Tech News

UK retailer Boohoo denies 'slave' labour claims

British online fashion retailer Boohoo on Wednesday denied allegations that staff in a UK warehouse worked in harrowing and health-threatening conditions and regarded themselves as "slaves".. Boohoo benefited from an online sales boom during the pandemic, during which it expanded aggressively to snap up brands belonging to collapsed UK retail giants. 

UK defends Brexit deal despite economic woes

Finance minister Jeremy Hunt on Wednesday defended the UK's post-Brexit trade deal with the EU, despite growing criticism about its economic impact, and rejected claims he was pushing for closer European ties.. - Tough going - Former UK prime minister Theresa May proposed a similar deal, which was roundly rejected by lawmakers, and which contributed to her downfall in 2019.

New home sales in US post surprise jump in October

New home sales in the US defied expectations and rose in October, government data showed Wednesday, despite mortgage rates remaining high.. The median sales price for a new home in October rose to $493,000 as well, up from September's revised figure of $455,700.

Uniper rescue to cost Germany an extra 25 bn euros

Troubled gas giant Uniper on Wednesday said the German government would need to spend an additional 25 billion euros under a planned nationalisation to stave off the firm's collapse in the wake of Russia's war in Ukraine.. Another capital increase to the tune of 25 billion euros ($26 billion) will be needed to help cover "the enormous additional costs of the Russian gas cuts that continue to be primarily borne by Uniper", CEO Klaus-Dieter Maubach said.

Credit Suisse expects Q4 pre-tax loss of $1.6 bn

Credit Suisse stocks tumbled again Wednesday after announcing it expects a surprise fourth-quarter pre-tax loss of up to $1.6 billion as it launches into a radical overhaul of its operations.. Credit Suisse launched its new strategy following huge third-quarter losses, in a bid to repair the damage following a series of scandals.

Asian markets rise on rate hopes but China Covid casts shadow

Asian markets rose Wednesday but traders flitted between hopes for a halt in sharp US interest rate hikes and concern that a surge in China's Covid cases will see officials impose more painful lockdowns. . Minutes from the Fed's policy meeting this month will be pored over when they are released Wednesday, with traders hoping for some insight into the bank's thinking on rates.

Medical community frets over fate of Twitter

For days, doctors, scientists and public health experts have been telling their Twitter followers where to find them on other platforms if Elon Musk's newly-acquired company tanks.. That would be a deep loss for medical experts, who have used Twitter since the start of the Covid pandemic as a tool to quickly gather information, share their research, communicate public health messages and forge new collaborations.