The China Mail - Economy

Michelangelo's scribble sells for $200,000 at New York auction

A square scribbled on a yellowed piece of paper by Renaissance genius Michelangelo sold for $201,600 -- 33 times its estimated value, auction house Christie's said Wednesday.

Russian 'cyber sabotage' a global threat: security firm

A cyber group with links to Russian military intelligence is set to become a significant global threat after playing an increasing critical role in the ongoing conflict in Ukraine, a leading cybersecurity firm warned Wednesday.

US to reimpose oil sanctions on Venezuela: officials

The United States is to snap back sanctions on Venezuela's crucial oil industry after President Nicolas Maduro's government continued its "repression" of opponents, US officials said Wednesday.

Biden targets 'cheating' China on trip to US steel heartland

US President Joe Biden called for a hike in steel tariffs on "cheating" China Wednesday as he courted blue-collar voters on an election campaign trip to the battleground state of Pennsylvania.

At IMF, Brazil and France renew push for 'fairer' international taxation

The international community must do more to make the world's richest companies and individuals pay their "fair" share of taxes, Brazil and France's finance ministers said Wednesday.

Biden denies China trade war on trip to US steel heartland

US President Joe Biden denied there was a trade war with China Wednesday, despite calling for a hike in steel tariffs as he courted blue-collar voters in the battleground state of Pennsylvania.

Kenyan court orders striking doctors to reach deal by Friday

A Kenyan court on Wednesday ordered doctors and the government to reach an agreement within 48 hours to end a nationwide strike that is now in its fifth week.

Tennessee VW workers begin voting in key test for union

Volkswagen employees in Tennessee began casting ballots Wednesday in a vote that could make theirs the first foreign carmaker to unionize in the American South, expanding gains made by organized labor in the auto heartland of Detroit.

ASML shares dive on lower profits, orders

Shares in Dutch tech giant ASML, which supplies chip-making machines to the semiconductor industry, slumped Wednesday after the firm reported a drop in net profits and orders amid a high-tech trade spat between China and the West.

Tesla asks shareholders to reapprove huge Musk pay deal

Tesla will ask its shareholders in June to ratify a multi-billion-dollar 2018 pay package for CEO Elon Musk that was squashed by a US court earlier this year.

France evicts hundreds of migrants from Paris squat ahead of Olympics

French authorities on Wednesday evicted hundreds of migrants from a squat in a southern suburb of Paris with just 100 days to go until the Olympics, encouraging them to board buses to other parts of France.

Ethiopians mourn the destruction of historic Piassa district

"Our history and our identity have been erased," laments Samira after the destruction of her birthplace in the historic Piassa district in the heart of Ethiopia's capital.

Stocks mixed after selloff as Fed, Middle East dampen sentiment

Asian markets were mixed Wednesday as Federal Reserve boss Jerome Powell's indication that interest rates could stay higher for longer offset a rebound following the latest bout of Middle East-fuelled selling.

Stocks mixed after latest selloff as Fed, Middle East dampen sentiment

Asian markets were mixed Wednesday as Federal Reserve boss Jerome Powell's indication that interest rates could stay higher for longer offset a rebound following the latest bout of Middle East-fuelled selling.

ASML profits down amid China chip spat

Dutch tech giant ASML, which supplies chip-making machines to the semiconductor industry, on Wednesday reported a drop in net profits and orders amid a high-tech trade spat between China and the West.

ASML profits, bookings down amid China chip spat

Dutch tech giant ASML, which supplies chip-making machines to the semiconductor industry, on Wednesday reported a drop in net profits and orders amid a high-tech trade spat between China and the West.

Apple CEO meets Indonesia leader to talk investments

Apple chief executive Tim Cook met Indonesia's president on Wednesday, as the tech giant explores ways to invest in Southeast Asia's biggest economy and diversify supply chains away from China.

Seoul, Tokyo vow 'appropriate action' on weak yen and won

South Korea and Japan shared "serious concerns" on the recent weakness of their currencies against the dollar and agreed to take "appropriate actions" to counter extreme volatility, the finance ministry in Seoul said Wednesday.

'GTA' video game publisher Take-Two cuts workforce

Take-Two Interactive on Tuesday told US regulators it is trimming its workforce by five percent and eliminating some video games in production to cut costs.

Tennessee VW workers hold key unionization vote

Volkswagen employees in Tennessee will begin casting ballots Wednesday in a vote that could make theirs the first foreign carmaker to unionize in the American South, expanding gains made by organized labor in the auto heartland of Detroit.

US says new sanctions on Iran coming soon

The United States said Tuesday it would soon impose new sanctions on Iran's missile and drone program after its weekend attack on Israel, and that it expects its allies and partners to follow with parallel measures.

Tech venture capital titan Andreessen Horowitz raises $7.2 bn

Silicon Valley venture capital star Andreessen Horowitz said Tuesday it had raised $7.2 billion to invest in startups behind games, apps, artificial intelligence and more.

'We are not Fed-dependent,' ECB chief says on rate cuts

European Central Bank president Christine Lagarde suggested Tuesday that the regulator could lower interest rates before a similar move by the US Federal Reserve, saying "we are not Fed-dependent."

Bill to phase out smoking advances in UK parliament

A contentious bill that aims to eventually phase out smoking in Britain advanced in parliament on Tuesday, as the House of Commons voted in favour of the controversial measure.

Dubai airport diverts flights as 'exceptional weather' hits Gulf

Dubai's major international airport diverted scores of incoming flights on Tuesday as heavy rains lashed the United Arab Emirates, causing widespread flooding around the desert country.

US Fed's Powell says inflation fight may take 'longer than expected'

The US Federal Reserve's ongoing fight against inflation could take "longer than expected," the head of the US central bank said Tuesday, further paring back the chances of early rate cuts.

Yellen says US set to tighten sanctions on Iran soon

US Treasury Secretary Janet Yellen warned Tuesday of further sanctions targeting Iran following its unprecedented attack on Israel over the weekend, saying she expects Washington will take added action "in the coming days."

Behind the growth, Ivory Coast's debt fuels debate

Abidjan's soaring Alassane Ouattara bridge lit up at night in the colours of the national flag is Ivory Coast's jewel in the crown after years of investment.

Drought-hit Colombia halts export of electricity to Ecuador

Colombia has halted electricity exports to neighboring Ecuador as its hydropower plants reach near-critical levels due to a biting drought, the government said late Monday.

Global ocean summit nets $10 bn in pledges: Greek PM

An international summit on saving the oceans netted $10 billion in pledges, the prime minister of host country Greece said on Tuesday.

IMF ups global growth forecast but signals medium-term pessimism

The IMF has raised its outlook for the global economy this year, while maintaining a gloomy forecast over the medium term, according to fresh data published Tuesday.

Biopic series of French first lady in the works

Brigitte Macron's "fairytale journey" from schoolteacher to first lady is to be recounted in a French TV series, the producers said Tuesday.

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