Wall Street gives thanks, eyes year-end whoosh
By Jamie McGeever
As Wall Street reopens after the Thanksgiving holiday, investors are looking for one final push to ensure 2022 ends up being merely grim rather than the bloodbath most ...
Egypt not out of the woods after IMF rescue deal
Egypt’s finances remain in a precarious state despite two major currency devaluations this year and a brand new $3 billion International Monetary Fund rescue package, economists say.
With debt interest ...
Smartphone market suffers strong decline
The global smartphone market experienced a pronounced contraction of 9 per cent year-on-year during the third quarter of 2022, something which has been primarily attributed to a dent in demand, according to ...
Thin Black Friday crowds mark US holiday shopping kickoff
Thin crowds of inflation-weary consumers hunted for Black Friday deals at stores in big cities including New York, Los Angeles, Chicago and other locales, marking the start of a US ...
Reality ends some Qatari dreams of World Cup rental bonanza
Qatar has found itself with an unexpected glut of rooms in the World Cup’s busy group stage, with online portals showing rooms in at least 42 hotels and Airbnb offering ...
UK house price rally to end next year but no big crash expected
British house prices will fall in 2023, putting an end to years of bumper rises, but a large crash was unlikely despite the cost of living crisis and increased borrowing costs ...
Cost-of-living crisis casts shadow over Europe’s Black Friday
Europe’s retailers are hoping Black Friday discount day will get shoppers spending, though it is taking place against a backdrop of a worsening cost-of-living crisis and the distraction of ...
Oil up as markets weigh China demand concerns, Russia price cap uncertainty
Oil prices rose in Asia on Friday, despite thin market liquidity, after a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil.
...
Who could be potential Manchester United buyers?
Manchester United’s owners, the Glazer family, are considering selling the club as they explore “strategic alternatives”. If the Glazers decided to follow through with the sale of the Old ...
Global regulators to target crypto platforms after FTX crash
The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such ‘conglomerate’ platforms will be the focus for 2023, the new chair of global securities ...
Ghana plans to buy oil with gold instead of US dollars
Ghana’s government is working on a new policy where gold rather than US dollar reserves will be used to buy oil products, Vice-President Mahamudu Bawumia said on Facebook on ...
Nestle to invest $1.86 bln in Saudi Arabia over 10 years
Nestle (NESN.S) will invest 7 billion Saudi riyals ($1.86 billion) in Saudi Arabia over 10 years, the kingdom’s investment ministry said on Twitter on Wednesday.
The ministry added it signed a ...
Israeli carrier El Al moves to Q3 profit, revenue near pre-COVID level
El Al Israel Airlines (ELAL.TA) reported on Wednesday its second straight quarterly net profit, saying its revenue was almost on pace with pre-COVID pandemic levels.
Helped by a $38 million ...
Credit Suisse flags hefty loss as rich clients leave
Credit Suisse (CSGN.S) expects a pre-tax loss of up to 1.5 billion Swiss francs ($1.58 billion) in its fourth quarter as it keeps bleeding cash, the Swiss bank said on Wednesday, ...
TikTok on ‘high alert’ in Malaysia as tensions rise over election wrangle
Short video platform TikTok said on Wednesday it was on high alert for content that violates its guidelines in Malaysia after authorities warned of a rise in ethnic tension on ...
Sony to expand Chinese game incubator in Microsoft head-to-head
Sony Group Corp (6758.T) said it plans to expand a programme to identify and incubate Chinese-made games, in a race with Microsoft Corp (MSFT.O) to tap China’s gaming ...
Elon Musk names South Korea among top candidates for EV investment
Tesla (TSLA.O) chief executive Elon Musk said on Wednesday that South Korea was among its top candidate locations for a factory it plans to build in Asia for making ...
FTX was run as ‘personal fiefdom,’ faces hacks, missing assets, attorneys say
FTX was run as a “personal fiefdom” of former CEO Sam Bankman-Fried, attorneys for the collapsed crypto exchange said in its first bankruptcy hearing as they detailed ongoing challenges such ...
Zoom shares down 90 per cent from peak as pandemic boom fades
Shares of Zoom Video Communications Inc (ZM.O) have tumbled about 90 per cent from their pandemic peak in October 2020 as the former investor darling struggles to adjust to a post-COVID ...
Live Nation, Ticketmaster may need breakup, some senators say
Ticketmaster and owner Live Nation Entertainment, the events ticketing giant behind the recently botched sale of Taylor Swift concert tickets, should be broken up by the Department of Justice if ...
Europe to be hit hardest in global slowdown
The global economy should avoid a recession next year but the worst energy crisis since the 1970s will trigger a sharp slowdown, with Europe hit hardest, the OECD said, adding ...
Teva and Sandoz make major push to biosimilars
Generic drug makers Teva Pharmaceutical Industries and Sandoz say they are planning a significant ramp-up in production of biosimilars – copies of high-priced drugs used to treat illnesses such as rheumatoid ...
Will supply chains ever return to “normal?”
Considering the unprecedented economic environment created by years of COVID pandemic, it should hardly be surprising that organizations around the world continue to suffer from a disrupted supply chain. Yet, ...
UK government borrows less than expected in October, but worse to come
Britain’s government borrowed less than expected in October, data showed on Tuesday, although the budget deficit is likely to balloon in the months ahead thanks to energy bill support ...