The China Mail - Economy

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Binance says resuming withdrawals after major hack

Binance said Sunday that it had resumed withdrawals after a major hack that affected more than $6 billion in funds.

Winds of change: Laos looks up for renewables push

Rising from verdant ridgelines of southern Laos, 133 Chinese-built wind turbines help power Vietnam's surging growth and represent part of a regional rush to diversify energy sources.

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Tension on Taiwan, trade hangs over new Biden-Xi phone call

President Joe Biden and Chinese counterpart Xi Jinping were set to talk Thursday, amid questions over whether their long distance exchanges can defuse mounting tensions around Taiwan and trade.

Shell profit rockets on high oil prices

British energy giant Shell said Thursday that its net profit soared more than five-fold to $18 billion in the second quarter, fuelled by resurgent oil and gas prices, and rewarded shareholders with another bumper buyback.

US Senate passes bill to boost domestic chip manufacturing

The US Senate passed a bill on Wednesday to boost domestic production of semiconductors, the in-demand microchips that power everything from smartphones to cars to weapons.

China lockdown, chip shortage hit Nissan profits

Japanese car giant Nissan said on Thursday that net profit sank nearly 60 percent in the three months to June as pressures including a lockdown in Shanghai and chip shortages weighed on business.

Asia, Europe track post-Fed surge on Wall St but caution urged

Asian and European markets rose Thursday following a surge on Wall Street fuelled by hopes that the Federal Reserve could slow its pace of inflation-fighting interest rate hikes.

Indebted Evergrande looks to sell Hong Kong headquarters again

Troubled Chinese property developer Evergrande has found a potential buyer for its Hong Kong headquarters, reports said Thursday, days before an expected announcement of the firm's long-awaited restructuring plans.

US GDP data due with all eyes on possible recession

The United States is set to release key data on economic growth Thursday and global investors are watching closely as the world's largest economy flirts with recession -- while President Joe Biden walks a political tightrope.

No slowdown yet: US import deluge tests supply chain

Throngs of 18-wheelers are the clearest sign of brisk activity at the Port Newark-Elizabeth marine terminals in northern New Jersey, defying talk of a US economic slowdown.

Easy targets: Drug mules fill women's jails in Hong Kong

Zoila Lecarnaque Saavedra sealed her fate when she agreed to transport a package from Peru to Hong Kong -- a decision that landed her more than eight years in prison.

Asian markets track post-Fed surge on Wall St, but caution urged

Asian markets rose Thursday following a surge on Wall Street fuelled by hopes that the Federal Reserve could slow its pace of inflation-fighting interest rate hikes.

Samsung Electronics says operating profits up 12.18 percent in Q2

South Korean chip powerhouse Samsung Electronics said Thursday that second-quarter operating profits were up 12.18 percent, with record profits in its system semiconductor division despite global supply chain woes.

Pope Francis denounces 'ideological colonization' on Canada visit

Pope Francis decried "ideological colonization" Wednesday and renewed his apology to Indigenous peoples for decades of abuse in a speech to Canada's top officials, who invited him to take further action leading to "real reconciliation."

Ford profits rise on strong Q2 sales, pricing

Ford shares zoomed higher Wednesday as the US auto giant reported increased second-quarter profits on a surge in auto sales that more than offset the hit from higher costs.

US stocks rally, dollar retreats as Fed hikes interest rates again

Wall Street stocks rallied and the dollar retreated Wednesday as the Federal Reserve again proceeded with a large interest rate hike, maintaining its forceful stance to combat inflation.

Alarm as Earth hits 'Overshoot Day' Thursday: NGOs

Mankind marks a dubious milestone Thursday, the day by which humanity has consumed all earth can sustainably produce for this year, with NGOS warning the rest of 2022 will be lived in resource deficit.

Spirit terminates Frontier deal, says in talks with JetBlue

After months of back-and-forth, Spirit Airlines announced Wednesday that it was breaking off a merger with Frontier Group, opening the door to a possible takeover by JetBlue.

Facebook's Meta reports first ever revenue drop

Facebook-parent Meta on Wednesday reported that its quarterly revenue dropped year-over-year for the first time ever, as its profit plunged by more than a third.

US Senate passes bill to boost domestic semiconductor manufacturing

The US Senate passed a bill on Wednesday to boost domestic production of semiconductors amid shortages of the microchips that power everything from smartphones to cars to weapons.

US regulators move to block Meta virtual reality app deal

US market regulators on Wednesday went to court to stop Meta from buying virtual reality fitness app maker Within, a potential blow to the tech giant's metaverse ambitions.

Fed attacks US inflation with another interest rate hike

The US Federal Reserve on Wednesday again raised the benchmark interest rate by three-quarters of a percentage point in its ongoing battle to tamp down raging price pressures that are squeezing American families.

Boeing sees progress on 787 but warns on supply chain

Boeing said Wednesday it is close to receiving regulatory approval to resume 787 jet deliveries, a move that could help reverse lackluster profits, but warned that its production ramp-up for the 737 MAX would be slowed by supply chain problems.

Fresh nationwide rail strikes hit UK

Around 40,000 British railway workers staged a walkout on Wednesday, a month after the largest strike in 30 years as the UK battles its worst cost-of-living crisis in decades.

McDonald's beefs up UK price for 99p cheeseburger

Stung by an across-the-board surge in inflation, McDonald's said Wednesday it was raising the UK price of its cheeseburger -- set at a lowly 99 pence ($1.19) for 14 years.

Boeing profit falls as CEO eyes resumption of 787 deliveries

Boeing reported a drop in second-quarter profits on Wednesday due to the continued travails of the 787, but the company said it was close to receiving regulatory approval to resume deliveries of the plane.

Military aircraft drive US goods orders higher in June

An eye-popping surge in new orders for US military aircraft in June drove a surprise increase in demand for big-ticket manufactured goods, according to government data released Wednesday.

Joint centre for Ukraine grain exports opens in Istanbul

Turkey on Wednesday formally opened a joint coordination centre for Ukrainian grain exports under a UN-backed deal aimed at resuming shipments for the first time since Russia's February invasion of its neighbour.

Boeing profit falls as 787 deliveries still halted

Boeing reported a drop in second-quarter profits Wednesday on the continued halt to deliveries of the 787, in results that missed analyst expectations.

Russian anger after EU court upholds ban on RT

The Kremlin vowed to further restrict Western media in Russia on Wednesday after the EU's top court upheld European sanctions that took Moscow's RT channel off-air around the continent.

Markets mixed as traders await US rate decision

Stock markets traded mixed and the dollar retreated Wednesday as attention switched to the Federal Reserve and the size of its upcoming interest rate hike.

Miners unearth pink diamond believed to be largest seen in 300 years

Miners in Angola have unearthed a rare pure pink diamond that is believed to be the largest found in 300 years, the Australian site operator announced Wednesday.

Bitter harvest: Malaysian palm oil farmers face labour crunch

Overripe palm oil fruits hang untouched in trees while others lie rotting scattered around a plantation, as Malaysian farmers reap the bitter harvest of a severe labour shortage.

Eye-popping: Saudi prince unveils mirrored skyscraper eco-city

A futuristic Saudi megacity is to feature two skyscrapers extending across a swathe of desert and mountain terrain, according to the latest disclosures on the project by the kingdom's de facto ruler.

The China Mail - Economy (English)