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.

Last news

US Fed raises rates to highest level since 2001

The US Federal Reserve raised its benchmark lending rate on Wednesday to the highest level since 2001 to tackle above-target inflation, and signaled the possibility of further increases ahead.

Why Musk's 'X' will struggle to become a Chinese-style super-app

Elon Musk is rebranding his Twitter platform as "X" and wants to create a super-app where users will do all their finances as well as their socialising.

Italy mulls tightening surrogacy ban

Italian lawmakers began deliberating Wednesday a bill to toughen a ban on surrogacy to make it illegal to seek it abroad, sparking criticism the government was targeting LGBTQ rights.

Jeep owner Stellantis posts record profit on higher prices

US-European auto giant Stellantis, whose brands include Jeep, Fiat and Peugeot, reported Wednesday a record net profit in the first six months of the year, boosted by higher prices for its vehicles.

Spurs owner Lewis arrested ahead of US court appearance

The British billionaire owner of Premier League side Tottenham, Joe Lewis, was arrested on Wednesday ahead of a court appearance in New York on insider trading charges, US prosecutors said.

Boeing shares surge despite Q2 loss as it boosts plane production

Boeing shares rallied Wednesday after the aerospace giant reported a smaller-than-expected loss, announced production rate increases on key commercial jets and described fewer supply chain problems.

Car transport ship fire could 'burn for days' off Netherlands

The blaze raging aboard a ship carrying 3,000 cars off the Netherlands could burn for days, officials said Wednesday, as fears built that the fire could damage to a fragile nearby island chain.

Russian cybersecurity firm founder jailed on treason charges

Russia on Wednesday sentenced Ilya Sachkov, co-founder of the Group-IB cybersecurity firm, to 14 years in prison on treason charges, according to an AFP journalist in the Moscow court.

Boeing shares rise despite Q2 loss as it boosts plane production

Boeing reported a $149 million second-quarter loss Wednesday following delays and cost issues in its defense and space program, but shares rallied on increased commercial jet deliveries.

Stocks, dollar retreat before Fed rate decision

Major stock markets mostly retreated Wednesday as a China-induced rally gave way to cautious trading ahead of a Federal Reserve policy decision, with fresh data reviving the possibility of more US rate hikes before the end of the year.

Santander posts record profit despite special tax

Spanish lender Banco Santander reported Wednesday a record profit for the first half of the year despite a windfall tax imposed on banks, as rising interest rates lifted its earnings.

Markets mixed as Fed rate decision looms, China rally fades

Equities were mixed Wednesday as the previous day's China-induced rally gave way to cautious trading ahead of a Federal Reserve policy decision, with fresh data reviving the possibility of more rate hikes before the end of the year.

One dead, several injured in ship fire off Netherlands

One sailor died and several others were injured after a fire broke out on a car carrier ship off the Netherlands on Wednesday, the Dutch coastguard said.

US Federal Reserve likely to lift interest rates to 22-year high

The US Federal Reserve is poised to announce a fresh quarter percentage-point hike to its benchmark lending rate on Wednesday to tackle inflation, while keeping the option open for more such moves in the coming months.

As West fears Tunisia collapse, hopes of IMF bailout fade

Western nations fear an economic collapse in Tunisia could trigger even greater migrant flows to Europe and have offered financial assistance. Yet prospects of Tunisia's sealing the biggest deal of all -- a $1.9-billion bailout from the International Monetary Fund -- seem increasingly remote.

Asian markets mixed as Fed rate decision looms, China rally fades

Asian markets were mixed Wednesday as the previous day's China-induced rally gave way to cautious trading ahead of a Federal Reserve policy decision, with fresh data reviving the possibility of more rate hikes before the end of the year.

Subcontractor lawsuit could test Amazon union relations

When they started to unionize, Amazon tried to get rid of them.

GM reports strong results as it girds for tough labor talks

General Motors lifted its full-year forecast following another strong quarter on Tuesday as it girds for difficult labor negotiations and questions about the market for its growing electric vehicle business.

Biden honors lynching victim, urges US to confront racism

US President Joe Biden designated a new national monument Tuesday to memorialize the racist 1950s lynching of Emmett Till, and challenged Americans to confront their dark history or risk repeating the past.

Three people die in Greece as wildfires rage

Two pilots died when their water-bombing plane crashed while battling a blaze and a third one was found charred on the Greek island of Evia on Tuesday, as wildfires flared across the Mediterranean.

UPS strike averted as deal reached with Teamsters union

The Teamsters union and UPS shipping announced Tuesday that the two sides had reached a tentative agreement on a five-year contract that would avert a crippling strike across the United States.

Record grain harvest eyed as market under pressure

The world is heading for a record grain harvest in the 2023-2024 season thanks to gains for maize and rice, but the market remains under pressure thanks to El Nino and risks due to the war in Ukraine.

Luxury giant LVMH enjoys 'excellent' first half

LVMH, the world's top luxury group, said Tuesday it enjoyed an excellent first half with net profits soaring by 30 percent to 8.48 billion euros ($9.34 billion) thanks to strong growth in Asia and Europe.

TotalEnergies drills first oil wells for huge Uganda project

TotalEnergies announced Tuesday it had started drilling wells for oil in Uganda as part of a huge project condemned by environmental and rights groups.

IMF raises 2023 economic outlook but warns of slowing global growth

The International Monetary Fund has slightly upgraded its outlook for world growth this year on the back of resilient service sector activity in the first quarter and a strong labor market, the lender said Tuesday.

Stocks advance cautiously ahead of central bank rate moves

European and US stocks made cautious advances on Tuesday as investors awaited central bank rate decisions, while stimulus pledges by Chinese leaders dominated Asian trading.

No successor named for Lebanon central bank chief: deputy PM

Crisis-hit Lebanon -- which has no president and is ruled by a caretaker government -- will also have to go without a central bank chief from next week, says the country's deputy premier.

Firefighting plane crashes in Greece as wildfires rage

A Greek water-bombing plane crashed Tuesday while battling a forest fire on the island of Evia as hundreds of firefighters struggled to beat back blazes still raging in Rhodes and Corfu amid a new wave of soaring temperatures.

Stocks waver ahead of central bank rate moves

European and US stocks mostly fell on Tuesday as investors awaited central bank rate decisions, while stimulus pledges by Chinese leaders dominated Asian trading.

US on 'very narrow path' to avoid recession: IMF chief economist

The US economy is on a "very narrow path" to avoiding a recession, the International Monetary Fund's chief economist says, while warning of risks to China's strong post-pandemic recovery.

General Motors reports strong results as it girds for tough labor talks

General Motors lifted its full-year forecast following another strong quarter on Tuesday as it girds for difficult labor negotiations and questions about demand for its growing electric vehicle business.

Spotify reports strong user growth, raises prices

Spotify reported Tuesday a bigger-than-expected rise in active users at the end of the second quarter, a day after the music streaming giant announced price increases for its premium service.

Sawt Falasteen - Economy (English)