Coin Press - Economy

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Zimbabwe tobacco hits new highs under smallholder contracts

Rows of green tobacco plants stretched towards the bush in a vast field of a crop that has rebounded to record levels in Zimbabwe, driven largely by smallholders contracted to Chinese firms.

India hikes fuel prices as Middle East war strains supplies

India's state-run oil companies raised petrol and diesel prices by more than three percent on Friday as disruption to energy supplies due to the Iran war mounts pressure on the economy.

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South Africa's luxury dog hotels give paws for thought

Three dachshunds lay claim to a big bed, while an agitated mongrel yaps constantly and a miniature schnauzer appears disgruntled despite soothing Bob Marley tunes playing over the stereo.

China cuts lending rates, boosting property firms

China further reduced bank lending costs Thursday in the latest move to boost its stuttering economy, providing some much-needed support to the country's beleaguered developers.

Women barred from front seat of trucks in Ugandan city

A traders association in northern Uganda has banned women from riding up front in trucks after deciding that short skirts and bare thighs could be distracting drivers and causing accidents.

Biden warns of 'disaster for Russia' if they invade Ukraine

US President Joe Biden said Wednesday that he expects Russia to "move in" on Ukraine but warned that Moscow will pay a stiff price for a full-blown invasion.

5G launches in US without huge impact on flights

Telecom giants AT&T and Verizon began 5G service in the United States Wednesday without major disruptions to flights after the launch of the new wireless technology was scaled back.

Unilever won't up £50 bn offer for GSK-Pfizer unit

Consumer goods giant Unilever on Wednesday said it would not increase a £50-billion offer for the consumer healthcare unit owned by pharmaceutical groups GlaxoSmithKline and Pfizer.

NBC commentary teams to cover Beijing Olympics from US

US broadcaster NBC will not send any of it specialist commentary teams to cover the 2022 Beijing Winter Olympic due to fears over Covid-19, USA Today reported on Wednesday.

United Airlines reports Q4 loss on latest Covid-19 drag

United Airlines reported another quarterly loss Wednesday on the lingering drag from Covid-19 but offered an upbeat outlook on a travel comeback later in 2022 and in future years.

Wall Street ends lower amid rising oil prices

US stocks reversed course in Wednesday's trading session, ending lower for the second day amid rising oil prices and fears that the Federal Reserve will have to move more aggressively to contain inflation.

Peru demands Spain's Repsol pay for oil spill damage

Peru demanded compensation Wednesday from Spanish energy giant Repsol over an oil spill caused by freak waves from a volcanic eruption near Tonga in the South Pacific.

UK inflation hits decades high in cost-of-living squeeze

The annual rate of inflation in Britain rose to a near 30-year high in December, official data showed Wednesday, stoking fears about a cost-of-living squeeze as wages fail to keep pace.

Microsoft muscles in on first wave of the metaverse

US tech giant Microsoft's $69 billion purchase of Activision this week rocked the video game sector, but the deal may come to be remembered as the moment the metaverse went mainstream.

Retirements common factor in US, UK labor shortage: IMF

An exodus of older workers is the "common thread" behind the baffling labor shortages faced by companies in the United States and Britain, the IMF concluded in a report released Wednesday.

French champagne houses toast record sales

French champagne sales rebounded last year to reach a record 5.5 billion euros ($6.2 billion) as demand soared despite the lingering impact of Covid restrictions that weighed on restaurants and bars, producers said Wednesday.

Omicron will pinch, not derail US economic growth: Yellen

The latest coronavirus variant will weigh on US economic growth in the months ahead but will not derail it, Treasury Secretary Janet Yellen assured the nation's mayors Wednesday as they gathered in Washington.

P&G profits up on strong consumer demand, higher pricing

Procter & Gamble raised its full-year forecast Wednesday as robust consumer demand enabled the company to notch higher sales even as it increased prices on consumer goods.

Millionaires make unusual plea: 'Tax us now'

More than 100 millionaires made an unusual plea on Wednesday: "Tax us now".

WHO says pandemic 'nowhere near over' as France, Germany post record cases

The World Health Organization has warned that the Covid-19 pandemic is far from over, as France, Germany and Brazil posted new records of infections in the past 24 hours.

Microsoft's acquisition of Activision to face antitrust test

Microsoft's $69 billion deal to buy video game powerhouse Activision Blizzard is expected to win out with regulators despite vows in Europe and the United States to rein in tech titans.

Austria gears up to fight EU 'green' nuclear energy plan

As the EU moves to label energy from nuclear power and natural gas as "green" investments, Austria is gearing up to fight this, including with a legal complaint.

'Game changer' e-moped batteries spread from Taiwan across Asia

Every day, Aiden Lee joins the hundreds of thousands of people getting around Taipei on two wheels.

Tension in Spain over use of EU recovery funds

The Spanish government is increasingly under fire over its use of the European Union's massive economic recovery funds, with critics blasting the distribution of aid as too slow and arbitrary.

AT&T, Verizon agree to delay 5G implementation at some airports

AT&T and Verizon agreed Tuesday to a partial delay in activating their 5G networks following an outcry from US airlines, who said the rollout could lead to travel chaos.

Judge OKs adjustment plan to end Puerto Rico bankruptcy

A federal judge on Tuesday approved a plan to restructure Puerto Rico's public debt, which will allow the US territory to end the bankruptcy process it declared almost five years ago.

'Throwaway economy' thwarting climate goals: report

Countries are neglecting the massive impact of the "throwaway" economy on planet-warming emissions, according to research published Wednesday that calculated more than half a trillion tonnes of virgin materials have been consumed since the 2015 Paris climate deal.

Covid tests spark Argentine supply chain fears over border queues

Up to 2,000 trucks are backed up at Argentina's main border crossing with Chile due to tougher Covid-19 testing requirements, Argentine haulers said on Tuesday, adding that the supply chain could suffer.

Oil hits seven-year highs on recovery hopes, unrest

Oil prices hit their highest levels in more than seven years Tuesday, driven in part by hopes of a global economic recovery that would ramp up demand.

Microsoft to buy gaming giant Activision Blizzard for $69 bn

Microsoft on Tuesday announced a landmark $69 billion deal to buy US gaming giant Activision Blizzard, betting big on the prospects of the video game market by scooping up the scandal-hit "Call of Duty" maker.

AT&T agrees to delay 5G implementation at some airports

AT&T will delay activating its 5G network on a "limited number of towers" near some airport runways following warnings from US airlines, a spokesperson for the telecommunications company said Tuesday.

IMF risks losing legitimacy over Argentina loan: minister

Argentina's economy minister, renegotiating a massive loan with the International Monetary Fund, warned the lender risked losing credibility if it "pushes" the country "into a destabilizing situation."

Poland, Hungary resist EU's corporate minimum tax push

The EU's effort to implement an internationally agreed minimum tax on big multinationals was met with opposition by Poland and Hungary on Tuesday, endangering a major priority of France's presidency of the bloc.

Toyota yearly production target hit by chip shortage

The world's top-selling carmaker Toyota said Tuesday it no longer expects to meet its annual production target with operations hampered by the global chip crunch.

Coin Press - Economy (English)