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US Fed chair contender backs October rate cut
A top contender to run the US Federal Reserve threw his support Thursday behind a quarter-point rate cut later this month, claiming he believed inflation would soon cool. Cooling growth would support another cut, while doing so if the labor market strengthens could would risk reigniting inflation.
Armani names executive close to designer as new CEO
The Armani Group on Thursday named a senior manager who worked alongside Giorgio Armani to take over as chief executive of the luxury empire following the designer's death. For the past six years he had been reporting directly to Armani as deputy general manager and global chief commercial officer of the group.
Putin says Russia a top oil producer, despite 'unfair' pressure
Russian President Vladimir Putin said Thursday that his country was still among the world's top oil producers, despite what he called "unfair" anti-competitive practices used against it. "Russia maintains its position as one of the leading oil producers, despite the use of unfair competition mechanisms against us," Putin said.
Greece lawmakers back plan to allow 13-hour workday
Greece's parliament on Thursday approved a government-backed bill allowing people to work 13-hour days, despite fierce objections from trade unions and opposition parties. The government insists that the 13-hour workday is optional, only affects the private sector and can only be applied up to 37 days a year.
Nestle to cut 16,000 jobs worldwide
Nestle, the Swiss food giant whose brands include Nespresso coffee and Perrier water, announced Thursday plans to cut 16,000 jobs worldwide over the next two years, sending its share price soaring. The layoffs include 12,000 white-collar jobs over the next two years, saving the company one billion Swiss francs -- which it said was double what had been previously planned.
Don't let the party stop: Berlin's fight against 'club death'
Berlin, long hailed as one of the world's great party cities, is fighting to keep its famed techno clubs alive in the face of soaring prices, shifting tastes and a tightening property market.
AI boom delivers record net profit for Taiwan's TSMC
Taiwanese tech titan TSMC reported Thursday a forecast-busting record net profit for the third quarter on skyrocketing demand for microchips used to power iPhones and artificial intelligence. TSMC said net profit for the three months to September soared 39.1 percent from a year ago to NT$452.3 billion (US$14.7 billion).
Nestle says to cut 16,000 jobs worldwide over next two years
Nestle, the Swiss food giant whose brands include Nespresso coffee and Perrier water, will eliminate 16,000 jobs worldwide over the next two years, its new chief executive said on Thursday.
Asia stocks rise as traders weigh China-US row, rate cut hopes
Asian equities edged up Thursday as investors weighed the latest volleys in the China-US trade war and expectations that the Federal Reserve will continue cutting interest rates this year. Bets on US rate cuts, a weaker dollar and worries about the latest China-US flare-up, have helped push gold to daily records and on Thursday it hit a peak of $4,234.70.
AFP
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