Economy
Oil extends rally after Iran attack, Hong Kong resumes surge
Oil prices rose more than one percent Wednesday, extending the previous day's rally, and safe haven gold pushed towards a record high after Iran's missile attack on Israel ramped up fears about an escalation in the Middle East. Demand for gold -- considered a go-to in times of uncertainty and turmoil -- pushed the precious metal close to its $2,685 record.
X agrees to pay Brazil fines, court orders finances unblocked
A Brazilian judge on Tuesday ordered the unblocking of the bank accounts of Elon Musk's X in the country after the social media platform agreed to pay more than $5 million in fines. In his latest decision, the judge ordered Brazil's central bank to unblock X's bank accounts so it can receive transfers and "immediately make payment of the fines indicated."
California passes law allowing Dutch-style cannabis cafes
Starting next year, diners in the western US state of California can smoke cannabis at certain restaurants, thanks to a new law allowing for "cannabis cafes" akin to those popularized in the Netherlands. California notably banned smoking in bars and restaurants nearly 30 years ago, the first US state to do so.
Nike earnings drop, says turnaround will take time
Nike reported a drop in profits Tuesday on sagging revenues as the sports giant cautioned that a turnaround from a rocky period would take time under a new CEO. The athletics company's financials showed lower sales in every operating region, as its CFO pointed to lackluster store traffic in China and excess inventories in leading markets.
UBA announces 40% growth in gross earnings for 6 months
UBA said in a statement released on Monday has stated that its gross earnings increased from N981.77 billion in 2023 to N1.37 trillion by June 2024.
Cranes stand still as US dockworkers fight for 'future'
Just a short drive from the New York skyline, giant cranes, containers, and machinery stand motionless behind closed gates.
Mexico's new president tells investors their money is safe
Mexico's new President Claudia Sheinbaum on Tuesday promised to protect the rights of investors as she took office as the country's first woman leader, following a backlash over recent judicial reforms. US Ambassador Ken Salazar warned that the reforms would threaten a relationship that relies on investor confidence in the Mexican legal framework. dr/nro
GM reports US sales dip, but says EVs grew
General Motors reported a dip in third-quarter US auto sales Tuesday, but pointed to growth in sales of electric vehicles and said retail pricing remained steady. GM said average vehicle pricing of $49,349 was in line with its second quarter, with incentives also holding steady.
Ireland unveils bumper budget with Apple tax cash boost
Ireland on Tuesday unveiled a 2025 budget that includes tax cuts and increased social benefits, and announced a huge surplus in 2024 thanks to billions of euros in Apple back-taxes. The state's 2024 finances have been boosted by 14 billion euros in back-taxes from Apple, after the European Court of Justice ruled in September that the iPhone maker benefited from undue tax advantages in the country.
Economy
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