Coin Press - Economy

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European stocks fall on Ukraine-Russia fears, US focused on earnings

Stock markets fell in Europe but finished mostly higher in New York Tuesday as markets weighed worries about escalating conflict between Russia and Ukraine.

Trump names China hawk Howard Lutnick as US commerce secretary

US President-elect Donald Trump nominated Howard Lutnick, the co-chair of his transition team, as his commerce secretary on Tuesday -- a choice set to bring a tougher stance on China from the incoming administration.

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Amazon quarterly profit doubles as cloud business grows

Amazon reported Thursday its profit in the recently ended quarter doubled to $13.5 billion with the help of renewed momentum of its AWS cloud computing business.

British Airways parent IAG drops bid for Air Europa

Airline giant IAG, owner of Spanish airline Iberia and British Airways, said Thursday it had dropped its bid to buy Spain's Air Europa due to the "current regulatory environment".

Edinburgh Fringe play reimagines JK Rowling trans row

A new play criticising Harry Potter author J.K. Rowling's views on transgender issues comes to the Edinburgh Festival Fringe on Thursday.

Wall Street stocks rise on Meta results, US rate cut hopes

Wall Street's main indices rose Thursday as investors welcomed strong earnings by tech titan Meta and basked in economic data that favours a September cut in US interest rates.

French cabbies seek payout for lost Olympics revenue

French taxi drivers on Thursday demanded government compensation for lost revenue during the Olympic Games as traffic disruptions and fewer regular clients weigh on demand.

Maersk ups profit target by $2bn on Red Sea shipping woes

Danish shipping giant Maersk said Thursday it expects its underlying profit in 2024 to be $2 billion higher than its previous forecast as freight rates have increased amid the crisis in the Red Sea.

Bank of England cuts rate for first time since pandemic

The Bank of England on Thursday cut its main interest rate for the first time since the Covid pandemic broke out in 2020, as British inflation has retreated in recent months.

BP to develop new oil and gas fields in Iraq

Iraq signed an agreement with British energy giant British Petroleum on Thursday to develop four oil and gas fields in the northern province of Kirkuk.

Olympics tech partner Atos posts huge loss

Debt-strapped French tech giant Atos, a key Olympics partner, on Thursday posted a 1.9-billion-euro ($2.1 billion) loss for the first half of the year due to a depreciation of assets and the end of contracts in the Americas.

South Korea union pickets outside Samsung chairman's house

Leaders of a South Korean union representing tens of thousands of workers at Samsung Electronics staged a protest Thursday outside the house of the company's chairman and heir, after fresh negotiations failed.

Weak yen helps Toyota compensate for Japan problems

Toyota reported a modest rise in first-quarter net profits on Thursday as a weak yen and cost cuts helped the Japanese auto giant overcome a drop in production and sales in its home market.

Bank of England to finally cut interest rate?

The Bank of England announces its latest interest-rate decision Thursday, with analysts split on whether it will cut for the first time since the Covid pandemic after inflation's retreat.

'Low-emissions' food leaves some Paris Olympics athletes craving meat

An ambition from Paris Olympics organisers to cut the carbon footprint of catering at this year's eco-friendly Games has run into a problem: the huge appetites of meat-loving athletes.

Meta shares rise after earnings top expectations

Meta on Wednesday reported profit of $13.5 billion in the recently ended quarter, beating market expectations and causing its share price to jump.

US Fed's Powell flags cuts 'as soon as' September

The US Federal Reserve left its key lending rate unchanged again on Wednesday, but signaled that it could make its first cut as soon as September.

US Fed remains on pause and notes 'some further progress' on inflation

The US Federal Reserve left its key lending rate unchanged again on Wednesday and said it had made "some further progress" in its inflation fight.

Boeing names new CEO as it reports hefty loss

Boeing named former Rockwell Collins chief Robert "Kelly" Ortberg its next CEO Wednesday, as the aviation giant reported a hefty loss on continued operational problems.

Yen rallies after Japan hikes rates, stocks rise before Fed

The yen rallied against the dollar Wednesday after the Bank of Japan hiked interest rates for just the second time in 17 years, while European and Asian stock markets rose on hopes for a cut in US borrowing costs.

European airport traffic returns to pre-Covid levels

Passenger traffic at European airports returned to pre-Covid levels in the first half of the year as the sector finally "turned the corner" on the pandemic crisis, the main industry association said on Wednesday.

Eurozone inflation unexpectedly rises in July

The eurozone's annual inflation rate unexpectedly edged up in July due to rising energy costs, official data showed on Wednesday.

Yen rallies after Japan hikes rates, stocks up as eyes turn to Fed

The yen rallied against the dollar Wednesday after Bank of Japan hiked interest rates for the second time in 17 years, while equity markets climbed on growing hopes for a cut in US borrowing costs.

World Bank approves $1.5 billion Ethiopia rescue package

The World Bank has approved a $1.5 billion financial package to support cash-strapped Ethiopia's economic reform programme after officials loosened curbs on the local currency.

Tanzania evicting tens of thousands of Maasai: HRW

Tanzania is forcibly evicting tens of thousands of Maasai from their ancestral lands, Human Rights Watch said in a report on Wednesday, claiming that government rangers beat some members of the community with impunity.

Bank of Japan raises interest rate for second time in 17 years

The Bank of Japan further unwound its massive monetary easing programme on Wednesday by hiking interest rates for only the second time in 17 years and indicating plans for more if the economy performs as officials expect.

HSBC records $21.6 billion pre-tax profit in first half 2024

Banking giant HSBC said Wednesday that pre-tax profits in the first half of 2024 came in at $21.6 billion, slightly lower than last year's record performance.

Yen rises after Japan hikes interest rates, eyes turn to Fed

The yen rose against the dollar Wednesday after Bank of Japan hiked interest rates for the second time in 17 years, while equity markets in Asia rose on growing hopes for a cut in US borrowing costs.

Bank of Japan raises key interest rate for second time in 17 years

The Bank of Japan lifted its main interest rate Wednesday for just the second time in 17 years in another step away from its long-standing ultra-loose monetary policies.

Samsung Electronics Q2 shows fastest growth in over a decade

Samsung Electronics said Wednesday it registered its fastest growth since 2010, with operating profits soaring for the second quarter, as chip prices bounce back and demand for generative AI continues to grow.

Greece tries to tempt its emigrants back home

When Konstantinos Tsanis got his doctorate in finance in 2011 at the height of Greece's debt crisis, his chances of a well-paid job at home were pretty thin.

US Fed expected to pause again and hint at September rate cut

The US Federal Reserve is highly unlikely to waver from its position of holding interest rates at a two-decade high on Wednesday, but could drop hints about a September start to rate cuts.

Samsung Electronics says Q2 operating profits soar to $7.5 billion

Samsung Electronics said Wednesday that its operating profits soared fifteen-fold to $7.5 billion for the second quarter, as chip prices bounce back and demand for generative AI continues to grow.

Starbucks profits fall again but CEO says turnaround underway

Starbucks reported lower profits Tuesday behind broad-based sales declines, but shares rose as the company said a turnaround was on track.

Coin Press - Economy (English)