Economy
EU bans Algerian spread toasted on social media
The EU has blocked imports of an in-demand Algerian hazelnut spread that became popular in France after social media influencers raved about it. Is Cebon behind all the social media buzz?
US retail sales see slight rise, beating expectations
US consumer spending rose only slightly in August, government data showed Tuesday, with consumers appearing to shift towards essentials in the face of high interest rates. Overall retail sales rose unexpectedly by 0.1 percent from July to August at $710.8 billion, defying analysts' anticipation of a 0.2 percent decline, according to Department of Commerce data.
US Fed begins two-day meeting set to end with rate cut
The US Federal Reserve began a two-day interest rate discussion on Tuesday that is all-but-certain to end with its first cut since March 2020, as inflation continues to ease. A rate cut of any size would support US consumers, who are feeling the effect of interest rates at a 23-year high of between 5.25 and 5.50 percent, impacting the cost of borrowing on everything from mortgages to car loans.
Electric cars overtake petrol models in Norway
Electric cars now outnumber petrol models for the first time in oil-rich Norway, a world first that puts the country on track towards taking fossil fuel vehicles off the road.
Data shows 10 Nigerian states with cheapest, highest food prices as inflation slows
The National Bureau of Statistics has disclosed that Nigeria's headline inflation for August 2024 dropped by 1.25%, providing relief to many Nigerians.
Kremlin slams Meta ban on Russian state media as 'unacceptable'
Meta said it is banning Russian state media outlets from its apps around the world, prompting an angry reaction from the Kremlin on Tuesday. "After careful consideration, we expanded our ongoing enforcement against Russian state media outlets," Meta said on Monday in response to an AFP inquiry.
Germany's Scholz disappointed by delay to Intel chip plant
Chancellor Olaf Scholz voiced disappointment Tuesday after US semiconductor giant Intel delayed plans to build a mega chip-making plant in Germany which had been championed by Berlin. The chip-making giant announced plans for the German plant in 2022, in what was seen as a major boost for EU efforts to ramp up semiconductor production in the bloc.
Young Equatorial Guineans yearn for the American dream
Tiny but oil-rich Equatorial Guinea long escaped the youth exodus plaguing other African nations, but a decade of economic decline and rising unemployment has left many eager to leave. The minimum wage in Equatorial Guinea is 128,000 CFA francs ($210) a month, according to data from the Economic and Monetary Community of Central Africa.
Meta bans Russian state media outlets for 'interference'
Meta late Monday said it is banning Russian state media outlets from its apps around the world due to "foreign interference activity." Meta had previously banned the Federal News Agency in Russia to thwart foreign interference activities by the Russian Internet Research Agency.
Economy
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