Economy
UBS marks takeover milestone as Credit Suisse is no more
Swiss banking giant UBS on Friday completed the merger of its parent company with Credit Suisse AG as its fallen rival legally ceased to exist, more than a year after the emergency takeover. In a statement, UBS said Credit Suisse AG -- or limited company -- had been deleted from the Canton of Zurich's commercial register, and has thus ceased to exist as a separate entity.
UK Labour pitches new energy policy in election battle
The UK's Labour opposition launched its flagship clean energy policy Friday, bidding to ease the country's cost-of-living crisis and contrast the party with the ruling Conservatives in the looming general election. Labour is widely predicted to win the election, opinion polls show, with Sunak's Tories struggling after years of scandals and cost-of-living pressures.
US Fed's favored inflation measure remains unchanged in April
The US Federal Reserve's favored measure of inflation remained unchanged in April, according to government data published Friday, as services prices remained elevated. The data published Friday also show that personal income eased to 0.3 percent last month, the Commerce Department said, down slightly from 0.5 percent in March.
Chinese shopping app Temu faces stricter EU safety rules
Chinese shopping app Temu will have to comply with stringent new safety rules after Brussels on Friday added the company to its list of digital firms big enough to face curbs. Last month, the EU added Chinese-founded online retailer Shein to its list of platforms that must comply with the DSA's stricter rules. raz/ec/lth
Chinese property giant Evergrande fined $576 mn for 'fraud'
China's deeply indebted property giant Evergrande has been fined $576 million for fraudulent business practices, Beijing's top financial regulator said Friday. The CSRC said it had also imposed a maximum fine of $6.5 million on Evergrande founder Xu Jiayin, also known as Hui Ka Yan, banning him from the securities market for life.
Pakistan farmers pin poor mango crop on climate change
Pakistan's mangoes are normally a source of national pride and much-needed income, but farmers are blaming climate change for the parasites and extreme weather ruining much of this season's crop. Pakistan's 20 varieties of mangoes come second only to oranges as the most-produced fruit in the country.
Asian markets bounce after tough week as US inflation looms
Asian markets rose Friday after falling for much of the week, with below-forecast US data injecting some fresh life into hopes the Federal Reserve will cut interest rates this year. "Assuming the PCE comes in OK, the data suggests the Fed doesn't need to hike and may cut later in the year," Capital.com's Kyle Rodda said.
Flood-hit Brazil businesses count losses, look to future
The thriving economy of southern Brazil has been brought to its knees by historic floods, with vast agricultural land unusable and factories paralyzed. According to a local industry federation, nine out of 10 factories in the state have been affected by the flooding.
World's biggest companies snap up 'likely junk' carbon offsets: analysis
Globally recognized companies -- from oil and gas majors to the banking sector and tech -- are contributing to greenwashing by snapping up vast quantities of "likely junk" carbon offsets, a watchdog warned Thursday.
Economy
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