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UK's Sunak qualifies for PM race as Johnson eyes comeback

British Conservative politician Rishi Sunak late Friday reached the minimum threshold to run for party leader, as former prime minister Boris Johnson targeted an audacious comeback.. Sunak will automatically become party leader and prime minister if his opponents fail also to win 100 nominations from their fellow Tory MPs. Security minister Tom Tugendhat, who ran for leader himself after Johnson was toppled in July, issued a thinly veiled appeal to the scandal-tainted ex-leader to stay out of the race.

Fri, Oct 21, 2022 3 mins read

Tech News

Balenciaga breaks ties with Kanye West

Paris-based fashion house Balenciaga has ended ties with rapper Kanye West following a recent run of controversial statements, including an outburst denounced as anti-Semitic, according to fashion news site WWD. "Balenciaga has no longer any relationship nor any plans for future projects related to this artist," Balenciaga's parent company Kering told WWD.   It follows weeks of particularly erratic behaviour from West -- now known as Ye. He made a surprise appearance earlier this month for his brand Yeezy at Paris Fashion Week, sporting the controversial slogan "White Lives Matter", widely considered a racist response to the Black Lives Matter movement. . Balenciaga and Kering did not respond to requests for comment from AFP.  Ye appeared as a model in Balenciaga's most recent Paris show last month, wearing a military-style outfit in a mud pit. 

Fri, Oct 21, 2022 1 mins read

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US budget deficit drops by half in 2022 on pandemic recovery

The US budget deficit fell by half in the past year to $1.4 trillion on the back of a pandemic recovery and as relief spending eased, the government said Friday.. The drop in the budget deficit marks the "largest one-year decrease," said the Treasury Department and White House budget office on Friday.

Fri, Oct 21, 2022 2 mins read

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Pro-Draghi League moderate named Italy economy minister

Giancarlo Giorgetti, named Italy's new economy minister on Friday, is considered one of the more moderate, pro-Europe members of Matteo Salvini's League party.. Like Giorgia Meloni, the Brothers of Italy leader named prime minister Friday, he cut his political teeth in the youth wing of the Italian Social Movement (MSI), formed by supporters of fascist dictator Benito Mussolini after World War II. But he was not the first choice for the economy ministry, one of the most important in the new government in Rome.

Fri, Oct 21, 2022 2 mins read

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India's Reliance reports mixed results as taxes hurt oil business

Indian conglomerate Reliance Industries reported mixed quarterly results on Friday, with weakness in its core oil-refining business hurting profits even as its retail and telecom arms posted strong earnings.. Reliance's multi-billion-dollar fortune has been powered by oil and petrochemicals businesses, but the company has diversified into new areas including telecom and retail in recent years.

Fri, Oct 21, 2022 1 mins read

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Twitter shares fall as Musk takeover faces fresh questions

Twitter shares fell about five percent early Friday as the proposed takeover by Elon Musk faced new questions and weak Snap results weighed on social media shares.. A third factor weighing on Twitter shares Friday was a dismal earnings report from Snapchat parent Snap, which reported a quarterly loss of $360 million on weakening online advertising revenue.

Fri, Oct 21, 2022 1 mins read

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Hong Kong to let Covid-hit participants of banking summit leave on own flights: official

Foreign participants at a high-profile financial summit in Hong Kong next month would be able to skip isolation and leave via "appropriate flight arrangements" if they catch Covid, a top health official said Friday.. "But at the same time we will also provide facilitation should there be appropriate flight arrangements for leaving Hong Kong."

Fri, Oct 21, 2022 1 mins read

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Google fined $162 mn by Indian watchdog over market dominance

Google has been fined more than $160 million by India's anti-trust watchdog after a probe found the tech behemoth was abusing its commanding position in the local smartphone market. . "The CCI's decision is a major setback for Indian consumers and businesses, opening serious security risks for Indians... and raising the cost of mobile devices," a spokesperson told AFP.  Google faced a similar anti-trust ruling in the European Union that found the company had imposed "unlawful restrictions" on smartphone makers to benefit its search engine. 

Fri, Oct 21, 2022 2 mins read

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UK reports further bleak economic data

UK government borrowing surged and retail sales slumped in September, official data showed Friday, dealing a further economic blow to a country in political crisis.. "The weakness in retail sales and further overshoot of the... (government) public borrowing forecast won't make the next prime minister's task any easier in navigating the economy through" various crises, concluded Ruth Gregory, senior UK economist at Capital Economics.

Fri, Oct 21, 2022 2 mins read

Tech News

China scrubs reports of teen quarantine death from internet

Chinese censors on Friday scrubbed reports that a teenager had died in a quarantine facility, after the case sparked anger and prompted citizens to question the country's zero-Covid policy.. The reports caused renewed anger, at a sensitive time for the country's rulers.

Fri, Oct 21, 2022 2 mins read