AFP
13876 articles published since 08 Mar 2022
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UK retail brand Wilko sold to rival: administrator
The brand of bankrupt British household goods company Wilko, whose recent collapse sparked the loss of about 12,500 jobs, has been sold to a competitor, administrators said Thursday. Administrators have meanwhile failed to find a buyer for the chain, sparking vast job losses.
Locals, NGOs accuse World Bank of backing Indonesia coal plant expansion
Residents and green NGOs have accused the World Bank of indirectly financing two new coal-fired power plants on Indonesia's most populous island despite promises to shift to low-carbon funding, according to a complaint filed Thursday. Hana Bank has previously pledged to stop financing new coal-fired power plants by 2030.
China says EU car subsidy probe will have 'negative impact'
China warned on Thursday a probe by the European Union into Beijing's subsidies for electric cars would have a negative impact on its trade relations with the bloc, which it accused of "naked protectionism".
Midnight strike deadline looms large for Detroit car giants
There is a long history of labor strikes at US car plants, but an emboldened auto workers union is poised to announce Thursday the first simultaneous strike of Detroit's "Big Three."
Interest rate cliffhanger as ECB mulls hike or pause
Eurozone interest rate setters face the toughest call of their long battle against red-hot inflation Thursday, when they decide whether to raise borrowing costs again or finally pause the unprecedented hiking campaign. This would support arguments for another hike to borrowing costs, with the aim of further depressing demand and slowing inflation.
Bumper harvest calms fears of Burgundy wine bubble
It's been a bumper harvest so far in the sun-drenched Burgundy vineyards of eastern France, where some of the world's most sought-after wines are produced. "A bumper 2023 harvest would be enough."
Asian markets rose as US inflation soothes rate fears for now
A mixed US inflation report boosted Asian markets Thursday as it soothed fears of a possible Federal Reserve interest rate hike next week, though the still hot reading left open the possibility of one more before year's end. They will remain open to further rate hikes, if needed."
Chip designer Arm targets $52 bn valuation in year's largest IPO
British chip designer Arm is targeting a valuation of more than $52 billion for its initial public offering (IPO) on the Nasdaq exchange on Thursday, according to a company press release. The company, which is a world leader in smartphone chip design and is owned by the Japanese tech investor SoftBank, has announced it will list on the tech-rich Nasdaq stock exchange under the "ARM" ticker.
Former Starbucks CEO Schultz steps down from board
Starbucks said Wednesday its former chief executive Howard Schultz will step down from the coffee chain's board of directors "as part of a planned transition." In 2017, Schultz stepped aside as chief executive after his second tenure, handing the reins to Kevin Johnson.
AFP
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