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your ad hereAmericans’ refusal to keep paying higher prices may be dealing a final blow to US inflation spike
Washington — The great inflation spike of the past three years is nearly spent — and economists credit American consumers for helping slay it. Some of America’s largest companies, from Amazon to Disney to Yum Brands, say their customers are increasingly seeking cheaper alternative products and services, searching for bargains or …
your ad hereGlobal youth unemployment falls to 15-year low, but post-COVID recovery uneven
Geneva — Global youth unemployment rates fell to 13% in 2023, a 15-year low. But a new study by the International Labor Organization warns the post-COVID economic recovery is uneven, with some regions seeing an increase in the number of out-of-work young people. The ILO has issued its Global Employment Trends …
your ad hereWall St Week Ahead — Rollercoaster week in US stocks leaves investors braced for bumps ahead
New York — A week of wild market swings has investors looking ahead to inflation data, corporate earnings and presidential polls for signals that could soothe a recent outbreak of turbulence in U.S. stocks. Following months of placid trading, U.S. stock volatility has surged this month as a run of alarming …
your ad hereChinese tax collectors descend on companies as budget crunches loom
BEIJING — Chinese authorities are chasing unpaid taxes from companies and individuals dating back decades, as the government moves to plug massive budget shortfalls and address a mounting debt crisis. More than a dozen listed Chinese companies say they were slapped with millions of dollars in back taxes in a renewed …
your ad hereUS stock markets rally; S&P 500 sees best day since 2022
NEW YORK — U.S. stocks rallied Thursday in Wall Street’s latest sharp swerve after a better-than-expected report on unemployment eased worries about a slowing economy. The S&P 500 jumped 2.3% for its best day since 2022 and shaved off all but 0.5% of its loss from what was a brutal start …
your ad hereWall Street bounces back from its biggest wipeout in almost 2 years
New York — Stocks closed higher on Wall Street as calm returned to the market a day after its biggest pullback in almost two years. The S&P 500 rose 1% Tuesday, breaking a brutal three-day losing streak. The Dow Jones Industrial Average climbed 0.8%, and the Nasdaq composite added 1%. Strong …
your ad hereJob losses, protests present difficulties for Chinese Communist Party
Auckland, New Zealand — Job losses and wage cuts from China’s economic downturn are hitting key industries, according to the South China Morning Post, and analysts say the situation could lead to political difficulties for the ruling Chinese Communist Party (CCP). Rights groups say the situation has triggered a sharp increase …
your ad hereGlobal cruise industry sees growing demand, wary of port protests
MADRID — The global cruise industry expects to carry 10% more passengers by 2028 than the 31.7 million who took cruise holidays in 2023, when the sector surpassed pre-pandemic levels, but sees some routes exposed to protests over overtourism. Long criticized for its impact on the environment and coastal communities, the …
your ad hereUS economic growth increased last quarter to a healthy 2.8% annual rate
Washington — The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — picked …
your ad hereSome US states purge Chinese companies from investments amid tensions with China
JEFFERSON CITY, Mo. — As state treasurer, Vivek Malek pushed Missouri’s main retirement system to pull its investments from Chinese companies, making Missouri among the first nationally to do so. Now Malek is touting the Chinese divestment as he seeks reelection in an August 6 Republican primary against challengers who also …
your ad hereIndia to spend billions of dollars on job creation
New Delhi — The government in India will spend $24 billion on boosting employment opportunities for young people, as job creation emerges as the biggest challenge confronting Prime Minister Narendra Modi in his third term. The government also announced financial support for development projects in two states ruled by its regional …
your ad hereSouth Africa presses to maintain preferred trade status with US
Johannesburg — Some members of the U.S. Congress have called for South Africa to be excluded from the African Growth and Opportunity Act, a U.S. program that grants duty-free access to the enormous U.S. market for many South African exports. South Africa presses to remain eligible for the trade program and …
your ad hereIraq to import electricity from Turkey
Baghdad — Iraq said Sunday a new power line will bring electricity from Turkey to its northern provinces as authorities aim to diversify the country’s energy sources to ease chronic power outages. The 115-kilometer (71-mile) line connects to the Kisik power station west of Mosul and will provide 300 megawatts from …
your ad hereMayor: Barcelona will raise tourist tax for cruise passengers
Madrid — Barcelona will raise the tourist tax for cruise passengers visiting the city for less than 12 hours, the mayor said in an interview published on Sunday. Jaume Collboni said the current tourist tax for stopover cruise passengers was 7 euros ($7.61) per day. He did not say by how …
your ad hereAfrican aviation conference ends with pledges to improve travel
Yaounde, Cameroon — Participants in Africa-Indian Ocean Aviation Week this week in Libreville, Gabon, say they’ve produced a plan to make continentwide improvements to aviation development and safety. Some 350 representatives from 180 countries attended AFI Aviation Week, which was organized by the U.N. International Civil Aviation Organization, or ICAO, with …
your ad hereChina vows to boost economic growth by balancing reform, national security
TAIPEI, TAIWAN — China’s ruling Communist Party concluded a highly anticipated party conclave Thursday, promising to boost economic growth through comprehensive reform while reiterating the importance of maintaining national security. The Central Committee, in a communique at the end of the four-day, closed-door Third Plenum, laid out reform objectives to be …
your ad hereChina’s Third Plenum does nothing to revive economy, observers say
Taipei, Taiwan — China’s ruling party has concluded the Third Plenum of its 20th Central Committee with a communique described as vague and cliché by China watchers, who said it lacks specific measures to address China’s economic difficulties. Shi He-ling, an associate professor of economics at Monash Business School at Monash …
your ad hereUS appeals court blocks remainder of Biden’s student debt plan
WASHINGTON — A federal appeals court blocked the implementation of the Biden administration’s student debt relief plan, which would have lowered monthly payments for millions of borrowers. In a ruling Thursday, the 8th Circuit Court of Appeals granted a motion for an administrative stay filed by a group of Republican-led states …
your ad hereWhy are Bangladesh students protesting government job quotas?
China singles out Danish, Dutch, Spanish firms in anti-dumping probe into EU pork
Nigeria to resume crude oil refining in August, industry authorities say
Abuja, Nigeria — Nigeria plans to resume local refining of crude oil in early August, national petroleum authorities announced Monday. The resumption would end years of idleness at Nigeria’s state-owned refineries, and analysts say that if successfully implemented, it would lower fuel prices. The Nigerian National Petroleum Company made the announcement …
your ad hereIMF should work with Kenya to account for public funds, says rights group
Nairobi, Kenya — Advocacy group Human Rights Watch called Tuesday for greater accountability of public funds in Kenya, framing it partially as a human rights issue. Kenyans have taken to the streets for four consecutive weeks to protest the high cost of living, corruption and misuse of the country’s finances. What …
your ad hereCosta Rica announces win against Canadian gold miner over cancelled concession
Chinese e-commerce companies popular in South Africa
Johannesburg — Rotondwa Mbadaliga is a self-professed “shopping addict.” The 25-year-old South African fashion influencer says she is a huge fan of Chinese-linked e-commerce companies Shein and Temu because she can get the latest trends at the cheapest prices delivered straight to her door. Mbadaliga has more than 200,000 …
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