The China Mail - Economy

From recession to inflation, how the US Fed has dealt with crises

The US Federal Reserve has strongly signaled it will raise interest rates by half a percentage point this week to rein in soaring inflation, and likely continue hiking throughout this year.

Fed gears up to attack inflation as US recession fears grow

The Federal Reserve this week is set to redouble its assault against record US inflation while facing an array of shocks both internal and external that analysts fear may one day put the world's largest economy into a recession.

As tobacco burns out, Malawi looks to cannabis

Under a scorching sun at a trading post in Malawi, Chikumbutso Chekeni and his wife head to their tobacco sheds to dry their newly harvested leaf.

Christian Smalls, the unlikely union leader who took on Amazon

In his colorful jacket emblazoned with the slogan "Eat the rich," Christian Smalls is accosted from all sides as he walks by the bus stop where he spent countless hours trying to convince Amazon employees to form a union.

Buffett details spending spree, takes jab at Wall Street

The billionaire finance guru Warren Buffett, who complained recently that he did not know where to put his money, said Saturday he has invested billions of dollars so far this year, even as he took jabs at Wall Street.

Berkshire quarterly earnings slump as shareholders gather

Berkshire Hathaway, the holding company of billionaire businessman Warren Buffett, saw its net profit plunge by 53 percent in the first quarter due to a drop in the paper value of its investments, it said.

Berkshire marks big quarterly loss as shareholders gather

Berkshire Hathaway, the holding company of billionaire businessman Warren Buffett, saw its net profit plunge by 53 percent in the first quarter due to a drop in the paper value of its investments, it said.

Bodies with hands tied found in Ukraine as Russia shells east

Ukrainian police on Saturday reported finding three bodies with their hands tied behind their backs as Russia continued shelling the east and Washington slammed Russian President Vladimir Putin's "depravity".

Crisis-hit Sri Lanka hikes medicine prices

Cash-strapped Sri Lanka announced a 40 percent price hike for dozens of commonly used medicines on Saturday as the island nation labours through its worst economic crisis in decades.

Covid treatments: still struggling for mass uptake

Several treatments are now available to fight Covid-19 but tight timelines, unequal access and weakening effectiveness against new variants have limited their ability to blunt the worst of the pandemic.

Indonesia's palm oil export ban heats up vegetable oil market

Indonesia's decision to suspend palm oil exports in the face of domestic shortages has pushed vegetable oil prices to new highs, further tightening a market already on edge due to the war in Ukraine and global warming.

China factory activity dips to lowest in two years: official data

China's manufacturing activity slumped to its lowest level since February 2020, official data showed Saturday, the latest sign of economic pain as Beijing doggedly pursues its zero-Covid response.

Kharkiv shelled as Russia maintains its offensive

Ukraine's second city Kharkiv was hit by multiple Russian shellings Saturday, though President Volodymyr Zelensky says Ukrainian forces are making "tactical successes" in the region.

Student's death stokes anger over Mexican femicide crisis

The death of an 18-year-old Mexican student has unleashed anger against authorities accused of negligence over the murders and disappearances of thousands of women each year, few of which receive as much attention.

Belarus opposition seeks US technology help

The leader of Belarus' opposition said Friday that the United States is looking at stepping up technological assistance in the struggle against strongman Alexander Lukashenko.

First rocket strike sparks solidarity wave in Ukraine city

In Zaporizhzhia, trees were in bud and life was peaceful in this southeastern city, despite the war raging nearby -- until a rocket hit last Thursday, prompting a huge outpouring of solidarity.

Crisis-hit Sri Lanka says IMF bailout three months away

An International Monetary Fund bailout package for crisis-hit Sri Lanka could take up to three months to arrive, the country's central bank chief said on Friday, as anti-government protests over the economic crisis continue to escalate.

Zelensky, Putin invited to G20 summit: Indonesian leader

Ukrainian President Volodymyr Zelensky has been invited to the G20 summit in November, which will also be attended by Russian President Vladimir Putin, the leader of host nation Indonesia said Friday.

Boris Becker jailed by British court over bankruptcy

Former tennis star Boris Becker was on Friday jailed for two and a half years after being found guilty by a British court of charges relating to his 2017 bankruptcy.

Europe stocks rise but Wall Street falls as tech falters

European and Asian stock markets rose Friday but Wall Street fell after tech giants Amazon and Apple posted disappointing quarterly results.

Thai, Malaysian firms pull out of Myanmar gasfield project

Thailand's oil and gas conglomerate PTTEP and Malaysia's Petronas announced Friday they would withdraw from the Yetagun gas project in coup-hit Myanmar.

Americans' spending, incomes grew in March amid high prices: govt

As their wages rose last month, Americans channeled more dollars towards services even as prices continued ticking higher, government data released Friday said.

ExxonMobil earnings double to $5.5 bn on higher oil prices

ExxonMobil's first-quarter profits more than doubled to $5.5 billion, the company reported on Friday, as higher oil prices offset costs connected to exiting its Sakhalin project in Russia.

Eurozone stocks edge higher as weak data offsets China support

Eurozone stock markets rose only slightly Friday as the bloc's weak economic data offset hopes China would ease its long-running crackdown on the tech sector -- news that sent Asian equities soaring.

Paris suspends electric bus fleet after fires

Dozens of electric buses will be taken off the streets of Paris temporarily "as a precaution" after two of the vehicles caught fire, public transport operator RATP said Friday.

Eurozone economy hit by Ukraine war fallout

The eurozone economy felt the fallout from the Ukraine war as output slowed and inflation stayed at record levels in the first quarter, official data showed Friday, imperilling Europe's recovery from the pandemic.

French growth crashes to zero in first quarter

The French economy flatlined in the first quarter as households reduced their consumption due to rising inflation and the war in Ukraine, the national statistics agency said Friday.

Tesla recalls second batch of cars in China on safety concerns

US car giant Tesla has recalled more than 14,600 cars in China over a software fault that could lead to safety risks, the country's market regulator said Friday, the firm's second callback in a month.

Choking and sweating around Delhi's burning hill of trash

Living in a slum by one of New Delhi's trash landfills, Pramod is used to the stench, flies, government apathy and occasional fires. But this week's inferno as India wilts in a heatwave came too close for comfort.

Asian markets rally as China tech share surge lifts sentiment

Hong Kong and Shanghai led a rally across Asia on Friday on hopes Beijing is set to ease its long-running crackdown on the tech sector.

Musk offloads $4 bn in Tesla shares after Twitter deal

Tesla chief Elon Musk sold about $4 billion worth of shares in the electric carmaker in the days after Twitter's board agreed to his $44 billion takeover of the social media platform.

South Korea to end outdoor mask mandate

South Korea said Friday it will lift its outdoor mask mandate next week in response to a steady drop in Covid-19 cases after an Omicron-fuelled surge.

The China Mail - Economy (English)

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