Turkey’s cenbank urges banks to avoid creating forex demand, bankers say
Turkey’s central bank has been urging banks in recent weeks to avoid steps that could create demand for foreign currency as May elections loom, and to instead focus on ...
Ukraine’s GDP fell 29.1 per cent in 2022 during Russia’s invasion
Ukraine’s gross domestic product (GDP) fell by 29.1 per cent in 2022 as Russia’s full-scale invasion battered the economy, the state statistics service said late on Wednesday.
The final 2022 GDP ...
Britain’s Tesco expects flat annual profit after inflation hit
Britain’s biggest retailer Tesco (TSCO.L) forecast flat profit in its new financial year, stemming the 6.3 per cent decline from 2022/23 when soaring inflation battered customers and suppliers alike.
With ...
ECB policymakers converging on 25-bps rate hike in May
European Central Bank policymakers are converging on a 25 basis point interest rate hike in May, even if other options remain on the table and the debate is not yet settled, ...
Strikes weigh on UK economy which stagnated in February
Britain’s economy stagnated in February as strikes by public workers hit output but a bounce in January was stronger than first thought, meaning a recession is a bit less ...
Mercedes posts rise in Q1 sales boosted by EVs, premium cars
Mercedes-Benz Group (MBGn.DE) sales rose moderately in the first quarter of the year, boosted by electric vehicles (EV) and premium cars, the German carmaker said on Wednesday.
Worldwide sales ...
Truck maker Volvo posts record Q1 as sales, margins beat forecasts
AB Volvo (VOLVb.ST) reported record first-quarter profit, a preliminary filing showed, as the truck maker boosted its revenue and margins despite supply bottlenecks and cost inflation, sending its shares ...
LNG imports test EU resolve to quit Russian fossil fuel
Political pressure is building within the European Union to tackle the daunting challenge of closing a loophole in its efforts to stop using Russian fossil fuels: liquefied natural gas (LNG).
...
US proposes to slash EV mileage ratings to meet fuel economy rules
The US Energy Department (DOE) on Monday proposed reducing electric vehicles’ (EV) mileage ratings to meet government fuel economy requirements, a move that could force automakers to sell more low-emissions ...
Gold gains on softer dollar as traders await US inflation data
Gold prices advanced on Tuesday after falling over 1 per cent in the previous session, as the dollar eased ahead of key US inflation data.
Spot gold was up 0.5 per cent ...
Credit Suisse job cuts must be frozen, bank employees leader says
Credit Suisse (CSGN.S) and UBS (UBSG.S) must freeze any job cuts planned as part of their emergency merger, the Swiss Bank Employees’ Association (SBPV) said on Tuesday, in ...
UK retailers report Mother’s Day boost in March
British retailers reported a boost in spending from Mother’s Day purchases in March, during an otherwise downbeat sales period when cost of living pressures and unusually wet weather kept ...
Egypt’s headline inflation rate increased to 32.7 per cent in March
Egypt’s annual urban consumer inflation rate in March climbed to 32.7 per cent year-on-year, just shy of an all-time record, from 31.9 per cent in February, data from the country’s ...
The credit crunch the Fed fears may already be taking shape
Jeffrey Haley, the CEO of American National Bank and Trust Company, saw the crunch coming at the start of 2023.
Rising interest rates and a slowing economy to him meant that ...
Global PC shipments slide in first quarter, Apple takes biggest hit
Global shipments of personal computers (PCs) fell by 29 per cent in the first quarter of 2023 due to weak demand, excess inventory and a deteriorating macroeconomic climate, with Apple Inc taking ...
InPics: Hainan well prepared for forthcoming China consumer products expo
The third China International Consumer Products Expo (CICPE) will be held from April 10 to 15 in Haikou, capital of the southern tropical province of Hainan. All the preparations for the event ...
Corona beer maker Constellation sees 2024 profit above estimates on price hikes
Constellation Brands Inc (STZ.N) forecast its full-year profit above Wall Street estimates, benefiting from price increases aimed at combating elevated costs and strong demand for its high-end beer brands.
...
Oil steady as investors weigh tighter supply against growth outlook
Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel ...
Short sellers play heroes and villains in the US bank crisis
As First Republic Bank’s share price fell by double-digits in the aftermath of the collapse of Silicon Valley Bank last month, some people close to the San Francisco-based lender ...
L’Oreal buys luxury brand Aesop
France’s L’Oreal (OREP.PA) has agreed to buy Australian luxury brand Aesop from Natura & Co (NTCO3.SA) for an enterprise value of $2.53 billion, growing its presence in ...
Wages, inflation, and automatic cost of living adjustments
By Ioannis Tirkides
Economists have no great answers to the question of how wages should change with inflation, and certainly the automatic cost-of-living adjustment mechanism is highly controversial. But there ...
Meta releases AI model that can identify items within images
Facebook-owner Meta (META.O) published an artificial intelligence model on Wednesday that can pick out individual objects from within an image, along with a dataset of image annotations that it ...
Counting male chickens before they hatch means good news for ethical farming
By identifying the gender of chicks in their eggs, EU-funded technologies could help prevent the killing of millions of the birds every year.
By Pieter Devuyst
Wil Stutterheim is on ...
Tesla workers shared sensitive images recorded by customer cars
Tesla Inc assures its millions of electric car owners that their privacy “is and will always be enormously important to us.” The cameras it builds into vehicles to assist driving, ...