The Asian Development Bank on Thursday slashed its 2022 growth forecast for developing Asia and warned economic conditions could worsen, as the war in Ukraine and supply chain disruptions drive up prices.. But the bank warned: "A worsening fallout from the war in Ukraine could lead to a further surge in global energy and commodity prices, with likely knock-on effects on growth and inflation in developing Asia."
Tesla reported solid quarterly earnings Wednesday despite a hit from Covid-19 lockdowns in Shanghai that Chief Executive Elon Musk said prompted the company to liquidate most of its bitcoin holdings.. - Bitcoin sale - During the quarter, Tesla liquidated about 75 percent of its holdings in bitcoin, the value of which has declined sharply in 2022.
United Airlines reported a profitable second quarter Wednesday as strong travel demand boosted revenues, but signaled plans to rein in plane capacity as carriers confront operational challenges and recession worries.. The big US carrier said revenues "improved at a rapid pace" during the quarter and that it expects full-year profitability in light of still-strong demand.
Talks are progressing on the opening of sea corridors to allow 20 million tonnes of grain still blocked in Ukraine and the upcoming harvests to be shipped around the world.. The talks are crucial insofar as no other country has come forward so far able to make up for the shortfall on the market of initially 25 million tonnes of Ukraine grain.
As the dollar enjoys near-parity with the euro, Americans returning to Paris in droves after two years of Covid restrictions find that their greenbacks go a much longer way than they used to.. The euro slipped to parity with the dollar for the first time in nearly 20 years this month, as a cut in Russian gas supplies to Europe heightened fears of a recession in the eurozone.
Before his spectacular falling-out with Boris Johnson, former finance minister Rishi Sunak was on a rapid rise that could still end with him installed as Britain's first prime minister of colour.. He was the first person born in the 1980s to hold one of the so-called four great offices of state: prime minister, chancellor, foreign secretary and home secretary.
US home prices hit another new peak in June amid short supply, while existing home sales fell for the fifth straight month amid the ongoing rise in mortgage rates, according to industry data released Wednesday.. Separate data from the Mortgage Bankers Association released Wednesday showed demand for home loans fell 6.3 percent last week, in the third consecutive decline.
Equities piled higher Wednesday following a surge on Wall Street, as investors grow hopeful in the ongoing earnings season, while sentiment was also boosted by news that Russian gas flows to Europe will not be cut off.. After a hefty drop Monday, all three main indexes on Wall Street posted solid gains Tuesday as companies' earnings soothed concerns about the impact on their bottom lines from soaring inflation and rising interest rates.
China has ramped up approvals for new coal power plants this year, Greenpeace said Wednesday, with authorities trying to lower the risk of economically painful electricity shortages.. The figure for new coal plant approvals dipped in mid-2021 but rebounded later in the year as China experienced widespread power outages due to a supply crunch.
British aircraft engine maker Rolls-Royce is "championing" the energy transition and the decarbonisation of aviation, its outgoing chief executive Warren East told AFP on Tuesday at the Farnborough airshow.. - Energy transition - "The big theme is energy transition," East told AFP in an interview at the company's airshow chalet.
