Asian markets rose again Tuesday, building on the strong start to the week as traders look ahead to the Federal Reserve's policy decision, hoping it will signal a more dovish approach to fighting inflation.. "If push comes to shove, the Fed probably does not want to see the market pricing cuts as soon as the hike cycle finishes, so I expect the rhetoric to be targeted here."
German Chancellor Olaf Scholz makes a high-stakes trip to China this week, walking a tightrope between shoring up a key economic relationship and facing heightened concerns about over-reliance on authoritarian Beijing.. Some in government will view shoring up the economic partnership with China as crucial at a time Germany, battered by the energy crisis, is hurtling towards a recession.
Elon Musk has become Twitter's sole director after finalizing his $44 billion purchase of the social media site and dissolving its corporate board, documents filed Monday with the US Securities and Exchange Commission (SEC) showed.. The documents state that the "consummation of the Merger" occurred on October 27, at which point "Mr. Musk became the sole director of Twitter," while the entire board, including CEO Parag Agrawal, were let go.
US President Joe Biden plans to seek tax penalties for oil companies unless they invest their record profits in lowering household costs and ramping up production, a White House official said Monday.. - 'Unacceptable' - On Saturday, Biden tweeted that oil companies made billions in profits this quarter and were "using these record profits to pay out their wealthy shareholders instead of investing in production and lowering costs for Americans."
Italy posted better-than-expected quarterly growth on Monday, a surprise bump for new Prime Minister Giorgia Meloni that staves off -- for now -- an expected recession in Europe's third-largest economy.. Regardless, the quarterly surprise comes at the right time for Meloni, leader of the post-fascist Brothers of Italy party, whose first budget is due before the European Commission by the end of November.
Attorneys in the saga over Elon Musk's Twitter takeover have asked a Delaware court to dismiss the litigation following the deal's closure, according to court documents released Monday.. Twitter sued Musk in the Delaware court in July after the unpredictable billionaire tried to walk away from the April deal to acquire the social media company for $44 billion.
Shanghai Disney Resort abruptly shut its doors Monday as Chinese authorities imposed a snap lockdown, trapping guests who are not permitted to leave until they test negative for Covid-19.. Visitors to Shanghai Disney Resort are not allowed to leave "until on-site testing returns a negative result", the city government said in an online notice on Monday.
Inflation in crisis-hit Sri Lanka dipped marginally for the first time in 12 months but prices were still an eye-watering 66 percent higher than a year ago, official data showed Monday.. However, the price of petrol is still double the amount before the start of the crisis late last year, while diesel -- used commonly for public transport -- is still three and a half times more.
The war raging in Ukraine and other overlapping crises are taking a toll on labour markets worldwide, the UN said Monday, suggesting a "sharp" slowdown was already underway.. "While it normally takes time for an economic slowdown or a recession to result in job destruction and unemployment, available data suggests that a sharp labour market slowdown is already underway," the report said. - 40 million jobs missing - At the beginning of this year, as the world began recovering from the height of the pandemic, employment-to-population ratios returned to or even exceeded pre-Covid-crisis levels in most advanced economies.
With prices falling and ports clogged with liquefied natural gas tankers, fears of a winter heating crisis in Europe have eased but experts are warning against complacency.. This happens "every year" as winter approaches and is a localised issue off the coast of Spain, said Vincent Demoury, general delegate of GIGNL, the International Group of Liquefied Natural Gas Importers.
