AFP
13875 articles published since 08 Mar 2022
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Brexit gloom prevails on UK's three-year anniversary
British Prime Minister Rishi Sunak defended Brexit as a "huge opportunity" on Tuesday, as the UK marked three years since leaving the EU amid economic crisis and a growing public sense of "Bregret".
Large investors pull Adani's $2.5 bn share sale through after stock rout
Adani Group's ambitious share sale exceeded its subscription targets Tuesday in a relief for the Indian conglomerate, which is reeling from allegations of "brazen" corporate fraud that wiped more than $65 billion off its value. The $2.5 billion share offer was 112 percent subscribed by Tuesday afternoon, driven by corporate institutions, foreign funds and other large investors.
UK retail giant Tesco to axe over 2,000 jobs
Supermarket group Tesco, the biggest retailer in Britain, announced Tuesday plans to slash about 2,100 jobs, as sky-high inflation hikes costs. Tesco has benefitted from passing on some of its own rising costs to consumers, many of whom appear willing to stay loyal to the group even as UK inflation sits around the highest level in decades.
Adani empire tumbles again with stock sale hanging in the balance
Investors dumped more Adani shares on Tuesday, deepening the carnage at India's biggest conglomerate which has already lost around $70 billion in value after allegations of "brazen" corporate fraud. Shares in Adani Total Gas saw the biggest fall on Tuesday with trading halted for another session after diving 10 percent in the morning.
Winter not over, but Europe braces for the next one
Europe has weathered the energy crisis that followed Russia's invasion of Ukraine so far, but businesses and households are already thinking about how to get through the next winter. After Russia's invasion, European energy prices hit record levels -- surpassing 300 euros per megawatt hour in August before a falloff after governments rushed to boost storage.
Pakistan's economy in 'collapse' as IMF visits
Pakistan is gripped by a major economic crisis, with the rupee plummeting, inflation soaring and energy in short supply as IMF officials visit to discuss a vital cash injection. In Pakistan, time is of the essence, with Nasir Iqbal from the Pakistan Institute of Development Economics warning the economy had already "virtually collapsed" due to mismanagement and political turmoil.
High energy bills deal heavy blow to Belgian glassware business
When energy prices blew up last year in the wake of Russia's war in Ukraine, Belgian glassblower Christophe Genard had no other option but to close for three months. The Federation of Belgian Enterprises (FEB) warned this month of spiralling costs for businesses because of higher energy prices and inflation-related wage hikes.
Reliable European demand fuels US natural gas boom
Rising demand from Europe has added to a US natural gas investment boom even as the industry struggles to overcome opposition to pipeline construction. Even before the invasion, there was heavy investment in facilities to transform gas into liquefied natural gas (LNG).
France braces for disruption as more pension protests loom
France is bracing for major transport blockages on Tuesday, with mass strikes and protests set to hit the country for the second time in a month in objection to a planned reform to raise the retirement age.
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