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US Fed holds interest rates steady despite 'too high' inflation

The US Federal Reserve on Wednesday held interest rates steady, even as its Chairman Kevin Warsh said inflation remained "too high" but insisted that politics played no part in the central bank's decision not to continue raising rates days before crucial midterm elections.

Pioneering US labor leader Dolores Huerta dies at 96

Dolores Huerta, the US labor leader and civil rights icon whose union work changed the lives of migrant workers, has died, her family said Wednesday. She was 96.

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Markets diverge before Apple earnings, on eve of key US data

European stock markets diverged Thursday as investors digested the Federal Reserve interest rate outlook and awaited Apple's latest results on eve of critical US payroll data.

Shell logs 'strong' quarter as earnings fall but top expectations

British oil and gas giant Shell announced Thursday that first-quarter earnings fell but beat expectations in a "strong" performance, and unveiled another bumper stock buyback.

OECD lifts 2024 growth forecasts, driven by US

The OECD raised its global economic growth forecast for 2024 on Thursday, driven by strong performances in the United States and emerging countries while Europe lags behind.

Weight-loss drug maker Novo Nordisk's profits soar further

Danish pharmaceutical giant Novo Nordisk reported more soaring profits on Thursday thanks to the popularity of anti-diabetes and weight-loss drugs Ozempic and Wegovy, which have made it Europe's most valuable company.

Shell logs sliding profits as revenues sink

British energy major Shell on Thursday posted sharply lower first-quarter net profit on sinking revenues, but adjusted earnings topped expectations and it unveiled another bumper stock buyback.

Microsoft announces $2.2 bn AI, cloud investment in Malaysia

Microsoft pledged a $2.2 billion investment in artificial intelligence and cloud computing in Malaysia on Thursday to help develop the country's AI infrastructure.

Yen slips after rallying on suspected intervention, stocks mixed

The yen weakened Thursday following another surge against the dollar that fuelled speculation Japanese authorities had intervened for a second time this week, after Federal Reserve boss Jerome Powell warned interest rates would stay higher for longer.

Wall Street stocks end mostly down while dollar slides after Fed decision

Wall Street stocks finished a choppy session mostly lower while the dollar retreated Wednesday after the Federal Reserve's latest decision to hold interest rates steady.

Harvey Weinstein faces accuser as judge orders retrial

Disgraced film mogul Harvey Weinstein faced one of his accusers in New York court Wednesday as he was told he would be retried for rape and sexual assault convictions that were overturned in the state.

Wall Street mixed, dollar steady ahead of Fed update on rate outlook

The dollar steadied Wednesday and Wall Street shares were mixed as investors went into a holding pattern ahead of key announcements from the US Federal Reserve.

Harvey Weinstein due in court after NY convictions quashed

Disgraced film mogul Harvey Weinstein was due in court in New York on Wednesday for the first time since his convictions in the state were overturned.

Wall Street mixed, dollar steady, before Fed delivers update on rates

Wall Street shares opened mixed and the dollar steadied Wednesday as investors waited to hear the US Federal Reserve's latest thinking on interest rates.

US private sector job growth higher than expected: ADP

Hiring in the US private sector cooled in April but job growth was still higher than anticipated, boosted by the services sector, payroll firm ADP said Wednesday.

Pfizer profits drop on lower Covid-19 product sales

Pfizer reported a drop in profits on lower sales of Covid-19 related profits Wednesday as it steers investments to other pharmaceutical areas and implements previously announced cost cuts.

Dollar steady and London shares higher before Fed update on rates

The dollar steadied and London shares were slightly higher in holiday-thinned trading Wednesday as investors awaited clarity on the outlook for US interest rates.

Asian markets track Wall St down as Fed looms

Asian stocks sank in holiday-thinned trade Wednesday, tracking a sharp sell-off on Wall Street after fresh US data dealt another blow to hopes the Federal Reserve will cut interest rates this year.

Asian markets track Wall St down ahead of Fed decision

Asian stocks sank in holiday-thinned trade Wednesday, tracking a sharp sell-off on Wall Street after fresh US data dealt another blow to hopes the Federal Reserve will cut interest rates this year.

Milei's liberalization reforms get provisional green light

Argentina's lower house of parliament on Tuesday approved a swath of liberalizing reforms eyed by President Javier Milei, in the first legislative boost to his budget-slashing agenda.

Starbucks points to weaker consumer as profit falls

Starbucks reported lower profits on falling sales on Tuesday as the coffee giant pointed to weakening consumer sentiment and lackluster conditions in China as factors behind an earnings miss.

Amazon triples quarterly profit as cloud surges

E-commerce titan Amazon on Tuesday said profit in the first three months of 2024 tripled as its cloud, ads, and retail businesses thrived.

Ex-Binance chief jailed for four months in US

The founder of cryptocurrency firm Binance was sentenced to four months in US prison on Tuesday after pleading guilty to money laundering charges, in the most high-profile crypto case since Sam Bankman-Fried was jailed.

Milei's liberalization reforms get a provisional green light

Argentine lawmakers gave approval in principle Tuesday for a swath of liberalizing reforms eyed by President Javier Milei in a rare legislative boost for his budget-slashing agenda.

Tesla to cut hundreds more jobs in Musk cost push: report

Tesla plans hundreds of additional job cuts beyond a recent company-wide layoff as it cracks down on costs in a tough electric vehicle market, according to a US media report.

Gaza boycott continues to weigh on McDonald's sales

McDonald's reported a modest increase in quarterly profits Tuesday despite a boycott stemming from the Middle East conflict expected to drag on sales for the foreseeable future.

G7 to phase out coal-fired power plants by mid-2030s

G7 ministers agreed a timeframe Tuesday for phasing out coal-fired power plants, setting as a goal the mid-2030s, in a move hailed as significant by some environmentalists but slammed as "too late" by others.

Iconic French painting to make comeback in true colours

A world-famous painting of a bare-chested woman leading French revolutionaries is this week to reveal its true colours after restorers cleansed it from decades of varnish and grime.

Changpeng Zhao, the 'normal guy' who conquered crypto

During his time at the helm of the world's biggest cryptocurrency firm, former Binance boss Changpeng Zhao, who will be sentenced in the United States later Tuesday for money laundering, perfected the humble executive look.

European satellite giant SES to buy US rival Intelsat

European satellite group SES will acquire US rival Intelsat for $3.1 billion, the companies said Tuesday, seeking to compete in a race for space-based internet service led by Elon Musk's Starlink.

Chinese tech giant Huawei profit surges 564%, biting into Apple sales

Tech giant Huawei's first-quarter profits surged over fivefold year-on-year, a company filing showed Tuesday, as the US-sanctioned firm continues a rebound and bit into competitor Apple's sales in China.

Abu Dhabi-backed group ends Telegraph takeover bid

An Abu Dhabi-backed group planning to take over Britain's Telegraph Media Group (TMG) said Tuesday it will withdraw and sell on the business after the UK government moved to block the deal.

Eurozone stocks sag on strong euro as region exits recession

Eurozone equities sagged Tuesday, weighed down by the strong euro as investors digested bright economic news, while London hit another record peak on earnings-driven optimism.

UK to deport 5,700 migrants to Rwanda this year

The UK expects to deport 5,700 migrants to Rwanda this year, a senior minister said Tuesday, after the government published new details on the controversial plan.

The Fort Worth Press - Economy (English)