Coin Press - Economy

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Stock markets slump, oil jumps on Middle East concerns

Global markets sank and oil soared Tuesday on fears of escalating conflict in the Middle East.

French PM vows more taxes and spending cuts ahead of budget fight

France's new Prime Minister Michel Barnier pledged new taxes and spending cuts Tuesday to reduce a "colossal" debt, in a policy address that met with a raucous reception from lawmakers who could topple his government at any time.

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Malaysia central bank hikes interest rate to tame inflation

Malaysia's central bank raised its key interest rate on Wednesday for the first time since 2020, in a surprise move aimed at taming inflation.

Asian stocks mixed, Europe opens higher as investors fret over inflation

Asian stocks were mixed on Wednesday, following a volatile day on Wall Street with investors concerned about surging inflation and see-sawing crude prices.

Triumphant Marcos faces high expectations from Philippines poor

Despite his Oxford education and jet-set lifestyle, the Philippines's president-elect Ferdinand Marcos Junior sailed to victory this week as a champion of the poor.

NZ Rugby to vote on controversial $134mn US private equity deal

The fate of New Zealand Rugby's contentious deal with a US private equity firm should be known within a month, after a special general meeting was called by the sport's bosses on Wednesday.

Toyota posts record full-year net profit, forecasts cautious

Toyota on Wednesday posted a record full-year net profit helped by strong sales and a cheaper yen, but issued cautious forecasts as the pandemic and war in Ukraine disrupt supply chains.

Russians 'pushed away from Kharkiv' as Washington warns of long war

Russian troops are being pushed away from Ukraine's second city Kharkiv, President Volodymyr Zelensky said, but sounded a note of caution as Washington said Vladimir Putin won't stop with the east and is ready for a long war.

Tokyo to recognise same-sex partnerships from November

Tokyo will begin recognising same-sex partnerships from November after revising current rules, officials said Wednesday, becoming the largest city in Japan to do so.

The 1997 chess game that thrust AI into the spotlight

With his hand pushed firmly into his cheek and his eyes fixed on the table, Garry Kasparov shot a final dark glance at the chessboard before storming out of the room: the king of chess had just been beaten by a computer.

Asian stocks open mixed as investors fret over oil prices

Asian stocks opened mixed on Wednesday, following a volatile day on Wall Street that had investors concerned about surging inflation and sent global oil prices retreating.

US inflation may have peaked, but pain continues

With surging prices undermining wage gains and hurting American families, US President Joe Biden said Tuesday that fighting inflation is his top priority, but he may have limited tools to tackle the issue.

Final refrain for iPod as Apple stops production

Apple on Tuesday put out word it is no longer making iPods, the trend-setting MP3 players that transformed how people get music and gave rise to the iPhone.

Fighting rages in Ukraine's east as US warns of long war

Ukraine battled Russian forces in its eastern region Tuesday while overnight missile strikes hit the southern port of Odessa, as the United States warned that Russian President Vladimir Putin is ready for a long war.

Paraguay anti-drug prosecutor killed in Colombia while honeymooning

Paraguayan anti-drug prosecutor Marcelo Pecci was shot dead execution-style Tuesday while honeymooning on a Colombian Caribbean island by men who fled by sea, police and his widow said.

$Mike Tyson to face no charges over plane fracas: US prosecutor$

Mike Tyson to face no charges over plane fracas: US prosecutor

Former heavyweight boxing champion Mike Tyson will not face criminal charges over repeatedly punching a fellow plane passenger, a prosecutor in California said Tuesday.

Global stocks end mostly up as demand worries weigh on oil prices

European and US stocks mostly rose Tuesday, partially rebounding from the prior session's rout, while oil prices continued to retreat on worries slowing global growth will dent demand.

West blames Russia for satellite hack ahead of Ukraine invasion

Western powers on Tuesday accused Russian authorities of carrying out a cyberattack against a satellite network an hour before the invasion of Ukraine to pave the way for its assault.

European stocks rebound, oil extends losses

European stock markets rebounded Tuesday following days of losses on fears over rising US interest rates fuelled by surging inflation and the impact of China's prolonged Covid lockdowns.

Stocks rebound, oil extends losses

US and European stock markets rebounded Tuesday following days of losses on fears over rising US interest rates fuelled by surging inflation and the impact of China's prolonged Covid lockdowns.

Stocks diverge, oil extends losses

European stock markets rebounded Tuesday, Asian equities mostly sank and oil prices tumbled as traders reacted to fears over rising US interest rates fuelled by surging inflation and assessed the impact of China's prolonged Covid lockdowns.

