The China Mail - Economy

Florida flies migrants to wealthy Martha's Vineyard

Florida Governor Ron DeSantis took credit Thursday for sending two planeloads of undocumented Venezuelans to wealthy Martha's Vineyard, Massachusetts, as Republicans play up immigration issues before November mid-term elections.

UK probes Microsoft's $69 bn bid for gaming giant

Britain on Thursday announced an "in-depth investigation" into Microsoft's planned $69-billion takeover of US gaming giant Activision Blizzard, citing UK competition concerns.

Indonesia investigating Google over app store payment system

Indonesia has launched an anti-trust investigation into Google over the tech firm's insistence that its payment system be used for purchases from its app store, authorities said Thursday, accusing it of unfair business practices.

Schiphol CEO quits over Amsterdam airport chaos

Amsterdam's Schiphol airport chief executive Dick Benschop announced his resignation on Thursday following months of chaos at one of Europe's largest transport hubs, plagued by long queues and baggage handling issues.

US industrial output dips in August on drop in electricity output

A drop in electric power generation and a modest uptick in manufacturing led to a small decline in overall US industrial production in August, the Federal Reserve said Thursday.

US retail sales see surprise bounce in August

US consumers buying cars and going to restaurants and bars in August drove a surprise bounce in retail sales, even as spending on gasoline fell as prices at the pump dropped, according to government data Thursday.

Europe stocks waver after inflation-driven rout

European stock markets wavered Thursday after recent heavy losses triggered by higher-than-expected US inflation.

Poorest nations to push on compensation at climate talks

The world's poorest countries say they will insist that the UN's upcoming climate talks push ahead with proposals for a fund to compensate vulnerable nations for climate-inflicted damage.

Shell CEO to step down, hand reins to renewables chief

Shell on Thursday announced the exit of chief executive Ben van Beurden as the British oil and gas giant looks to reinvent itself under group renewables boss Wael Sawan.

Ethereum blockchain completes 'monumental' overhaul

Senior figures in the crypto world said on Thursday that one of the biggest software upgrades the sector has ever seen was completed, an overhaul of the Ethereum blockchain aimed at reducing its massive energy consumption.

Shell says CEO stepping down at end of 2022

British energy giant Shell announced Thursday that chief executive Ben van Beurden will step down at the end of the year to be replaced by renewables director Wael Sawan.

Malaysian firm makes surprise bid for Macau gaming licence

A company controlled by Malaysian tycoon and Genting chairman Lim Kok Thay has put in a bid for a casino licence in Macau, a surprise challenge to the decades-long oligopoly of the six incumbent operators.

Fuel prices jump in Kenya after subsidies cut

Fuel prices in Kenya surged to record highs on Thursday after the new government slashed subsidies, piling on misery for a population already facing deep economic hardship.

Ford unveils newest Mustang, extending gasoline-powered life

Ford unveiled Wednesday its seventh-generation Mustang in a brash and boisterous launch event in downtown Detroit that pointed to the staying power of gasoline-powered vehicles.

TikTok search results rife with misinformation: report

TikTok is serving up misinformation to users searching for news about politics, climate change, Covid-19, the war in Ukraine and more, according to a report released Wednesday.

Damaging US rail strike looms as W.House pushes for deal

The Biden administration was still working Wednesday to avoid a major strike by US freight railroad workers this weekend, which threatens to disrupt travel and supply chains two months before crucial midterm elections.

Wall Street stages recovery from previous day's rout

Wall Street stocks ended with gains Wednesday, retracing some of the losses from one day earlier driven by stronger-than-expected US inflation data that sparked fears of more Federal Reserve interest rate hikes.

California sues Amazon for allegedly thwarting lower prices

California filed a suit Wednesday accusing Amazon of using its market influence to prevent merchants from offering buyers better deals elsewhere online, in violation of state antitrust law.

Four-kilometre queue as mourners file past Queen Elizabeth's coffin

After a long and patient wait in the sun and the rain, the first members of the public filed past the casket of Queen Elizabeth II in London on Wednesday as she lay in state in the 925-year-old Westminster Hall.

Wall Street attempts recovery from previous day's rout

Wall Street stocks made modest gains Wednesday following the previous day's rout on stronger-than-expected US inflation data that sparked fears of a prolonged campaign of Federal Reserve interest rate hikes.

Shops shut for queen's funeral but pubs to raise glass

Many retailers will shut Monday for the state funeral of Queen Elizabeth II but thousands of pubs and bars will remain open for Britons to toast the late monarch.

Smaller Detroit Auto Show kicks off ahead of Biden address

A revived Detroit Auto Show kicked off in earnest Wednesday with presentations by GM and Stellantis brands ahead of an address by President Joe Biden expected to highlight electric vehicle investments.

Royals escort queen on final journey from Buckingham Palace

To the strains of a military band, King Charles III on Wednesday led his family in procession behind Queen Elizabeth II's coffin as she left Buckingham Palace for the final time to lie in state until her funeral.

US inflation gloom casts dark shadow over markets

Global equities sank further Wednesday as stronger-than-expected US inflation data sparked fears of a prolonged campaign of Federal Reserve interest rate hikes.

Stocks extend global selloff on US inflation gloom

Global equities sank further Wednesday as stronger-than-expected US inflation data sparked fears of a prolonged campaign of Federal Reserve interest rate hikes.

Activism and '90s glamour on display at New York Fashion Week

Glamour on the one hand, activism on the other: designers Tory Burch and Gabriela Hearst showcased two different approaches to New York Fashion Week on Tuesday.

Crowds build to see Queen Elizabeth II lying in state

King Charles III leads a procession of the coffin of his mother Queen Elizabeth II through London on Wednesday, before hundreds of thousands of people pay their final respects.

'Majestic' Greek 'Zorba' star Irene Papas dies at 93

Greek-born actor Irene Papas, famous for her fiery appearances in the internationally acclaimed "The Guns of Navarone" and "Zorba the Greek", died Wednesday at the age of 93.

UK inflation eases from 40-year high

UK inflation has eased on lower motor fuel costs but remains close to 40-year peaks, official data showed Wednesday as the nation faces more strikes over a cost-of-living crisis.

Google handed setback as EU court upholds record fine

The European Union's second-highest court on Wednesday overwhelmingly upheld the EU's record fine against Google over its Android operating system for mobile phones, slightly reducing the fee for technical reasons.

Lufthansa back in private hands as govt sells rescue stake

Lufthansa said Wednesday the German state had sold the stake it took in the airline as part of a rescue package at the peak of the Covid pandemic, and booked a healthy profit in the process.

Google loses appeal against record EU antitrust fine