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Asian markets struggle as focus turns to US inflation
Asian markets struggled Tuesday to track another record day on Wall Street, with traders now awaiting the release of US inflation data that could dictate Federal Reserve policy in coming weeks. The tepid performance came after a hot couple of weeks on trading floors fuelled by optimism over an easing of US monetary policy.
Maverick Georgian designer Demna debuts for Gucci in Milan
Maverick Georgian designer Demna makes his debut for Gucci at Milan Fashion Week on Tuesday with a film of a family of Italian characters bursting with attitude, as the house pledged a "new era" its history. The Italian fashion house, famous for its handbags, has struggled since the Covid pandemic against a slowing Chinese appetite for luxury goods that has hit the sector hard worldwide.
Singapore firm rejects $1bn Sri Lankan pollution damages
A Singapore shipping company told AFP on Tuesday it will refuse to pay Sri Lankan court-ordered damages of US$1 billion for causing that country's worst case of environmental pollution. Sri Lanka's Supreme Court in July ordered the company to pay Colombo an "initial" US$1 billion in damages within a year, with the first tranche of US$250 million to be paid by Tuesday.
China may strengthen climate role amid US fossil fuel push
All eyes are on China this week, as the world's biggest polluter readies a new emissions-cutting plan -- reinforcing its role as a steadfast defender of global climate diplomacy while Europe stalls and the United States doubles down on fossil fuels. And the United States under President Donald Trump has recast itself as a zealous promoter of fossil fuels.
New US Fed governor says rates should be around 'mid-2%'
The US Fed governor newly appointed by President Donald Trump argued Monday for significantly lower interest rates, signaling that concerns over inflation may be overblown. But underscoring policymakers' different considerations, St Louis Fed President Alberto Musalem cautioned in a separate speech Monday of risks that above-target inflation could be more persistent than desirable.
Nvidia to invest up to $100 bn in OpenAI data centers
Nvidia said Monday it will invest up to $100 billion in OpenAI, building infrastructure for next-generation artificial intelligence.
US mulls economic lifeline for ally Argentina
The US Treasury said Monday it stood ready to "do what is needed" to support Argentina's economy, as President Javier Milei battles to calm jittery financial markets. Milei thanked Washington for its "unconditional support for the Argentine people."
Museum or sheikh? World's second largest diamond awaits home
The world's second largest diamond could soon find a new home in a museum or a sheikh's collection -- but first needs to be properly evaluated, the Belgian firm holding it told AFP Monday. The firm is showcasing the Motswedi as part of a collection of four gems -- including the world's third largest diamond -- which were recently discovered at the same mine.
Merz tasks banker with luring investment to Germany
Chancellor Friedrich Merz on Monday appointed a "personal representative for investment" charged with bringing new business to Germany as part of efforts to revive the struggling economy. Fixing the struggling economy has been a priority for Merz, from the conservative CDU, since he was elected as chancellor earlier this year.
AFP
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