Dutch medical device maker Philips said Monday it had reached a $1.1 billion deal to settle US lawsuits over faulty sleep machines that have dogged the company.
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China says exports rise for first time in seven months
Chinese exports rose in November for the first time in seven months, officials said Thursday, as the country navigates a troubled recovery from the Covid-19 pandemic. Officials have struggled to sustain a recovery from the impact of the pandemic, even after removing draconian containment measures at the end of 2022.
Stretched to breaking, Germany's debt rule faces reform
Germany's strict constitutional debt rule faces an overhaul after a shock court ruling blew a hole in the budget and left the government scrambling to make its sums add up. As well as pushing the 2023 budget beyond the limit of the debt brake, the ruling has left Germany with a 17-billion-euro ($18-billion) hole in its financial plan for 2024.
Asia tracks Wall St sell-off as US labour market softens
Asian stocks sank Thursday, extending a rollercoaster week across world markets as investors jockey for position ahead of key US jobs data, while oil struggled to bounce back after hitting a five-month low. Data on Thursday from payrolls firm ADP showing a smaller-than-forecast rise in private sector jobs reinforced views that the labour market and economy were slowing as inflation comes down.
McDonald's eyes speedy ramp-up to 50,000 restaurants by 2027
McDonald's announced an aggressive expansion roadmap Wednesday to reach 50,000 restaurants worldwide by 2027, in the fastest growth plan in brand history. The company is planning about $2.5 billion in capital expenditures in 2024 and will add $300 million to $500 million each year thereafter through 2027.
Big US banks balk at new capital rules in Senate hearing
Large US banks railed against new proposed capital requirements at a congressional hearing on Wednesday, joining Senate Republicans in casting the measures as crimping loans to everyday Americans.
Canada maintains key interest rate at 5%
Canada's central bank on Wednesday held its key lending rate at five percent, citing the global economic slowdown and easing inflation. The data "suggest the economy is no longer in excess demand," the central bank said, adding the economic slowdown has reduced price pressures for an array of goods and services.
Italy's ruling parties kill minimum wage bill
Italy's governing right-wing parties on Wednesday scuppered an attempt by the opposition to introduce a minimum wage, which would have brought the country into line with the majority of the EU. Members of parliament voted instead to give Prime Minister Giorgia Meloni's hard-right government six months to enact measures to make pay in Italy "fairer".
US October trade deficit widens further on decline in exports
The US trade deficit continued to grow in October due to a fall in exports, according to government data published Wednesday. October's widening trade deficit was the result of a $2.6 billion decline in the value of US exports to the world, while imports rose by $500 million.
US private sector job growth slows in November
Hiring in the US private sector eased in November, as the post-pandemic boom in restaurant and hotel employment moderated, payroll firm ADP said Wednesday. "Restaurants and hotels were the biggest job creators during the post-pandemic recovery," ADP Chief Economist Nela Richardson said in a statement.
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