MILAN (AP) — Luxury spending is growing faster than ever, fueled by pent-up pandemic demand and shifting demographics as younger, more diverse consumers buy into tiny handbag and post-streetwear trends, according to a study released Tuesday. Global sales of personal luxury goods including leather accessories, apparel, footwear, jewelry and watches are expected to grow by…
NUSA DUA, Indonesia (AP) — Indonesia signed deals with international lenders and major nations on Tuesday that will bring billions of dollars in funding to help the country increase its use of renewable energy and reduce its reliance on coal. The $20 billion agreement was announced on the sidelines of the Group of 20 summit…
TOKYO (AP) — Asian shares were mostly lower Wednesday, as investors got jittery over global risks after Poland said a Russian-made missile killed two people there. Benchmarks fell in morning trading in Tokyo, Sydney, Seoul and Hong Kong, while shares were little changed in Shanghai. Ukrainian President Volodymr Zelenskyy decried the blast as “a very…
BEIJING (AP) — Chinese consumer spending contracted in October and factory activity weakened as anti-virus controls following a rise in infections weighed on the economy. Retail sales sank 0.5% compared with a year ago, down from September’s 2.5% expansion, as millions of people were confined to their homes, government data showed Tuesday. Growth in factory…
TOKYO (AP) — The Japanese economy contracted at an annual rate of 1.2% in the July-September quarter, as consumption declined amid rising prices. Seasonally adjusted real gross domestic product for the world’s third-largest economy shrank 0.3% on-quarter, according to government Cabinet Office data released Tuesday. The annual rate shows how the economy would have grown…
OMAHA, Neb. (AP) — Warren Buffett’s company slashed its stake in U.S. Bank’s parent company and also sold shares in Chinese electric car maker BYD in the third quarter, according to regulatory filings Monday. The moves were among several others including a more than $4.1 billion investment in Taiwan Semiconductor that Berkshire Hathaway disclosed in…
WASHINGTON (AP) — The top U.S. banking regulator at the Federal Reserve is urging Congress to pass legislation that would impose regulation on crypto currencies in the wake of the swift collapse last week of FTX, a leading crypto exchange. Michael Barr, the Fed’s vice chair for supervision, said in prepared testimony released Monday that…
Frontier Airlines and five foreign carriers have agreed to refund more than $600 million combined to travelers whose trips were canceled or significantly delayed since the start of the pandemic, federal officials said Monday. The U.S. Department of Transportation said it also fined the same airlines more than $7 million for delaying refunds so long…
OMAHA, Neb. (AP) — A third railroad union has rejected its agreement with the nation’s freight railroads, increasing the chances that Congress may be called upon to settle the dispute and block a strike. The small International Brotherhood of Boilermakers union on Monday voted down the contract even though it includes the biggest raises workers…
NEW YORK (AP) — Megadonor and novelist MacKenzie Scott announced almost $2 billion in donations to 343 organizations in a short blog post Monday, emphasizing her interest in supporting people from underserved communities. In her first post in nearly eight months, Scott showcased her donations to numerous funds as a “great resource” for giving. “They…
