Coin Press - Economy

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Featured

Lights out in Laos as electricity exports surge

Isolated, under-developed Laos brands itself the "Battery of Southeast Asia", powering its neighbours with dozens of hydroelectric plants, but frequent power outages leave its own people in the dark.

Venezuelans outside Caracas say capital not sharing blackout burden

Josner Herrera is sick and tired of dealing with daily power cuts, especially when her part of western Venezuela produces a fair bit of electricity.

Last news

Moscow to shut down Deutsche Welle bureau in Russia

Russia said Thursday it is closing the Moscow bureau of German broadcaster Deutsche Welle and revoking staff accreditations in Russia, in response to Berlin's ban on the German-language channel of Russian state TV network RT.

Facebook slump reignites debate over attracting younger audiences

Facebook announced on Thursday that its daily user numbers had fallen for the first time in its history, reopening the debate around its problem with attracting new, younger subscribers.

UK's Kew tribute to Costa Rica at annual orchid fest

Britain's Royal Botanic Gardens at Kew unveiled its annual orchid festival Thursday, turning a sliver of southwest London into a riot of tropical colour and flora celebrating biodiversity hotspot Costa Rica.

Meta slump and interest rate fears drag stocks lower

Stock markets slid Thursday, dragged down by a massive plunge in the shares of Facebook parent company Meta following disappointing earnings, as well as indications central banks may move more aggressively to raise interest rates.

US services sector growth ebbed in January amid Omicron

Growth in the US services sector slowed modestly in January amid the surging Omicron variant of Covid-19 and lingering supply chain problems, according to a survey released Thursday.

ECB chief opens door to 2022 rate hike as inflation soars

European Central Bank chief Christine Lagarde on Thursday left open the possibility of interest rate hikes this year for the first time, as the eurozone comes under pressure from soaring prices.

Meta slump drags stocks lower, oil falls

Stock markets fell Thursday, dragged down by a massive plunge in the shares of Facebook parent company Meta following disappointing earnings.

ECB sees longer inflation but stands pat on policy

European Central Bank chief Christine Lagarde said Thursday that record inflation would stay high longer than expected, but the ECB stuck to its ultra-loose monetary policy as it sees prices cooling this year.

WHO sees pause, even end of pandemic for Europe

The World Health Organization on Thursday offered Europe hope of a "long period of tranquility" and even "enduring peace" in the war on coronavirus, with a growing list of nations lifting almost all Covid curbs.

ECB sits tight as inflation pressure rises

The European Central Bank stuck to its ultra-loose monetary policy on Thursday, despite record inflation in the eurozone putting the Frankfurt-based institution under mounting pressure.

BoE agrees second rate hike in row as inflation soars

The Bank of England on Thursday lifted its main interest rate for the second time in a row in a bid to tackle decades-high inflation.

UK to support consumers as energy price cap rises 54%

The UK government on Thursday stepped in to help the hardest-hit households struggling with the rising cost of living, announcing a £9 billion package to offset soaring energy bills.

Stock markets mostly fall before European interest rate decisions

Stock markets mostly dropped Thursday as profit-taking set in after recent strong gains, as traders awaited interest rate updates from the European Central Bank and the Bank of England.

Cuba runs out of milk, breaking Castro's promise

In the early days of communism in Cuba, Fidel Castro had pledged that every child under seven would have a liter of subsidized milk every day.

Turkey inflation surges to near 20-year high

Turkey's annual inflation rate in January reached its highest level since April 2002, official data showed Thursday, after a currency crisis decimated people's purchasing power.

Shell swings into huge profit as oil price recovers

Energy giant Shell surged back into profit last year as oil prices rocketed on recovering demand with economies reopening from pandemic lockdowns.

Rio Tinto's recent scandals

Revelations of rape and sexual assault at Rio Tinto are the latest in a series of scandals to hit the global mining giant, which is listed in London and Sydney.

Asia stocks mixed as profit-taking, tech woes offset catch-up play

Asian markets were mixed Thursday, with a split between those suffering from profit-taking following a recent rally and those that were playing catch-up after a midweek break across much of the region.

Scraping a living: salt offers women lifeline in Yemen

Scooping up handfuls of white crystals from coastal pools, a group of women in Yemen harvest salt -- a traditional industry proving to be a lifeline after seven years of war.

Lisa Cook, expert on economic scars of racism, now Biden Fed nominee

A researcher focused on how discrimination has harmed the American economy and the damage downturns do to the poor, Lisa Cook would bring a new perspective to the US central bank.

Biden's Fed board nominees become political footballs

Though set up as an institution operating above the partisan fray in Washington, the Federal Reserve has again become a political football, with Republicans and business groups attacking President Joe Biden's nominees to serve on the central bank's board.

NFT museum opens its doors in United States

A museum dedicated to NFTs -- the blockchain-based creations that have taken the artworld by storm -- has opened its doors in the United States.

The NFT artist who sold a trashcan image for $252,000

Marcel Duchamp scandalised the art world in 1917 by submitting a urinal as his entry to a prestigious competition. A century later, an American artist known as Robness sparked his own controversy by selling an NFT of a rubbish bin for $252,000.

Meta's profit slips as Facebook loses users

Facebook's parent firm Meta on Wednesday delivered a gloomy mix of a sharper-than-expected drop in profit, a decrease in users and threats to its ad business that plunged shares some 22 percent in after-hours trading.

SpaceX rocket successfully launches US spy satellite

A US intelligence agency said Wednesday that its newest spy satellite successfully launched into orbit atop a reusable SpaceX Falcon 9 rocket.

Brazil hikes key interest rate to double digits

Brazil's central bank hiked its benchmark interest rate by 1.5 points Wednesday to 10.75 percent, bringing it into double digits for the first time in nearly five years to fight rampant inflation.

Spotify shares fall on worries over slowing growth amid Rogan row

Shares of Spotify tumbled Wednesday after the music streaming service -- roiled in controversy over its star podcaster Joe Rogan -- projected lower profit margins in the coming earnings period as subscriber growth slows.

Facebook parent Meta's profit slips as problems pile up

Facebook's parent firm Meta delivered unsteady results Wednesday, with threats to its key ad business, big expenses on its metaverse vision and a weaker forecast that plunged shares some 20 percent in after-hours trading.

Armenia, Turkey resume first flights in two years

Historic rivals Turkey and Armenia on Wednesday resumed their first commercial flights in two years as part of cautious efforts to warm their frozen ties.

Facebook parent Meta's profit slips

Facebook's parent firm Meta on Wednesday posted a $10 billion quarterly profit that missed expectations alongside a downbeat forecast, sending shares plummeting some 20 percent in after-hours trading.

Uncrewed Artemis I mission to Moon pushed back

The first mission in NASA's program to take humans back to the Moon has been delayed until spring at the earliest, the US space agency said Wednesday, saying it needed more time to complete safety checks.

Sri Lanka seeks IMF advice amid worsening crisis

Sri Lanka has asked for "advice" from the International Monetary Fund amid a worsening economic crisis, the finance minister said Wednesday, signalling Colombo could seek an international bailout.

Coin Press - Economy (English)