Dubai Telegraph

US stocks gain ahead of Fed meeting but Asia, Europe struggle

European and Asian indices fell on Monday but Wall Street closed higher as markets worldwide brace for this week's Federal Reserve meeting, where the US central bank is set to hike rates amid worries it could spark a recession.

Bid to create union at second Amazon site fails in New York

Workers at an Amazon facility in New York rejected a unionization campaign, according to a vote count Monday, one month after the group's upset triumph at a neighboring warehouse.

Stock markets, oil slip on weak Chinese data, looming US rate hike

Stock markets slipped and oil prices also fell Monday as traders tracked weak Chinese economic data and a looming US interest rate hike that could tame inflation but also thwart growth.

EU shores up defence against Russia energy threats

European Union ministers met Monday to respond to Russia cutting gas supplies to Poland and Bulgaria -- and discuss plans for a possible oil embargo to punish Moscow for invading Ukraine.

Spirit Airlines favors Frontier deal, rejects JetBlue bid

Spirt Airlines reiterated Monday its support for a merger with Frontier Airlines, saying it concluded a competing offer from JetBlue Airways involved excessive regulatory risk.

Finnish group scraps nuclear plant deal with Russia's Rosatom

Finnish-led consortium Fennovoima said on Monday it has terminated a contract with Russian group Rosatom to build Finland's third nuclear power plant, citing risks linked to the Ukraine war.

Delhi driver grows garden on autorickshaw roof to beat the heat

Yellow and green autorickshaws are ubiquitous on New Delhi's roads but Mahendra Kumar's vehicle stands out -- it has a garden on its roof aimed at keeping passengers cool during the searing summer season.

EU targets Apple Pay in latest Big Tech antitrust case

The EU accused Apple on Monday of blocking rivals from its popular "tap-as-you-go" iPhone payment system, opening a fresh battlefront between the US tech giant and Brussels.

Markets, oil fall on weak Chinese data

Stock markets and oil prices fell in holiday-thinned trade Monday as traders digested weak Chinese economic data and a looming US interest rate hike.

Tanker strike worsens fuel woes in crisis-hit Sri Lanka

A strike by owners of fuel tankers over the weekend renewed Sri Lanka's long queues for diesel and petrol on Monday as pumps ran dry, compounding the island nation's economic and energy crisis.

'Operating normally': Russia shows seized Ukraine nuclear plant

Nearly two months after it was seized by Russian forces, there are few signs of the fighting for the Zaporizhzhia nuclear power plant in Ukraine that sparked global fears of a potential atomic disaster.

Can pee help feed the world?

"Go pee on the rhubarb!"

Japan's ENEOS withdraws from Myanmar gas project

Japanese energy conglomerate ENEOS Holdings said Monday it will withdraw from a gas project in coup-hit Myanmar, days after its Thai and Malaysian partners announced they would pull out.

Qantas to launch longest non-stop passenger flight

Qantas announced on Monday it will launch the world's longest non-stop commercial flight, with passengers set to spend 19 hours in the air traveling from Sydney to London by the end of 2025.

Dozens of civilians evacuated from besieged Mariupol steel plant

Roughly 100 civilians have been evacuated from a besieged steel plant in the eastern Ukrainian city of Mariupol, President Volodymyr Zelensky said on Sunday.

EU to propose phasing out Russian oil in new sanctions wave

The EU will propose a phased out ban on Russian oil imports as part of a fresh round of sanctions against Russia for its invasion of Ukraine, sources said on Sunday.

Turkey clashes mar global May Day holiday

Turkish riot police clashed on Sunday with protesters and detained scores during a May Day rally, as tens of thousands marched across Europe in support of workers' rights.

Dozens leave Mariupol plant as Pelosi slams Russian 'bullies'

Dozens of civilians have left a besieged steel plant in the Ukrainian city of Mariupol, Russia said on Sunday, as US House Speaker Nancy Pelosi promised to support Ukraine against Russian "bullies" after visiting Kyiv.

Sri Lankan leader faces May Day calls to step down

Sri Lanka's fractious opposition showed rare unity Sunday, joining together to demand embattled President Gotabaya Rajapaksa resign over the country's worst-ever economic crisis.

Kenya boosts minimum wage as inflation bites

Kenyan President Uhuru Kenyatta announced Sunday a 12-percent hike in the minimum wage as the country confronts a surge in the cost of living.

