Coin Press - Economy

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Featured

'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.

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Chinese EV makers take centre stage at world's biggest auto show

Thousands snapped selfies beside sleek Chinese electric vehicles on Friday at the world's biggest car show in Beijing, where automakers are seeking to lure buyers in a cut-throat market.

Concern stirs Lula camp as election bid loses momentum

Four months ago, the stars seemed to be aligned for veteran left-winger Luiz Inacio Lula da Silva in his quest for an unprecedented fourth term as Brazilian president.

China's top AI players

China's artificial intelligence boom is in full swing, with the release of a new large language model (LLM) by top startup DeepSeek on Friday highlighting the country's rapid progress despite US export restrictions on advanced microchips.

China's DeepSeek says releases long-awaited new AI model

Chinese startup DeepSeek released "preview" versions of a new artificial intelligence model Friday, more than a year after it stunned the world with a low-cost reasoning model that matched the capabilities of US rivals.

Oil extends gains, stocks sink as peace talk hopes fade

Oil prices extended gains Friday and stocks struggled as investors worried about a lack of progress in ending the Middle East crisis, with Tehran keeping the Strait of Hormuz closed and the US maintaining a blockade of Iranian ports.

Chinese EVs geared up to dominate world's biggest auto show

The world's biggest car show opens Friday in Beijing, with hundreds of thousands of auto fans expected to descend on the Chinese capital to size up the latest sleek, teched-out models on the market.

Intel earnings signal recovery at US chip maker

Shares in Intel soared on Thursday after it smashed quarterly earnings expectations in what could be a sign that the US chip maker is on a path to recovery.

Stocks mostly fall as US-Iran peace talks stall and oil prices rise

Global stocks mostly fell Thursday, retreating after recent gains as investors tempered their enthusiasm for a quick end to the Middle East war.

Meta plans 10% layoffs as AI spending soars: source

Meta plans to cut a tenth of its workforce, looking for productivity gains from its remaining workers as it invests heavily in artificial intelligence.

EU unblocks funds as Ukraine presses for membership progress

European leaders celebrated the long-awaited approval of the release of a 90-billion-euro ($105-billion) loan for Ukraine on Thursday, but Ukrainian President Volodymyr Zelensky quickly pushed the debate back to his country's EU accession.

Trump says US in no rush but 'clock is ticking' for Iran

President Donald Trump said Thursday the United States is in no rush to end the war with Iran but "the clock is ticking" for the Islamic republic, as a third aircraft carrier arrived in the Middle East.

OpenAI says new model adept at making AI better

OpenAI released a new model it touts as its best yet for handling research work like making improved versions of itself, as rapid-fire releases by AI rivals pick up pace.

Canada not as reliant on US economy as some think: Carney

There is a "misimpression" about the extent of Canada's economic reliance on the United States, Prime Minister Mark Carney said Thursday, again pushing back on suggestions Ottawa must capitulate to Washington's trade demands.

Kanye West to perform on Prague racecourse in July

Controversial rapper Kanye West, also known as Ye, will hold a concert in Prague in July, Zuzana Rambova, director of the Chuchle Arena racecourse hosting the event, said on Thursday.

Africa faces 86 mn tonne fuel shortfall by 2040: report

The Iran war has exposed Africa's vulnerability to fuel chokepoints and is heading for an 86 million tonne fuel shortfall by 2040, the Africa Finance Corporation (AFC) said Thursday.

Stocks retreat as US-Iran peace talks stall

Stock prices fell across the board Thursday from their recent highs as investors tempered enthusiasm for a quick end to the Middle East war.

Amsterdam airport offers airline discounts over fuel costs

Amsterdam's Schiphol Airport said Thursday it would offer airlines a 10-percent discount on airport charges due to the high price of jet fuel caused by the Iran war.

LVMH's Arnault says to talk of retirement in '7-8 years'

Bernard Arnault, chief executive of the world's biggest luxury conglomerate LVMH, brushed off speculation of his retirement on Thursday, telling shareholders that "we'll talk about all this again in seven to eight years".

US says forces boarded tanker carrying Iranian oil

The US Defense Department said Thursday its forces boarded a vessel in the Indian Ocean that was transporting oil from Iran, as disruption from a stand-off with the Islamic republic continued to batter the world economy.

Portugal picks Air France-KLM and Lufthansa to make offers for TAP

Portugal on Thursday asked Air France-KLM and Lufthansa to make binding offers to buy a controlling stake in TAP Air Portugal, as the government seeks to privatise an airline it rescued during the Covid-19 pandemic.

Nestle sales slump under strong franc but volumes recover

Nestle, the food giant whose brands include Nespresso coffee and Perrier water, saw first-quarter sales figures slump due to the strong value of the Swiss franc and a baby formula recall, but sales volumes overall edged higher.

Oil prices jump, stocks retreat as US-Iran peace talks stall

Oil prices and the dollar jumped Thursday while most equity markets slid as the United States and Iran appeared no closer to resuming peace talks.

Africa faces 86 mn tonne fuel shortfall by 2040: AFC

The Iran war has exposed Africa's vulnerability to fuel chokepoints and is heading for a 86 million tonne fuel shortfall by 2040, the Africa Finance Corporation (AFC) said Thursday.

Pentagon denies clearing Hormuz Strait mines will take six months

The Pentagon blasted as cherry picking and false on Thursday a news report saying that the department assessed it could take six months to completely clear the Strait of Hormuz of Iranian-laid mines.

EssilorLuxottica sales slide as investors turn wary of AI glasses

Shares in EssilorLuxottica, the world's top maker of eyeglasses, slid on Thursday as analysts said investors have turned wary of AI glasses.

Lufthansa loses fight over bailout at EU top court

German airline giant Lufthansa Thursday lost a legal battle over a six-billion-euro ($7-billion) pandemic-era government bailout when the EU's top court ruled Brussels mishandled its approval of the cash injection.

Eurozone business activity falls on Mideast war

Business activity in the eurozone contracted for the first time in 16 months in April, as the war in the Middle East drove energy prices up and disrupted global supply chains, a closely watched survey showed Thursday.

Electric vehicles supercharge EU car sales

Sales of new cars jumped last month in the European Union as consumers turned to electric vehicles as petrol prices soared due to the war in the Middle East, data showed Thursday.

South Korea e-commerce probe opens rift in US ties

South Korea pushed back on Thursday against criticism of its business environment by US lawmakers, as a rare spat deepens over Seoul's investigation into online retail company Coupang.

US firms voice 'concern' over China's new supply chain rules

China's new supply chain regulations could be a "concern" for US firms, the American Chamber of Commerce in China warned on Thursday.

Chip giant SK hynix posts record quarterly profit on AI boom

Chip giant SK hynix logged a record quarterly net profit on Thursday thanks to the artificial intelligence boom, shrugging off concerns that the Middle East war could drag on the semiconductor industry.

Tesla reports higher profits, confirms hefty spending ahead

Tesla reported higher first-quarter profits Wednesday, topping expectations as it confirmed plans for massive additional investments in autonomous transport, humanoid robotics and artificial intelligence.

Coin Press - Economy (English)