Coin Press - Economy

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Featured

Hundreds of people protest ahead of Swiss Davos meeting

Some 300 people including two millionaires protested in Davos Sunday ahead of next week's gathering of the global elite at the World Economic Forum (WEF) in the Swiss Alps.

Sacklers, Purdue to pay $7.4 bn over opioid crisis

Several US states have reached a $7.4 billion settlement with the Sackler family and their pharmaceutical company Purdue over the opioid crisis that has ravaged the lives of millions of Americans, officials said Thursday.

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China Unicom says no 'justifiable grounds' for US ban

China Unicom said Friday there were no "justifiable grounds" for a US order that banned the company from operating in the country on national security concerns.

Ex-government workers mine for salvation in Afghan mountains

In the bone-splitting chill of the Afghan mountains, Mohammad Israr Muradi digs through coarse earth spilling from the open mouth of an emerald mine.

German industry seeks ladder out of supply chain woes

A new warehouse with a freshly unboxed smell is the consequence of the coronavirus pandemic for the German ladder, stool and scaffold-maker Munk.

Salvadorans show support for bitcoin despite IMF criticism

Karen Hernandez sells mobile phone accessories in El Salvador and says business has been through the roof since the country started using bitcoin as legal tender.

Apple quarterly revenue record high despite chip shortage

Apple reported record $124 billion quarterly revenue on Thursday, despite a global chip pinch and shifting impacts of the pandemic that have weighed down other big tech players.

Morocco starts construction of anti-Covid vaccine plant

Morocco on Thursday inaugurated construction of an anti-Covid vaccine manufacturing plant in partnership with Swedish firm Recipharm, the official news agency MAP reported.

Honduras: Poor, violent and corrupt

Honduras, which inaugurated Xiomara Castro as its first-ever woman president Thursday, is a small country with idyllic beaches at the heart of Central America's "triangle of death," plagued by gangs, poverty and corruption.

McDonald's profits rise as fast-food giant lifts prices carefully

Price increases helped McDonald's report higher profits Thursday as the fast-food giant navigates an inflationary environment that it argues advantages the Big Mac maker over its competitors.

Tests of HIV vaccine using mRNA technology have begun

Testing in humans of an HIV vaccine that uses messenger RNA technology has begun, the biotech firm Moderna and the International AIDS Vaccine Initiative said Thursday.

Rare Botticelli sells for $45 mn at New York auction

A rare Botticelli painting depicting Jesus Christ sold at auction for more than $45 million Thursday at Sotheby's in New York, a year after a record $92 million was paid for a work by the Italian Renaissance master.

Stocks rebound as US economy posts decades-high growth

US and European stock markets rose on Thursday as investors put aside rate hike fears and focused on data showing the US economy grew at its fastest pace in decades last year.

Standing up to violent colleagues a high-risk 'duty' for US police

US police officer Cariol Horne intervened when a colleague started choking a Black suspect during an arrest in 2006. "Fifteen years of hell" ensued for Horne, also African-American, as she was punished for stepping out of rank.

Greenpeace says abandoned Yemen oil tanker a 'grave threat'

A long-abandoned fuel tanker off the coast of war-torn Yemen poses a "grave threat" to millions of the impoverished country's residents, potentially exacerbating its humanitarian crisis, Greenpeace warned on Thursday.

Italy again fails to elect president as parties buy time

The fourth round of Italy's presidential elections flopped before it began Thursday, with parties unwilling to risk a crisis by picking Prime Minister Mario Draghi, but unable to agree on an alternative candidate.

Higher prices, fewer Covid-19 closures lift McDonald's profits

McDonald's reported higher profits Thursday on price increases and fewer impacts from Covid-19 restrictions despite higher operating costs.

French cinema greats pay tribute to actor killed in skiing accident

Some of the greatest names in French cinema came together to pay a final tribute to their fellow star Gaspard Ulliel on Thursday, whose death last week aged 37 in a ski accident shocked the country.

Struggling Air India sold after 69 years in govt hands

India's beleaguered national carrier landed back in the hands of its founders Thursday, decades after it was nationalised and following years as a monumental burden on the public purse.

Stocks tumble on US rate hike uncertainty

Equity markets mostly retreated Thursday, with the sharpest losses in Asia, after Federal Reserve chief Jerome Powell refused to be drawn on the pace of US interest rate hikes to battle decades-high inflation.

UAE largest bank makes record profit in 2021

The UAE’s largest bank, First Abu Dhabi Bank, announced Thursday it scooped record annual net profit of $3.4 billion in 2021, a 19 percent increase over the previous year.

