Coin Press - Economy

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US Fed Chair sees 'further disinflation' in economy

The United States is set to see inflation cool further towards policymakers' target, Federal Reserve chair Jerome Powell said Monday, with interest rates likely to come down over time, too.

Epic Games sues Google and Samsung over app store

"Fortnite"-maker Epic Games is suing tech giants Google and Samsung, it announced Monday, accusing them of illegally colluding to block competition on Samsung devices.

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Russian regulator says French radio RFI's website blocked

Russia's media watchdog Roskomnadzor on Friday blocked access to the website of French radio station RFI for violating a law banning the dissemination of false or extremist information.

Bankrupt Sri Lanka rations fuel as crisis worsens

Cash-strapped Sri Lanka imposed fuel rationing on Friday in another worsening of the economic crisis that has sparked widespread demonstrations calling for President Gotabaya Rajapaksa's resignation.

Shanghai lockdowns threaten China's auto output while port congestion worsens

Chinese automakers warned they may have to put the brakes on production if Covid-19 lockdowns in Shanghai persist, with a top Huawei executive also sounding the alarm Friday about snarled supply chains.

Philippines' Duterte blocks bill to register social media users

Philippine President Rodrigo Duterte has rejected a proposed law requiring social media users to register their real names and phone numbers, citing threats to free speech and privacy, his spokesman said Friday.

Uber suspends services in Tanzania over new fare rules

US ride-hailing giant Uber has suspended its services in Tanzania, saying government legislation that raises fares and cuts its commission made it difficult for it to operate.

Shanghai lockdowns threaten China auto production

Chinese auto makers warned they may have to put the brakes on production if strict Covid-19 curbs in Shanghai persist, with a top Huawei executive also sounding the alarm Friday about snarled supply chains.

Web of support for Ukrainian refugees in Romania

Eyes glued to her two screens, Romanian Olivia Vereha works tirelessly to make sure an essential website for Ukrainian refugees runs smoothly.

Asian markets drop after Wall Street retreat

Asian markets dipped in early trade Friday after a negative lead from Wall Street, with investors around the world worried about surging inflation.

'Terrified': Musk Twitter buyout bid rattles tech world

Elon Musk's shock offer to buy Twitter drew immediate fears Thursday – and some cheers – over putting the platform in the hands of a mercurial billionaire who advocates fewer limits on what people can post.

Haulage strike paralyzes Argentina's farming exports

A four-day-old strike by Argentine grain transporters, demanding higher freight rates in the face of rising diesel prices due to war in Ukraine, has paralyzed farming exports, industry sources said Thursday.

Germany seizes world's largest yacht owned by Russian oligarch

Germany has officially confiscated the world's largest superyacht owned by Russian oligarch Alisher Usmanov, as part of sanctions against Moscow following the outbreak of war in Ukraine, police sources said Thursday.

Musk says 'not sure' his Twitter buyout bid will succeed

Tesla chief Elon Musk said Thursday he's not sure his $43 billion bid to buy Twitter will succeed, but asserted he has a "plan B" in case of failure.

US banks see upheaval from Fed shift, Russia challenging economy

Large US banks released a mixed deluge of earnings Thursday, pointing to the continued strength of US households and businesses while warning of rising risks from inflation, geopolitical upheaval and fast-changing monetary policy.

NFT of first-ever tweet a dud in online auction

An NFT of the first tweet ever posted on Twitter was struggling to attract bidders on Thursday, with the highest offer so far just shy of $10,000 -- a year after it was bought for $2.9 million.

Euro hits two-year low as ECB holds fire

The euro slumped to a near two-year low on Thursday after the European Central Bank remained vague about when it will raise interest rates in the face of soaring inflation.

Lebanon to demolish blast-hit silos despite victims' protest

Lebanon on Thursday ordered the demolition of Beirut's grain silos which are at risk of collapse following a devastating 2020 port explosion, prompting protests from relatives of blast victims who want the silos preserved.

Elon Musk, tech visionary in the spotlight

Space conquest: check. Disrupt the auto industry: check. Take over Twitter? Why not. From eccentric entrepreneur to the world's richest man, Elon Musk likes to dream big -- and these days, he is everywhere you look.

Iraqis queue for fuel as stations protest government

Motorists in Iraq formed long queues for fuel Thursday after some owners of filling stations shut off their pumps to protest government policies on fuel distribution and pricing.

Citigroup sets aside $1.9 bn for Russia as US banks report mixed results

Citigroup said Thursday it set aside $1.9 billion in reserves due to Russia's invasion of Ukraine as large US banks reported mixed results amid a backdrop of geopolitical upheaval and fast-changing monetary policy.

