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By Beiyi SEOW WASHINGTON, April 25, 2024 (AFP) – The US economy cooled markedly in the first three months this year, expanding less than anticipated as consumer spending and exports decelerated, according to government data released on Thursday. The world’s biggest economy grew 1.6 percent in the first quarter, the Commerce Department said, missing analysts’ expectations of a larger 2.4 percent rise. This was also a clear slowdown from the 3.4 percent increase seen in […]
NEW YORK, April 8, 2024 (AFP) – Inflation could remain elevated for longer than expected, posing a risk to the US economy’s near-term health, JPMorgan Chase Chief Executive Jamie Dimon said Monday. In his annual letter to shareholders, Dimon pointed to “persistent inflationary pressures” that belie the stock market’s confidence about the outlook and could result in even higher interest rates. “Equity values, by most measures, are at the high end of the valuation range,” […]
By Beiyi SEOW BEIJING, April 7, 2024 (AFP) – US Treasury Secretary Janet Yellen and Chinese Premier Li Qiang sounded a hopeful tone on US-China cooperation on Sunday, though the American policymaker noted both sides cannot shy away from tough conversations. The US-China relationship can only move forward with direct and open communication, Yellen told Li, after arriving in the Chinese capital from the southern city of Guangzhou. Li, in welcoming Yellen, said “China sincerely […]
By Beiyi SEOW with Elodie MAZEIN in New York WASHINGTON, March 27, 2024 (AFP) – Diverted cargo and supply chain disruptions have left businesses rushing to avoid an economic hit following the collapse of a major bridge in Baltimore after it was hit by a cargo ship. With vessel traffic at the Port of Baltimore suspended until further notice since Tuesday’s accident, experts warn of knock-on effects but say these should be manageable in the […]
By Frankie TAGGART WASHINGTON, March 21, 2024 (AFP) – US lawmakers released a $1.2 trillion package in the early hours of Thursday to complete the 2024 federal budget — teeing off a sprint to sign it into law before a government shutdown looming at the weekend. The six-bill, 1,012-page package represents the largest and most contentious section of federal funding, with cash running out at midnight on Friday night for three-quarters of the government, including […]
SEOUL, March 8, 2024 (AFP) – South Korea’s so-called “kimchi premium” on bitcoin prices hit a two-year high this week, a cryptocurrency data firm said, as the virtual token broke records globally. Bitcoin hit a peak above $69,000 Tuesday, beating its previous high achieved in November 2021, buoyed by growing trading accessibility of the world’s biggest cryptocurrency, even as supply remains tight. The “kimchi premium” — named after the country’s fermented side dish — refers […]
MADRID, March 6, 2024 (AFP) – Spain’s data protection agency said Wednesday it had ordered the temporary suspension of the Worldcoin crypto project that relies on an eye scan to verify a user’s identity, citing concerns about data protection. Worldcoin, set up by OpenAI chief executive Sam Altman, began operating last year and provides users with a private digital identity — a “World ID” — after they get their eye’s unique iris pattern scanned. The […]
MELBOURNE, March 5, 2024 (AFP) – Australia unveiled plans to ramp up investment in Southeast Asia on Tuesday, setting aside US$1.3 billion to bolster trade in a region of rising economic might. Prime Minister Anthony Albanese announced the funding as leaders from the 10-nation ASEAN forum met in Melbourne for a three-day summit. “The government I lead has made it clear. More than any other region, Southeast Asia is where Australia’s future lies,” Albanese told […]
MELBOURNE, March 5, 2024 (AFP) – Australia unveiled plans to ramp up investment in Southeast Asia on Tuesday, setting aside US$1.3 billion to bolster trade in a region of rising economic might. Prime Minister Anthony Albanese announced the funding as leaders from the 10-nation ASEAN forum met in Melbourne for a three-day summit. “The government I lead has made it clear. More than any other region, Southeast Asia is where Australia’s future lies,” Albanese told […]
HONG KONG, Feb 28, 2024 (AFP) – Hong Kong has axed all property transaction taxes in a bid to revive the depressed housing market, finance minister Paul Chan said in his annual budget speech Wednesday. The finance hub’s economy was initially buoyed by China’s post-pandemic reopening but recovery has since slowed and residential property prices are at a multi-year low. Chan said Hong Kong would scrap three types of stamp duty with immediate effect, reversing […]
COLOMBO, Feb 27, 2024 (AFP) – Sri Lanka’s national airline on Tuesday blamed a rat for grounding a plane for three days, sparking chaotic delays and fears it will scare off investors for the cash-strapped carrier. The stowaway rodent was spotted enjoying the SriLankan Airlines Airbus A330 flight from the Pakistani city of Lahore on Thursday, triggering an aircraft search to ensure it had not chewed through critical components. An airline official said the plane […]
By Kyoko HASEGAWA TOKYO, Feb 27, 2024 (AFP) – Japanese inflation slowed less than expected to two percent in January, data showed Tuesday, hitting the central bank’s target and firming expectations of an end to its outlier negative rates policy. Other major central banks including the US Federal Reserve have hiked borrowing costs because of rising prices since Russia’s invasion of Ukraine two years ago, and may soon start cutting again. But haunted by […]