Nissan alliance to invest $25 bn in electric vehicles over 5 years

The Nissan auto alliance said Thursday it will invest 23 billion euros ($25.7 billion) in electric vehicles over the next five years, marking the latest massive cash injection into the fast-growing sector by the auto industry.

EasyJet halves first-quarter loss despite Omicron

British airline EasyJet slashed losses by half in the first quarter, despite the emergence of the Omicron coronavirus variant which disrupted the travel industry, the company said Thursday.

EU launches WTO case against China over Lithuania row

The European Union on Thursday launched a case against China at the World Trade Organization (WTO) for targeting Lithuania over its stance on Taiwan.

Apple's iPhone retakes top spot in China smartphone market: research

Apple reclaimed its position as the top smartphone seller in China after six years, clocking a record market share in the final quarter of 2021 as US sanctions hit rival Huawei, according to researchers.

Six sue Fukushima nuclear plant operator over thyroid cancer

Six young people will sue the operator of Japan's stricken Fukushima nuclear plant on Thursday over claims they developed thyroid cancer due to exposure to radiation after the facility's meltdown.

Samsung reports 53% jump in profit despite supply chain woes

South Korean tech giant Samsung Electronics said Thursday its operating profit rose 53.3 percent in the fourth quarter of 2021, as record sales helped overcome pandemic-induced supply chain challenges.

Tesla reports record profit, sees more supply chain woes in 2022

Tesla rode rising demand for electric vehicles to a record $5.5 billion profit in 2021, but cautioned that supply chain problems would continue to crimp production through 2022.

Fed signals first US rate hike since pandemic coming in March

Federal Reserve Chair Jerome Powell on Wednesday gave a clear signal the central bank is ready to raise US interest rates in March for the first time since cutting them to zero when Covid-19 broke out.

Three, two, one: astronomers predict SpaceX space junk will hit the Moon

A chunk of a SpaceX rocket that blasted off seven years ago and was abandoned in space after completing its mission will crash into the Moon in March, experts say.

Far-right, nationalist leaders to meet in Madrid Friday

Hungary and Poland's leaders and France's Marine Le Pen will be in Madrid later this week for a gathering of nationalist and far-right leaders, Spain's Vox party said on Wednesday.

Bank of Canada keeps benchmark rate unchanged despite inflation

The Bank of Canada said Wednesday it is keeping its benchmark overnight lending rate unchanged at 0.25 percent despite inflationary pressures, citing the harmful effects of the Omicron variant on the economy.

Stocks rally before key Fed update, oil hits $90

European and US stock markets powered higher Wednesday, recovering further from recent sharp losses, as traders await the outcome of a key Federal Reserve policy meeting.

Putin, Italian firms talk business despite Ukraine tensions

Russian President Vladimir Putin spent more than two hours Wednesday in a virtual meeting with top Italian executives, despite Rome's opposition to the event due to escalating tensions over Ukraine.

Boeing reports another loss due to 787 woes

Boeing reported a hefty fourth-quarter loss Wednesday as mounting costs connected to the widebody 787's woes more than offset a boost from the comeback of the 737 MAX after a lengthy grounding.

After days of tumult, Wall Street awaits Fed's moves on inflation

The conclusion of the Federal Reserve's first policy meeting of the year on Wednesday can't come soon enough for Wall Street, which has experienced days of chaotic trading as investors fret over what steps the central bank might take to counter inflation.

US lawmakers mull computer chips, China competition bill

US lawmakers were studying proposals Wednesday to jumpstart high-tech research and manufacturing, boost competition with China and ease a global shortage of crucial computer chips.

Boeing reports large loss on $3.8 bn costs tied to 787 woes

Boeing reported a hefty fourth-quarter loss Wednesday on mounting costs associated with the widebody 787, of which it has suspended deliveries due to quality problems.

English cricket comes under fresh fire over racism

English cricket is back in the firing line over racism in the game after "stereotypical" and "outdated" views were expressed about the reasons for a lack of interest in the game among Britain's ethnic-minority communities.

Intel wins appeal against EU's 1-bn-euro antitrust fine

An EU court on Wednesday annulled a 1.06 billion euro fine against US chipmaker Intel, finding that Brussels had failed to adequately prove anti-competitive practices in a key aspect of the case, a statement said.

European stocks rally before key Fed update

European stock markets powered higher Wednesday, recovering further from recent sharp losses, as traders await the outcome of a key Federal Reserve policy meeting.

Coin Press - Economy (English)