Economy

Economy Latest News

Trump tariffs loom large in South Korea's 'steel city'
Trump tariffs loom large in South Korea's 'steel city'
by  AFP

Smoke billows from chimneys as factories churn in South Korea's steelmaking heartland, now under threat from Washington's swingeing new tariffs on the port city's largest export. It is home to the nation's top steelmaker, POSCO, a major force in South Korea's industrialisation and development as an export powerhouse, alongside giants like Hyundai Steel and Dongkuk Steel.

Spanish tourist hotspot Malaga to ban horse-drawn carriages
Spanish tourist hotspot Malaga to ban horse-drawn carriages
by  AFP

A pair of tourists admire the shimmering Mediterranean from their horse-drawn carriage on the seaside promenade in Spain's southern port of Malaga -- a postcard image whose days are numbered. Animal rights activists criticise horse-drawn carriages for tourists because of the strain they put on the animals, especially during the searing summer heat.

OpenAI board rejects Elon Musk-led buyout offer
OpenAI board rejects Elon Musk-led buyout offer
by  AFP

OpenAI's board chairman on Friday said it has unanimously rejected an Elon Musk-led offer to buy the hot artificial intelligence company for $97.4 billion. "OpenAI is not for sale, and the board has unanimously rejected Mr. Musk's latest attempt to disrupt his competition," chairman of the board Bret Taylor said in a statement posted by the company on Musk-owned X, formerly Twitter.

Brazil's Lula threatens 'reciprocity' in US steel tariff row
Brazil's Lula threatens 'reciprocity' in US steel tariff row
by  AFP

Brazil's President Luis Inacio Lula da Silva on Friday vowed "reciprocity" in response to a 25-percent levy on steel imports announced by US President Donald Trump. He has signed executive orders for 25 percent tariffs on steel and aluminum imports starting March 12.

Russian central bank sharply raises inflation forecast
Russian central bank sharply raises inflation forecast
by  AFP

Russia's central bank sharply raised its inflation forecast for 2025 on Friday, warning there was no sign rocketing price increases would go into reverse. Prices are now expected to go up between seven to eight percent this year, compared with an earlier forecast for 2025 of between 4.5 to five percent, the central bank said in a statement.

Tunisian startup takes on e-waste challenge
Tunisian startup takes on e-waste challenge
by  AFP

Engineer turned social entrepreneur Sabri Cheriha hunches over a washing machine at a small depot in a suburb of Tunisia's capital, the unassuming home of a startup he launched to tackle the country's mounting electronic waste problem.