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

Czechs announce major pension, tax reform to rein in debt

The Czech government presented an extensive tax and pension reform on Thursday designed to curb soaring public debt due to the Covid pandemic and the war in Ukraine.

Biden administration announces plan to curb emissions from power plants

President Joe Biden's administration on Thursday announced plans to curb planet-warming emissions from the nation's power stations, as part of the United States' efforts to combat climate change.

Bank of England lifts interest rate to 15-year high

The Bank of England on Thursday lifted its key interest rate by a quarter-point to 4.5 percent, the highest level in almost 15 years, as it bids to cool sky-high inflation.

Finnish footbridge collapse injures 27, mostly children

Some 27 young people, mostly children, were injured in Finland on Thursday when a temporary footbridge near a construction site collapsed and they fell several metres onto a road, officials said.

Stock markets waver after Bank of England rate hike

Europe's main stock markets wavered on Thursday, with London sliding after the Bank of England announced it was hiking interest rates to a 15-year high.

iPhone maker Foxconn's profits slump 56 percent in first quarter

Profits for Taiwanese tech giant and key Apple supplier Foxconn fell 56 percent in the first quarter, it announced Thursday, a plunge blamed on weakened demand due to a global downturn.

European stocks climb as focus switches to Bank of England

Europe's main stock markets rose on Thursday, with the region's key event an expected interest rate hike from the Bank of England.

German union calls new two-day rail strike

Transport union EVG on Thursday called a new round of strikes on Germany's rail network as workers demand higher wages to cope with inflation, an industrial action slammed as "insane" by train operator Deutsche Bahn.

A delicate succession in the Arctic Council after Russia sidelined

The Arctic Council, a model for cooperation between former Cold War foes, on Thursday sees a delicate handover of chairmanship, with the sidelining of Russia, its largest member.

Nissan full-year results beat estimates, forecast bullish

Nissan said Thursday its full-year net profit slightly topped estimates and offered an upbeat forecast for the current fiscal year, despite warning of "challenging" conditions ahead.

G7 finance chiefs tackle crises from Ukraine to banking

Support for war-torn Ukraine topped the agenda at G7 finance talks on Thursday in Japan, where ministers and central bankers also weighed concerns ranging from banking uncertainty to US debt default fears.

'Full recovery': Emirates Group unveils record $3bn profit

Emirates Group announced a record $3 billion annual profit on Thursday, hailing a "full recovery" for the Dubai-based carrier after last year's losses due to the pandemic.

A primal forest encircled by Ecuador port faces ruination

A hilly forest that is a bastion of exceptional flora and fauna next to Ecuador's largest city, Guayaquil, is now threatened by mining, urbanization and deforestation.

SoftBank Group logs $7.2 billion full-year loss on tech woes

SoftBank Group reported an annual net loss of over $7.2 billion on Thursday after a bruising year for the tech startup sector in which it is heavily invested.

Asian markets slip as traders left unmoved by US inflation data

Asian markets mostly fell Thursday as investors shrugged at data showing US inflation fell further but only marginally, suggesting the Federal Reserve still had much to do in its battle against rising prices.

US debt 'brinkmanship' risks serious costs: Yellen

Political brinkmanship over raising the US debt ceiling risks "serious economic costs" even without the "catastrophe" of a default, Treasury Secretary Janet Yellen warned Thursday at G7 finance talks in Japan.

G7 finance ministers discuss crises from Ukraine to banking

Support for war-torn Ukraine will top the agenda as G7 finance talks start Thursday, but ministers and central bankers will also weigh concerns ranging from banking uncertainty to US debt default fears.

Australian minister heads to China seeking 'unimpeded' trade

Australia's trade minister flew to Beijing on Thursday on a mission to demolish all Chinese import barriers after years of punishing sanctions and unofficial bans.

Winds of change buffet Iran's wooden boat building tradition

Iranian captain Hassan Rostam has braved the Strait of Hormuz aboard his lenj for four decades, but now watches with despair as the wooden ships are being replaced by cheaper, faster boats.

Inflation-fighting Bank of England eyes 12th rate hike

The Bank of England is forecast Thursday to deliver its twelfth straight interest rate hike as it seeks to dampen high inflation but risks worsening a cost-of-living crisis.

Streaming giants battle for anime supremacy

From R-rated sci-fi to teen biker gang adventures, streaming platforms are locked in an intensifying battle for dominance in one of the entertainment sector's hottest and most lucrative mediums: anime.

French gastronomy facing huge logistical challenge for Olympics

France's vaunted gastronomy will be put to the ultimate test when organisers of the 2024 Paris Olympics have to feed 15,000 athletes.

Disney Plus sheds subscribers for second straight quarter

Subscribers to Disney Plus fell for the second straight quarter, the company said on Wednesday, though it stemmed financial losses as it competes with Netflix for viewers.

Brazilians say emotional goodbye to rock icon Rita Lee

Fans flocked to a Sao Paulo park Wednesday to say an emotional farewell to Brazil's "Queen of Rock," the trailblazing singer-songwriter Rita Lee, who died this week at age 75.

Germany says controversial Chinese stake in Hamburg port to go ahead

The German government said Wednesday that it would allow a Chinese firm to buy a stake in a Hamburg port, after the terminal was classed as critical infrastructure.

Stock markets mixed as US inflation eases slightly

Stock markets were muted Wednesday after much-anticipated data showed US consumer inflation had eased only slightly in April.

US consumer inflation eases but price pressures remain

Consumer inflation in the United States nudged down only slightly in April, the Labor Department said on Wednesday, despite strong efforts to cool the economy and rein in price increases.

Shell wins legal case over Nigeria oil spill

Britain's highest court ruled Wednesday it was too late for people in Nigeria's Niger delta region to lodge pollution claims against energy giant Shell after a huge oil spill more than one decade ago.

No justice, no burial: relatives mount corpse protest in India

The stench of death hangs heavy over the morgue at an Indian hospital -- and relatives are refusing to bury the rotting corpses in protest at their killings in ethnic violence.

Toyota full-year net profit beats forecast

Top-selling automaker Toyota said Wednesday that its full-year net profit beat expectations and projected better sales and revenue for the year ahead as supply chain disruptions ease.

Sweden's 'Truth Commission' delves into painful Sami past

After centuries of persecution, Sweden's indigenous Sami people are beginning to provide testimony about the injustices they experienced in a recently launched "Truth Commission" probing the country's discriminatory policies and their consequences.

Google to show off AI and Pixel gadget innovations

Google is expected to enrich its popular online services with more artificial intelligence on Wednesday as it scrambles to catch up with rival Microsoft despite fears that AI poses a threat to society.

Sawt Falasteen - Economy (English)