Dubai Telegraph

Solid job growth continues in recovering US economy

From bars to factories to warehouses, American businesses hired staff with vigor in April as the US economy recovers from the damage done by Covid-19 while grappling with inflation that has hit the highest rate in decades.

Tech vs telecoms: EU ignites debate on 'net neutrality'

Tech and streaming giants suck up vast amounts of bandwidth, so the EU this week revived a long-standing idea to make them pay the telecom firms who maintain the infrastructure.

Stocks selloff deepens, pound takes fresh tumble

A global stocks selloff over fears about the impact of interest rate hikes that seek to tackle sky-high inflation deepened on Friday.

Ukraine wheat harvest set to drop by third: satellite imagery

Ukraine's wheat production is likely to be down by at least a third from last year due to the Russian invasion, a data analysis firm that uses satellite imagery said Friday.

China troubles mar Adidas's first-quarter result

German sportswear giant Adidas reported a drop in its profits in the first quarter on Friday, as widespread coronavirus lockdowns hurt business in key market China.

India to reopen abandoned coal mines as heatwave hits supply

India plans to lease abandoned coal pits to private mining companies, a government official said Friday, in an effort to ramp up production as power outages exacerbate a sweltering heatwave.

'King of streets': Last skateboarder on Ukraine front

The baby-faced teenager in baggy shorts races his skateboard past the bombed burger joint and hit Peace Square just as air raid sirens rolled over the Ukrainian front.

Police tear-gas students as strike hits Sri Lanka

Police again fired tear gas and water cannon at students trying to storm Sri Lanka's parliament Friday as the country was brought to a halt by a trade union strike demanding the government step down.

Biden heads to Ohio to tout industrial renewal plan

US President Joe Biden will travel to political battleground state Ohio on Friday to announce the launch of a new industrial renewal plan that his administration hopes will revive the country's manufacturing sector.

National strike in Sri Lanka to demand govt step down

Sri Lanka's bus and train networks ground to a halt while offices and factories were empty Friday in a nationwide strike demanding the government's resignation over the island's worsening economic crisis.

US Women's Basketball season kicks off with key star held in Russia

Women's Basketball season kicks off in the United States on Friday without one of its brightest stars: Brittney Griner, who was arrested in Russia just before Moscow launched its war in Ukraine.

Police violence remains chronic struggle in Dominican Republic

An argument between a shopper and a store clerk at a mall in the Dominican Republic capital of Santo Domingo ended last month with police arresting customer David de los Santos.

China building collapse death toll rises to 53

Fifty-three people died in a building collapse in central China, authorities said Friday, announcing the end of the rescue mission in a disaster which has been blamed on illegal construction.

Will Hong Kong reopen for business under new leader Lee?

Hong Kong's next leader John Lee is inheriting a once vibrant Asian business hub mired in its third year of pandemic isolation but he may prioritise security over an economic reboot, business leaders and observers say.

Wall Street tumbles on Fed worries, pound slumps

After breathing a sigh of relief when the Federal Reserve held off on signaling more aggressive measures ahead to fight inflation, Wall Street tumbled on Thursday amid renewed anxiety over rising interest rates, while the pound slumped on fears of a UK recession.

Karine Jean-Pierre named as first Black W.House press secretary

US President Joe Biden on Thursday named Karine Jean-Pierre as the next White House press secretary, the first Black person to hold the high-profile post.

UN convoy en route for rescue from Mariupol 'hell'

The United Nations on Thursday said a new convoy was heading to evacuate civilians from the "hell" of a besieged steel plant in Mariupol, even as Ukraine accused Russia of breaking its promise to pause fire at the site.

Boeing will move its headquarters to Washington area

Boeing announced Thursday it will relocate its headquarters from Chicago to the Washington suburb of Arlington, Virginia, moving the airplane maker and defense contractor closer to government decision-makers.

Covid killed some 15 million in 2020-21: WHO

The Covid-19 pandemic killed around 15 million people worldwide in 2020 and 2021, the WHO estimated Thursday -- nearly triple the number of deaths officially attributed to the disease.

