Trump metal tariffs wreak havoc on US factory
Belcamp, United States -- In the sweltering US summer, metal containers decorated with snowmen and sleighs are taking shape --...
Business
Business
Lufthansa cuts Q1 losses
German carrier set its sights on a record summer for traffic.
- The airline group's net loss over the first three months of 2022 came to 584 million euros ($620 million)
- The number of passengers on Lufthansa flights "more than quadrupled" in the first quarter to 13 million
Economy
BoE hikes interest rate to highest level in 13 years
The Bank of England on Thursday raised its main interest rate by a quarter point to one percent to tackle...
- BoE policymakers voted 6-3 at a regular meeting for a hike to one percent -- the highest level since the global financial crisis in 2009
- The latest increase came as Britons on Thursday headed to the polls in local elections, seen as a mid-term test for embattled Prime Minister Boris Johnson
Business
Sell seized Russian assets to rebuild Ukraine: EU chief
The EU should confiscate and sell Russian assets it has seized and use the proceeds to rebuild war-scarred Ukraine, EU...
- The EU said early last month it had frozen 30 billion euros ($32 billion) in assets linked to blacklisted Russian and Belarusian individuals
- Last week, US President Joe Biden proposed oligarchs' seized assets be "sold off" to "remedy the harm Russia caused and to help build Ukraine"
Economy
Turkey inflation surges close to 70 percent in April
Turkey's official inflation rate spiraled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to...
- The consumer price index rose by 69.97 percent year-on-year in April compared with 61.14 percent in March, the national statistics agency said
- Erdogan insists that sharp cuts in interest rates are needed to bring down soaring consumer prices, flying in the face of economic orthodoxy
Geostrategy
EU eyes Russian oil import ban amid new bid to evacuate Mariupol
State Department spokesman voiced skepticism about the ceasefire, saying that Moscow has repeatedly resumed shelling after announcing pauses.
- European Union vowed to "significantly increase" its support for Moldova which has been targeted by a Moscow-backed separatist region
- Ukrainian Foreign Minister said that EU countries would be "complicit" in Russia's crimes in Ukraine if they block an oil embargo against Moscow
Drone swarms can now fly autonomously through thick forest
It's only a matter of a few years before we see such drones deployed in real-life work, said a roboticist...
- Swarms could be used during natural disasters as they do not rely on any outside infrastructure, such as GPS
- Pentagon expressed interest in carrying out its own tests on swarms that shows, it could be weaponized by militaries
Economy
Turkey inflation spirals to nearly 70% in April
Turkey's official inflation rate spiralled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to...
- Erdogan insists that sharp cuts in interest rates are needed to bring down soaring consumer prices, flying in the face of economic orthodoxy
- The collapse of the lira has pushed up the cost of energy imports and foreign investors are now turning away from the once-promising emerging market
Business
Shell profit up on high oil prices
Revenue rallied 51 percent to $84.2 billion.
- Profit after tax leapt to $7.1 billion (6.7 billion euros) compared with a year earlier, Shell said in a statement
- While the group took a $3.9-billion charge on its exit from Russia after Moscow invaded Ukraine, it saw lower costs elsewhere
Geostrategy
Russia practises nuclear-capable missile strikes: ministry
The announcement came on the 70th day of Moscow's military action in the pro-Western country.
- The announcement came on the 70th day of Moscow's military action in the pro-Western country
- Russian President Vladimir Putin has made thinly veiled threats hinting at a willingness to deploy Russia's tactical nuclear weapons
Economy
US Fed makes biggest rate increase since 2000 to fight inflation
With inflation at the highest rate in four decades, Federal Reserve Chair Jerome Powell sent a message directly to the...
- After a quarter-point hike in March, the US central bank's policy-setting FOMC pushed the benchmark interest rate above 0.75%
- The hike will raise the costs of all types of borrowing, from mortgages to credit cards to car loans, cooling demand and business activity
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Company News
Latest News
Sonatrach to invest $8.8bn in 2024 in gas exploration, production
Algiers, Algeria -- Sonatrach, the state-owned energy company of Algeria, will allocate $8.8 billion investment in 2024, which represents 17.6...
Business
Russia to ban petrol exports for six months to meet domestic demand
Despite being the world's third largest oil producer, Russia has suffered sporadic fuel shortages since last summer amid high demand...
Business
Israeli troops ‘massacre’ 104 Palestinians at aid distribution point
More than 750 others were injured after Israeli soldiers opened fire on civilians gathered at an aid distribution point in...
Geostrategy
Most Read
British Airways profit soars six-fold
The company said it was 92% booked for the first quarter of 2024.
- Profit after taxation jumped to 2.7 billion euros ($2.9 billion) in 2023 from 431 million euros in 2022, the airline conglomerate said in a results statement
- The company also issued a rosy outlook rooted in "robust" demand, adding that it was 92-percent booked for the first quarter of 2024 and 62-percent booked for the first half
Electronic Arts announces job cuts
The company is cutting about 5 percent of its workforce.
- The company behind hits including soccer game "FC24" is also "sunsetting" some titles and stopping development of others it thinks will not be successful
- The annual report Electronic Arts last year indicated it had 13,400 employees, meaning about 670 positions are being eliminated
Geostrategy
US implores Israel to let worshipers pray at Al-Aqsa in Ramadan
United States has been pressing for a deal before Ramadan begins in which Israel would halt strikes in Gaza and...
- Israel has been assessing how to address worship in Jerusalem during Ramadan
- An Israeli minister said that Palestinians should not be allowed entry to Jerusalem to pray