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EU slams China dairy duties as 'unjustified'

Brussels hit back Monday at China slapping duties of up to 42.7 percent on some dairy products from the European Union, calling the move "unjustified".

Stocks diverge as rate hopes rise, AI fears ease

Stock markets diverged Monday and gold hit a record high as the latest round of US data boosted hopes for more interest rate cuts and concerns over AI spending subsided.

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ExxonMobil profits surge to $17.9 bn on lofty commodity prices

ExxonMobil's profits nearly quadrupled to $17.9 billion in results released Friday that underscored the elevated state of oil and natural gas prices amid commodity market tightness.

Bahrain latest to ban block-buster Thor

Gulf state Bahrain has joined other Middle Eastern countries in imposing a cinema ban on the fourth instalment of superhero saga Thor, a Hollywood blockbuster featuring gay characters.

European stocks end week higher on growth hopes

European stock markets rose robustly on Friday as official data showed eurozone growth holding up in the face of soaring inflation.

Sony trims annual profit forecast after Bungie purchase

Sony trimmed its annual net profit forecast on Friday, partly due to acquisition expenses including the purchase of US game studio Bungie, creator of hits like "Halo" and "Destiny".

Markets mixed as US contraction lifts bets on slower Fed hikes

Asian stocks were mixed Friday after another contraction in the US economy reinforced recession fears but boosted expectations that the Federal Reserve will slow its pace of interest rate hikes.

Hustling in Lagos to 'survive in hell'

It's midnight. Luxury cars arrive outside Cocoon, a nightclub in Lagos, Nigeria's largest and most vibrant city. In minutes, dozens of people surround the vehicles, hoping to make a buck.

Lottery hopefuls flock to 'lucky' California store as $1bn jackpot looms

The odds of claiming this week's bonanza US lottery prize are less than one-in-300-million -- but one "lucky" convenience store outside Los Angeles is already counting its winnings.

Amazon, Apple beat expectations in gloomy earnings season

Tech giants Amazon and Apple delivered forecast-topping results Thursday, offering some reassurance to an earnings period weighed down by inflation, economic turmoil and war.

Wall Street stocks rally again, shrugging off weak GDP report

Wall Street stocks rose on Thursday despite data showing the US economy contracted for a second straight quarter, as investors took it as a signal the Federal Reserve may slow interest rate hikes.

Amazon tops expectations as quarterly sales climb

E-commerce colossus Amazon on Thursday reported that its sales in the recently ended quarter grew more than expected despite inflation and other economic turmoil.

Argentine protesters demand universal living wage

Thousands of people demonstrated in Buenos Aires on Thursday, demanding a "universal salary" in crisis-ridden Argentina.

In phone talks, Xi warns Biden not to 'play with fire' on Taiwan

President Joe Biden and Chinese counterpart Xi Jinping held "candid" phone talks on Thursday, with Xi warning the US leader not to "play with fire" on Taiwan, according to Chinese state media.

Deal reached for generic drug to prevent HIV infection

A deal has been reached to allow for distribution of a low-cost generic version of a long-term preventative treatment against HIV in low-income countries where most of the world's infections occur, Unitaid and the Medicines Patent Pool announced Thursday.

Recession fears deepen as US economy contracts again

The US economy contracted for a second straight quarter between April and June, government data showed Thursday, adding fuel to recession fears in a headache for President Joe Biden ahead of midterm elections.

Pfizer earnings jump on strong sales of Covid-19 products

Pfizer reported a jump in second-quarter profits Thursday behind a near doubling of revenues driven by sales of its Covid-19 vaccine and therapeutic drug Paxlovid.

US economy contracts in second quarter, deepening recession fears

The US economy contracted for a second straight quarter between April and June, government data showed Thursday, fueling recession fears just months before key midterm elections in a blow for President Joe Biden.

Biden, Xi hold talks on Taiwan, trade dispute

President Joe Biden and Chinese counterpart Xi Jinping spoke by phone Thursday on mounting tensions over Taiwan, a festering trade dispute and their bid to keep the superpower rivalry in check.

Applause as Australian rugby team Manly wear Pride jersey

Australian rugby league side Manly Sea Eagles sported a rainbow-trimmed Pride jersey to loud applause Thursday as the club's owner said the players who refused to wear it were now open to the idea.

US airline JetBlue announces $3.8 bn acquisition of Spirit

JetBlue Airways plans to acquire low-price carrier Spirit Airlines for $3.8 billion, the companies announced Thursday, in what would establish the fifth largest US airline.

Volkswagen 'confident' despite global headwinds

German auto giant Volkswagen said Thursday that it was able to overcome global economic headwinds and supply chain issues to put in a "robust" performance in the first six months of 2022.

Tension on Taiwan, trade hangs over new Biden-Xi phone call

President Joe Biden and Chinese counterpart Xi Jinping were set to talk Thursday, amid questions over whether their long distance exchanges can defuse mounting tensions around Taiwan and trade.

Shell profit rockets on high oil prices

British energy giant Shell said Thursday that its net profit soared more than five-fold to $18 billion in the second quarter, fuelled by resurgent oil and gas prices, and rewarded shareholders with another bumper buyback.

US Senate passes bill to boost domestic chip manufacturing

The US Senate passed a bill on Wednesday to boost domestic production of semiconductors, the in-demand microchips that power everything from smartphones to cars to weapons.

China lockdown, chip shortage hit Nissan profits

Japanese car giant Nissan said on Thursday that net profit sank nearly 60 percent in the three months to June as pressures including a lockdown in Shanghai and chip shortages weighed on business.

Asia, Europe track post-Fed surge on Wall St but caution urged

Asian and European markets rose Thursday following a surge on Wall Street fuelled by hopes that the Federal Reserve could slow its pace of inflation-fighting interest rate hikes.

Indebted Evergrande looks to sell Hong Kong headquarters again

Troubled Chinese property developer Evergrande has found a potential buyer for its Hong Kong headquarters, reports said Thursday, days before an expected announcement of the firm's long-awaited restructuring plans.

US GDP data due with all eyes on possible recession

The United States is set to release key data on economic growth Thursday and global investors are watching closely as the world's largest economy flirts with recession -- while President Joe Biden walks a political tightrope.

No slowdown yet: US import deluge tests supply chain

Throngs of 18-wheelers are the clearest sign of brisk activity at the Port Newark-Elizabeth marine terminals in northern New Jersey, defying talk of a US economic slowdown.

Easy targets: Drug mules fill women's jails in Hong Kong

Zoila Lecarnaque Saavedra sealed her fate when she agreed to transport a package from Peru to Hong Kong -- a decision that landed her more than eight years in prison.

Asian markets track post-Fed surge on Wall St, but caution urged

Asian markets rose Thursday following a surge on Wall Street fuelled by hopes that the Federal Reserve could slow its pace of inflation-fighting interest rate hikes.

Samsung Electronics says operating profits up 12.18 percent in Q2

South Korean chip powerhouse Samsung Electronics said Thursday that second-quarter operating profits were up 12.18 percent, with record profits in its system semiconductor division despite global supply chain woes.

Pope Francis denounces 'ideological colonization' on Canada visit

Pope Francis decried "ideological colonization" Wednesday and renewed his apology to Indigenous peoples for decades of abuse in a speech to Canada's top officials, who invited him to take further action leading to "real reconciliation."

Arizona Tribune - Economy (English)