Economy

Economy Latest News

Profits dip at ExxonMobil, Chevron on lower crude prices
Profits dip at ExxonMobil, Chevron on lower crude prices
by  AFP

US oil giants ExxonMobil and Chevron reported lower earnings Friday as the decline in oil prices offset the lift from higher production. The results showed the impact on earnings from crude oil prices in the $60-$70 per-barrel range, down about $10 from the 2024 period.

2,000 trucks stuck in Belarus after Lithuania closes border: association
2,000 trucks stuck in Belarus after Lithuania closes border: association
by  AFP

Some 2,000 trucks were stranded Friday in Belarus after Lithuania closed its border in response to recent airspace disruptions, a truckers association said. "Around 2,000 trucks are stranded in Belarus," Oleg Tarasov, vice president of Linava, the Lithuanian road carriers' association, told AFP on Friday.

French lawmakers reject wealth tax proposal in budget debate
French lawmakers reject wealth tax proposal in budget debate
by  AFP

France's lower house on Friday rejected a wealth tax proposed by the left, which has threatened to bring down the government if a levy on the super-rich is not in the budget. The lower house of parliament also voted down a "Zucman-light" proposal from the Socialists.

US says 'non-market' tactics needed to counter China's rare earth dominance
US says 'non-market' tactics needed to counter China's rare earth dominance
by  AFP

G7 countries will have to use "non-market" tactics to curb China's dominance in rare earth production, the US energy secretary said Friday, calling the effort a "strategic necessity." Canada's Energy Minister Tim Hodgson, who is hosting the meeting which ends on Friday, said the G7 is aiming to launch a new alliance to upend the global supply of critical minerals, including rare earths.

China's suspension of rare earth controls applies to EU: official
China's suspension of rare earth controls applies to EU: official
by  AFP

The EU's commissioner for trade on Friday said China's one-year suspension on its restrictions of rare earth materials would apply to the bloc as well as the United States. Following discussions with the United States, China on Thursday said it would suspend certain export restrictions announced in October, including on rare earth materials, for one year.

AI giants turn to massive debt to finance tech race
AI giants turn to massive debt to finance tech race
by  AFP

Meta raised $30 billion in debt on Thursday, as tech giants flush with cash turn to borrowing to finance the expensive race to lead in artificial intelligence. The trend toward debt is new for internet giants long accustomed to having ample cash flow to pay for what they want.

Shein set to open first physical store in Paris
Shein set to open first physical store in Paris
by  AFP

Controversial online fast-fashion seller Shein will open its first bricks and mortar store in the world in Paris next week, its new landlord announced Friday. Since the Shein announcement was made Disneyland Paris has abandoned plans to open a pop-up store in BHV while workers at the Paris store have staged a strike over the plan.

Nvidia to supply 260,000 cutting-edge chips to South Korea
Nvidia to supply 260,000 cutting-edge chips to South Korea
by  AFP

US tech giant Nvidia said on Friday it will supply 260,000 of its most cutting-edge chips to South Korea, as CEO Jensen Huang met President Lee Jae Myung and the heads of Korea's biggest companies on the sidelines of the APEC summit. - Chicken and chips - Huang has sought to forge closer ties with South Korean tech giants in his visit to the country this week.