The China Mail - Economy

Russia strikes Kyiv during UN chief's visit as Moscow presses offensive

Russian forces pressed their offensive in south and east Ukraine on Friday after bombarding its capital during a visit by the United Nations' chief.

Most Asian markets track Wall St rally but tech struggles

Equity markets in Asia mostly rose Friday following a positive lead from Wall Street but optimism remains at a premium as traders operate under the shadows of war, soaring inflation, US interest rate hikes and China's lockdowns.

Billionaire Luiza Trajano, the businesswoman shaking up Brazil

Brazilian businesswoman Luiza Trajano has made it onto a lot of lists: TIME's most influential people, Forbes' billionaires, the biggest fortunes in Brazil...

With inflation rising, millions in Argentina rely on food aid

Elena Gonzalez's backyard soup kitchen is a hive of activity, with busy hands chopping and stirring as a cauldron with a bit of chicken and much rice boils over a wood fire in a poor Argentina neighborhood.

Life after sumo: retired wrestlers fight for new careers

When Japanese sumo wrestler Takuya Saito retired from the sport at 32 and began jobhunting, he had no professional experience and didn't even know how to use a computer.

High-flying tech giants buffeted by turbulent times, earnings show

Tech giants that saw good times during the pandemic are dealing with a "hangover" compounded by inflation and the war in Ukraine, analysts have said after earnings released this week.

10 football pitches of pristine rainforest lost per minute in 2021

Huge swathes of tropical rainforest were burned or hacked down for cattle and crops last year, led by destruction in Brazil, researchers said Thursday, warning that climate change itself is making it harder to reverse the losses.

Apple reports solid Q2, but warns of $4-$8 bn hit from Covid, supply chain

Apple reported better-than-expected profits Thursday amid continued robust consumer demand, but warned that the China Covid-19 lockdown and ongoing supply chain woes would dent June quarter results by $4 to $8 billion.

Apple reports slower Q2 sales growth, but results top estimates

Apple reported better-than-expected profits Thursday on robust consumer demand for its devices and services even as revenue growth slowed while it navigated an ongoing semiconductor supply crunch.

IMF chief tests positive for Covid-19

IMF Managing Director Kristalina Georgieva has tested positive for Covid-19, a spokesman said Thursday, stressing she had only "mild symptoms."

Russia strikes Kyiv during UN chief's visit, Biden asks for $33bn for Ukraine

Russian forces bombarded Ukraine's capital late Thursday during a visit by UN Secretary-General Antonio Guterres, who decried the "absurdity" of war in the 21st century, as US President Joe Biden asked for $33 billion more to support Kyiv.

Uncertainty Musk Twitter deal will close as platform reports mixed earnings

Twitter shares climbed Thursday after reporting mixed earnings, but continued to lag the price in the company's takeover agreement with Elon Musk amid uncertainty over whether the acquisition will be completed.

Gazprom profits soar on high energy prices

Russian energy giant Gazprom on Thursday announced a soaring net profit for 2021, boosted by high energy prices.

Kyiv probes Russian troops over Bucha, Biden seeks $33 bn package

Ukrainian prosecutors said Thursday they were investigating 10 Russian soldiers for alleged war crimes in Bucha and had identified more than 8,000 suspected war crimes cases since Russia invaded.

Canada lifts restrictions on gay men's blood donations

Canada announced Thursday a lifting of restrictions on blood donations by gay and bisexual men that dates back to HIV/AIDS crisis of the 1980s and 1990s.

US economy sees surprise Q1 contraction despite solid spending

The US economy shrank in the first quarter of 2022 as the Omicron variant of the coronavirus hampered activity and companies bought more foreign products to rebuild depleted inventories, in the latest complication for a country already struggling with record inflation.

'Donbas is not Ukraine': in industrial east, hopes for Russian rule

At a market in the industrial town of Lysychansk in east Ukraine -- war-scarred after relentless attacks by Russian forces -- one woman quietly hopes Moscow's army will break through.

Ukraine probes Russian troops over Bucha as UN chief visits

Ukrainian prosecutors said Thursday they were investigating 10 Russian soldiers for alleged war crimes in Bucha, as the visiting UN chief urged Russia to cooperate with a probe into atrocities.

Stock markets rise on busy corporate earnings day

Stock markets rose on Thursday as investors digested a slew of company results and shrugged off a worse-than-expected US economic contraction.

Germany's Scholz backs Ukraine weapons move on Japan trip

Chancellor Olaf Scholz on Thursday thanked Germany's parliament for backing the decision to provide Ukraine with heavy weapons, as Russia said Western arms deliveries to the country were dangerous for European security.

Smiling Queen Elizabeth meets Swiss president after 96th birthday

Queen Elizabeth II looked on healthy form Thursday as she met face-to-face with Switzerland's president, in the build-up to UK-wide celebrations for her Platinum Jubilee in early June.

Price hikes help lift McDonald's sales in Q1

Price hikes in the US market helped lift first-quarter sales at McDonald's, while profits tumbled due to an unspecified tax matter, according to results released Thursday.

Strike cripples Sri Lanka as president faces new pressure

Millions of workers staged a crippling strike in Sri Lanka on Thursday, adding to pressure on President Gotabaya Rajapaksa and his ruling family to quit over the country's worst-ever economic crisis.

Stock markets extend recovery, dollar at multi-year highs

Stock markets powered higher Thursday, extending a recovery on bargain hunting after sharp losses at the start of the week.

Homemade library builds bookish community in S.Africa's Soweto

Behind an unmarked gate, on a residential street in South Africa's Soweto township, Thami Mazibuko makes his way down a corridor and up a stairwell, all lined with books.

China cuts coal import taxes to zero to ensure energy supply

China will slash coal import tariffs to ensure energy security, the finance ministry said Thursday, the latest move to cast doubt on the country's environmental promises.

Countrywide strike cripples crisis-hit Sri Lanka

A general strike crippled Sri Lanka on Thursday, as demands grew for President Gotabaya Rajapaksa and his family members to resign over the country's worst-ever economic crisis.

Samsung Electronics Q1 net profit up almost 60 percent

South Korean tech giant Samsung Electronics posted a near 60 percent rise in first-quarter net profits on Thursday, largely driven by steady memory chip demand and brisk smartphone sales.

Nokia's Q1 profits eroded by Russia withdrawal

Finnish telecom equipment maker Nokia on Thursday announced a 17 percent fall in quarterly profits due to its withdrawal from Russia and supply problems but said it would meet this year's target.

Bank of Japan hikes inflation forecast on soaring energy prices

Japan's central bank hiked its full-year inflation forecast on Thursday but cautioned that it sees rising prices, driven by a surge in commodity costs cause by the Ukraine war, as a volatile and temporary trend.

Indonesia suspends all exports of palm oil

Indonesia began imposing a complete ban on palm oil exports Thursday, as the world's largest producer of the commodity risked destabilising a global vegetable oil market already hitting peak prices.

Surge in prices creates headache for Germany's brewers

The Veltins brewery in Germany was already wrestling with pandemic-spurred hikes in ingredient and transport costs over the last year, but a surge in energy prices sparked by Russia's invasion of Ukraine threatens to be a bitter pill for the business.

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