Economy

Economy Latest News

Mind the wage gap: China's subway farmers highlight inequality
Mind the wage gap: China's subway farmers highlight inequality
by  AFP

Elderly Chinese farmers carrying enormous baskets of vegetables squeezed into a subway station as its doors opened before dawn on Wednesday, on the outskirts of megacity Chongqing. Braving persistent drizzle, a group of farmers began waiting at Shichuan station in northeast Chongqing more than two hours before the first train at 6:30am on Wednesday.

Trump tariffs leave Mexican tequila producers with sour taste
Trump tariffs leave Mexican tequila producers with sour taste
by  AFP

Mexico's booming tequila industry was left reeling Wednesday after US President Donald Trump slapped sweeping tariffs on the Central American nation that producers say threaten the popularity of its most famous liquor. More than two-thirds of tequila produced last year was exported to the United States -- 335 million liters of almost 500 million, according to Mexico's Tequila Regulatory Council.

US tax agency weighs firing half of its 90,000 employees
US tax agency weighs firing half of its 90,000 employees
by  AFP

The US Internal Revenue Service (IRS) is considering letting go up to half of its approximately 90,000 employees, a source with knowledge of the situation told AFP on Tuesday. When asked about US press reports of the plans to halve the IRS headcount, the source confirmed such a project was being discussed internally.

What TSMC's $100 bn investment in the US means for Taiwan
What TSMC's $100 bn investment in the US means for Taiwan
by  AFP

Taiwanese chip-making giant TSMC plans to invest a whopping $100 billion in the United States, after US President Donald Trump threatened to slap tariffs on overseas-made chips. It follows Trump's accusations that Taiwan stole the US chip industry and his threats to impose tariffs of up to 100 percent -- and Taipei's promises to invest more in the United States.

China says to hike defence spending by 7.2% this year
China says to hike defence spending by 7.2% this year
by  AFP

China's defence spending will rise by 7.2 percent in 2025, the same as last year, Beijing said on Wednesday, as its armed forces undergo rapid modernisation and eye deepening strategic competition with the United States. China's military spending last year made up 1.6 percent of its GDP, far less than the United States or Russia, according to the Stockholm International Peace Research Institute.