Eurozone stocks rise, euro slides as ECB holds fire

Eurozone stock markets rose Thursday while the euro slid as the European Central Bank remained vague about when it will raise interest rates in the face of soaring inflation.

Fed can achieve economic 'soft landing,' but it won't be easy: Williams

The US central bank can bring inflation down by raising interest rates without jeopardizing growth in the world's largest economy, although it will be a challenge, a top Federal Reserve official said Thursday.

ECB sticks to the plan as inflation, Ukraine shake eurozone

The European Central Bank on Thursday stood still in the face of record inflation, keeping its stimulus plans and rates unchanged, as the war in Ukraine cast a pall over the eurozone economy.

Bankrupt Sri Lanka looks to expand airline fleet

Cash-strapped Sri Lanka's loss-making national carrier revealed plans Thursday to lease up to 21 aircraft, just two days after the government announced a default on its $51 billion foreign debt.

Without official aid, Durban flood victims dig themselves out

Entering their fourth day without power or water, Durban's poorest residents lined up on Thursday to collect water from burst pipes and dug through layers of mud to retrieve their few possessions.

Citigroup sets aside $1.9 bn due to Russian-Ukraine conflict

Citigroup said Thursday it set aside $1.9 billion in reserves due to Russia's invasion of Ukraine, which was one factor driving a drop in the bank's quarterly earnings.

Turkey again refuses to raise rates to fight record inflation

Turkey's central bank on Thursday brushed aside an inflation reading that has soared past 60 percent and kept its benchmark interest rate steady for the fourth month in a row.

ECB holds tight as inflation tide rises

The European Central Bank on Thursday stood still in the face of record inflation, keeping its stimulus plans and rates unchanged, as the war in Ukraine cast a pall over the eurozone economy.

Eurozone stocks, euro higher before ECB update on rates

Eurozone stock markets and the euro rose Thursday awaiting the outcome of the European Central Bank's latest monetary policy meeting, as traders seek more information on when it will start to raise interest rates to fight the bloc's record-high inflation.

Sri Lankans abandon holiday celebrations for protests

Life usually stops in Sri Lanka's capital during April's holiday period, but with an economic crisis derailing traditional home celebrations, Colombo's city centre is instead teeming with frustrated crowds.

UK to send asylum-seekers to Rwanda

Britain is to send migrants and asylum-seekers who cross the Channel thousands of miles away to Rwanda, according to a controversial deal announced Thursday as the government tries to clamp down on record numbers of people making the perilous journey.

Volkswagen sees impact of Ukraine war despite profit bounce

German auto giant Volkswagen said Thursday its first quarter operating profit increased significantly in 2022, while warning that the "first effects" of the war in Ukraine were beginning to be felt.

Taiwan's TSMC reports record first-quarter revenue

Taiwanese tech giant TSMC posted record revenue for the first three months of the year Thursday as demand soared for chips used in everything from smartphones and cars to missiles.

Asian, eurozone markets rise but inflation haunts outlook

Asian and eurozone stocks rose Thursday after a recovery on Wall Street, but investors remained cautious about the ongoing impact of skyrocketing inflation and the war in Ukraine.

Uniqlo operator lifts profit outlook despite China lockdowns

Fast Retailing, the operator of Japanese casualwear giant Uniqlo, revised its annual net profit forecast upwards on Thursday even as business in China is hit by fresh lockdowns.

Judge slashes Tesla's damages to ex-employee in racism case

A San Francisco judge on Wednesday slashed the $137 million in damages Tesla was told to pay a former employee in a racial discrimination case down to $15 million but upheld the verdict.

Asian markets rise but inflation, Ukraine fears linger

Asian stock markets mostly rose in early trade Thursday after a recovery on Wall Street, but investors remained cautious about the ongoing impact of skyrocketing inflation and the war in Ukraine.

ECB wrestles with record inflation and war risk

European Central Bank policymakers meet on Thursday faced with the challenge of threading a response between record-high inflation figures and weak growth due to the war in Ukraine.

Biden's biofuel: Cheaper at the pump, but high environmental cost

In an effort to ease Americans' pain at the gas pump, President Joe Biden has announced his administration will ease restrictions on the sale of E15 -- gasoline that includes 15 percent ethanol -- and new investments in biofuels as a whole.

Global stocks mostly up despite another historic inflation report

Stock markets mostly rose and oil prices climbed Wednesday as investors pored over data showing further spikes to inflation.

Coin Press - Economy (English)