A report reveals R100 in 2000 is now worth R385 in 2026, with food prices soaring over 500%, driven by fuel costs and inflation impacting South African households.
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South Africa set to scrap prime interest rate for new SARB system
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Consumer price inflation increases to 4%, the highest in 20 years
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S. Korea probes Temu over alleged false ads, unfair practices: Yonhap
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Swiss chocolate giant Barry Callebaut may cut 18% of jobs
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Monaco royals rocked by new claims over offshore assets
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Probe suggests blown-out Boeing jet panel had missing bolts
Four of the bolts securing the panel of a Boeing 737 MAX 9 Alaska Airlines jet that blew off mid-flight last month were missing, according to a preliminary investigation published Tuesday. On 5 January, the panel flew off mid-flight after the Alaska Airlines MAX 9 took off from Portland, Oregon bound for Ontario in California.
Yellen says US commercial property concerns 'manageable'
US Treasury Secretary Janet Yellen expressed concern Tuesday about the commercial real estate sector in the current environment of higher interest rates -- but added that the overall situation should be "manageable." As commercial real estate loans come due, they will need to be "refinanced in a context where vacancy rates in some cities are quite high," Yellen said in testimony.
EU strikes deal on clean tech to compete with China, US
EU states and lawmakers clinched a deal on Tuesday to expand Europe's clean tech production, from solar and wind to carbon capture, as the bloc faces off with China and the United States. Brussels wants to reduce its reliance on China and make Europe more attractive for investment after the United States unleashed a $369 billion bonanza of clean technology subsidies last year.
US raises overcapacity concerns in economic talks with China
Key economic officials from the United States and China concluded a two-day meeting on Tuesday in Beijing, exchanging views on their domestic outlooks and speaking about worries such as overcapacity.
BP bags bumper 2023 profits, rewards investors
British energy giant BP logged multi-billion-dollar annual profits Tuesday despite lower oil prices and following boardroom turmoil, sending its share price rallying thanks also to more big payouts to investors. Reflecting lower oil prices and refining margins last year, BP revealed Tuesday that underlying profit excluding exceptional items halved to $13.8 billion.
Saudi more than doubles 2030 foreign tourism target: minister
Saudi Arabia drew 27 million foreign tourists in 2023 and has more than doubled its goal for the end of the decade, an official said on Tuesday. "We have reached 100 million tourists this year, 77 million from home, 27 million from abroad, over 100 million," Tourism Minister Ahmed Al Khateeb said at a conference organised by Saudi Arabia's sovereign wealth fund, describing the 2023 figures.
UBS to reward shareholders as Credit Suisse-linked losses narrow
Swiss banking giant UBS said Tuesday it would hand shareholders up to $1 billion in share buybacks as it posted a smaller-than-expected quarterly loss stemming from the costs of absorbing fallen rival Credit Suisse.
Nintendo ups net profit forecast on weak yen, steady Switch sales
Game giant Nintendo raised its annual net profit forecast on Tuesday, saying the weak yen and steady sales of the Switch console, now in its seventh year, would boost earnings. "This fiscal year is the seventh year since the launch of Nintendo Switch, but sell-through has remained steady and there are more annual playing users than ever before," Nintendo said.
Thailand orders close watch on cheap 'elephant pant' imports
Thailand ordered its ports on Tuesday to keep a close watch out for rogue "elephant pants" being imported to the kingdom, as Bangkok trumpeted its copyright claim to the popular pachyderm print. "We have ordered the surveillance of elephant pants in all ports," Deputy Prime Minister Phumtham Wechayachai told reporters on Tuesday.
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