Sawt Falasteen - Economy

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Featured

US, Canada fail to reach trade pact to avert Trump tariffs

Hefty US tariffs on some Canadian products took effect on Saturday after days of negotiations that went down to the wire failed to produce an agreement.

Arctic shipping a daunting prospect in hotly contested region

With Gulf turmoil slashing Suez Canal traffic, shipping firms are tempted to try the Arctic for quicker trips between Europe and Asia -- but commercial prospects are unlikely to match countries' strategic ambitions for the North Pole.

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Labour, infrastructure issues hold back surging Vietnam investment

President Joe Biden visits Hanoi Sunday to boost economic ties as Washington looks to move away from over-reliance on China, but a lack of highly skilled labour and infrastructure weaknesses mean Vietnam may struggle to replace its neighbour.

Self-driving car revolution is coming, but slowly

In Munich, where this week's IAA motor show is taking place, an interactive street survey elicits an overwhelming "yes" when asking passers-by if they would take a self-driving taxi from the station to the Oktoberfest beer festival.

Top Mexican court decriminalizes abortion

Mexico's Supreme Court on Wednesday decriminalized abortion across the conservative Latin American country.

Five of the most prized Freddie Mercury items being auctioned

Here are five lots that stand out in the Sotheby's sale of items belonging to Queen frontman Freddie Mercury that begins in London on Wednesday.

Prized Freddie Mercury memorabilia snapped up at auction

The baby grand piano Queen frontman Freddie Mercury used to compose almost all of his greatest songs and the original manuscript for "Bohemian Rhapsody" were snapped up Wednesday at auction in London.

UK reassures big tech over new encryption rules

The British government on Wednesday gave guarantees to instant messaging platforms over concerns that they could be forced to monitor encrypted messages for harmful content.

G20 shirking 'critical' climate issues: UN climate chief

Statements by G20 ministers ahead of a key summit are "woefully inadequate" about addressing the climate emergency, the UN's climate change chief told AFP in an interview Wednesday, calling for stronger action from the nations responsible for most planet-heating pollution.

Rodgers backs Henderson against 'morality officers' over Saudi move

Celtic manager Brendan Rodgers has called critics of Jordan Henderson's move to Saudi Arabia "morality officers" after the former Liverpool captain apologised for upsetting the LGBTQ community.

Stocks waver on renewed inflation fears

Wall Street fell and European stock markets wavered on Wednesday on fears of more interest-rate hikes as oil prices climbed, stoking fresh concerns about high inflation.

US trade deficit widens slightly on rise in imports

A rise in imports widened the US trade deficit in July, government data showed Wednesday, although the increase was smaller than analysts had expected.

Erdogan pledges support for higher interest rates

Turkish President Recep Tayyip Erdogan on Wednesday confirmed a major policy reversal by backing his new economic team's decision to drastically hike interest rates to fight runaway inflation.

Moderna says updated Covid vaccine fares well against new variant

Moderna said Wednesday its updated fall Covid booster, which is pending approval from the Food and Drug Administration, performed well against the highly mutated BA.2.86 variant.

Music firm Universal announces streaming overhaul

The world's biggest music publisher Universal, whose catalogue includes artists from Taylor Swift to the Beatles, announced a deal on Wednesday it says will shake up the way artists are rewarded for streaming.

European stocks drop as oil spike fans inflation woes

European equities retreated Wednesday on fears of more interest-rate hikes, one day after oil hit a ten-month peak and stoked fresh fears about high inflation.

Taiwan chip giant TSMC says Arizona plant making 'fast progress'

Taiwan chip giant TSMC's planned factory in the United States was making "fast progress", the company's chairman said Wednesday, despite it facing a delayed start due to worker shortages and reported union disputes.

EU hits tech titans with tougher market restraints

The European Union on Wednesday unveiled the list of digital giants -- including Apple, Facebook owner Meta and TikTok parent ByteDance -- that will face tough new curbs on how they do business.

Russia to step up support for sagging ruble

Russia's central bank announced Wednesday it plans to sharply step up support for the ruble, which has weakened considerably after 18 months of Western sanctions following Moscow's military intervention in Ukraine.

UK air traffic control outage '1 in 15 million' event: boss

The head of British air traffic control on Wednesday blamed a "one in 15 million" event that caused the country's worst systems failure in almost 10 years, stranding thousands of passengers.

G20 summit: Who is coming to India, and who is not

Leaders from the world's top economies arrive in India on Friday for a two-day G20 summit overshadowed by Russia's invasion of Ukraine, worries over the global economy and climate change.

Awkwardness abounds for Lula, army on Brazil's national day

Hammering home his message that Brazil is "back to normal," President Luiz Inacio Lula da Silva will set aside bad blood and mutual suspicion with the military to mark the country's independence day Thursday.

Musk threatens to sue anti-defamation group for falling revenue

Elon Musk, the owner of social media platform X, formerly Twitter, said he is considering suing a leading anti-defamation group, arguing that its accusations of anti-Semitism have led the company to lose revenue.

Oil prices jump as global equities mostly retreat

Oil prices jumped Tuesday after Russia and Saudi Arabia extended cuts to supplies, while global equities mostly retreated and the dollar gained.

Oil execs on trial in Sweden over Sudan war crimes role

A Swedish oil firm operated in Sudan with support from the military allegedly knew violence would affect civilians to bring the areas under control, prosecutors said Tuesday as two former executives faced war crimes charges.

Spain's RFEF sorry for Rubiales scandal, fires women's coach

Spain's football federation on Tuesday apologised for the "totally unacceptable behaviour" of Luis Rubiales over his World Cup kiss and fired the team's controversial coach as part of an overhaul.

Saudi and Russia extend oil cuts through December

Saudi Arabia and Russia said on Tuesday they would extend voluntary oil cuts until the end of the year, continuing their campaign to bolster prices.

Austrian 'Corsage' star gets suspended jail term for child porn

A Vienna court sentenced the star of the award-winning film "Corsage" -- about the free-spirited Austrian empress Sisi -- to a two-year suspended prison term Tuesday for possessing and producing a huge stash of child pornography.

UK's second biggest city latest to declare financial distress

The council of the UK's second biggest city, Birmingham, became Tuesday the latest local authority to declare financial distress, with the opposition blaming Conservative governments of years of under-funding.

Hong Kong's top court rules to recognise same-sex partnerships

Hong Kong's top court ruled in favour of recognising same-sex partnerships on Tuesday and gave the government two years to come up with a legal framework, but stopped short of granting full marriage rights to the city's LGBTQ community.

Henderson 'sorry' for hurting LGBTQ community over Saudi move

England midfielder Jordan Henderson has apologised for upsetting the LGBTQ community with his move to Saudi Arabia but said playing in the Gulf state is a "positive thing".

UK's second biggest city declares financial distress

The UK's second biggest city on Tuesday admitted that it cannot balance its books, blaming Conservative governments for years of under-funding.

French beauty giant L'Occitane dives as go-private talks called off

Shares in French beauty brand L'Occitane plunged by a record of almost 30 percent in Hong Kong on Tuesday after its chairman called off talks on taking the firm private.

Billions pledged for green development at Africa climate talks

The UAE pledged $4.5 billion in clean energy investments in Africa on Tuesday at a landmark climate summit aimed to showcase the continent's potential as a green powerhouse.

Sawt Falasteen - Economy (English)