Dubai Telegraph

Crisis-hit Sri Lanka says IMF bailout three months away

An International Monetary Fund bailout package for crisis-hit Sri Lanka could take up to three months to arrive, the country's central bank chief said on Friday, as anti-government protests over the economic crisis continue to escalate.

Zelensky, Putin invited to G20 summit: Indonesian leader

Ukrainian President Volodymyr Zelensky has been invited to the G20 summit in November, which will also be attended by Russian President Vladimir Putin, the leader of host nation Indonesia said Friday.

Boris Becker jailed by British court over bankruptcy

Former tennis star Boris Becker was on Friday jailed for two and a half years after being found guilty by a British court of charges relating to his 2017 bankruptcy.

Europe stocks rise but Wall Street falls as tech falters

European and Asian stock markets rose Friday but Wall Street fell after tech giants Amazon and Apple posted disappointing quarterly results.

Thai, Malaysian firms pull out of Myanmar gasfield project

Thailand's oil and gas conglomerate PTTEP and Malaysia's Petronas announced Friday they would withdraw from the Yetagun gas project in coup-hit Myanmar.

Americans' spending, incomes grew in March amid high prices: govt

As their wages rose last month, Americans channeled more dollars towards services even as prices continued ticking higher, government data released Friday said.

ExxonMobil earnings double to $5.5 bn on higher oil prices

ExxonMobil's first-quarter profits more than doubled to $5.5 billion, the company reported on Friday, as higher oil prices offset costs connected to exiting its Sakhalin project in Russia.

Eurozone stocks edge higher as weak data offsets China support

Eurozone stock markets rose only slightly Friday as the bloc's weak economic data offset hopes China would ease its long-running crackdown on the tech sector -- news that sent Asian equities soaring.

Paris suspends electric bus fleet after fires

Dozens of electric buses will be taken off the streets of Paris temporarily "as a precaution" after two of the vehicles caught fire, public transport operator RATP said Friday.

Eurozone economy hit by Ukraine war fallout

The eurozone economy felt the fallout from the Ukraine war as output slowed and inflation stayed at record levels in the first quarter, official data showed Friday, imperilling Europe's recovery from the pandemic.

French growth crashes to zero in first quarter

The French economy flatlined in the first quarter as households reduced their consumption due to rising inflation and the war in Ukraine, the national statistics agency said Friday.

Tesla recalls second batch of cars in China on safety concerns

US car giant Tesla has recalled more than 14,600 cars in China over a software fault that could lead to safety risks, the country's market regulator said Friday, the firm's second callback in a month.

Choking and sweating around Delhi's burning hill of trash

Living in a slum by one of New Delhi's trash landfills, Pramod is used to the stench, flies, government apathy and occasional fires. But this week's inferno as India wilts in a heatwave came too close for comfort.

Asian markets rally as China tech share surge lifts sentiment

Hong Kong and Shanghai led a rally across Asia on Friday on hopes Beijing is set to ease its long-running crackdown on the tech sector.

Musk offloads $4 bn in Tesla shares after Twitter deal

Tesla chief Elon Musk sold about $4 billion worth of shares in the electric carmaker in the days after Twitter's board agreed to his $44 billion takeover of the social media platform.

South Korea to end outdoor mask mandate

South Korea said Friday it will lift its outdoor mask mandate next week in response to a steady drop in Covid-19 cases after an Omicron-fuelled surge.

Russia strikes Kyiv during UN chief's visit as Moscow presses offensive

Russian forces pressed their offensive in south and east Ukraine on Friday after bombarding its capital during a visit by the United Nations' chief.

Most Asian markets track Wall St rally but tech struggles

Equity markets in Asia mostly rose Friday following a positive lead from Wall Street but optimism remains at a premium as traders operate under the shadows of war, soaring inflation, US interest rate hikes and China's lockdowns.

Billionaire Luiza Trajano, the businesswoman shaking up Brazil

Brazilian businesswoman Luiza Trajano has made it onto a lot of lists: TIME's most influential people, Forbes' billionaires, the biggest fortunes in Brazil...

With inflation rising, millions in Argentina rely on food aid

Elena Gonzalez's backyard soup kitchen is a hive of activity, with busy hands chopping and stirring as a cauldron with a bit of chicken and much rice boils over a wood fire in a poor Argentina neighborhood.

