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Oil gains on Mideast supply fears, AI warnings rattle tech firms

Oil prices jumped on Monday as Saudi Arabia closed a key pipeline amid the Middle East war, fuelling worries about high inflation that is set to push the US Federal Reserve into hiking interest rates this week.

Ozempic-maker Novo Nordisk slims down to 'Novo'

Danish pharmaceuticals giant Novo Nordisk, maker of weight-loss drugs Ozempic and Wegovy, announced Monday a name change to just Novo, hoping it will be more "memorable and relevant" for clients.

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Big ideas but small steps at climate finance summit

A global climate summit wrapped up Friday with a "consensus" that the international financial system was woefully inadequate in an era of global warming, after taking small steps to helping debt-burdened developing nations.

Stocks retreat as traders eye more rate hikes

Equity markets declined Friday as traders eyed more interest-rate rises after another week of hikes by central banks to combat elevated inflation.

Cheers in Zambia after landmark debt deal

Jubilant lawmakers in Lusaka sang Zambia's national anthem on Friday after foreign lenders agreed to restructure part of the country's debt, a move that entrepreneurs said brought hope for the crippled economy.

Eurozone economic growth slows sharply in June

Eurozone economic activity worsened in June to a five-month low, hit hard by a fall in industrial production, a keenly watched survey showed on Friday.

Kenyan president slams 'unfair' global lending system

Kenyan President William Ruto does not hold back when describing the global lending system: it is "unfair, it's punitive, it doesn't give everybody a fair chance".

Asian, European markets fall again as traders eye more rate hikes

Equity markets sank Friday and oil extended a sharp selloff after a string of interest rate hikes by central banks revived worries about the global economy.

Indonesia entrepreneurs cash in on TikTok live selling spree

Indonesian livestreamer Christine Febriyanti stood in a room crammed with clothes in Jakarta, hawking colourful garments to hundreds of viewers on a TikTok livestream for a local fashion brand.

Asian markets fall again as traders eye more rate hikes

Equity markets sank Friday and oil extended a sharp selloff after a string of interest rate hikes by central banks revived worries about the global economy.

EU warns Twitter to beef up content moderation as new rules loom

The EU's top tech enforcer warned Elon Musk on Thursday that Twitter must have enough resources to moderate dangerous content by August 25 or risk being in violation of the bloc's landmark rules to rein in big tech.

Japan inflation slows to 3.2 percent in May

Japan's consumer prices rose 3.2 percent year on year in May, with the pace of inflation slowing from the 3.4 percent recorded in April, government data showed Friday.

Global stocks mixed as central banks hike rates

Global stocks were mixed Thursday with European bourses falling after a clutch of central banks in Europe hiked interest rates again, while US equities shook off recent weakness.

Dutch court says Angola's dos Santos diverted millions

A Dutch court has ruled that Isabel dos Santos, the daughter of Angola's late former president, illegally diverted 52 million euros from the southwestern African nation's state oil company.

Titanic sub operator believes all passengers 'sadly lost'

The operator of a submersible missing near the wreck of the Titanic said Thursday it believed all five people on board were dead, due to what the Coast Guard described as a "catastrophic" implosion of the vessel in the ocean depths.

Five things to know about Zambia

Copper-rich Zambia, the first African country to default on its debt during the Covid pandemic, on Thursday secured a deal from creditors to restructure its debt at a global finance summit in Paris.

Interest rate hike heaps pressure on cash-strapped Britons

Millions of Britons are facing fresh mortgage misery after the Bank of England increased interest rates by an unexpected half-point, putting homeowners at risk of higher repayments on their loans during a cost-of-living crisis.

BoE hikes rate half-point over stubborn inflation

The Bank of England lifted Thursday its key interest rate by a half-point to five percent to tackle stubbornly high inflation, despite such a move worsening a cost-of-living crisis.

UN puts Russia on 'list of shame' over children in conflict

The United Nations has put Russian military forces and proxy armed groups on its "list of shame" over violating children's rights in its war in Ukraine, according to a document seen by AFP Thursday.

Red Cross federation chief stepping down

The head of the Red Cross federation, the world's largest humanitarian network, is stepping down, a spokesman confirmed Thursday, following a row in Italy surrounding the Rome Pride event.

US home sales tick up in May but activity muted

Sales of existing homes in the United States edged up in May but activity remained muted on tighter supply and with interest rates still elevated, according to industry data released Thursday.

Cash-strapped Pakistan to lease part of Karachi port to UAE for $220 million

AD Ports Group of the United Arab Emirates (UAE) signed an agreement Thursday to take over the running of part of Pakistan's main Karachi docking facility in a deal worth an immediate $220 million, the company said.

Stock markets fall as central banks hike rates

Stock markets retreated Thursday as a clutch of central banks in Europe hiked interest rates again to combat persistently high inflation.

US Fed official says more rate hikes necessary

A senior US Federal Reserve official said Thursday that additional interest rate hikes are needed to tackle historically high inflation.

Climate goals depend on fixing global finance: top economist

If world leaders and the heads of multilateral development banks gathered at a Paris summit recognise that climate goals depend on revamping the architecture of global finance, it would be a "historic" development, a top development economist said Thursday.

Erkan: Former Wall Street star overseeing Turkey's troubles

Hafize Gaye Erkan can be forgiven for approaching her new job with caution after moving from the bright lights of Wall Street to the treacherous terrain of Turkey's much-maligned central bank, a place where job security is scarce.

BoE hikes rate half-point as high inflation persists

The Bank of England Thursday lifted its key interest rate by a half-point to five percent to tackle stubbornly high UK inflation despite such a move worsening a cost-of-living crisis.

Turkey hikes interest rate in Erdogan policy U-turn

Turkey on Thursday pivoted away from years of unconventional economics promoted by President Recep Tayyip Erdogan as the central bank nearly doubled its key interest rate to fight inflation and steady the troubled lira.

Musk and Zuckerberg call out each other for cage fight

Tech titans Mark Zuckerberg and Elon Musk are in a fierce business rivalry that has spilt over into a playground spat, with the two men offering to fight each other in a cage.

European stock markets retreat as central banks hike rates

European stock markets retreated Thursday as traders track more rate hikes from central banks aimed at cooling elevated inflation.

Markets track US losses with rates seen rising further

Markets in Asia and Europe fell on Thursday as traders contemplated the prospect of more central bank interest rate hikes as they struggle to tame persistently high inflation.

IMF, World Bank under pressure to boost climate change financing

International Monetary Fund (IMF) and World Bank officials are joining dozens of economic leaders for a two-day summit in Paris, aiming to tackle the interlinked challenges of poverty alleviation and climate change.

EU 'enforcer' visits Twitter, Meta as new rules loom

The EU commissioner in charge of enforcing Europe's new landmark rules on online content is heading to San Francisco on Thursday to ensure that the big platforms are ready.

Bank of England to hike again over stubborn inflation

The Bank of England is forecast Thursday to lift interest rates for the 13th time in a row -- and may hike sharply to fight stubborn inflation despite worsening a cost-of-living crisis.

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Arizona Tribune - Economy (English)