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Powell to stay as Fed governor after chairman term, citing legal attacks

US Federal Reserve chief Jerome Powell said Wednesday that he would stay at the central bank as a governor after his term as chair concludes, as the independent institution battles legal challenges under the Trump administration.

African oil producers defend need to drill at fossil fuel exit talks

Oil-rich African nations at global fossil fuel phaseout talks in Colombia said Wednesday they would keep drilling to support economic growth, highlighting tensions between climate and fiscal realities for developing producers.

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'Gritty' Philadelphia pitches itself as low-cost US World Cup choice

Philadelphia is presenting itself as the US World Cup host city offering fans the best value for money, with affordable transport, accommodation and food while other venues are pilloried for gouging supporters.

'I literally was a fool': Musk grilled in OpenAI trial

Elon Musk faced fiery questioning Wednesday in his court showdown with OpenAI, as he insisted that the maker of ChatGPT had fooled him by turning what was an altruistic pursuit into a profit-making juggernaut.

OpenAI facing 'waves' of US lawsuits over Canada mass shooting

Seven lawsuits were filed in US court on Wednesday against OpenAI on behalf of families impacted by the February mass shooting in the small Canadian mining town of Tumbler Ridge.

Ticket price hikes not affecting summer air travel demand: IATA

Demand for summer air travel is holding up well despite airlines hiking ticket prices, although possible shortages of jet fuel could throw a wrench in the key travel period, an industry trade body said Wednesday.

Uber adds hotel booking in push to become 'everything app'

Uber on Wednesday unveiled a new feature allowing users to book a hotel room directly from its app, the latest step in its push to become a one-stop shop for everyday needs.

Oil spikes while stocks slip ahead of US Fed rate decision

Oil prices shot higher Wednesday on concerns of an extended blockade of the Strait of Hormuz, while Wall Street stocks mostly slid as investors awaited a US Fed rate decision and a slew of tech firm earnings.

Canada holds key rate steady, says will act if war inflation persists

Canada's central bank held its key lending rate at 2.25 percent on Wednesday, but warned it may need to act if inflation caused by the Middle East war persists.

Trump warns Iran better 'get smart soon' and accept nuclear deal

President Donald Trump warned Tehran on Wednesday that it should "get smart soon" and capitulate to Washington's demands for tight controls on its nuclear programme, as a US naval blockade turned the screws on Iran's economy.

US Fed chief's plans in focus as central bank set to hold rates steady

The US Federal Reserve is widely expected Wednesday to keep interest rates unchanged for a third straight meeting, likely the last with chairman Jerome Powell at its helm.

German inflation jumps in April as energy costs surge

German inflation jumped to its highest level in over two years in April as the Middle East war triggered a surge in energy costs, official data showed Wednesday.

UBS first-quarter profits jump 80% on investment banking

Swiss banking giant UBS on Wednesday reported that net profit rose a better-than-expected 80 percent to $3 billion in the first quarter, lifted by its investment banking arm.

European stocks fall with eyes on earnings, US Fed

European stocks slipped as oil prices surged Wednesday, with investors digesting a wave of corporate earnings and awaiting the US Federal Reserve's latest interest rate decision.

Mercedes warns longer Mideast war could cause shortages

German premium automaker Mercedes-Benz warned Wednesday that a drawn-out conflict in the Middle East could cause shortages of key inputs as it reported tumbling quarterly profits due to fierce Chinese competition.

Finnish lift maker Kone acquires German rival TKE, creating giant

Finnish lift maker Kone on Wednesday announced the acquisition of its German rival TKE in a huge share-and-cash deal valuing TKE at 29.4 billion euros ($34.4 billion) to create a global giant.

Adidas reports higher profits but warns of 'volatile' climate

German sportswear giant Adidas on Wednesday reported strong growth in quarterly profits as sales rose in key markets, but warned of a "very volatile" and highly competitive retail environment.

TotalEnergies first-quarter profits surge amid Middle East war

French oil and gas giant TotalEnergies said Wednesday net profit rose 51 percent in the first quarter to $5.8 billion, boosted by higher oil prices linked to the war in the Middle East.

Oil rises further with Iran war peace talks stalled

Oil prices rose Monday as talks to end the Iran war appeared to be at a standstill and the crucial Strait of Hormuz no nearer being reopened.

Mercedes-Benz profit slides amid cutthroat Chinese market

German premium automaker Mercedes-Benz said Wednesday its first-quarter profit fell by almost a fifth as cutthroat competition in China shakes the world's carmakers.

An experimental cafe run by AI opens in Stockholm

The avocado toasts and baristas making foamy lattes make it look like any other cafe, except at this one, located in a Stockholm residential neighbourhood, artificial intelligence (AI) is running the place.

Jerome Powell: Fed chair who stood up to Trump set to finish tenure on top

US Federal Reserve Chair Jerome Powell, a soft-spoken central banker who chooses his words carefully, is perhaps an unlikely candidate to become one of the few figures who have stood up to President Donald Trump.

Pentagon makes deal to expand use of Google AI: reports

The Pentagon has arranged a deal to increase its use of Google's artificial intelligence in classified operations, US media outlets reported on Tuesday.

Don't 'loot a charity': Musk takes stand against OpenAI

Billionaire Elon Musk took the stand Tuesday to accuse OpenAI and its boss Sam Altman of betraying the AI company's altruistic origins, in a trial that could have far-reaching consequences for the industry and oblige the ChatGPT maker to profoundly revamp its business.

Crude back above $110 on Strait stalemate as US stocks retreat

Oil prices jumped on Tuesday to their highest level since the US-Iran ceasefire, pressuring US stocks as lack of progress on an accord to reopen the Strait of Hormuz added to inflation worries.

Ex-NBA player Damon Jones pleads guilty in gambling probe

Former NBA player and assistant coach Damon Jones pleaded guilty Tuesday to gambling-related charges, marking the first conviction in a betting scandal that engulfed elite basketball.

Airbus profits slide as deliveries drop

Airbus said Tuesday its first-quarter profit fell as it delivered fewer planes to customers, falling behind rival Boeing for the first time in years.

Musk faces off with OpenAI in court over broken promises

Elon Musk showed up for opening remarks Tuesday in a courtroom showdown with OpenAI over whether the artificial intelligence company betrayed its non-profit mission.

Will fuel shortages ruin summer vacations?

Concerns are growing that shortages of diesel and jet fuel due to supply problems caused by war between Iran and the United States could ruin summer vacations.

US Fed expected to keep rates steady as Iran war effects ripple

The US Federal Reserve opened its two-day meeting on Tuesday with policymakers expected to keep interest rates steady, as the war on Iran's effects on energy prices and supply chains ripple through the world's largest economy.

UAE pulls out of OPEC oil cartels citing 'national interests'

The United Arab Emirates will withdraw from the OPEC and OPEC+ oil cartels to focus on "national interests", it announced on Tuesday, causing fresh shockwaves as energy prices soar over the Middle East war.

Banking giant JP Morgan becomes Olympics sponsor

JP Morgan Chase became the first global bank to join the Olympic Partner Programme (TOP) on Tuesday in a major boost for International Olympic Committee president Kirsty Coventry.

Croatia, Bosnia sign major gas pipeline deal

Croatia and Bosnia on Tuesday signed a deal to build a major gas pipeline backed by investors close to US President Donald Trump, aiming to cut Sarajevo's reliance on Russian gas.

EU lawmakers back blockbuster long-term budget

The European Parliament on Tuesday threw its weight behind a more ambitious and bigger long-term EU budget, demanding new taxes to ramp up future spending.

Coin Press - Economy (English)