Italian fashion icon Giorgio Armani dead at 91
Rome, Italy -- Italian fashion legend Giorgio Armani, king of a high-end lifestyle empire, has died at the age of...
Geostrategy
Global bond selloff spreads to Japan, gold hits record high
Wall Street stocks opened mostly higher, with shares in Google parent-company Alphabet shooting up nearly seven percent after winning a...
Business
Pause, hike, cut: Central banks diverge over regional challenges
The Bank of Japan (BoJ) has gone against the grain set by the Fed and ECB, announcing on Friday that...
- On Wednesday, the Fed paused interest rate hikes after 10 straight increases, bringing its benchmark lending rate from close to zero to a range between 5.0 and 5.25 percent
- On Thursday, the People's Bank of China cut a key lending facility by 10 basis points to 2.65 percent, and extended 237 billion yuan ($33 billion) of fresh funding to lender
Musk heads to France to discuss investment with Macron
After talking to Macron, Musk will appear before an audience of thousands at VivaTech for what is billed as an...
- Macron confirmed during a visit to France's technology trade fair VivaTech earlier this week that he would meet the businessman to "tout the attractiveness of France and Europe"
- After talking to Macron, Musk will appear before an audience of thousands at VivaTech for what is billed as an hour-long "conversation" with the event's French founder Maurice Levy
UN to adopt high seas treaty Monday
The treaty, officially known as the treaty on "Biodiversity Beyond National Jurisdiction" or BBNJ, also introduces requirements to carry out...
- The landmark high seas treaty would establish a legal framework to extend swathes of environmental protections to international waters
- Following four years of official negotiations, UN member states finally agreed on the text for the treaty in March after a flurry of final, marathon talks
Business
Siemens to expand business
BERLIN, GERMANY - German industrial giant Siemens said on Thursday it would build a new high-tech factory in Singapore and expand...
- Details on further investments in Europe and the United States across the globe are expected to follow, said Siemens.
- The group's announcement came after the German government published its first National Security Strategy that took aim at China for acting against Berlin's interests.
Economy
Sri Lankan economy contracts 11.5 percent in Q1 2023
COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout...
- The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022.
- A currency crisis from late 2021 led to severe shortages of food, fuel and medicines and triggered months of protests.
Business
Finland firm to slash 1,150 jobs
Stora Enso plans to permanently close four units in Europe.
- Stora Enso employs 22,000 people in over a dozen countries around the world, including South America and China.
- The planned restructuring actions would result in a 380 million euro ($411 million) hit to Stora Enso's annual sales.
Geostrategy
European Union pledges $600 million for Syrians fleeing war
Last year's donors' conference in Brussels for displaced Syrians raised pledges of $6.7 billion, and the one before that $6.4...
- Since 2011, more than 500,000 people have been killed in Syria after Bashar al-Assad's crackdown on peaceful protesters pushed country into civil war.
- The UN says more than 12 million Syrians were displaced by the conflict, most of them inside Syria, and with 5.4 million living as refugees in neighboring countries.
Economy
European Central Bank raises rates for eighth consecutive time
The hike was the highest since 2001, despite a darkening economic outlook. The ECB increased rates by another 25 basis...
- Like all central banks, the ECB has to walk a fine line in raising interest rates sufficiently to dampen demand and contain inflation, without provoking a sharp economic slowdown.
- The ECB also slightly raised its inflation outlook, predicting it will reach 5.4 percent in 2023, 3.0 percent in 2024 and 2.2 percent in 2025.
TikTok’s e-commerce venture paying off in Southeast Asia
From Indonesia, TikTok Shop "aggressively expanded into five additional Southeast Asian markets, many of which boasted large populations of TikTok...
- TikTok Shop capitalised on the legions of users of the popular video-sharing app to expand its business in 2022 after testing the waters in Indonesia in 2021
- While it lagged rivals Shopee and Lazada, TikTok Shop posted fastest growth rate expanding its gross merchandise value, sevenfold to $4.4 billion in 2022
Economy
Dow slides, Nasdaq jumps after mixed Fed rate decision
The US central bank, as expected, opted to hold its benchmark lending rate between 5.0 percent and 5.25 percent. But...
- The broad-based S&P 500 added 0.1 percent at 4,372.59, while the tech-rich Nasdaq Composite Index climbed 0.4 percent to 13,626.48
- Powell described inflation as still too high, but added that the central bank had made no decisions yet about its July meeting or subsequent gatherings
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Italian fashion icon Giorgio Armani dead at 91
Rome, Italy -- Italian fashion legend Giorgio Armani, king of a high-end lifestyle empire, has died at the age of...
Geostrategy
Company News
Latest News
Blinken returns to Mideast in push for truce
Geostrategy
Jolani vows to disband rebel factions, integrate fighters into Syria’s Defence Ministry for unity
Jolani emphasized unity in Syria, advocating a social contract among religions for justice, while urging diplomats to lift sanctions to...
US stocks mostly rise ahead of expected rate cut, bitcoin hits new record
The Fed is widely expected to cut its key lending rate for a third straight time, reducing it by a...
Business
Nations step up outreach to Syria’s post-Assad rulers
Governments worldwide are stepping up efforts to engage with Syria's new interim rulers, just over a week after Islamist-led rebels...
Most Read
Geostrategy
Key Libya oil refinery halts operations after clashes: state firm
Tripoli, Libya -- A key oil refinery in western Libya suspended operations after armed clashes erupted early on Sunday, causing fires...
- The Zawiya refinery, built in 1974, is Libya's second largest with a refining capacity of more than 120,000 barrels per day (bpd).
- It is the only refinery supplying the local market with fuel products. Zawiya city is the third largest in Libya's Tripolitania region, after the capital and Misrata.
Business
US Federal Reserve expected to cut rates in last meeting of Biden era
Washington, United States -- The US Federal Reserve is widely expected to announce a quarter point cut to its key lending...
- The Fed is also tipped to signal a slower path of cuts going forward amid uncertainty over the impact of President-elect Donald Trump's economic proposals.
- Trump has vowed to tackle the high cost of living, a top concern of voters who sent him back to the White House in November's election.
Geostrategy
US contacts Syria’s HTS, Turkey reopens embassy, as Assad allies Iran and Russia face setbacks
The United States said Saturday it had made contact with Syria's victorious Hayat Tahrir al-Sham rebels, despite previously designating the...
- US Secretary of State Blinken's comment on "direct contact" with the HTS rebels came despite the US having designated the group as terrorists
- While Blinken and other diplomats held talks on Syria in Aqaba, Jordan, Turkey reopened its embassy in Damascus