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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.

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Eurozone dodges recession but gloomy outlook persists

The eurozone economy showed greater resilience than expected after avoiding a recession in the fourth quarter of 2022, official data showed Tuesday, but the outlook remained gloomy as soaring prices dampen growth.

ExxonMobil reports record profits of $55.7 bn in 2022

ExxonMobil reported record annual profits of $55.7 billion in 2022 on Tuesday, reflecting higher commodity prices amid recovering demand and the impacts of Russia's invasion of Ukraine.

Brexit gloom prevails on UK's three-year anniversary

British Prime Minister Rishi Sunak defended Brexit as a "huge opportunity" on Tuesday, as the UK marked three years since leaving the EU amid economic crisis and a growing public sense of "Bregret".

Large investors pull Adani's $2.5 bn share sale through after stock rout

Adani Group's ambitious share sale exceeded its subscription targets Tuesday in a relief for the Indian conglomerate, which is reeling from allegations of "brazen" corporate fraud that wiped more than $65 billion off its value.

No ATP action against Zverev after 'insufficient evidence' of abuse

Former world number two Alexander Zverev will face no disciplinary action from the ATP after an independent investigation found "insufficient evidence" to substantiate allegations of domestic abuse, it was announced Tuesday.

UK retail giant Tesco to axe over 2,000 jobs

Supermarket group Tesco, the biggest retailer in Britain, announced Tuesday plans to slash about 2,100 jobs, as sky-high inflation hikes costs.

New French protests, strikes target Macron pensions plan

French President Emmanuel Macron on Tuesday faced a new wave of anger over his plan to reform pensions, with nationwide strikes and protests causing widespread disruption in transport, schools and other public services.

Peru Congress to resume debate on bringing elections forward

Peru's Congress will resume debate Tuesday on a bill to bring forward elections, a move aimed at ending weeks of protests that have left dozens dead and brought parts of the country to a standstill.

France faces huge disruption as pension protests kick off

France woke up to a day of paralysis Tuesday with transport blockages, mass strikes and demonstrations hitting the country for the second time in a month to protest a planned reform to raise the retirement age.

Asian markets take fresh hit as nervous traders await Fed meeting

Asian markets sank Tuesday following a big selloff on Wall Street and ahead of a key Federal Reserve policy decision later in the week, while data showing a bounce in Chinese economic activity failed to lift the mood.

Winter not over, but Europe braces for the next one

Europe has weathered the energy crisis that followed Russia's invasion of Ukraine so far, but businesses and households are already thinking about how to get through the next winter.

Pakistan's economy in 'collapse' as IMF visits

Pakistan is gripped by a major economic crisis, with the rupee plummeting, inflation soaring and energy in short supply as IMF officials visit to discuss a vital cash injection.

China factory output rebounds on zero-Covid relaxation

China's factory activity expanded in January after months of contraction, official data showed Tuesday, as the world's second-largest economy stirs back to life after Beijing ended strict Covid curbs.

Eye-watering onion prices make Philippine staple a luxury

Even before his onions are fully grown, Philippine farmer Luis Angeles races to harvest the crop and cash in on eye-watering prices for a vegetable that has become a luxury item in the country.

France braces for disruption as more pension protests loom

France is bracing for major transport blockages on Tuesday, with mass strikes and protests set to hit the country for the second time in a month in objection to a planned reform to raise the retirement age.

China manufacturing activity rebounds in January

China's factory activity expanded in January after four months of contraction, official data showed Tuesday, as its economy rebounded following the relaxation of strict Covid-19 curbs.

Bonza airline launches budget flights in Australia

A new Australian budget airline, Bonza, launched its first flight Tuesday, promising cheap tickets, onboard craft beer, snags (sausages) and a relaxed approach to crew uniforms.

IMF lifts 2023 growth forecast with boost from China reopening

EMBARGOED. HOLD HOLD HOLD.

Samsung quarterly profits plunge to 8 year low on demand slump

Samsung Electronics said Tuesday that its fourth-quarter operating profits plunged nearly 70 percent, the biggest drop in more than eight years, as the global economic slowdown dealt a blow to electronics and chips sales.

UN calls on Taliban to let women help give aid to desperate Afghans

The UN humanitarian chief said Monday he has pleaded with the Taliban to let women participate in a massive effort to support desperate Afghans struggling to survive a "savage" winter.

Polish govt 'appalled' by raped girl's struggle to get abortion

Poland's health minister weighed in Monday on a high-profile sexual assault case, saying it was "unacceptable" that a mentally disabled 14-year-old girl struggled to get a legal abortion.

Peru: timeline of unrest since 'first poor president' ousted

Deadly protests have gripped Peru since Congress threw out the country's first working-class president, Pedro Castillo, in December after he tried to dissolve parliament and rule by decree.

Future of Welsh rugby at stake over allegations of sexism: acting CEO

Acting Welsh Rugby Union chief executive Nigel Walker has warned the future of the game in Wales is at stake over the allegations of misogyny, sexism, racism and homophobia that have roiled the organisation.

WHO urges investment in neglected tropical diseases

The World Health Organization on Monday called for greater investment in combating neglected tropical diseases, which left more than 1.6 billion people, often in least-developed countries, requiring treatment in 2021.

Philips cuts 6,000 jobs after sleep device recall

Embattled Dutch medical tech maker Philips said on Monday it will slash 6,000 more jobs worldwide in a bid to restore profitability after a massive recall of faulty sleep respirators.

Fight climate change without slowing growth, says UAE's COP28 chief

The fight against global warming should not be at the expense of economic growth, the UAE oil chief who will lead this year's UN climate talks said on Monday.

Markets lose ground as traders await rate decisions

Stocks mostly fell Monday as traders struggled to maintain momentum from last week's rally, though Shanghai advanced as mainland Chinese markets reopened after a week-long Lunar New Year break.

Adani fails to stem stock rout at Indian business empire

Gautam Adani's vast Indian business empire lost billions of dollars more in value on Monday after its rejection of claims of widespread fraud failed to reassure investors.

Renault-Nissan: key moments in a rocky alliance

In the decades since Renault rescued Nissan from bankruptcy, their union has brought strength but also friction, heightened by the 2018 arrest of alliance head Carlos Ghosn.

Ryanair rebounds into profit as bookings soar

Ireland's Ryanair flew back into profit in the final three months of 2022 as travellers flocked to budget airlines during Europe's cost-of-living crisis.

Philips cuts 6,000 more jobs after sleep device recall

Embattled Dutch medical tech maker Philips said on Monday it will slash 6,000 more jobs worldwide after fresh losses caused by a massive recall of faulty sleep respirators.

Asian markets lose ground as traders await rate decisions

Asian stocks mostly fell Monday as traders struggled to maintain momentum from last week's rally, though Shanghai advanced as mainland Chinese markets reopened after a week-long Lunar New Year break.

Arizona Tribune - Economy (English)