Two more survivors pulled from China building collapse, dozens still missing

Rescuers pulled a pair of survivors from a collapsed building in central China on Sunday, state media reported, two days into a search-and-rescue operation for dozens feared missing.

Dozens leave Mariupol plant as Pelosi backs 'fight for freedom'

Dozens of civilians have left a besieged steel plant in the city of Mariupol, Russia said on Sunday, as US House Speaker Nancy Pelosi voiced support for Ukraine's "fight for freedom" during a visit to Kyiv.

Nine detained in connection with China building collapse

Police in central China announced the detention of nine people on Sunday over a collapsed building, as increasingly desperate rescuers comb the debris for any survivors.

From recession to inflation, how the US Fed has dealt with crises

The US Federal Reserve has strongly signaled it will raise interest rates by half a percentage point this week to rein in soaring inflation, and likely continue hiking throughout this year.

Fed gears up to attack inflation as US recession fears grow

The Federal Reserve this week is set to redouble its assault against record US inflation while facing an array of shocks both internal and external that analysts fear may one day put the world's largest economy into a recession.

As tobacco burns out, Malawi looks to cannabis

Under a scorching sun at a trading post in Malawi, Chikumbutso Chekeni and his wife head to their tobacco sheds to dry their newly harvested leaf.

Christian Smalls, the unlikely union leader who took on Amazon

In his colorful jacket emblazoned with the slogan "Eat the rich," Christian Smalls is accosted from all sides as he walks by the bus stop where he spent countless hours trying to convince Amazon employees to form a union.

Buffett details spending spree, takes jab at Wall Street

The billionaire finance guru Warren Buffett, who complained recently that he did not know where to put his money, said Saturday he has invested billions of dollars so far this year, even as he took jabs at Wall Street.

Berkshire quarterly earnings slump as shareholders gather

Berkshire Hathaway, the holding company of billionaire businessman Warren Buffett, saw its net profit plunge by 53 percent in the first quarter due to a drop in the paper value of its investments, it said.

Berkshire marks big quarterly loss as shareholders gather

Berkshire Hathaway, the holding company of billionaire businessman Warren Buffett, saw its net profit plunge by 53 percent in the first quarter due to a drop in the paper value of its investments, it said.

Bodies with hands tied found in Ukraine as Russia shells east

Ukrainian police on Saturday reported finding three bodies with their hands tied behind their backs as Russia continued shelling the east and Washington slammed Russian President Vladimir Putin's "depravity".

Crisis-hit Sri Lanka hikes medicine prices

Cash-strapped Sri Lanka announced a 40 percent price hike for dozens of commonly used medicines on Saturday as the island nation labours through its worst economic crisis in decades.

Covid treatments: still struggling for mass uptake

Several treatments are now available to fight Covid-19 but tight timelines, unequal access and weakening effectiveness against new variants have limited their ability to blunt the worst of the pandemic.

Indonesia's palm oil export ban heats up vegetable oil market

Indonesia's decision to suspend palm oil exports in the face of domestic shortages has pushed vegetable oil prices to new highs, further tightening a market already on edge due to the war in Ukraine and global warming.

China factory activity dips to lowest in two years: official data

China's manufacturing activity slumped to its lowest level since February 2020, official data showed Saturday, the latest sign of economic pain as Beijing doggedly pursues its zero-Covid response.

Kharkiv shelled as Russia maintains its offensive

Ukraine's second city Kharkiv was hit by multiple Russian shellings Saturday, though President Volodymyr Zelensky says Ukrainian forces are making "tactical successes" in the region.

Student's death stokes anger over Mexican femicide crisis

The death of an 18-year-old Mexican student has unleashed anger against authorities accused of negligence over the murders and disappearances of thousands of women each year, few of which receive as much attention.

Belarus opposition seeks US technology help

The leader of Belarus' opposition said Friday that the United States is looking at stepping up technological assistance in the struggle against strongman Alexander Lukashenko.

First rocket strike sparks solidarity wave in Ukraine city

In Zaporizhzhia, trees were in bud and life was peaceful in this southeastern city, despite the war raging nearby -- until a rocket hit last Thursday, prompting a huge outpouring of solidarity.

Dubai Telegraph - Economy (English)

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