Economy

Economy Latest News

GameStop shares soar as 'Roaring Kitty' returns
GameStop shares soar as 'Roaring Kitty' returns
by  AFP

Shares in GameStop, the company at the center of the "meme stock" craze that throttled Wall Street in early 2021, soared Monday in a move that recalled the earlier speculative frenzy. Shares were up more than 63 percent at $28.52 near 1730 GMT. AMC Entertainment, another "meme stock" from that period, jumped nearly 50 percent.

Anglo American rejects BHP's improved takeover bid
Anglo American rejects BHP's improved takeover bid
by  AFP

Australian mining giant BHP revealed Monday that British rival Anglo American has rejected an "improved" takeover bid worth £34 billion ($43 billion) as it aims to create a copper titan. Anglo's stock has been boosted since the initial approach as traders bet on a possible bidding war with other mining giants like Glencore or Rio Tinto.

Maldives gets IMF debt warning as more Chinese loans loom
Maldives gets IMF debt warning as more Chinese loans loom
by  AFP

The International Monetary Fund warned the Maldives against looming "debt distress" Monday, as the small but strategically placed luxury tourist destination looks set to borrow more from main creditor China. The Maldives is a small nation of 1,192 tiny coral islets scattered 800 kilometres (500 miles) across the equator, but it strategically straddles key east-west international shipping routes.

US, Japanese banks lead fossil fuel financing
US, Japanese banks lead fossil fuel financing
by  AFP

The world's biggest banks financed fossil fuels to the tune of $705 billion in 2023, with US and Japanese lenders leading the way, an annual report by climate campaigners said Monday. Since the 2015 Paris climate agreement, the top 60 banks have provided a total of $6.9 trillion to the sector, according to the coalition's 15th annual report titled "Banking on Climate Chaos".

China says to sell initial batch of long-dated bonds this week
China says to sell initial batch of long-dated bonds this week
by  AFP

China will start selling an initial batch of long-dated bonds this week, the Ministry of Finance announced Monday, as Beijing looks to increase support for the world's second-largest economy. The Ministry of Finance did not specify the number of bonds that will be issued.