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Economy Latest News
Austrian property tycoon's Signa to file for insolvency
Rene Benko's real estate giant Signa -- whose vast portfolio includes New York's iconic Chrysler building -- on Wednesday announced it would initiate insolvency proceedings, marking the spectacular downfall of the self-made Austrian tycoon. Signa said it would initiate insolvency proceedings at a Vienna court on Wednesday.
UAE to pump CO2 into rock as carbon capture debate rages
High in remote mountains in the oil-rich United Arab Emirates, a new plant will soon take atmospheric CO2 and pump it into rock -- part of controversial attempts to target planet-heating emissions without abandoning fossil fuels. Jaber, the COP28 president and head of ADNOC, has said climate diplomacy should focus on phasing out oil and gas emissions -- not necessarily the fossil fuels themselves.
OECD trims global growth forecast, warns of conflict risk
The world economy is likely headed for a soft landing next year, the OECD said Wednesday as it pared back its growth forecast, but warned the Israel-Hamas conflict could throw a spanner in the works.
COP28 president denies using climate talks to push oil deals
The Emirati president of the UN climate conference in Dubai denied Wednesday reports that he sought to use his leadership of COP28 to pursue fossil fuel deals for his country. Leaked documents obtained by the BBC and the Centre for Climate Reporting alleged that talking points prepared for Jaber for COP28 meetings with foreign governments pushed joint business opportunities in fossil fuels.
Austria property giant Signa to file for insolvency
Austrian real estate giant Signa -- whose vast portfolio includes New York's iconic Chrysler building -- on Wednesday announced it would initiate insolvency proceedings, filing for court protection as it undergoes restructuring. The company said it would initiate insolvency proceedings at a Vienna court on Wednesday.
Uber to partner with London's black cabs despite disputes
Uber is to roll out its service to London black cabs next year, it announced Wednesday, despite long-running friction between drivers of the traditional taxis and the US-based firm. Currently, black cabs are hailed as they drive on London's roads, but people will be able to use Uber to book them from early 2024, with drivers able to sign up to the service from Monday.
Philips stock slumps after new FDA warning
Shares in Dutch medical device manufacturer Philips plunged Wednesday after the US Food and Drug Administration warned that its new machine to help patients sleep risked overheating. The FDA advised patients using the company's DreamStation 2 machine to "carefully monitor" the device "for signs of overheating".
Spanish giant Ferrovial sells remaining stake in Heathrow
Spanish infrastructure giant Ferrovial announced it is offloading its remaining 25 percent stake in London's Heathrow Airport to a French private equity group and Saudi Arabia's sovereign wealth fund.
Dollar weakens further as rate cut bets build, but equities mixed
The dollar extended losses Wednesday as traders ramped up bets on the Federal Reserve cutting interest rates in the new year after officials sounded optimistic notes on the battle against inflation. The more dovish comments, combined with falling yields and rate expectations has dragged on the dollar, and it extended losses Wednesday.
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