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

Global stocks mixed as central banks hike rates

Global stocks were mixed Thursday with European bourses falling after a clutch of central banks in Europe hiked interest rates again, while US equities shook off recent weakness.

Dutch court says Angola's dos Santos diverted millions

A Dutch court has ruled that Isabel dos Santos, the daughter of Angola's late former president, illegally diverted 52 million euros from the southwestern African nation's state oil company.

Titanic sub operator believes all passengers 'sadly lost'

The operator of a submersible missing near the wreck of the Titanic said Thursday it believed all five people on board were dead, due to what the Coast Guard described as a "catastrophic" implosion of the vessel in the ocean depths.

Five things to know about Zambia

Copper-rich Zambia, the first African country to default on its debt during the Covid pandemic, on Thursday secured a deal from creditors to restructure its debt at a global finance summit in Paris.

Interest rate hike heaps pressure on cash-strapped Britons

Millions of Britons are facing fresh mortgage misery after the Bank of England increased interest rates by an unexpected half-point, putting homeowners at risk of higher repayments on their loans during a cost-of-living crisis.

BoE hikes rate half-point over stubborn inflation

The Bank of England lifted Thursday its key interest rate by a half-point to five percent to tackle stubbornly high inflation, despite such a move worsening a cost-of-living crisis.

UN puts Russia on 'list of shame' over children in conflict

The United Nations has put Russian military forces and proxy armed groups on its "list of shame" over violating children's rights in its war in Ukraine, according to a document seen by AFP Thursday.

Red Cross federation chief stepping down

The head of the Red Cross federation, the world's largest humanitarian network, is stepping down, a spokesman confirmed Thursday, following a row in Italy surrounding the Rome Pride event.

US home sales tick up in May but activity muted

Sales of existing homes in the United States edged up in May but activity remained muted on tighter supply and with interest rates still elevated, according to industry data released Thursday.

Cash-strapped Pakistan to lease part of Karachi port to UAE for $220 million

AD Ports Group of the United Arab Emirates (UAE) signed an agreement Thursday to take over the running of part of Pakistan's main Karachi docking facility in a deal worth an immediate $220 million, the company said.

Stock markets fall as central banks hike rates

Stock markets retreated Thursday as a clutch of central banks in Europe hiked interest rates again to combat persistently high inflation.

US Fed official says more rate hikes necessary

A senior US Federal Reserve official said Thursday that additional interest rate hikes are needed to tackle historically high inflation.

Climate goals depend on fixing global finance: top economist

If world leaders and the heads of multilateral development banks gathered at a Paris summit recognise that climate goals depend on revamping the architecture of global finance, it would be a "historic" development, a top development economist said Thursday.

Erkan: Former Wall Street star overseeing Turkey's troubles

Hafize Gaye Erkan can be forgiven for approaching her new job with caution after moving from the bright lights of Wall Street to the treacherous terrain of Turkey's much-maligned central bank, a place where job security is scarce.

BoE hikes rate half-point as high inflation persists

The Bank of England Thursday lifted its key interest rate by a half-point to five percent to tackle stubbornly high UK inflation despite such a move worsening a cost-of-living crisis.

Turkey hikes interest rate in Erdogan policy U-turn

Turkey on Thursday pivoted away from years of unconventional economics promoted by President Recep Tayyip Erdogan as the central bank nearly doubled its key interest rate to fight inflation and steady the troubled lira.

Musk and Zuckerberg call out each other for cage fight

Tech titans Mark Zuckerberg and Elon Musk are in a fierce business rivalry that has spilt over into a playground spat, with the two men offering to fight each other in a cage.

European stock markets retreat as central banks hike rates

European stock markets retreated Thursday as traders track more rate hikes from central banks aimed at cooling elevated inflation.

Markets track US losses with rates seen rising further

Markets in Asia and Europe fell on Thursday as traders contemplated the prospect of more central bank interest rate hikes as they struggle to tame persistently high inflation.

IMF, World Bank under pressure to boost climate change financing

International Monetary Fund (IMF) and World Bank officials are joining dozens of economic leaders for a two-day summit in Paris, aiming to tackle the interlinked challenges of poverty alleviation and climate change.

EU 'enforcer' visits Twitter, Meta as new rules loom

The EU commissioner in charge of enforcing Europe's new landmark rules on online content is heading to San Francisco on Thursday to ensure that the big platforms are ready.

Bank of England to hike again over stubborn inflation

The Bank of England is forecast Thursday to lift interest rates for the 13th time in a row -- and may hike sharply to fight stubborn inflation despite worsening a cost-of-living crisis.

Asian markets track US losses with rates seen rising further

Markets fell in Asia on Thursday as traders contemplated the prospect of more central bank interest rate hikes as they struggle to tame persistently high inflation.

Turkey set to pivot to orthodoxy with rate hike

Turkey was widely expected Thursday to pivot away from years of unconventional economics promoted by President Recep Tayyip Erdogan and dramatically raise interest rates to fight inflation and steady the troubled lira.

Paris climate summit seeks global finance reform

Dozens of global leaders will gather in Paris Thursday for a summit to tease out a new consensus on international economic reforms to help debt-burdened developing countries face a growing onslaught of challenges, particularly climate change.

Brazil holds key interest rate, no signal on easing

Brazil's central bank held its key interest rate unchanged a seventh straight time Wednesday and gave no sign it was prepared to start lowering it soon, despite pressure from President Luiz Inacio Lula da Silva.

Stocks dip as Fed Chair Powell warns of more 'moderate' rate hikes

Wall Street stocks fell after US Federal Reserve chief Jerome Powell warned Wednesday of further interest rate hikes, while European markets slid after a stubbornly high inflation reading in Britain.

Paris Olympic budget issues could force cuts, says government report

The 2024 Paris Olympics are coming in significantly over budget because of an "incomprehensible lack of understanding of the complexity of the IOC's specifications", France's Court of Audit has found.

Fed chief says more rate hikes likely but at slower pace

The US Federal Reserve expects to keep raising interest rates but at a slower pace, Fed chair Jerome Powell told a congressional hearing Wednesday.

Welly boot maker Hunter whacked by weather

Their popularity soared when the supermodel Kate Moss wore them in the mud at the Glastonbury music festival, which started on Wednesday in southwest England.

Stocks dip as Powell warns of more 'moderate' rate hikes

Wall Street stocks mostly fell after US Federal Reserve chief Jerome Powell warned Wednesday of further interest rate hikes, while European markets slid after a stubbornly high inflation reading in Britain.

Drones steal the spotlight at Paris Air Show

Drones of all shapes and sizes designed to carry more and more weapons or directly deliver explosives are everywhere at the Paris Air Show, matching the scale of their deployment on Ukrainian battlefields.

Sawt Falasteen - Economy (English)