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Trump trade war dominates BRICS meeting in Brazil

The foreign ministers of Brazil, China, Russia and other BRICS members began two days of talks in Rio de Janeiro Monday aimed at forging a united front to US President Donald Trump's aggressive trade policies.

5 hours ago by AFP

A despondent Jose Vasquez, 31, has decided to join a mass exodus of Venezuelans seeking a better life elsewhere, having lost all hope in his future with the contested reelection of President Nicolas Maduro. "I think, and I hope I'm wrong, that the flow of Venezuelans is going to increase for obvious reasons," Panamanian President Jose Raul Mulino said Monday.

French cabbies seek payout for lost Olympics revenue

French taxi drivers on Thursday demanded government compensation for lost revenue during the Olympic Games as traffic disruptions and fewer regular clients weigh on demand. The unions demanded the creation of a "compensation fund" that they said should cover income lost for the seven-month period during which public spaces were being taken over for the Games.

Maersk ups profit target by $2bn on Red Sea shipping woes

Danish shipping giant Maersk said Thursday it expects its underlying profit in 2024 to be $2 billion higher than its previous forecast as freight rates have increased amid the crisis in the Red Sea. The Danish company said it was now expecting its operating profit (earnings before interest, taxes, depreciation, and amortisation or EBITDA) to come in at between $9 and $11 billion for the full year.

BP to develop new oil and gas fields in Iraq

Iraq signed an agreement with British energy giant British Petroleum on Thursday to develop four oil and gas fields in the northern province of Kirkuk. "The memorandum includes the rehabilitation and development of the four oilfields under the North Oil Company in Kirkuk: the Kirkuk oilfield, Bai Hassan, Jambur and Khabbaz oilfields," the statement said.

Olympics tech partner Atos posts huge loss

Debt-strapped French tech giant Atos, a key Olympics partner, on Thursday posted a 1.9-billion-euro ($2.1 billion) loss for the first half of the year due to a depreciation of assets and the end of contracts in the Americas. The first-half loss is largely due to a depreciation of assets totalling 1.5 billion euros.

Weak yen helps Toyota compensate for Japan problems

Toyota reported a modest rise in first-quarter net profits on Thursday as a weak yen and cost cuts helped the Japanese auto giant overcome a drop in production and sales in its home market. Toyota last year reported record bumper results, with net profit doubling to 4.94 trillion yen and revenues soaring by a fifth to 45.1 trillion yen, helped by strong sales of hybrid vehicles.

Most stocks rise on Fed rate cut hope but strong yen batters Tokyo

Most equity markets rose Thursday after the Federal Reserve flagged a possible interest rate cut next month, but Tokyo's Nikkei tumbled on a stronger yen following a hike by the Bank of Japan. "We continue to expect that the Federal Reserve will cut rates in September and December, followed by four 25 basis point reductions in 2025," said JP Morgan Asset Management's Raisah Rasid.

Bank of England to finally cut interest rate?

The Bank of England announces its latest interest-rate decision Thursday, with analysts split on whether it will cut for the first time since the Covid pandemic after inflation's retreat. They add that its decision could depend on the BoE's latest forecast for British economic growth, which is due alongside Thursday's rate call.

French storm damage leaves rail passengers stranded

Tens of thousands of rail passengers booked on the Paris-Lyon line were unable to travel on Wednesday after trees felled by a storm blocked tracks, French rail operator SNCF said. SNCF said it did not know when the tracks would be cleared, and asked passengers with bookings to stay at home.

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