Economy
US Fed likely to keep rates steady as hopes of early cuts fade
The US Federal Reserve is expected to hold interest rates steady for a sixth straight meeting Wednesday, with a summer start to cuts looking less likely owing to stubborn inflation. Analysts broadly expect an announcement on runoff to come this week or at the next interest rate meeting in June. bys/sst/dan
Weak yen boosts tourist wallets in Japan
Foreign tourists are flocking to Japan in record numbers and thanks to a sliding yen many are living like kings, splashing out on everything from kimonos to knives and slap-up meals. "Thanks to the weak yen, foreign customers are buying a lot of handmade knives, even as prices rise," said Yuki Suzuki, 21, who works in a shop selling knives, another tourist favourite.
Asian markets track Wall St down ahead of Fed decision
Asian stocks sank in holiday-thinned trade Wednesday, tracking a sharp sell-off on Wall Street after fresh US data dealt another blow to hopes the Federal Reserve will cut interest rates this year. That provided another hammer blow to hopes the Fed will cut rates this year, with bets already reduced to just one by January -- compared with an expected six at the start of 2024.
Starbucks points to weaker consumer as profit falls
Starbucks reported lower profits on falling sales on Tuesday as the coffee giant pointed to weakening consumer sentiment and lackluster conditions in China as factors behind an earnings miss. Starbucks has taken note of a large number of cases where consumers begin digital orders and do not follow through with a transaction.
US lawmakers accuses oil giants of climate 'doublespeak'
The oil industry's public relations strategy has evolved from climate science denial to "disinformation and doublespeak" to counter meaningful environmental policies, US congressional Democrats said in a report Tuesday.
Tesla to cut hundreds more jobs in Musk cost push: report
Tesla plans hundreds of additional job cuts beyond a recent company-wide layoff as it cracks down on costs in a tough electric vehicle market, according to a US media report. Tesla last week reported a 55 percent drop in quarterly earnings to $1.1 billion, reflecting a decline in EV sales in a market with intensifying competition.
Gaza boycott continues to weigh on McDonald's sales
McDonald's reported a modest increase in quarterly profits Tuesday despite a boycott stemming from the Middle East conflict expected to drag on sales for the foreseeable future. "The continued impact of the war in the Middle East more than offset positive comparable sales in Japan, Latin America and Europe," McDonald's said of the division.
G7 to phase out coal-fired power plants by mid-2030s
G7 ministers agreed a timeframe Tuesday for phasing out coal-fired power plants, setting as a goal the mid-2030s, in a move hailed as significant by some environmentalists but slammed as "too late" by others. Some countries, and many environmentalists, had been pushing for a 2030 limit, but Japan -- which relies heavily on coal -- was reluctant to set a date.
European satellite giant SES to buy US rival Intelsat
European satellite group SES will acquire US rival Intelsat for $3.1 billion, the companies said Tuesday, seeking to compete in a race for space-based internet service led by Elon Musk's Starlink. The sector faces growing competition for space-based internet service, which satellite operator Eutelsat says could be worth $16 billion by 2030.
Economy
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