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BP chairman to step down after energy strategy reset

BP on Friday said chairman Helge Lund will step down after a major reset at the British energy giant that saw it recently shelve carbon-reduction targets to focus on fossil fuel output.

Pacific nations perplexed, worried by Trump tariffs

Pacific island nations hit hardest by US President Donald Trump's trade tariffs are querying the "unfair" impost, and they are fearful of the impact.

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Force firms to reveal their impact on nature: major businesses

Businesses must be compelled to reveal their impact on nature, more than 300 firms said in an open letter to world leaders published on Wednesday ahead of crunch United Nations negotiations to halt catastrophic biodiversity loss.

Google parent Alphabet's profits fall short at $14 bn

Google parent Alphabet on Tuesday reported quarterly earnings that fell short of market expectations as belts tightened in the digital ad market that drives its revenue.

US stocks rise again as pound rallies on new PM

Wall Street stocks rallied and the dollar slid Tuesday on hopes for a moderation in Federal Reserve policy, while the pound shot higher as former finance chief Rishi Sunak became Britain's prime minister.

Vieira points to 'lack of opportunity' for black managers

Patrick Vieira has called for black players to be given more opportunities in coaching and at the executive level in football.

Coca-Cola sees more consumer shifts due to inflation as profits jump

Coca-Cola reported a jump in profits Tuesday due in part to price increases but said some consumers are beginning to pull back due to inflation.

New PM Meloni confirms Italy's place in Europe, NATO

New Italian Prime Minister Giorgia Meloni set out her programme for government on Tuesday, reaffirming her support for the EU and Ukraine and promising to boost economic growth while rejecting Fascism.

GM confirms profit forecast despite 'challenging' environment

General Motors confirmed its full-year financial forecast Tuesday, lifting shares as it reported strong consumer demand in spite of a "challenging" environment with grinding inflation.

Stocks mostly retreat on mixed earnings; pound up on new PM

Stock markets mostly fell Tuesday as traders reacted to mixed earnings, while Hong Kong steadied after the previous session's rout triggered by China President Xi Jinping tightening his grip on power.

Adidas cuts ties with Kanye West over anti-Semitic remarks

German sportswear giant Adidas said Tuesday it was ending its partnership with Kanye West after a series of anti-Semitic outbursts by the controversial rapper.

New PM Meloni says Italy committed to Europe

Italian Prime Minister Giorgia Meloni confirmed her government's support for the European Union, NATO and Ukraine on Tuesday in her first address to parliament, one month after her far-right party won a historic election victory.

HSBC profits slide on bank impairment charges

Global bank giant HSBC on Tuesday announced tumbling profits for the third quarter on impairment charges linked to a weak economic outlook and its upcoming sale of French retail operations.

UBS net profit down in Q3 as revenues fall

Swiss banking giant UBS on Tuesday reported a fall in net profits in the third quarter, though still better than expected against a backdrop of falling revenues at the investment bank.

Hong Kong, Shanghai fluctuate on China worries as other markets mixed

Hong Kong and Shanghai stocks saw big swings Tuesday following the previous day's rout after Xi Jinping tightened his grip on power in China, while other markets fought to maintain a rally fuelled by hopes of a less hawkish Federal Reserve.

Will Africa's metals boom suffer the same curse as oil?

Mechanical diggers are hard at work in the bleak landscape of the Moanda open-cast mine in Gabon, using giant jaws to rip out manganese and then dump the ore into trucks with a crash.

Credit Suisse banking on restructure revamp

New Credit Suisse chief executive Ulrich Koerner, faced with trying to turn around the beleaguered bank following multiple scandals, is set to unveil his strategic road map on Thursday.

Black South Africans break into once white-only wine industry

Winemaking was a profession most South African parents could never have envisioned for their children.

China's yuan hits 15-year low after Xi extends rule

China's yuan hit a 15-year low against the US dollar on Tuesday, with investors spooked after President Xi Jinping gained complete dominance over the Communist Party at a key meeting last week.

HSBC profits fall on French retail impairment charge

HSBC on Tuesday said pre-tax profit slipped more than 40 percent in the third quarter, with the bank citing an impairment on the planned disposal of its retail banking operations in France.

Italy's new PM Meloni sets out programme to parliament

Giorgia Meloni will address Italy's parliament for the first time as prime minister on Tuesday, setting out her plan for government one month after her far-right party's historic election victory.

Brazilian suspect in murder of British journalist, Amazon expert, granted house arrest

A Brazilian judge has allowed one of the suspects in the murder of British journalist Dom Phillips and Brazilian Indigenous expert Bruno Pereira to be released on bail to house arrest, local media said Monday.

Indigenous Guarani live in deepening poverty in Brazil

In the middle of a football match on an improvised dirt pitch in southern Brazil, a famished young Indigenous boy abruptly abandons the game, throws a stick into the sky and fells a bird.

Foreign tourism to Greece up but below pre-Covid peak

The number of foreign tourists visiting Greece has sharply increased so far this year despite soaring inflation and the Ukraine war, according to official statistics published on Monday.

Portuguese textiles become international player

Shaken in the last 20 years by competition from Asia, Portugal's textile industry has found its footing again and become a major player, supplying firms not just in Europe but also in the United States.

UK shrugs as Rishi Sunak becomes first brown PM

In winning the race for UK Conservative leader on Monday, Rishi Sunak will become the first prime minister of colour to govern a country that once ruled India, much of Africa and a great deal beyond.

NATO warns Russia against 'dirty bomb' pretext

Russia must not escalate the conflict in Ukraine with false claims that Kyiv is planning to unleash a so-called "dirty bomb", the head of NATO has warned.

Incoming PM Sunak inherits UK economy in crisis

Britain's next prime minister, former finance chief Rishi Sunak, inherits a UK economy that was headed for recession even before the recent turmoil triggered by Liz Truss.

French publisher drops book by writer accused of child rape

A French publisher said Monday that it would suspend plans to release a book by writer Gabriel Matzneff, currently under investigation for raping children, after its staff received "death threats".

Philips to cut 4,000 jobs as recall losses deepen

Dutch medical device manufacturer Philips said Monday it will slash 4,000 jobs after a massive financial hit for a recall of faulty sleep respirators pushed it into loss.

Eurozone contracts further as Germany heads for recession

Germany, the EU's top economy and Europe's export powerhouse, looks headed for imminent recession, according to a closely watched survey Monday that pointed to a deepening eurozone contraction.

Heat, then floods ruin Pakistani farmers' livelihoods

Generations of Rahim Buksh's ancestors have laboured in the rice paddies and wheat fields surrounding Pakistan's hottest city, no strangers to intense summers or monsoon rains.

China economy grows, but Xi's new power spooks investors

China's economy grew at a faster pace than forecast in the third quarter, official data showed Monday, but investors reacted with alarm to President Xi Jinping's sweeping new powers over the ruling Communist Party.

Plastic recycling remains a 'myth': Greenpeace study

Plastic recycling rates are declining even as production shoots up, according to a Greenpeace USA report out Monday that blasted industry claims of creating an efficient, circular economy as "fiction."

Dubai Telegraph - Economy (English)