Economy

US finalizes ban on last form of asbestos in use
US finalizes ban on last form of asbestos in use

President Joe Biden's administration on Monday finalized a rule banning the last remaining form of asbestos in the United States, half a century after the government first targeted the cancer-causing mineral. Asbestos in oilfield brake blocks and aftermarket automotive brakes and linings will be banned six months after the rule is finalized.

Tata Steel brings forward UK coke ovens closure
Tata Steel brings forward UK coke ovens closure

Indian-owned Tata Steel UK said Monday that it would shut down coke ovens at its Port Talbot steelworks in south Wales starting this week -- months earlier than previously announced. Tata had said in January that it was planning to shut the coke ovens and two high-emission blast furnaces in Port Talbot, the biggest steelworks in the UK, leading to the loss of up to 2,800 jobs in the Welsh town.

United CEO pledges enhanced safety drive after incidents
United CEO pledges enhanced safety drive after incidents

United Airlines is redoubling safety training following a number of incidents in recent weeks, the company's chief executive told customers Monday. United has experienced "a number of incidents" that are "unrelated" but serve as "reminders of the importance of safety," Chief Executive Scott Kirby said in an email to customers.

World Bank plans $6 billion of financial support for Egypt
World Bank plans $6 billion of financial support for Egypt

The World Bank is planning to give Egypt more than $6 billion in financial assistance over the next three years to help it meet its development priorities, the Washington-based lender announced Monday. "Over the coming three years, the World Bank Group intends to provide more than US$6 billion of support to Egypt," the development lender said in a statement.

Switzerland, EU resume talks to 'deepen' ties
Switzerland, EU resume talks to 'deepen' ties

The EU and Switzerland formally kicked off negotiations to deepen ties between the trade partners on Monday despite objections from the Alpine country's main political party. The EU is Switzerland's first trading partner, while Switzerland is the fourth largest trading partner for the bloc.

China retail sales show shaky economic recovery
China retail sales show shaky economic recovery

The performance of China's economy in the first two months of 2024 was mixed, official figures showed Monday, with sluggish household consumption alongside increased industrial production reflecting an uneven recovery.

Asian trade cautious ahead of key rate decisions
Asian trade cautious ahead of key rate decisions

Traders in Asia were cautious on Monday after US shares receded, and as anticipation builds for the Bank of Japan to finally ditch its negative interest rate. "He has previously said that policy will remain accommodative after the removal of the (negative interest rate policy) and has ruled out the possibility of successive rate hikes," Kenny noted.

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