Economy

Economy Latest News

Amazon unveils new AI chip in battle against Nvidia
Amazon unveils new AI chip in battle against Nvidia
by  AFP

Amazon Web Services launched its in-house-built Trainium3 AI chip on Tuesday, marking a significant push to compete with Nvidia in the lucrative market for artificial intelligence computing power.

Prada completes acquisition of flashy rival Versace
Prada completes acquisition of flashy rival Versace
by  AFP

Italian fashion group Prada announced on Tuesday it had completed its acquisition of smaller rival Versace, announced earlier this year for 1.25 billion euros (now $1.45 billion). Versace's lustre had been waning in recent years, unlike that of the Prada Group, which is in robust health, fuelled by strong sales of its younger Miu Miu Line.

OECD raises US, eurozone growth targets as world economy 'resilient'
OECD raises US, eurozone growth targets as world economy 'resilient'
by  AFP

The world economy has been "surprisingly resilient" in the face of adversity this year, the OECD said Tuesday, raising its growth estimates for key economies, notably the US and the eurozone. "The global economy has shown surprising resilience in 2025," the OECD said.

South Korean leader calls for penalties over e-commerce data leak
South Korean leader calls for penalties over e-commerce data leak
by  AFP

South Korea's president ordered on Tuesday swift action to penalise those responsible for a major data leak at e-commerce giant Coupang affecting more than 33 million customers. The case follows a major breach at South Korea's largest mobile carrier SK Telecom, which was fined about 134 billion won ($91 million) in August after a cyberattack exposed data on nearly 27 million users.

Samsung unveils first 'special edition' triple-folding phone
Samsung unveils first 'special edition' triple-folding phone
by  AFP

Samsung launched its first triple-folding phone on Tuesday, a special-edition product with an eyewatering price tag placing it out of the reach of the average consumer. The triple fold function is not world-first -- China's Huawei beat Samsung to the punch last year with a phone at a similarly exorbitant price.