AFP
13876 articles published since 08 Mar 2022
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Dozens of US states sue Meta over harm to children
Dozens of US states on Tuesday accused Facebook and Instagram owner Meta of profiting "from children's pain," damaging their mental health and misleading people about the safety of its platforms. "Meta has profited from children's pain by intentionally designing its platforms with manipulative features that make children addicted to their platforms while lowering their self-esteem."
China announces $137 bn sovereign bond issuance
China announced Tuesday it would issue sovereign bonds worth 1 trillion yuan ($137 billion), state media said, in a move seen as an attempt to shore up the economy after a sluggish post-Covid recovery. The bonds unveiled Tuesday will be distributed to local governments to support national disaster prevention and recovery, state news agency Xinhua said.
Israel-Hamas war threatens world economy, bankers tell Saudi forum
The Gaza war raging between Israel and Hamas could deal a heavy blow to the global economy, banking titans told a glitzy investment forum in Saudi Arabia on Tuesday. "What just happened recently in Israel and Gaza ... you put all this together, I think the impact on economic development is even more serious," World Bank President Ajay Banga told the Future Investment Initiative (FII).
General Motors profits top estimates on limited Q3 strike hit
General Motors reported better-than-expected quarterly profits Tuesday behind strong US sales and a limited impact from a labor strike that began late in the quarter.
Spotify swings to profit as user numbers grow
Music streaming giant Spotify on Tuesday said it registered 26 percent growth in active users for the third quarter as it reported a rare quarterly profit. The 26 percent growth in monthly active users compared to the third quarter a year earlier saw the total reach 574 million.
Eurozone business activity going from 'bad to worse'
Eurozone business activity slumped at a faster pace in October, resulting in job losses, a closely watched Purchasing Managers' Index (PMI) survey put out by S&P Global showed Tuesday. "Companies cut employment as a result, representing the first drop in headcounts since the lockdowns of early 2021," S&P Global said in a statement giving the PMI survey result.
Mideast crisis and weak growth weigh on Asian markets
Asian markets recovered ground on Tuesday with traders weighed down by unpredictability over the ongoing crisis in the Middle East and key earnings and economic data releases expected later in the week. "The rise of the 10-year US bond yield and worries that the Middle East situation may deteriorate continued to weigh on the Tokyo market," Nomura Securities said.
Hermes bags sales growth except in Asia
French luxury group Hermes, known for its leather bags and silk scarves, on Tuesday said it continued to see sales growth in the third quarter despite a dip in Asia. Sales in Asia outside Japan dipped 0.1 percent in the third quarter, but the company said this is partially due to an exceptional performance last year due to Covid restrictions being lifted in China setting off a surge in spending.
Israel-Hamas war risks 'serious' economic damage: World Bank president
The war between Israel and Hamas could deal a "serious" blow to global economic development, the president of the World Bank told an investor conference in Saudi Arabia on Tuesday.
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