South Africa's economy rebounded beyond pre-Covid levels in the third quarter of 2022 to reach its highest-ever peak, official data showed Tuesday.. "The size of the economy now exceeds pre-pandemic levels," the official statistics agency said in a statement.
President Joe Biden flies Tuesday to Arizona to celebrate the mammoth expansion of a Taiwanese semiconductor plant, citing the project as proof that the United States is finally breaking dangerous dependency on foreign manufacturers for the vital component.. The plant expansion -- which comes on top of other significant microchip manufacturing projects dotted around the country -- is part of an overall strategy by the Biden administration to try to end reliance on foreign suppliers.
The European Union reached an agreement Tuesday to ban the import of products including coffee, cocoa and soy in cases where they are deemed to contribute to deforestation.. The scope encompasses palm oil, cattle, soy, coffee, cocoa, timber and rubber as well as derived products such as beef, furniture and chocolate.
Philippine lawmakers have proposed a $4.9 billion sovereign wealth fund to be chaired by President Ferdinand Marcos Jr to boost growth, but critics warn it will be prone to graft and risk Filipino pensions.. The MIF has been met with concern from business groups, economists, activists and opposition figures, who argue pension funds were already being invested and that diverting them to a sovereign wealth fund would expose them to additional risk.
The energy crisis is fuelling an acceleration of the rollout of renewable power, raising hopes for efforts to meet ambitious targets against global warming, the International Energy Agency said Tuesday.. This would help "keep alive the possibility of limiting global warming to 1.5 (degrees Celsius)", the IEA said, referring to the preferrable target set in the 2015 Paris Agreement to prevent a climate catastrophe.
Asian markets were mixed Tuesday as fresh fears that the US Federal Reserve will push interest rates higher than hoped played off against growing optimism over China's economic reopening.. Markets had been running higher ahead of the jobs figures after a surprise drop in inflation and comments from Fed boss Jerome Powell that the bank would likely raise rates at a slower pace.
Kyrie Irving's multi-million dollar sponsorship deal with Nike is finished, the sportswear company said Monday, after the basketball megastar became embroiled in an anti-Semitism row.. West has seen several multi-million dollar sponsorship deals -- including one with Adidas -- evaporate as his comments on Jewish people have become ever-more outlandish.
US and European Union officials met for trade and technology talks Monday, but hanging in the balance are heightened tensions over American subsidies for its green industry that Europe considers anti-competitive.. - 'More solid response' - "Clearly they are trying to set out our concerns in a non-confrontational manner," a European official involved in the talks told reporters Monday.
Fallen US biotech star Elizabeth Holmes has asked an appeals court to overturn her conviction in the Theranos fraud trial that saw her sentenced to more than 11 years in prison.. Holmes was sentenced to just over 11 years in prison for defrauding investors with her Silicon Valley start-up Theranos.
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