Economy
Apple CEO meets Indonesia leader to talk investments
Apple chief executive Tim Cook met Indonesia's president on Wednesday, as the tech giant explores ways to invest in Southeast Asia's biggest economy and diversify supply chains away from China. The visit comes as US President Joe Biden's administration seeks to boost other Asian trade partners' roles in the global tech supply chain to reduce American dependence on China.
Seoul, Tokyo vow 'appropriate action' on weak yen and won
South Korea and Japan shared "serious concerns" on the recent weakness of their currencies against the dollar and agreed to take "appropriate actions" to counter extreme volatility, the finance ministry in Seoul said Wednesday. The two "shared serious concerns about the recent significant depreciation of the Japanese yen and the Korean won", it said in a statement.
Stocks swing after latest selloff as Fed, Middle East dampen sentiment
Asian markets fluctuated Wednesday as Federal Reserve boss Jerome Powell's indication that interest rates could stay higher for longer offset a rebound following the latest bout of Middle East-fuelled selling. While on edge for any further escalation, trading floors are relatively calm Wednesday, with oil prices edging down despite the crises in the Middle East, Ukraine and OPEC output cuts.
Boeing safety in spotlight at US Senate hearing
Boeing is expected to face a bruising once-over Wednesday as company critics testify at a US Senate hearing, including an employee who has characterized the top-selling 787 as prone to disaster. Boeing representatives will not testify at the hearing, but the company said it is cooperating with the inquiry.
Tennessee VW workers hold key unionization vote
Volkswagen employees in Tennessee will begin casting ballots Wednesday in a vote that could make theirs the first foreign carmaker to unionize in the American South, expanding gains made by organized labor in the auto heartland of Detroit.
'We are not Fed-dependent,' ECB chief says on rate cuts
European Central Bank president Christine Lagarde suggested Tuesday that the regulator could lower interest rates before a similar move by the US Federal Reserve, saying "we are not Fed-dependent." "It's on that basis that we have to make our decision and not on the basis of any central bank in the world, be it the Fed."
Canada budget woos young voters, asks rich to pay more
The government of Canadian Prime Minister Justin Trudeau on Tuesday unveiled a federal budget that seeks to woo young voters while asking the wealthy to pay higher taxes. "Today, it is possible for a carpenter or a nurse to pay tax at a higher marginal rate than a multi-millionaire," Freeland told lawmakers.
Canada budget forecasts 'soft landing' in 2024, avoiding recession
Canada is expecting a "soft landing" this year and will avoid a recession due to slightly improved growth despite relatively high interest rates weighing on the economy, the government's federal budget said Tuesday.
US Fed's Powell says inflation fight may take 'longer than expected'
The US Federal Reserve's ongoing fight against inflation could take "longer than expected," the head of the US central bank said Tuesday, further paring back the chances of early rate cuts. In March, Fed policymakers penciled in three rate cuts for this year, leading markets to price in the first of them as early as June.
Economy
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