Tech News

Eurozone inflation jumps to record 10%

Eurozone consumer prices skyrocketed by a record 10 percent in September, official data showed on Friday, as inflation reached double digits on the back of soaring energy prices caused by Russia's war on Ukraine.. Eurostat data also published on Friday showed the eurozone unemployment rate remaining at a record low of 6.6 percent in July.

Japan's digital minister says he's ready for a fight

Japan's media-savvy digital minister said Friday he's ready to take an iron-fisted approach to speed up the nation's slow embrace of online services at government offices and workplaces.. "The pandemic forced everyone to acknowledge that Japan's digitalisation has been slow," added Kono.

French economy minister 'worried' by British 'disaster'

France's economy minister said Friday that he was worried by the financial turbulence in Britain, criticising Prime Minister Liz Truss's economic policies for causing a "disaster" of high borrowing rates for her country.. Truss's "mini-budget" announced last Friday included major tax cuts that would need to be financed by extra borrowing, spooking investors who immediately questioned the credibility of the policies and Britain's financial standing. 

China dips into pork reserves as rising prices fan inflation fear

China released more pork reserves Friday, state media said, after prices of the staple meat soared by almost a third, triggering inflation concerns.. "China will release more pork from government reserves to the market on Friday to maintain supply and price stability," official People's Daily reported.

Japan plans more stimulus to tackle inflation, low yen

Japan is preparing another round of economic stimulus measures, the government said Friday, as rising prices and the plummeting yen squeeze the world's third-largest economy.. Kishida said on Thursday that his government would take "bold" measures to tackle inflation and the falling yen, as "the rapid rise of energy and food prices is directly hitting households".

Asian markets drop again but sterling holds up after recovery

Asian markets sank Friday after another devastating day on US and European trading floors, with inflation continuing to soar and central bankers getting increasingly hawkish in their attempts to bring prices under control.. "Risky assets don't stand a chance of a meaningful rally if the economy continues to show resilience while inflation continues to be significantly above the Fed's Funds rate," said OANDA's Edward Moya.

Legal marijuana, but Uruguayans still prefer black market

Uruguay was a pioneer in the legalization of recreational cannabis use, a move that helped to push many drug traffickers out of the domestic market.. "There are many more domestic growers who are simply not registered" but have already overtaken trafficking networks in the sale of cannabis. 

Meta to freeze hiring to tighten budget: report

Facebook-parent Meta put out word to employees on Thursday that it will freeze hiring to cut costs as it endures tough economic times, The Wall Street Journal reported.. Meta chief Mark Zuckerberg revealed a planned pause in hiring during a weekly all-hands meeting, the Journal reported, saying the move came as the social media titan planned to cut expenses by at least 10 percent.

Nike shares tumble as it reports lower profits

Nike reported lower quarterly profits Thursday on increased logistics spending and a hit from product markdowns, as it pivots in a fast-changing consumer market challenged by inflation.. Friend said Nike has continued to see strong consumer demand for choice products, but that it is working to offload a glut of older items that have generated less interest. 

No timeframe for fixing Nord Stream pipelines: operator

Nord Stream's operator said Thursday it was unable to immediately assess damage to pipelines linking Russia to Europe, threatening an indeterminate outage -- after Sweden detected a fourth leak and NATO decried "acts of sabotage". . Nord Stream's operator said it "intends to start assessing the damage to the pipeline as soon as it receives necessary official permits".