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Alan Greenspan: longtime Fed chief with a divided legacy

Alan Greenspan, the longtime US Federal Reserve chief who presided over an unprecedented period of American economic expansion but was later faulted for failing to rein in markets ahead of the 2008 global financial crisis, has died.

France, Germany reach deal on arms maker KNDS, paving way for IPO

France and Germany announced Monday a deal for the joint governance of arms maker KNDS, paving the way for a blockbuster share offering as they seek to reinvigorate faltering European defence cooperation.

Last news

Stocks and dollar struggle before Fed rate decision

Stock markets and the dollar struggled for direction on Wednesday, as investors waited to learn the size of the US Federal Reserve's latest interest-rate hike to cool inflation.

Half a million strike in UK as cost-of-living crisis bites

Half a million people stopped work over pay in Britain on Wednesday leaving transport networks paralysed and thousands of classrooms empty in the largest walkout in over a decade.

What does hitting the debt ceiling mean for the US?

The United States hit its borrowing cap of $31.4 trillion in January, prompting the start of measures to avoid a default as Democrats and Republicans head towards another clash on raising or suspending the country's debt limit.

US manufacturing activity contracts for third month: survey

Activity in the US manufacturing sector shrank for a third straight month in January, hovering at the lowest levels since May 2020 as new orders and production slumped, according to survey data released Wednesday.

Pakistan inflation hits 48-year high as IMF visits

Inflation has risen to a 48-year high in crisis-hit Pakistan, according to government data released Wednesday, as IMF officials visit for urgent talks on a stalled bailout package.

US private hiring slows more than expected in January: survey

Private employers in the United States slowed their hiring pace in January, payroll firm ADP said Wednesday, in the latest sign that economic activity is cooling on efforts to rein in inflation.

EU unveils plan to counter US green subsidies, China competition

The EU on Wednesday unveiled proposals to counter the threat to European industry from US green subsidies and unfair competition from China, with measures including a controversial expansion of state aid.

Pakistan inflation rises to 48-year high as IMF visits

Inflation has risen to a 48-year high in crisis-hit Pakistan, where the International Monetary Fund is visiting for urgent talks, according to data released on Wednesday by the country's statistics bureau.

Eurozone inflation falls but uncertainty remains

The eurozone's annual inflation rate has fallen for a third consecutive month, official data showed on Wednesday, but uncertainty over the figures and continued price growth cooled optimism.

Half a million strike in UK's largest walkout in 12 years

Half a million workers went on strike in Britain on Wednesday, calling for higher wages in the largest such walkout in over a decade, closing schools and severely disrupting transport.

Hong Kong economy shrank 3.5 percent in 2022

Hong Kong's economy shrank by 3.5 percent in 2022, with exports plunging and the city's worst-ever coronavirus outbreak battering businesses, the government announced Wednesday, while saying it hoped China's reopening would spur a recovery.

Adani shares nosedive as Indian tycoon drops down rich list

Shares in the Indian tycoon Gautam Adani's flagship firm nosedived again on Wednesday as its owner dropped out of the Forbes top 10 rich list following allegations of massive accounting fraud.

Premier League January spending spree sends records tumbling

Premier League clubs spent a record £815 million ($1 billion) in a frantic January transfer window -- nearly double the previous highest figure, according to sports finance experts Deloitte.

US Fed set to slow rate hikes but signal inflation fight not over

The Federal Reserve starts the second day of its policy meeting Wednesday, on growing expectations that it will step down to a smaller interest rate hike as red-hot inflation shows signs of cooling.

Electric cars gain record market share in Europe

Electric car sales set a new market share record in the European Union in 2022, industry figures showed Wednesday, as the region seeks to rid itself of fossil fuel cars.

Share sale fails to halt Adani market slide in India

A successful public offer failed to stop investors dumping shares in Indian tycoon Gautam Adani's business empire for a fifth day on Wednesday after allegations of massive accounting fraud from a short-seller investment group.

Asian markets rebound from losses after Wall St rally

Asian markets bounced back from two days of losses on Wednesday as traders tracked a Wall Street surge fuelled by data pointing to slowing US inflation and hopes the Federal Reserve's rate hike drive is coming to an end.

Boom times for francophone Africa's TV and film industry

Standing in a barren schoolyard surrounded by baobab trees at the end of a dusty road in central Senegal, Leila Sy takes a look around and smiles.

All Blacks star Savea praises Johnstone's 'courageous' coming out

New Zealand forward Ardie Savea said Wednesday that he believes Campbell Johnstone's "courageous" coming out as the first gay All Black could pave the way for other rugby stars.

Uganda Grammy nominee Eddy Kenzo triumphs over tragedy

Orphaned and homeless, Eddy Kenzo used to struggle to persuade DJs to play his songs, but Uganda's first Grammy contender said his success offers hope that even the poorest person can triumph.

Arctic cold 'no sweat' for electric cars in Norway

Norwegian electric car owners have a word for the way they feel when they look nervously at their battery indicators while driving in subfreezing weather: "rekkevideangst", or "range anxiety".

Most Asian markets rebound from losses after Wall St rally

Most Asian markets bounced from two days of losses on Wednesday as traders tracked a Wall Street surge fuelled by data pointing to slowing US inflation and hopes the Federal Reserve's rate hike drive is coming to an end.

Iraqi PM says banking reforms reveal fraudulent dollar transactions

Iraq's premier said Tuesday that new banking regulations had revealed fraudulent dollar transactions made from his country, as the fresh controls coincide with a drop in the local currency's value.

Mixed day for global stocks ahead of major central bank moves

Wall Street stocks rallied Tuesday on mostly good corporate earnings after a mixed session in overseas markets ahead of key central bank decisions.

A US corporate scourge deflates the empire of Indian tycoon Adani

Nathan Anderson sees himself as a scourge of corporate manipulation, but some investors and business leaders see short-sellers like him as engaging in tactics more akin to Wall Street gunslinging for profit.

French protests against Macron's pension reform gather momentum

Protests against French President Emmanuel Macron's plan to reform the pension system gathered momentum on Tuesday, with more than 1.27 million people in the street according to the interior ministry.

Higher costs drag Caterpillar profits lower

Caterpillar reported a drop in profits Tuesday as higher costs and the drag from the strong dollar offset the lift from buoyant demand in industrial markets.

Zverev hails 'justice' as ATP finds 'insufficient evidence' of abuse

Alexander Zverev said "justice has prevailed" after tennis chiefs announced Tuesday there was "insufficient evidence" to substantiate allegations of domestic abuse against the German former world number two.

EPA blocks Alaska mining project in salmon-rich Bristol Bay

US environmental authorities on Tuesday blocked a huge gold and copper mine project in Alaska's pristine salmon-rich Bristol Bay.

Pfizer eyes big drop in Covid-related revenues in 2023

After two straight years of surging sales due to Covid-19 products, Pfizer projected a steep decline in 2023 revenues as demand for vaccines and therapeutics ebbs.

US Fed starts policy meeting with smaller rate hike likely

US central bankers opened a two-day policy meeting Tuesday on rising expectations that they will slow the pace of interest rate hikes again, as inflation begins to fade.

After turbulent year, UBS upbeat with eye on Asia

Swiss banking giant UBS voiced optimism for 2023 on Tuesday, hoping that higher interest rates and a swelling business in Asia would boost its results following a turbulent 2022.

Arizona Tribune - Economy (English)