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UK facing £22bn hole in public finances: minister
Britain's Labour finance minister Rachel Reeves declared Monday that public finances faced an extra hole of £22 billion inherited from the Conservatives, who warned she was readying tax hikes.
Ethiopia currency slides as central bank eases forex curbs
Ethiopia's central bank announced on Monday that it was easing curbs on its foreign exchange regime, a move which saw the value of the local currency slide by about 30 percent.
Ethiopia eases curbs on foreign exchange regime
Ethiopia's central bank announced on Monday that it was easing curbs on its foreign exchange regime, a move which saw the value of the local currency slide by about 30 percent. The National Bank of Ethiopia announced a series of foreign exchange reforms which it said involved "significant new policy changes".
Asian markets extend Wall St rally after US data and ahead of Fed
Asian markets rallied Monday, tracking a surge on Wall Street after data showing US inflation slowed further in June stoked hopes the Federal Reserve will cut interest rates. With inflation cooling and economic data underperforming, a rate hike now would be premature.
Finance minister to reveal fiscal audit of 'broke' Britain
Finance minister Rachel Reeves will on Monday claim Britain is "broke and broken" when she reveals the findings of an assessment into the country's public finances ahead of a forthcoming budget.
UN cybercrime text faces new scrutiny from tech firms, rights groups
UN member states meet Monday seeking to finalize an international treaty on the fight against cybercrime, a text strongly opposed by an unlikely alliance of human rights groups and big technology companies. Now, the draft text will finally come up for a vote by member states at the end of a two-week session.
AI startups swap independence for Big Tech's deep pockets
It's the case of the vanishing startup: some of Silicon Valley's most promising names in the fast-developing generative AI space are being gobbled up by or tied to the hip of US tech giants. Breaking from typical Silicon Valley legend, generative AI won't be developed out of some founder's garage.
US Fed could open the door to a September rate cut this week
The US Federal Reserve may signal this week that interest rate cuts are on the way -- although it is widely expected to remain on pause until its next rate decision in September.
Defying downturn, auction houses bid high on Hong Kong
Three of the world's top auction houses are racing to expand in Hong Kong, eager to woo young Asian buyers even as the global art market retreats from pandemic-era highs. Auction houses are now competing for younger buyers and embracing online bidding -- a shift accelerated by the pandemic.
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