Bombay Durpun - Economy

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Sweeping Vietnam internet law comes into force

New Vietnamese internet rules requiring Facebook and TikTok to verify user identities and hand over data to authorities came into force on Wednesday, in what critics say is the latest attack on freedom of expression.

Thousands attend Christmas charity dinner in Buenos Aires

Some 3,000 homeless people sat down for a festive Christmas charity dinner on Tuesday in the center of Buenos Aires, at a time when more than half of Argentina's population is affected by poverty, one year into ultra-liberal Javier Milei's term in office.

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Caterpillar reports profit jump but warns of supply chain headwinds

Caterpillar reported a jump in fourth-quarter earnings Friday on surging demand for industrial equipment, but warned that supply chain problems will probably continue to weigh on results in 2022.

Italy speeds up presidential vote but deadlock persists

Italy on Friday sought to accelerate the process of electing a new president after days of deadlock that has paralysed Prime Minister Mario Draghi's government, but parliament remained bitterly divided.

Rwanda to reopen Uganda border in boost to ties

Rwanda said Friday it would reopen its land border with Uganda next week after a three-year closure, a major breakthrough in repairing relations between the neighbours.

IMF warns China's property stress poses spillover risk

A funding crisis battering China's big property developers could start to shake the wider economy and global markets, the IMF warned on Friday, saying deeper reforms were needed to fully curb the threat.

Left out in the cold by Spain's soaring energy prices

In her flat on the outskirts of Madrid, Pamela Ponce no longer turns on the heating despite the biting chill coming in through the windows.

Google to invest $1 bn in India's number two mobile operator

Google will invest up to $1 billion in India's second-largest mobile operator, Airtel, the companies said Friday, as the Android-maker looks to bolster its presence in the vast nation's booming telecoms market.

Toyota keeps top-selling automaker title despite chip crunch

Toyota retained its crown as the world's top-selling automaker on Friday, having overcome a chip shortage and supply chain woes to beat Volkswagen for a second straight year.

Philippines to re-open to vaccinated foreign tourists

The Philippines will re-open to fully vaccinated tourists from most countries on February 10 and lift quarantine requirements, officials said Friday, nearly two years after closing its borders to contain the coronavirus.

China Unicom says no 'justifiable grounds' for US ban

China Unicom said Friday there were no "justifiable grounds" for a US order that banned the company from operating in the country on national security concerns.

Ex-government workers mine for salvation in Afghan mountains

In the bone-splitting chill of the Afghan mountains, Mohammad Israr Muradi digs through coarse earth spilling from the open mouth of an emerald mine.

German industry seeks ladder out of supply chain woes

A new warehouse with a freshly unboxed smell is the consequence of the coronavirus pandemic for the German ladder, stool and scaffold-maker Munk.

Salvadorans show support for bitcoin despite IMF criticism

Karen Hernandez sells mobile phone accessories in El Salvador and says business has been through the roof since the country started using bitcoin as legal tender.

Apple quarterly revenue record high despite chip shortage

Apple reported record $124 billion quarterly revenue on Thursday, despite a global chip pinch and shifting impacts of the pandemic that have weighed down other big tech players.

Morocco starts construction of anti-Covid vaccine plant

Morocco on Thursday inaugurated construction of an anti-Covid vaccine manufacturing plant in partnership with Swedish firm Recipharm, the official news agency MAP reported.

Honduras: Poor, violent and corrupt

Honduras, which inaugurated Xiomara Castro as its first-ever woman president Thursday, is a small country with idyllic beaches at the heart of Central America's "triangle of death," plagued by gangs, poverty and corruption.

McDonald's profits rise as fast-food giant lifts prices carefully

Price increases helped McDonald's report higher profits Thursday as the fast-food giant navigates an inflationary environment that it argues advantages the Big Mac maker over its competitors.

Tests of HIV vaccine using mRNA technology have begun

Testing in humans of an HIV vaccine that uses messenger RNA technology has begun, the biotech firm Moderna and the International AIDS Vaccine Initiative said Thursday.

Rare Botticelli sells for $45 mn at New York auction

A rare Botticelli painting depicting Jesus Christ sold at auction for more than $45 million Thursday at Sotheby's in New York, a year after a record $92 million was paid for a work by the Italian Renaissance master.

Stocks rebound as US economy posts decades-high growth

US and European stock markets rose on Thursday as investors put aside rate hike fears and focused on data showing the US economy grew at its fastest pace in decades last year.

