JACKSON HOLE, Wyo. (Reuters) – Central banks will fail to control inflation and could even push price growth higher unless governments start playing their part with more prudent budget policies, according to a study presented to policymakers at the Jackson Hole conference in the United States. Governments around the world opened their coffers during the…
JACKSON HOLE, Wyoming (AP) — When Diane Swonk first attended the Federal Reserve’s annual economic conference in Jackson Hole in the late 1990s, there was a happy hour for women who attended the event. It barely filled a single table. Now, the “Women at Jackson Hole” happy hour draws dozens of female economists and high-level…
(Reuters) – Abbott Laboratories has restarted production of its Similac infant formula at the plant in Sturgis, Michigan at the center of the U.S. baby formula shortage. Abbott, the biggest U.S. supplier of baby formula, in February recalled Similac and other infant formula products produced at the Michigan facility after reports of bacterial infections in…
TUNIS, Tunisia (AP) — African heads of state, representatives of international organizations and private business leaders gathered in Tunisia on Saturday for the Tokyo International Conference on African Development, a triennial event launched by Japan to promote growth and security in Africa. Economic fallout from the COVID-19 pandemic, a food crisis worsened by Russia’s war…
SHANGHAI (Reuters) – Chinese state media outlet the Global Times on Saturday praised an agreement reached between Beijing and Washington over the auditing of U.S.-listed Chinese companies as a “symbolic case” and a “useful lesson” for both nations. The op-ed article came a day after the two countries took a major step towards ending a…
(Reuters) – Meta Platforms Inc’s Facebook has in-principle agreed to settle a lawsuit in the San Francisco federal court seeking damages for letting third parties including Cambridge Analytica access the private data of users, a court filing showed. The financial terms were not disclosed in the filing on Friday that asked the judge to put…
SHANGHAI (Reuters) -Chinese chip foundry Semiconductor Manufacturing International Corp (SMIC) said it had signed a framework agreement to invest $7.5 billion for a new 12-inch foundry production line in Tianjin. The plans mark an ongoing expansion for the Shanghai-based company, which is under U.S. sanctions related to ties to China’s military, which the company denies….
HONG KONG (Reuters) – Washington and Beijing have reached an agreement allowing U.S. auditors to inspect China-based accountants, the first step in a process that could prevent around 200 Chinese companies being kicked off American stock exchanges. SAMUEL SIEW, MARKET SPECIALIST, CGS-CIMB, SINGAPORE “This is seen as a positive first step. However, things are not…
SHANGHAI (Reuters) -Profits at China’s industrial firms sank in July, reversing previous gains as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production. Profits at China’s industrial firms fell 1.1% in January-July from a year earlier, wiping out the 1.0% growth logged during the first six…
(Reuters) – Netflix Inc is looking to charge about $7 to $9 per month for its new advertising-supported subscription plan, Bloomberg news reported late on Friday. The company plans to introduce its budget-friendly option in the final three months of the year across at least half a dozen geographies. However, the full rollout may have…