'Rich also cry': Russia's sanctioned oligarchs lose luxuries

From superyachts and mansions to private jets and works of art, mega-rich Russians are being deprived of their expensive playthings, under swingeing sanctions that implicate them in Vladimir Putin's war in Ukraine.

Trickling stream offers lifeline to survivors of Ukraine war zone

The water trickling from a pipe sticking out of a mound of dirt in Ukraine's besieged city of Lysychansk offered the last lifeline to the emaciated bricklayer's family of nine.

Sony logs record full-year sales but keeps forecast cautious

Sony on Tuesday reported its best-ever sales in the financial year to March thanks to strong results in movies, electronics and music, but offered a cautious forecast as supply chain disruption continues.

Nintendo annual net profit solid but outlook cautious

Nintendo on Tuesday reported a solid net profit for the financial year to March on the strong performance of its blockbuster Switch console, but issued a cautious forecast.

US extradition dropped after Megaupload co-defendants strike deal

Two former colleagues of tech entrepreneur Kim Dotcom have agreed to face online piracy charges in a New Zealand court in exchange for US extradition proceedings being dropped, authorities and the defendants said on Tuesday.

Sony logs record full-year sales but net profit dips

Sony on Tuesday reported its best-ever sales in the financial year to March thanks to strong results in movies, electronics and music, while net profit dipped 14 percent from the previous year's record high.

All that glitters: How the money-spinning IPL turned cricket into gold

The Indian Premier League has made millionaires out of young players, generated invaluable publicity for team owners and made the national cricket board one of the richest governing bodies in global sport.

Asian stocks fall on Wall Street rout, oil prices tumble

Asian equities mostly sank Tuesday and oil prices tumbled following a rout on Wall Street as anxieties were fanned over rising US interest rates, surging inflation and the impact of China's prolonged Covid lockdowns.

Bitcoin falls below $30,000, lowest since July 2021

Bitcoin slumped below $30,000 for the first time since July 2021 on Tuesday as cryptocurrencies track sinking markets with investors spooked by aggressive US monetary tightening and surging inflation.

Social network Grindr going public at $2.1 bn value

Social network Grindr on Monday said it has hooked up with a special purpose acquisition company to become a publicly traded company valued, out of the gate, at $2.1 billion.

Philip Morris in talks to buy Swedish Match

Tobacco giant Philip Morris International is in talks to acquire Swedish Match, the companies said Monday, in a deal that would boost its smokeless offerings.

Global stocks and oil slump on China lockdowns, interest rates

World stock markets mostly sank Monday and oil prices slumped as China's Covid lockdowns added to stubborn fears over the impact of rising US interest rates and surging inflation.

EasyJet tackles Covid staff shortage by removing seats

EasyJet plans to remove seats from Airbus aircraft this summer, allowing the British airline to fly with fewer cabin crew as it struggles with Covid absences and staff recruitment.

French court opens hearing into deadly Yemenia Airways crash

A French court opened hearings Monday in the case of the 2009 crash of a Yemenia Airways flight that killed 152 people but miraculously left a 12-year-old girl alive.

Global stocks deepen losses on rising rates, China lockdowns

World stock markets mostly sank Monday on stubborn fears over the impact of rising US interest rates, surging inflation and China's Covid lockdowns.

Sri Lanka imposes curfew after violent clashes

Sri Lankan authorities imposed a nationwide curfew and deployed the army on Monday after dozens of people were hospitalised in the biggest clashes in weeks of anti-government protests.

Indian rupee falls to new low on Fed action, inflation fears

The Indian rupee plunged to an all-time low against the greenback on Monday, as US monetary policy tightening roiled sentiment and foreign investors continued to dump domestic stocks.

Britain, Cyprus hail 'new era' on military land

Thousands of Cypriots living on British military land will have the right to develop their properties under a deal to take effect next week, ending decades of unequal treatment, officials said Monday.

Indonesia maintains steady growth in first quarter thanks to exports

Indonesia's economy maintained steady growth in the first quarter of 2022 despite global tensions, official data showed on Monday, as the nation reaped the benefits of soaring commodities prices and an easing of Covid restrictions.

Sri Lanka imposes curfew in capital after 20 injured in clashes

Sri Lankan police imposed a curfew on Monday after clashes between rival political camps, as anger builds over the island’s worst economic crisis since independence.

Coin Press - Economy (English)