Economy
Hong Kong rally leads Asian markets, traders assess Fed rate plans
Hong Kong led most Asian markets higher Tuesday as traders returned from an extended weekend break to forecast-beating Chinese factory data that lifted hopes for the world's number-two economy. Chinese consumer tech giant Xiaomi led gains in Hong Kong, soaring as much as 15 percent on news that orders for its first electric vehicle -- launched in Beijing on Thursday -- had topped estimates.
Swan song for General Electric as it completes demerger
The US conglomerate General Electric, co-founded more than 130 years ago by Thomas Edison, is opening a new chapter in its history on Tuesday: its break-up into three independent entities which will then concentrate on their disparate core businesses.
California fast food workers get $20 hourly minimum
The minimum wage for many fast food workers in California rose to $20 per hour on Monday, sparking joy for employees but warnings of likely price increases in the state which already faces a high cost of living. Some chains have said they will need to increase prices and warn the wage hikes could ultimately cost jobs.
Temporary channels being created to aid Baltimore bridge response
US authorities working on the Baltimore bridge collapse told AFP on Monday that they plan to open two small, temporary channels to let ships access the site of the incident. The temporary channel "is not big enough for any container or cargo ships to pass through," Caver told AFP, adding: "They're working on a plan to make it slowly open to more and more people."
Formula One owners Liberty Media buy MotoGP for $4.5 bn
Formula One owners Liberty Media have agreed to buy MotoGP on Monday in a deal valued at around $4.5 billion, the American company said. MotoGP said in a statement that Liberty Media would acquire "approximately 86 percent" stake from Spain-based owners Dorna in a deal valued at 4.2 billion euros ($4.5 billion).
Gold hits new record high on Fed rate cut bets
Gold hit another fresh record high Monday as investors grow confident that the Federal Reserve will cut interest rates this year, even after data showed a slight uptick in a key inflation report. On Monday it hit a new high of $2,256.44, according to Bloomberg News.
New Japanese whisky rules aim to deter imposters
Japanese whisky is world-famous, often eye-wateringly expensive, and from Monday will be more strictly defined in an industry push to deter foreign-made imposters. But concern and confusion have also grown among producers and customers as beverages made elsewhere -- and sometimes not even whisky -- are marketed as "Japanese whisky".
Markets mixed after US inflation data, China figures give boost
Asian markets were mixed Monday after data showed a slight uptick in US inflation but Federal Reserve boss Jerome Powell said the reading was "in line with expectations". Powell said the report "is pretty much in line with our expectations" and decision-makers were on track to hit their long-term inflation target of two percent.
Kenya tourist revenue climbs above pre-Covid levels
Revenue from tourism in Kenya jumped nearly a third in 2023 over the previous year beating the pre-pandemic numbers, according to the tourism ministry.
Economy
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