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London, United Kingdom | AFP | by Valentine GRAVELEAU A “full English breakfast” is not full without eggs. Whether fried or scrambled, they round out the calorific mainstay of traditional British cafes. But on top of inflationary pressures which have sent the price of ingredients soaring — including bacon, sausages and baked beans — Britain is also contending with a devastating outbreak of avian influenza. The result is a shortage of eggs, which has forced two […]
Tokyo, Japan (AFP) by Katie Forster / Mathias CENA Japanese inflation hit a four-decade high last month, government data showed Friday, fuelled by high energy costs and a weak yen and ramping up pressure on the central bank to move away from its ultra-loose monetary policies. Core consumer prices excluding volatile fresh food rose 3.6 percent on-year in October, marginally higher than analyst expectations. The reading marked the fastest pace since 1982, although it remains […]
by Beiyi SEOW Agence France-Presse WASHINGTON, United States (AFP) — US consumer prices cooled in October but remained at decades-high levels, according to government data released Thursday, keeping the pressure on President Joe Biden as his Democratic party struggles to retain control of Congress. The closely-watched report showed more evidence of rising costs, including a rebound in gasoline prices, in a year when surging inflation topped voter concerns, and as Americans headed to the polls […]
by Sam Reeves Adidas on Tuesday named Bjorn Gulden, chief of rival outfitter Puma, as its new CEO as the German sportswear giant seeks to emerge from months of turbulence. The Norwegian former professional football and handball player will take on the role from January next year, replacing current CEO Kasper Rorsted. He faces big challenges at Adidas, which has seen sales hit by coronavirus restrictions in key market China, and recently ended a […]
Hong Kong, China | AFP | Struggling Chinese property giant Evergrande has had a lucrative building plot in suburban Hong Kong sold off by its American receiver to cover some of the company’s massive debts, according to company filings. The undeveloped plot in the border district of Yuen Long was sold for nearly $637 million, with Evergrande saying it expected to record a loss of approximately $770 million on the land, according to a statement […]
Jakarta, Indonesia | AFP | Indonesia’s economic growth accelerated in the third quarter of 2022 on the back of strong exports and domestic consumption, official data showed on Monday, but it remained below forecasts. It was the biggest jump for Southeast Asia’s largest economy in more than a year, rising from 5.44 percent in the second quarter to 5.72 percent for the period between July and September, the Central Statistics Agency said. The Indonesian economy […]
Washington, United States | AFP | by Beiyi SEOW US central bankers are expected to announce another steep interest rate hike Wednesday as they try to prevent soaring inflation from becoming ingrained, but politicians are piling on the pressure in the final days of the midterm elections. The Federal Reserve has embarked on an aggressive campaign to cool the economy this year as inflation surged to its highest rate in decades, squeezing the budgets […]
by Jerome Taylor and Holmes Chan Agence France-Presse HONG KONG, China (AFP) — Hong Kong’s US-sanctioned leader insisted Wednesday that political stability and business confidence in the city has been restored following the crushing of democracy protests, as he opened a financial summit attended by global bankers including leading Wall Street executives. Hong Kong is hosting a week of high-profile events after years of political unrest and pandemic travel curbs tarnished the city’s business-friendly reputation, […]
by Sam Reeves Agence France-Presse FRANKFURT, Germany (AFP) — German Chancellor Olaf Scholz makes a high-stakes trip to China this week, walking a tightrope between shoring up a key economic relationship and facing heightened concerns about over-reliance on authoritarian Beijing. Scholz, accompanied by a delegation of business executives, will be the first European Union leader to visit the world’s second-biggest economy since 2019. During the one-day trip on Friday, he will hold talks with President […]
Tokyo, Japan | AFP | Japan is on Friday expected to announce an economic stimulus package that local media said could be worth $200 billion to cushion the impact of inflation and a weak yen. Prices are rising in the world’s third-largest economy at the highest rate in eight years, although its three-percent inflation remains below the sky-high levels seen in the United States and elsewhere. The yen has also lost over 20 percent of […]
Frankfurt, Germany | AFP | by Michelle FITZPATRICK The European Central Bank announced another jumbo interest rate hike on Thursday and said further increases would follow to combat soaring inflation, even as its president, Christine Lagarde, warned a eurozone recession was looming. The ECB’s 25-member governing council repeated last month’s unprecedented move and opted for another bumper increase of 75 basis points, leaving its three main rates sitting in a range of between 1.5 and […]
Washington, United States | AFP | The US economy rebounded in the third quarter, expanding for the first time this year in welcome news for President Joe Biden days ahead of midterm elections, government data showed Thursday. Economic issues have become a flashpoint in the United States, with decades-high inflation weighing on growth and squeezing households. Fears of a downturn have intensified in the world’s biggest economy after two quarters of negative growth, commonly […]
