Economy

Economy Latest News

China's elite don traditional garb for annual 'Two Sessions' talking shop
China's elite don traditional garb for annual 'Two Sessions' talking shop
by  AFP

Sporting military uniforms and multi-coloured traditional garb, delegates from all four corners of China descended on the capital on Tuesday for the country's largest annual political event -- a red-carpet cameo for the ruling elite. But that was punctuated with the occasional pop of colour and traditional dress from representatives of China's 55 officially recognised minority groups.

France opposes seizing frozen Russian assets: minister
France opposes seizing frozen Russian assets: minister
by  AFP

France voiced opposition Tuesday to seizing frozen Russian assets to fund a European military spending boost for Ukraine, arguing such a move would be against international agreements. He added that such funds cannot come from "assets that are captured" as this "would be contrary to international agreements that France and Europe have signed up to".

Saudi Aramco profits drop 12 percent on lower prices, volumes
Saudi Aramco profits drop 12 percent on lower prices, volumes
by  AFP

Oil giant Saudi Aramco posted a drop in annual profits on Tuesday as lower prices and volumes hit the lynchpin of the kingdom's ambitious economic reform plans. The world's biggest crude exporter said profits were down more than 12 percent to $106.25 billion in 2024, the second annual drop following a surge in oil prices in 2022.

TSMC announces $100 billion investment in new US chip plants
TSMC announces $100 billion investment in new US chip plants
by  AFP

Taiwanese chip-making giant TSMC will invest at least $100 billion in the United States to build "cutting edge" manufacturing facilities, President Donald Trump said on Monday, announcing the latest blockbuster financial pledge by a private company since his return to office.

Work, housing, marriage: issues at China's annual political meetings
Work, housing, marriage: issues at China's annual political meetings
by  AFP

Workers' rights, a housing crisis and marital disputes are among the issues that China's leaders will discuss at annual political meetings that open Tuesday in Beijing. NPC representative Feng Tao, of eastern Shandong province, told the Workers' Daily newspaper that he wanted longer annual leave for those with more than 30 years of experience.

Asia stocks tumble after Trump tariffs
Asia stocks tumble after Trump tariffs
by  AFP

Asian markets tumbled on Tuesday after US President Donald Trump heaped tariffs on Chinese imports and warned levies on Mexico and Canada could not be averted. Beijing also warned on Tuesday that it would take countermeasures against new US tariffs on Chinese imports.

7-Eleven shares plunge on reported plan to reject takeover
7-Eleven shares plunge on reported plan to reject takeover
by  AFP

Shares of the owner of 7-Eleven plunged on Tuesday after a report said the Japanese retailer plans to reject a multibillion-dollar takeover offer by Canada's Alimentation Couche-Tard (ACT). The latest news followed separate reports that the 7-Eleven owner is set to replace its CEO Ryuichi Isaka with outside director Stephen Hayes Dacus.