Economy
'Extreme' climate blamed for world's worst wine harvest in 62 years
World wine production dropped 10 percent last year, the biggest fall in more than six decades, because of "extreme" climate changes, the body that monitors the trade said Thursday. France bucked the falling harvest trend, with a four percent rise, making it by far the world's biggest wine producer.
Honda announces US$11 bn EV battery and vehicle plant in Canada
Japanese auto giant Honda announced Thursday the largest automotive investment in Canada's history, worth Can$15 billion (US$11 billion), for a massive new EV battery and vehicle assembly plant. Its new facility in Alliston, Ontario will be the first to tap into Canada's EV supply chain investment tax credit and joins recently announced Volkswagen and Stellantis battery plants in Canada.
American Airlines confirms 2024 forecast despite Q1 loss
American Airlines reported a quarterly loss Thursday on an uptick in labor and other operating costs as the carrier confirmed its full-year financial forecast. American confirmed its full-year profit forecast range of between $2.25 and $3.25 per share.
Nestle sales slump on weak North America demand for frozen food
Swiss food giant Nestle reported slimmer sales than expected in the first quarter on Thursday, weighed down by weak demand for frozen pizza and snacks in North America. "Weakness in the US centered around frozen pizza and snacks, where we saw a combination of soft consumer demand, intense price competition and a reduction in retailer inventories in the quarter," Manz said.
US economic growth slows significantly in first quarter
The US economy cooled markedly in the first three months this year, expanding less than anticipated as consumer spending and exports decelerated, according to government data released on Thursday. On Thursday, the slowing in growth "primarily reflected decelerations in consumer spending, exports, and state and local government spending," said the Commerce Department.
Thousands of flights scrapped as French air traffic controllers strike
Thousands of flights were cancelled in France and Europe on Thursday as a strike by French air traffic controllers over pay caused stoppages not seen in decades.
Turkey central bank holds key interest rate steady
Turkey's central bank held its key interest rate steady on Thursday but warned it could hike it again as the country's soaring inflation remains a headache for President Recep Tayyip Erdogan's government. Erdogan has allowed Turkey's central bank to hike its main policy rate from just 8.5 percent before his re-election last May to 50 percent.
Residents protest as Venice launches five-euro entry fee
Venice on Thursday began charging day-trippers for entry, a world first aimed at tackling mass tourism but opposed by protesters objecting to treating the historic Italian city as a museum.
Five things we learned at the China Auto Show
One of China's largest auto shows kicked off in Beijing on Thursday, with electric vehicle makers keen to show off their latest designs and high-tech accessories to consumers in the fiercely competitive market.
Economy
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