Coin Press - Economy

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Featured

Facing backlash, EU moves to delay deforestation rules

The European Commission on Wednesday proposed to delay by a year a ban on imports of products driving deforestation that has faced pushback from countries around the world.

US private sector adds more jobs than expected in September: ADP

US private sector hiring picked up in September, with employers adding more jobs than anticipated, according to data released Wednesday by payroll firm ADP.

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IPL cricket rights battle goes into day three

The battle for broadcast rights for the Indian Premier League reached fever pitch on Monday with global media giants reportedly bidding $5.65 billion to show and stream the hugely popular cricket contest.

Ryanair faces strike in Spain during summer break

Spanish unions called on staff at low-cost airline Ryanair on Monday to hold a six-day strike at the start of the summer holidays, the latest action by aviation industry workers to demand better conditions in Europe.

Major markets dive on heightened recession fears

Global equities, oil prices and bitcoin plunged Monday on heightened recession fears triggered by runaway inflation.

In Milan, Ukrainian designers show off their cultural heritage

With their country mired in war, designers from Ukraine were keen to show their works on the sidelines of Milan's furniture fair, seeking to defend and promote a cultural heritage being ransacked by the Russian army.

Bitcoin slumps under $25,000, lowest in 18 months

Bitcoin tumbled Monday to an 18-month low under $25,000 as investors shunned risky assets in the face of a vicious global markets selloff, months after the cryptocurrency hit a record high.

Markets dive on inflation woes as dollar spikes against yen, rupee

Markets tumbled in Asia and Europe on Monday to extend a global rout while the dollar soared after a forecast-beating US inflation print ramped up bets on a more aggressive campaign of Federal Reserve interest rate hikes.

UK economy shrinks for second month in a row

British economic output declined for a second month in a row in April, weighed down by decades-high inflation, official data showed Monday.

Markets track Wall St plunge on inflation woes, dollar rallies

Markets tumbled in Asia on Monday to extend a global rout while the dollar soared after a forecast-beating US inflation print ramped up bets on a more aggressive campaign of Federal Reserve interest rate hikes.

Yen slides to 24-year low against dollar

The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy.

Google pays $118 mn to settle gender discrimination suit

Google said on Sunday that it was "very pleased" to be settling, without admission of wrongdoing, a class-action lawsuit that argued it underpaid female employees and assigned them lower-ranking positions.

Flood of net zero vows suffer 'credibility gap': report

While countries, cities and companies have massively ramped up net-zero emissions promises in recent months there remain "major flaws" in many plans, according to an analysis published Monday that raises fears of potential large-scale greenwashing by businesses.

Cautious optimism at high-stakes WTO meet

The World Trade Organization chief voiced cautious optimism Sunday as global trade ministers gathered to tackle food security threatened by Russia's invasion of Ukraine, overfishing and equitable access to Covid vaccines.

Despite major gas deal, energy giant warns consumers to turn down heating

TotalEnergies chief Patrick Pouyanne hailed a deal to expand production in the world's biggest natural gas field in Qatar but told AFP on Sunday that more projects are needed and consumers will still have to "turn down the heating" to ease the growing price crisis.

Climate: offshore methane gas leak spotted from space

Scientists have for the first time used satellite data to detect a major offshore leak of the potent greenhouse gas methane, according to peer-reviewed research.

TotalEnergies gains foothold in Qatar gas expansion

Qatar on Sunday named France's TotalEnergies as its first foreign partner to develop the world's largest natural gas field and eventually help ease Europe's energy fears.

WTO chief says 'cautiously optimistic' ahead of high-stakes meet

The World Trade Organization chief voiced cautious optimism Sunday as global trade ministers gather to tackle food security threatened by Russia's invasion of Ukraine, overfishing and equitable access to Covid vaccines.

End of an era as Russia's McDonald's reopens under new name

The restaurant that launched McDonald's in Russia in 1990, heralding Moscow's opening after decades of Soviet rule, reopened Sunday with a new name and logo in a potent reminder of the upheaval sparked by the conflict in Ukraine.

Cash-strapped Sri Lanka announces weekly fuel quotas

Crisis-hit Sri Lanka announced weekly fuel quotas for motorists on Sunday, as an acute shortage worsened and longer queues formed outside the few pumping stations still operating.

Global media giants battle for IPL cricket rights

Global media giants including Disney and Sony and Asia's richest man reportedly battled Sunday for the broadcast rights for the Indian Premier League cricket tournament, one of the world's most-watched sporting events.