UN sends rescue convoy as Ukraine denies Russian truce at steel plant

The United Nations on Thursday said a new convoy was en route to evacuate civilians from the "hell" of a besieged steel plant in Mariupol, even as Ukraine accused Russia of breaking its promise to pause fire at the site.

Armed gang robs Chanel boutique in Paris

An armed gang on Thursday robbed a Chanel watch and jewellery store near the swanky Place Vendome in central Paris in broad daylight, police told AFP.

Turkey inflation spirals to nearly 70 percent

Turkey's official inflation rate spiralled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil.

Top oil producers agree modest supply boost amid demand concerns

Saudi Arabia, Russia and other key oil producers agreed Thursday on another marginal increase in output, bolstered by risks to demand amid coronavirus restrictions in China.

Sri Lanka police tear gas student protesters outside parliament

Police fired tear gas on students attempting to storm Sri Lanka's parliament Thursday as the protesters demanded the resignation of President Gotabaya Rajapaksa over the country's worst-ever economic crisis.

Musk secures $7.1 bn to finance Twitter deal

Elon Musk has raised $7.1 billion for his Twitter acquisition from investors that include Oracle founder Larry Ellison and Saudi Prince Alwaleed bin Talal, according to a securities filing Thursday.

Pound slumps after tepid BoE rate hike

The pound tumbled after the Bank of England raised interest rates by just a quarter of a percentage point despite surging inflation, while oil prices jumped after OPEC+ only modestly hiked production.

Lufthansa warns of price rises as tourist demand takes off

German national carrier Lufthansa said Thursday that ticket prices could rise as the cost of energy soars following the Russian invasion of Ukraine.

Top oil producers agree on modest supply boost amid demand concerns

Saudi Arabia, Russia and other key oil producers agreed on Thursday to another marginal increase in output, bolstered by risks to demand amid coronavirus restrictions in China.

Lufthansa optimistic for 2022 as tourist demand bounces back

German national carrier Lufthansa on Thursday said it slashed its losses in the first quarter and set its sights on a record summer for tourist traffic as demand recovers from the pandemic.

Shell profit up as high oil prices offset Russia hit

British energy giant Shell on Thursday logged soaring first-quarter net profit as surging oil prices offset a sizeable charge linked to its Russia exit.

Turkey inflation spirals to nearly 70 percent in April

Turkey's official inflation rate spiralled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil.

TikTok to launch ad revenue-sharing program for creators

TikTok on Wednesday announced an ad revenue-sharing program with the social media platform's most prominent creators, moving closer to a model already used by its competitors.

China’s Covid rules batter business confidence: EU Chamber

China's strict zero-Covid policy has led to a plunge in confidence among European companies operating in the country as supply chains are tangled, revenue projections fall and staff leave, according to a business group survey released Thursday.

Asian markets rise as Fed eases fears over huge rate hike

US central bank officials announced an expected half-point lift in borrowing costs -- the biggest since 2000 -- as part of its battle to rein in inflation, while unveiling a timetable to offload its vast bond holdings.

BoE set for fresh rate hike as inflation soars

The Bank of England is on Thursday expected to raise interest rates for a fourth time in a row to contain runaway inflation that is causing a cost-of-living crisis.

OPEC+ eye modest supply boost as demand dented by China Covid rules

OPEC+ members meeting on Thursday are expected to agree a marginal increase in oil production, bolstered by risks to demand amid coronavirus restrictions in China.

Philippines could revive nuclear plant if Marcos wins presidency

A mothballed nuclear power plant built near a fault line and volcanoes in the Philippines during Ferdinand Marcos's dictatorship could be revived if his son wins next week's presidential election.

France and India call for immediate end to Ukraine hostilities

India and France on Wednesday called for "an immediate cessation of hostilities" in Ukraine, with Prime Minister Narendra Modi again stopping short of condemning Russia's invasion of its neighbour.

EU eyes Russian oil import ban amid new bid to evacuate Mariupol

The European Commission on Wednesday proposed a ban within the year on Russian oil imports in its toughest move yet over the invasion of Ukraine, as Moscow said it was offering a new ceasefire to evacuate a steel plant in devastated Mariupol.

Dubai Telegraph - Economy (English)

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