Tech News

Large investors pull Adani's $2.5 bn share sale through after stock rout

Adani Group's ambitious share sale exceeded its subscription targets Tuesday in a relief for the Indian conglomerate, which is reeling from allegations of "brazen" corporate fraud that wiped more than $65 billion off its value.. The $2.5 billion share offer was 112 percent subscribed by Tuesday afternoon, driven by corporate institutions, foreign funds and other large investors.

UK retail giant Tesco to axe over 2,000 jobs

Supermarket group Tesco, the biggest retailer in Britain, announced Tuesday plans to slash about 2,100 jobs, as sky-high inflation hikes costs.. Tesco has benefitted from passing on some of its own rising costs to consumers, many of whom appear willing to stay loyal to the group even as UK inflation sits around the highest level in decades.

Adani empire tumbles again with stock sale hanging in the balance

Investors dumped more Adani shares on Tuesday, deepening the carnage at India's biggest conglomerate which has already lost around $70 billion in value after allegations of "brazen" corporate fraud.. Shares in Adani Total Gas saw the biggest fall on Tuesday with trading halted for another session after diving 10 percent in the morning.

Winter not over, but Europe braces for the next one

Europe has weathered the energy crisis that followed Russia's invasion of Ukraine so far, but businesses and households are already thinking about how to get through the next winter.. After Russia's invasion, European energy prices hit record levels -- surpassing 300 euros per megawatt hour in August before a falloff after governments rushed to boost storage.

Pakistan's economy in 'collapse' as IMF visits

Pakistan is gripped by a major economic crisis, with the rupee plummeting, inflation soaring and energy in short supply as IMF officials visit to discuss a vital cash injection.. In Pakistan, time is of the essence, with Nasir Iqbal from the Pakistan Institute of Development Economics warning the economy had already "virtually collapsed" due to mismanagement and political turmoil.

High energy bills deal heavy blow to Belgian glassware business

When energy prices blew up last year in the wake of Russia's war in Ukraine, Belgian glassblower Christophe Genard had no other option but to close for three months.. The Federation of Belgian Enterprises (FEB) warned this month of spiralling costs for businesses because of higher energy prices and inflation-related wage hikes.

Reliable European demand fuels US natural gas boom

Rising demand from Europe has added to a US natural gas investment boom even as the industry struggles to overcome opposition to pipeline construction.. Even before the invasion, there was heavy investment in facilities to transform gas into liquefied natural gas (LNG).

Climate disinfo surges in denial, conspiracy comeback

False information about climate change flourished online over the past year, researchers say, with denialist social media posts and conspiracy theories surging after US environmental reforms and Elon Musk's Twitter takeover.. - Conspiracy theories - An analysis by Advance Democracy seen by AFP found the number of Twitter posts "using climate change denialism terms" more than tripled from 2021 to 2022, reaching over 900,000.

Asian markets fluctuate ahead of Fed meeting

Asian markets drifted Tuesday as investors bided their time ahead of a key Federal Reserve policy decision later in the week, while data showing a bounce in Chinese economic activity failed to excite.. Traders shrugged at data showing China's factory activity expanded in January after four months of contraction as the economy reopened from years of strict zero-Covid curbs.

China manufacturing activity rebounds in January

China's factory activity expanded in January after four months of contraction, official data showed Tuesday, as its economy rebounded following the relaxation of strict Covid-19 curbs.. The official manufacturing purchasing managers' index (PMI) -- a key gauge of Chinese factory output -- rose to 50.1 this month, from 47.0 in December, according to data from the National Bureau of Statistics (NBS).