UK jobs picture robust as Omicron struck

The UK unemployment fell back almost to its pre-pandemic level late last year LONDON – Britain’s unemployment rate dropped and payrolls recovered further at the end of last year despite the onset of the Omicron variant, official data showed Tuesday. The unemployment rate fell to 4.1 percent in the three months to the end of […]Read More

Chip crisis pushes European car sales to new low

Car sales in Europe fell to their lowest point since statistics began in 1990 PARIS – EU car sales fell to a new low last year as the auto sector was hobbled by the Covid pandemic and a shortage of computer chips, industry figures showed Tuesday. Registrations of new passenger cars in the EU slid […]Read More

Bank of Japan lifts inflation forecast, no policy change

Japan’s central bank has revised up its inflation forecast TOKYO – Japan’s central bank revised its inflation forecast on Tuesday and adjusted its view of price risks, while leaving its monetary easing policy in place in a nod to lingering pandemic uncertainty. As prices rise swiftly in other economies, Japan’s inflation remains relatively feeble, and […]Read More

Head of Credit Suisse resigns over Covid rules breach

Credit Suisse’s now former chairman, Antonio Horta-Osorio, had vowed to tackle risk at the scandal-plagued bank ZURICH – The head of Credit Suisse has resigned less than a year after taking the reins of the scandal-hit bank following reports that he had broken Covid quarantine rules. Antonio Horta-Osorio’s resignation was effective immediately following an investigation […]Read More

World’s 10 richest men doubled wealth during Covid: report

Oxfam said the wealth of the world’s 10 richest men jumped from $700 billion to $1.5 trillion during the pandemic. PARIS: The world’s 10 wealthiest men doubled their fortunes during the first two years of the coronavirus pandemic as poverty and inequality soared, a report said on Monday. Oxfam said the men’s wealth jumped from […]Read More

China exports surge in 2021 as global demand picks up

A cargo ship loaded with containers berthing at Lianyungang port, in China’s eastern Jiangsu province, on July 22, 2021. Chinese exports surged in 2021 on solid global demand. (AFP photo) Chinese exports surged in 2021 on solid global demand as countries reopened from pandemic lockdowns, data showed Friday, bumping its overall trade surplus to a […]Read More

Fast Retailing reports record first-quarter performance

Uniqlo parent company Fast Retailing does not expect the spread of the highly contagious Omicron coronavirus variant to dent overall performance in 2021-22 TOKYO – Uniqlo operator Fast Retailing posted a record first-quarter profit on Thursday and kept its yearly forecast unchanged, even as business in the key market of mainland China was hit by […]Read More

Revved up US demand for used cars sends prices soaring

A shortage of computer chips has stalled auto manufacturing, driving a price increase for used vehicles. ARLINGTON: The used car market in the United States is seeing an unprecedented phenomenon: owners selling vehicles for as much or more than they paid for them. The strange twist comes as a global shortage of computer chips amid […]Read More

Cathay Pacific faces ‘legal action’ over Hong Kong virus outbreak

Cathay Pacific has been decimated by the pandemic and has no domestic market to fall back on. HONG KONG: Cathay Pacific is being investigated and faces possible legal action over an Omicron variant coronavirus outbreak in Hong Kong that began with the airline’s employees, the city’s leader said Tuesday. The revelation came as chief executive […]Read More

Powell to target inflation at confirmation, face trading scrutiny

US President Joe Biden (left) nominated Jerome Powell (right) for a second term as Federal Reserve chair amid a record-high wave of inflation in the US economy WASHINGTON: Federal Reserve Chair Jerome Powell will highlight the central bank’s efforts to fight inflation and stabilise the US economy at his confirmation hearing, according to testimony released […]Read More