US retail sales miss expectations as consumers see higher costs
US retail sales grew at a slower pace than anticipated in September, government data showed Tuesday, as higher prices added to affordability concerns while firms grappled with an uptick in business costs. Publication of official economic data has recently been delayed by a record-long goverment shutdown, and the latest figures suggest that consumer spending lost […]
How China leveraged its rare earths dominance over the US
China’s stranglehold on the rare earths industry — from natural reserves and mining through processing and innovation — is the result of a decades-long drive, now giving Beijing crucial leverage in its trade war with the United States. The 17 key elements will play a vital role in the global economy in coming years, as […]
Amazon, Microsoft cloud services could face tougher EU rules
Amazon and Microsoft cloud services could face stricter EU competition rules after Brussels on Tuesday launched probes to assess their market power. Brussels had been under pressure to include the services under the scope of a major law because of the dominance of US cloud providers, which hold around two thirds of market share in […]
Venezuelan opposition leader looks to ‘new era’ without Maduro
With US warships deployed within striking distance of Venezuela, the country’s opposition leader Maria Corina Machado spoke Tuesday of her vision for “a new era” without President Nicolas Maduro. Maduro, whose last two re-elections were rejected as fraudulent by the United States and other countries, fears the naval deployment is a regime-change plot under the […]
Meta wins major antitrust case as US judge rules no monopoly
A US judge dismissed the federal government’s antitrust lawsuit against Meta on Tuesday, ruling that the tech giant’s acquisition of Instagram and Whatsapp did not constitute an illegal monopoly in social media. The ruling delivered a major victory to Meta after a five-year battle that began when the US agency filed suit claiming the company […]
South Africa to host G20 summit boycotted by US
South Africa will host the G20 summit this weekend, aiming to secure commitments on debt relief for developing countries and to tackle global inequalities as the United States boycotts the event. US President Donald Trump, who has clashed with South Africa over its G20 agenda, is skipping the summit amid a wider US retreat from […]
China passes US to return as Germany’s top trade partner
China has reclaimed its title as Germany’s top trading partner, dethroning the United States after President Donald Trump launched his tariff onslaught, official data showed Wednesday. Total trade between Europe’s biggest economy and China from January to September this year grew slightly to nearly 186 billion euros ($215 billion), according to federal statistics agency Destatis. […]
Stocks stutter with focus on Fed, tech after US reopen vote
Asian markets trod water Thursday as euphoria over the end of a record US government shutdown petered, with focus back on Federal Reserve interest rates and tech bubble worries. Lawmakers in Washington voted Wednesday night to send Donald Trump legislation to end the 43-day stoppage that shuttered key services and suspended the release of data […]
Striking Boeing defense workers to vote on latest contract
More than 3,000 striking Boeing defense workers will vote Thursday on a revised contract proposal that comes closer to their demands. Boeing’s latest offer — which has been endorsed by IAM District 837 union leaders behind the strike — includes an upfront “ratification bonus” of $6,000. If accepted, striking workers in the midwestern states of […]
EU lawmakers to vote on unpicking green business rules
European lawmakers are expected on Thursday to back weakening a set of EU environmental and human rights rules, as part of a business-friendly push against red tape that has split parliament. Parliamentarians in Brussels will vote for amendments to the legislation on corporate sustainability, a landmark law hailed by green and civil society groups but […]