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TotalEnergies Uganda oil project 'devastating': conservationist
Production has yet to begin, but TotalEnergies' controversial East African oil project is already taking a dire environmental toll in Uganda's largest national parks, a leading conservationist group said Friday.
Ericsson posts $1bn quarterly loss on Vonage write down
Swedish telecommunications equipment manufacturer Ericsson said Friday it had suffered a $1.0 billion quarterly loss after writing down the value of its purchase of US cloud-based communications operator Vonage. Another write down of 11.4 billion Swedish kronor ($1.1 billion), mostly attributable to Vonage, was behind the 1.0 billion kronor loss in the second quarter.
Day labourers seek dwindling jobs pre-dawn in Shanghai suburb
A dozen men crowded around an employment agent early in the morning in suburban Shanghai, waving their identification cards as they scrambled to secure a 12-hour shift at a warehouse. "We need people who are strong," the agent told the group, warning them that temperatures were high inside the warehouse due to the summer weather.
Stocks up on US rate hopes, yen holds gains amid intervention talk
Asian markets mostly rose Friday after a largely negative day on Wall Street despite growing confidence of a US interest rate cut, while the yen saw big swings as speculation swirled that Japan had stepped into forex markets to support the currency.
2024 bull market leaves out US small caps, so far
A famous aphorism holds that a "rising tide lifts all boats," but small capitalization equities are still waiting for a boost from the 2024 bull market on Wall Street. Smaller equities "tend to get hurt more by the higher rates," said Sam Burns, chief strategist at Mill Street Research.
Delta profits drop despite solid demand, hitting airline shares
Delta reported lower quarterly profits Thursday despite still-strong travel demand as it moderated a plan to add capacity in the fall in light of industry overcapacity.
Kenya's Ruto dismisses almost entire cabinet after deadly protests
Kenyan President William Ruto announced on Thursday the dismissal of almost his entire cabinet and consultations to form a "broad-based government" following widespread anti-government protests. Ruto also said Thursday that he will "immediately engage in extensive consultations across different sectors and political formations, with the aim of setting up a broad-based government".
Germany to ban Chinese telecom giants from 5G network
Germany said Thursday it will phase out the use of components from Chinese telecom giants Huawei and ZTE in its 5G networks in the coming years due to national security concerns. Parts from Huawei and ZTE will no longer be used in "core" 5G mobile networks by the end of 2026 at the latest, the interior ministry in Berlin said.
US consumer inflation eases more than expected in June
US inflation cooled more than expected in June, government data showed Thursday, a positive development for President Joe Biden as he fights to win confidence on his economic record in his reelection bid. The latest CPI report adds to a series of encouraging data that could give officials confidence that inflation is coming down to their two-percent target.
AFP
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