tuesday, helped by the UK government’s jobs furlough scheme keeping millions in work during the pandemic. That compared with 4.9 percent in the three months to the end of February, the Office for National Statistics (ONS) said in a statement. Britain’s government is paying the bulk of wages for millions of private-sector workers during the coronavirus pandemic, […]
BANGKOK, Thailand (AFP) — Thailand’s economy shrank in the first quarter, official data showed Monday, as it was battered by coronavirus restrictions that have hit the key tourism sector hard. The kingdom last year suffered its worst full-year performance since the Asian financial crisis of 1997 with a 6.1 percent contraction. The Office of the National Economic and Social Development Council (NESDC) said gross domestic product shrank 2.6 percent on-year in the first three months. […]
HONG KONG, China (AFP) — Asian markets were mixed Monday as optimism about the global recovery was offset by concerns about a spike in new infections in several countries that have officials battling to avert new lockdowns. Wall Street provided another strong lead after data showed US retail sales were flat last month, which helped ease traders’ fears that a surge in inflation could force the Federal Reserve to wind back its ultra-loose monetary policies […]
HONG KONG, China (AFP) — Fears about surging inflation continued to trouble Asian markets Wednesday, with investors nervously awaiting crucial US price data later in the day that could ramp up expectations the Federal Reserve will have to taper its monetary policy earlier than flagged. Global equities have had a torrid start to the week as traders bet that stimulus measures, the rollout of vaccines and the reopening of businesses will fan a blockbuster recovery […]
LONDON, United Kingdom (AFP) — Britain’s economy contracted by 1.5 percent in the first quarter as the country suffered a fresh coronavirus lockdown, official data showed on Wednesday. The UK however is currently exiting lockdown at a gradual pace, allowing the economy to recover from pandemic fallout. “As we cautiously reopen the economy, I will continue to take all the steps necessary to support our recovery,” finance minister Rishi Sunak said in reaction to the […]
HONG KONG, China (AFP) — Equity markets tumbled in Asian trade Tuesday following steep losses on Wall Street as investors grow increasingly worried about a surge in inflation that could force central banks to wind back their ultra-loose monetary policies earlier than forecast. All eyes are on the release this week of crucial data on US retail sales and consumer prices, with expectations for a sharp rise as the world’s top economy reopens and vaccines […]
HONG KONG, China (AFP) — Asian markets rallied Friday following a record-breaking finish on Wall Street as traders keenly await a key US jobs report that is expected to reaffirm the recovery in the world’s top economy is blasting ahead. And in a further sign that the global reflation trade is on track, iron ore prices hit an all-time high, while copper — a yardstick of economic health — is just short of its own […]
BEIJING, China (AFP) — Beijing said Thursday it has suspended an economic agreement with Australia, an apparent tit-for-tat response to Australia scrapping a Belt and Road infrastructure pact and threat to undo a deal leasing Darwin Port to a Chinese company. The China-Australia Strategic Economic Dialogue deal has been suspended “based on the current attitude” of the Australian government, China’s National Development and Reform Commission said in a statement, blaming some officials of “ideological discrimination.” […]
TOKYO, Japan (AFP) — Nissan on Wednesday announced the sale of its entire 1.54 percent stake in German auto giant Daimler for around 1.15 billion euros ($1.4 billion), following a similar move by its French partner Renault. The Japanese automaker has been trying to become profitable again and recover from the reputational damage caused by the departure of its now-fugitive former leader Carlos Ghosn. Nissan said the divestment will allow it to “further strengthen and […]
HONG KONG, China (AFP) — Asian markets mostly fell Wednesday after Treasury Secretary Janet Yellen’s suggestion that US interest rates might need to be hiked, as government spending measures fan inflation and the economy surges. The comments appeared to be a deviation from the united front top officials have put up in trying to reassure investors that the Federal Reserve’s ultra-easy monetary policies will remain in place until the recovery is well on track. Investors […]
JAKARTA, Indonesia (AFP) — Indonesia’s economy shrank for the fourth consecutive quarter in January-March, data showed Wednesday, as the country’s leaders struggle to overcome a recession wrought by the coronavirus pandemic. The 0.74 percent on-year contraction was a big improvement on the 2.19 percent in the previous three months but slightly worse than expected, with the tourism sector among the worst-affected industries. However, statistics bureau Suhariyanto told reporters: “It is still negative, but it […]
