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NEW YORK, United States (AFP) – Nike reported lower quarterly profits Thursday on increased logistics spending and a hit from product markdowns, as it pivots in a fast-changing consumer market challenged by inflation. The sports giant topped analyst estimates for both earnings per share and revenues, but shares fell sharply as it faced questions over excess inventory in North America and signaled the strengthening dollar would dent results. Nike expects a $4 billion hit from […]
ULAANBAATAR, Mongolia (AFP) – At Ulaanbaatar’s Naiman Sharga money exchange market, elderly women stand in the street waving wads of money at passers-by, encouraging them to change foreign currency to Mongolian tugriks. Each transaction nets them a small profit — but when the value of the tugrik fluctuates it makes that more difficult, and lately the currency has taken a dive. This year the currency has fallen almost 15 percent against the US dollar — […]
Third straight day that peso hit new record lows (Eagle News) – The Philippine peso sank to a new record low of P58.49 to a US dollar on Thursday, September 22, the third straight day that the peso had gone down to record lows. On Wednesday, Sept. 21, the peso went down to P58 to a dollar, and the previous day, Tuesday (Sept. 20), it closed at P57.48. This came about as the US […]
by Sara HUSSEIN Agence France Presse TOKYO, Japan (AFP) — The yen sank to a fresh 24-year low against the dollar on Thursday, with the greenback surging to nearly 146 after Japan’s central bank left its ultra-loose monetary policy unchanged, a day after the Federal Reserve ramped up interest rates and warned of more to come. The yen has taken a beating in recent months as the Japanese central bank hews to a decade-old policy […]
TOKYO, Japan (AFP) — Inflation in Japan hit 2.8 percent in August, the highest level since 2014, government data showed Tuesday, as soaring energy prices bite. The last time such figures were seen, prices had been artificially bolstered by an increase in VAT. Excluding years when tax hikes impacted the rate, August’s inflation was the fastest pace in nearly 31 years. Data from the internal affairs ministry showed electricity, gas and petrol were among […]
Paris, France (AFP) by Coline DACLIN Consumers and businesses around the world are facing steeper prices for everything from Mexico’s beloved tortillas to the aluminium cans used by beer companies. Inflation jumped after countries emerged from Covid lockdowns and it has soared since Russia invaded Ukraine, with the IMF expecting consumer prices to rise by 8.3 percent globally this year. Here is a look at how higher prices are affecting the world: – Fuel […]
HONG KONG, China (AFP) — Asian stocks largely continued a global rally on Tuesday, ahead of the release of key US consumer price data that is expected to show slightly slowing inflation in the world’s largest economy. Stocks rose in Japan, Australia, Singapore and Taiwan, with South Korea and Shanghai also gaining after reopening following a public holiday. European stocks were steady at the open. Hong Kong shares edged lower at the close, erasing […]
HONG KONG, China (AFP) – Asian markets rallied Friday following a healthy performance on Wall Street, with investors largely pricing in more interest rate hikes aimed at taming runaway inflation. The more confident mood was reflected in a dip in the dollar, which has surged in recent weeks to multi-decade highs against its major peers owing to the Federal Reserve’s hawkish tilt to tighter monetary policy. The greenback’s softness came even after Fed chief Jerome […]
But NCR inflation up to 5.7 percent in August, from 5.1 percent in July 2022 (Eagle News) – After five straight months of acceleration, headline inflation in the Philippines eased to 6.3 percent in August 2022, according to the Philippine Statistics Authority (PSA). The PSA explained the slowdown in inflation at the national level in August 2022 was primarily due to lower annual increment in the index for transport, food and non-alcoholic beverages, and information […]
Berlin, Germany (AFP) The German government on Sunday agreed a 65-billion-euro ($65-billion) plan to ease the pressure on households as Russian gas supplies dwindle and energy bills soar, according to a policy paper seen by AFP. “Timely and proportionate relief for citizens and businesses is necessary due to the rapidly increasing burden of high energy prices,” Germany’s coalition partners said in the document, adding that the total package came to “over 65 billion euros”. The […]
HONG KONG, China (AFP) — Markets sank Monday and the dollar rallied after Fed boss Jerome Powell warned of more interest rate hikes to fight inflation and poured cold water on the prospects of a cut in the new year. The hefty selling tracked a painful day on Wall Street, where all three main indexes tanked between three and four percent as investors contemplated an extended period of monetary tightening. In a much-anticipated speech […]
Bangkok, Thailand (AFP) Thailand will raise the price of Thai instant noodles, the trade department said Wednesday, marking the first price increase on the must-have daily staple in 14 years. The kingdom’s economy has not bounced back after fully re-opening to tourists earlier this year, and has been battered by 14-year-high inflation and the economic knock-on effects of the Russian-Ukraine war. Prices of instant noodles are capped by Bangkok at six baht ($0.16) per packet […]