Standing up to violent colleagues a high-risk 'duty' for US police

US police officer Cariol Horne intervened when a colleague started choking a Black suspect during an arrest in 2006. "Fifteen years of hell" ensued for Horne, also African-American, as she was punished for stepping out of rank.

Greenpeace says abandoned Yemen oil tanker a 'grave threat'

A long-abandoned fuel tanker off the coast of war-torn Yemen poses a "grave threat" to millions of the impoverished country's residents, potentially exacerbating its humanitarian crisis, Greenpeace warned on Thursday.

Italy again fails to elect president as parties buy time

The fourth round of Italy's presidential elections flopped before it began Thursday, with parties unwilling to risk a crisis by picking Prime Minister Mario Draghi, but unable to agree on an alternative candidate.

Higher prices, fewer Covid-19 closures lift McDonald's profits

McDonald's reported higher profits Thursday on price increases and fewer impacts from Covid-19 restrictions despite higher operating costs.

French cinema greats pay tribute to actor killed in skiing accident

Some of the greatest names in French cinema came together to pay a final tribute to their fellow star Gaspard Ulliel on Thursday, whose death last week aged 37 in a ski accident shocked the country.

Struggling Air India sold after 69 years in govt hands

India's beleaguered national carrier landed back in the hands of its founders Thursday, decades after it was nationalised and following years as a monumental burden on the public purse.

Stocks tumble on US rate hike uncertainty

Equity markets mostly retreated Thursday, with the sharpest losses in Asia, after Federal Reserve chief Jerome Powell refused to be drawn on the pace of US interest rate hikes to battle decades-high inflation.

UAE largest bank makes record profit in 2021

The UAE’s largest bank, First Abu Dhabi Bank, announced Thursday it scooped record annual net profit of $3.4 billion in 2021, a 19 percent increase over the previous year.

Nissan alliance to invest $25 bn in electric vehicles over 5 years

The Nissan auto alliance said Thursday it will invest 23 billion euros ($25.7 billion) in electric vehicles over the next five years, marking the latest massive cash injection into the fast-growing sector by the auto industry.

EasyJet halves first-quarter loss despite Omicron

British airline EasyJet slashed losses by half in the first quarter, despite the emergence of the Omicron coronavirus variant which disrupted the travel industry, the company said Thursday.

EU launches WTO case against China over Lithuania row

The European Union on Thursday launched a case against China at the World Trade Organization (WTO) for targeting Lithuania over its stance on Taiwan.

Apple's iPhone retakes top spot in China smartphone market: research

Apple reclaimed its position as the top smartphone seller in China after six years, clocking a record market share in the final quarter of 2021 as US sanctions hit rival Huawei, according to researchers.

Six sue Fukushima nuclear plant operator over thyroid cancer

Six young people will sue the operator of Japan's stricken Fukushima nuclear plant on Thursday over claims they developed thyroid cancer due to exposure to radiation after the facility's meltdown.

Samsung reports 53% jump in profit despite supply chain woes

South Korean tech giant Samsung Electronics said Thursday its operating profit rose 53.3 percent in the fourth quarter of 2021, as record sales helped overcome pandemic-induced supply chain challenges.

Tesla reports record profit, sees more supply chain woes in 2022

Tesla rode rising demand for electric vehicles to a record $5.5 billion profit in 2021, but cautioned that supply chain problems would continue to crimp production through 2022.

Fed signals first US rate hike since pandemic coming in March

Federal Reserve Chair Jerome Powell on Wednesday gave a clear signal the central bank is ready to raise US interest rates in March for the first time since cutting them to zero when Covid-19 broke out.

Three, two, one: astronomers predict SpaceX space junk will hit the Moon

A chunk of a SpaceX rocket that blasted off seven years ago and was abandoned in space after completing its mission will crash into the Moon in March, experts say.

Far-right, nationalist leaders to meet in Madrid Friday

Hungary and Poland's leaders and France's Marine Le Pen will be in Madrid later this week for a gathering of nationalist and far-right leaders, Spain's Vox party said on Wednesday.

Bank of Canada keeps benchmark rate unchanged despite inflation

The Bank of Canada said Wednesday it is keeping its benchmark overnight lending rate unchanged at 0.25 percent despite inflationary pressures, citing the harmful effects of the Omicron variant on the economy.

Stocks rally before key Fed update, oil hits $90

European and US stock markets powered higher Wednesday, recovering further from recent sharp losses, as traders await the outcome of a key Federal Reserve policy meeting.

Bombay Durpun - Economy (English)