Economy
Civil war economy hits Myanmar garment workers
As civil war pounds Myanmar's economy and drives up prices, garment worker Wai Wai often starts her shift making clothes for international brands on an empty stomach. It is a rare bright spot in an economy crippled by the military's 2021 coup and subsequent slide into civil war.
Archegos founder jailed for 18 years for massive fraud: US media
The founder of US investment firm Archegos, Bill Hwang, was jailed for 18 years on Wednesday for a multibillion-dollar fraud that contributed to the fund's 2021 implosion, US media reported. "The sentence has to reflect the seriousness of the event," said judge Alvin Hellerstein according to The New York Times, which also reported the 18-year prison sentence.
Nvidia crushes earnings expectations on AI chip demand
US chipmaking behemoth Nvidia said Wednesday it made a $19 billion profit on record high revenue last quarter as demand continued for its hardware to power artificial intelligence. Nvidia surpassed Apple early this month to become the highest valued company in the world as the artificial intelligence boom continues to excite Wall Street.
Macron praises EU-Chile trade agreement on Latin America tour
French President Emmanuel Macron on Wednesday hailed a recently upgraded EU-Chile free trade agreement as he met counterpart Gabriel Boric in Santiago on the last leg of a Latin America tour. "It is a trade agreement that is consistent with our climate and biodiversity ambitions," Macron said at a meeting with Boric.
Musk details mass cuts to US federal spending and staff
Elon Musk outlined plans Wednesday for his new role as "efficiency" czar -- signaling an assault on federal spending and staffing that would be backed by President-elect Donald Trump's executive powers and a conservative Supreme Court.
Awaiting Trump, US auto execs further temper EV push
US auto giants signaled Wednesday they could further slow the ramp-up of electric vehicle production as Detroit awaits the arrival of a Trump administration eager to reverse key Biden climate initiatives.
Ryanair threatens to drop 10 French airports over tax hike
Low-cost airline Ryanair threatened Wednesday to stop serving 10 French regional airports if the government goes forward with a proposed tax hike. Ryanair said the tax increase would fall most heavily on passengers using regional airports, which are primarily served by low-cost airlines and the tax hike would have a larger impact.
US Fed official warns against cutting rates 'too quickly'
The US Federal Reserve should be careful not to cut rates "too quickly" and risk reigniting stubborn inflation, a senior bank official said Wednesday.
Johnson & Johnson risks UK lawsuit over talc cancer claim
UK claimants announced Wednesday legal action against US pharmaceutical and cosmetics giant Johnson & Johnson, alleging that women diagnosed with cancers were exposed to asbestos in the company's talcum powder.
Economy
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