Economy

Economy Latest News

'The Matrix is everywhere': cinema bets on immersion
'The Matrix is everywhere': cinema bets on immersion
by  AFP

In a Los Angeles theater, a trench coat-wearing Neo bends backwards to dodge bullets that spiral over the viewer's head, as the sound of gunfire erupts from everywhere. There follows much gunfire, lots of martial arts and some mysticism, along with a romance between Neo and Trinity, played by the leather-clad Carrie-Anne Moss.

Silicon Valley VCs navigate uncertain AI future
Silicon Valley VCs navigate uncertain AI future
by  AFP

For Silicon Valley venture capitalists, the world has split into two camps: those with deep enough pockets to invest in artificial intelligence behemoths, and everyone else waiting to see where the AI revolution leads.

'I am NOT taking drugs!' Musk denies damning report
'I am NOT taking drugs!' Musk denies damning report
by  AFP

Elon Musk on Saturday denied a report that he used ketamine and other drugs extensively last year on the 2024 campaign trail. In a post Saturday on X, Musk said: "To be clear, I am NOT taking drugs!

Ecuador apologizes to farm workers deemed to live like slaves
Ecuador apologizes to farm workers deemed to live like slaves
by  AFP

Ecuador's government apologized Saturday to some 300 people who worked as farmers for a Japanese textile firm in conditions which a court likened to modern-day slavery. The court said that over the course of five years Furukawa had people living in conditions of modern-day slavery in its abaca fields.

OPEC+ announces sharp increase in July oil production
OPEC+ announces sharp increase in July oil production
by  AFP

Saudi Arabia, Russia and six other key OPEC+ members announced on Saturday a huge increase in crude production for July. Analysts see several possible motivations for the production hikes, one of them being Saudi Arabia and others penalising members for not keeping to their quotas under the cuts first agreed in 2022.

Chinese automakers get stern 'price war' warning after discount spree
Chinese automakers get stern 'price war' warning after discount spree
by  AFP

A top industry group had a stern rebuke Saturday for automakers fuelling a "price war", a week after Chinese EV giant BYD announced sweeping trade-in discounts, with multiple competitors following suit. Days later, Stellantis-backed Chinese EV startup Leapmotor announced similar discounts on two "entry-level" models through June 8.

Panama launches maintenance work at contested mine
Panama launches maintenance work at contested mine
by  AFP

Panama's government said Friday it would start maintenance work at a major mine forced to shut by protests, but insisted the project was not tantamount to the pit reopening. Panama's President Jose Raul Mulino said last month that his government was working toward reopening the mine, without clarifying how he plans to tackle legal hurdles.

Trump says to double steel tariff to 50%
Trump says to double steel tariff to 50%
by  AFP

US President Donald Trump said Friday that he would double steel import tariffs to 50 percent, speaking in Pennsylvania at a US Steel plant where he also touted a partnership between the American steelmaker and Japan's Nippon Steel.