Most Asian equities sank Wednesday, tracking a sell-off on Wall Street, as a forecast-topping US inflation report dealt a hefty blow to hopes for an early interest rate cut. In that case, it's unlikely that the Federal Reserve will cut interest rates in May."
Baltimore's Francis Scott Key Bridge, named after the poet who penned the lyrics to the US national anthem, used to carry around 34,000 vehicles a day across one of the busiest harbors in the United States. The extended closure of the Francis Scott Key Bridge "will inevitably disrupt commercial activities and supply chains," the Maryland Chamber of Commerce said in a statement.
Vietnam called Tuesday on the United States to recognize it as a market economy, saying stronger trade ties would benefit Washington in key areas as it seeks to diversify from China. Vietnam and China are among a dozen countries designated non-market economies by the United States, allowing tougher actions on exports.
Insured property losses could double in the coming decade due to climate change and more frequent and more intense severe weather events, reinsurance giant Swiss Re warned Tuesday. Swiss Re estimates that insured losses "could double within the next 10 years as temperatures rise and extreme weather events become more frequent and intense".
Chinese battery and automotive giant BYD achieved a record profit in 2023, annual results showed Tuesday, despite fierce competition in the country as demand for electric vehicles grows. As BYD continues to perform well in the competitive Chinese market, it is now expanding abroad.
British consumer goods giant Unilever is mulling an Amsterdam stock market flotation for its ice cream division, whose top-selling products include Ben & Jerry's and Magnum, according to CEO Hein Schumacher. "As a company, we are now listed in London, the largest market for ice cream is the United States and we currently run the ice cream division from the Netherlands."
The futuristic Paris apartment of late fashion designer Karl Lagerfeld sold for 10 million euros ($10.8 millon) at auction on Tuesday, its notary said. The final price (which was 11.1 million euros with notary fees) was roughly double the guide price, set at 5.3 million euros.
China's BYD posted a record annual profit for 2023 on Tuesday, just months after surpassing Tesla to become the world's leading electric vehicle seller. That push saw it announce sales of 526,409 all-electric cars in the fourth quarter of 2023 -- surpassing Tesla's 484,507 in the same period.
The BBC is looking at reforming its main source of funding in the light of a government freeze and inflationary pressures, director-general Tim Davie said on Tuesday. To help bolster the corporation, which was set up in 1922, the BBC is planning to "proactively research" how to reform the licence fee before its charter is renewed in 2028, Davie revealed.
The Paris Olympics this year are expected to cost the state between 3-5 billion euros ($3.2-5.4 billion), the French national auditor said Tuesday as new figures revealed the country's widening debt levels.
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