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Hong Kong economy shrank 3.5 percent in 2022

Hong Kong's economy shrank by 3.5 percent in 2022, with exports plunging and the city's worst-ever coronavirus outbreak battering businesses, the government announced Wednesday, while saying it hoped China's reopening would spur a recovery.. China's decision to reopen its borders in December sparked hopes of a recovery for Hong Kong, the government spokesperson said Wednesday, adding that the city's services sector would benefit from "an expected strong rebound of inbound tourism".

Wed, Feb 1, 2023 1 mins read

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Adani shares nosedive as Indian tycoon drops down rich list

Shares in the Indian tycoon Gautam Adani's flagship firm nosedived again on Wednesday as its owner dropped out of the Forbes top 10 rich list following allegations of massive accounting fraud.. Adani's personal fortune has plummeted by more than $40 billion in the same period, according to the real-time Forbes list, dropping him out of the top 10 and below fellow Indian Mukesh Ambani.

Wed, Feb 1, 2023 2 mins read

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Indonesian islanders file Holcim climate complaint

Residents of the Indonesian island of Pulau Pari have filed a complaint against the Swiss cement giant Holcim, demanding compensation for climate damage, the NGO backing them announced Wednesday.. The complaint requests that Holcim pay compensation for the damage already caused on the island and finance flood protection measures on the picturesque island north of Jakarta.

Wed, Feb 1, 2023 1 mins read

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US Fed set to slow rate hikes but signal inflation fight not over

The Federal Reserve starts the second day of its policy meeting Wednesday, on growing expectations that it will step down to a smaller interest rate hike as red-hot inflation shows signs of cooling.. Policymakers are widely expected to announce a 0.25 percentage point rate hike at the end of their two-day meeting, slowing from a half-point increase in December and steeper hikes before that.

Wed, Feb 1, 2023 2 mins read

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Electric car sales gain pace despite hurdles

The electrification of the car industry is gathering pace, particularly in Europe, where the sale of new cars running on petrol and diesel will end in 2035.. - China in pole position - China is a leader in the electrification of cars, with favourable policies helping sales to double in 2022.

Wed, Feb 1, 2023 3 mins read

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Electric cars gain record market share in Europe

Electric car sales set a new market share record in the European Union in 2022, industry figures showed Wednesday, as the region seeks to rid itself of fossil fuel cars.. In Norway a record four out of five new cars (79 percent) sold last year were electric, in a major oil-producing country that aims to end the sale of new fossil fuel cars by 2025 -- a decade ahead of the EU's ban.

Wed, Feb 1, 2023 2 mins read

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Share sale fails to halt Adani market slide in India

A successful public offer failed to stop investors dumping shares in Indian tycoon Gautam Adani's business empire for a fifth day on Wednesday after allegations of massive accounting fraud from a short-seller investment group.. According to US investment group Hindenburg Research, Adani has artificially boosted the share prices of its units by funnelling money into the stocks through offshore tax havens.

Wed, Feb 1, 2023 1 mins read

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EU lays out response to US green tech subsidies

The EU will reveal Wednesday plans to counter the threat to European industry from US green energy subsidies and unfair competition from China, with leaked proposals pointing to a controversial expansion of state aid rules.. Draft proposals seen by AFP suggest the fund idea will be jettisoned in the short term but state aid rules will be extended to the green technology sector.

Wed, Feb 1, 2023 2 mins read

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Biden, Republican leader clash -- with US economy at stake

President Joe Biden and the new Republican speaker of the House of Representatives, Kevin McCarthy, face off Wednesday at the White House to discuss the US debt standoff -- but so far apart they can't even agree on how to describe their get-together.. - Budget brass tacks - The White House says it won't allow the current debt ceiling to be part of any negotiation on future government spending because that $31.4 trillion is money already agreed to by Congress.

Wed, Feb 1, 2023 3 mins read

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Arctic cold 'no sweat' for electric cars in Norway

Norwegian electric car owners have a word for the way they feel when they look nervously at their battery indicators while driving in subfreezing weather: "rekkevideangst", or "range anxiety".. With temperatures often falling below zero, rugged terrain and long stretches of remote roads, Norway may not seem like the most ideal place to drive an electric car, whose battery dies faster in cold weather.

Tue, Jan 31, 2023 3 mins read