Sanctioned Ukraine tycoon seeks to support war effort

Sanctioned by Ukraine in the past over his close ties to Russia, Dmytro Firtash, one of the country's wealthiest citizens, made international headlines this week for saying he is sheltering hundreds of Ukrainians in his chemical factory.

Resurging US inflation puts Fed on track for more big rate hikes

Red-hot US inflation is showing few signs of cooling, putting the Federal Reserve on track to continue its aggressive interest rate increases to help cool high prices that are challenging Joe Biden's presidency.

Iran, Venezuela sign two-decade cooperation deal: state media

Iran and Venezuela signed a 20-year deal on cooperation between the two allies subject to US sanctions during a visit Saturday to the Islamic republic by Venezuela's President Nicholas Maduro.

Australia agrees Naval payout, ending France sub dispute

Australia unveiled a massive compensation deal with French submarine maker Naval Group Saturday, ending a contract dispute that soured relations between Canberra and Paris for almost a year.

Rare Stradivarius sells for near-record $15.3 million

A rare Stradivarius violin that belonged to a Russian-American virtuoso and was used in the "Wizard of Oz" soundtrack sold at auction in New York Thursday for $15.3 million, just below the record for such an instrument, according to auction house Tarisio.

Biden says ExxonMobil 'made more money than God'

President Joe Biden on Friday slammed ExxonMobil for not producing more oil, as soaring gas prices deplete Americans' wallets and the US leader's popularity ahead of midterm elections.

Signs of something 'buried' in Amazon disappearance of journalist, expert

Authorities combing a remote corner of the Amazon for signs of a missing British journalist and Brazilian indigenous expert are investigating a patch of earth where something appears to have been buried, officials said Friday.

US health authority says Moderna vaccine effective in under-fives

US health authorities confirmed on Friday that data provided by drug-maker Moderna on the efficacy of its Covid-19 vaccine among very young children were accurate, ahead of a decision next week on whether to authorize two inoculations against the virus in kids aged six months to five years.

Serial 'predator' admits rapes and assaults as trial opens in France

A former janitor and family man accused of dozens of rapes and sexual assaults in France and Belgium went on trial Friday, saying he had acted on his "instinct of a hunger, a predator."

US inflation skyrockets, piling pressure on Biden

US inflation surged to a new four-decade high in May, defying hopes price pressures had peaked and deepening President Joe Biden's political troubles as Americans struggle to meet the ever rising cost of essentials like food and gas.

US to drop Covid tests for incoming air travel: W.House

The United States on Friday announced that Covid-19 tests would no longer be demanded for international travelers arriving by air, a major step in the country's gradual lifting of pandemic restrictions.

Stocks slide as US inflation soars

Stock markets plunged deeper into the red on Friday after data showed that US inflation soared to highest level in 40 years in May, much higher than analysts had expected.

US inflation skyrockets, prolonging pain for consumers

US inflation resurged in May, defying hopes price pressures would slow, and posting the largest increase since December 1981 as Americans continue to shell out ever more for food and gas, according to data released Friday.

Hit by war, Ukraine toy maker back in business

Sweet-smelling wood chips are layering the factory floor again at the toy manufacturer where Robert Milayev works now that production has restarted after the withdrawal of Russian troops.

UK banks no longer 'too big to fail': BoE

Britain's biggest banks are no longer "too big to fail" in any future financial shocks, with shareholders rather than taxpayers ready to bear the cost, the Bank of England said Friday.

Hong Kong's status undermined by Covid curbs, leader says

Hong Kong's status as an international hub has been "undermined" by strict coronavirus border controls, outgoing leader Carrie Lam admitted Friday, just a day after saying she would not further lift restrictions before departing.

Markets extend global sell-off on inflation, rate fears

Markets extended a global sell-off Friday after the European Central Bank laid the groundwork to join others in a programme of interest rate hikes, while attention turns to the release of key US inflation data.

Spain seaside staff shortages spell trouble for tourism

In normal times, Pablo Gonzalez would never have considered closing his restaurant at the height of summer. But this year, he's been forced to do just that for one day a week for lack of staff.

Ex-janitor accused of serial rapes goes on trial in France

A former janitor accused of dozens of rapes and sexual assaults in France and Belgium over several decades will go on trial in France on Friday, after admitting to a spate of assaults.

Open season: Italy to allow public tenders to manage beaches

Italy has some spectacular beaches but the majority are private, run in an opaque and sometimes shady manner that the government has finally decided to bring into the light.

Coin Press - Economy (English)