Life after sumo: retired wrestlers fight for new careers

When Japanese sumo wrestler Takuya Saito retired from the sport at 32 and began jobhunting, he had no professional experience and didn't even know how to use a computer.

High-flying tech giants buffeted by turbulent times, earnings show

Tech giants that saw good times during the pandemic are dealing with a "hangover" compounded by inflation and the war in Ukraine, analysts have said after earnings released this week.

10 football pitches of pristine rainforest lost per minute in 2021

Huge swathes of tropical rainforest were burned or hacked down for cattle and crops last year, led by destruction in Brazil, researchers said Thursday, warning that climate change itself is making it harder to reverse the losses.

Apple reports solid Q2, but warns of $4-$8 bn hit from Covid, supply chain

Apple reported better-than-expected profits Thursday amid continued robust consumer demand, but warned that the China Covid-19 lockdown and ongoing supply chain woes would dent June quarter results by $4 to $8 billion.

Apple reports slower Q2 sales growth, but results top estimates

Apple reported better-than-expected profits Thursday on robust consumer demand for its devices and services even as revenue growth slowed while it navigated an ongoing semiconductor supply crunch.

IMF chief tests positive for Covid-19

IMF Managing Director Kristalina Georgieva has tested positive for Covid-19, a spokesman said Thursday, stressing she had only "mild symptoms."

Russia strikes Kyiv during UN chief's visit, Biden asks for $33bn for Ukraine

Russian forces bombarded Ukraine's capital late Thursday during a visit by UN Secretary-General Antonio Guterres, who decried the "absurdity" of war in the 21st century, as US President Joe Biden asked for $33 billion more to support Kyiv.

Uncertainty Musk Twitter deal will close as platform reports mixed earnings

Twitter shares climbed Thursday after reporting mixed earnings, but continued to lag the price in the company's takeover agreement with Elon Musk amid uncertainty over whether the acquisition will be completed.

Gazprom profits soar on high energy prices

Russian energy giant Gazprom on Thursday announced a soaring net profit for 2021, boosted by high energy prices.

Kyiv probes Russian troops over Bucha, Biden seeks $33 bn package

Ukrainian prosecutors said Thursday they were investigating 10 Russian soldiers for alleged war crimes in Bucha and had identified more than 8,000 suspected war crimes cases since Russia invaded.

Canada lifts restrictions on gay men's blood donations

Canada announced Thursday a lifting of restrictions on blood donations by gay and bisexual men that dates back to HIV/AIDS crisis of the 1980s and 1990s.

US economy sees surprise Q1 contraction despite solid spending

The US economy shrank in the first quarter of 2022 as the Omicron variant of the coronavirus hampered activity and companies bought more foreign products to rebuild depleted inventories, in the latest complication for a country already struggling with record inflation.

'Donbas is not Ukraine': in industrial east, hopes for Russian rule

At a market in the industrial town of Lysychansk in east Ukraine -- war-scarred after relentless attacks by Russian forces -- one woman quietly hopes Moscow's army will break through.

Ukraine probes Russian troops over Bucha as UN chief visits

Ukrainian prosecutors said Thursday they were investigating 10 Russian soldiers for alleged war crimes in Bucha, as the visiting UN chief urged Russia to cooperate with a probe into atrocities.

Stock markets rise on busy corporate earnings day

Stock markets rose on Thursday as investors digested a slew of company results and shrugged off a worse-than-expected US economic contraction.

Germany's Scholz backs Ukraine weapons move on Japan trip

Chancellor Olaf Scholz on Thursday thanked Germany's parliament for backing the decision to provide Ukraine with heavy weapons, as Russia said Western arms deliveries to the country were dangerous for European security.

Smiling Queen Elizabeth meets Swiss president after 96th birthday

Queen Elizabeth II looked on healthy form Thursday as she met face-to-face with Switzerland's president, in the build-up to UK-wide celebrations for her Platinum Jubilee in early June.

Price hikes help lift McDonald's sales in Q1

Price hikes in the US market helped lift first-quarter sales at McDonald's, while profits tumbled due to an unspecified tax matter, according to results released Thursday.

Strike cripples Sri Lanka as president faces new pressure

Millions of workers staged a crippling strike in Sri Lanka on Thursday, adding to pressure on President Gotabaya Rajapaksa and his ruling family to quit over the country's worst-ever economic crisis.

Dubai Telegraph - Economy (English)

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