Tag Archives: economy

Shanghai, China | AFP | State-owned Chinese energy giant PetroChina on Thursday announced it slumped to a record-low profit for 2016 as global oil price weakness slashed earnings by 78 percent. Net profit fell to 7.86 billion yuan ($1.1 billion), the Beijing-based company said in a statement to the Hong Kong …

Johannesburg, South Africa | AFP |South African President Jacob Zuma sacked his finance minister and made ten new cabinet appointments late Thursday in a dramatic reshuffle which could split the ruling ANC party. The African National Congress, which led the fight against apartheid and came to power under Nelson Mandela …

London, United Kingdom | AFP | Lloyd’s of London’s decision to open a European subsidiary was inevitable following the trigger of Brexit, with the only difficult choice being its location, chief executive Inga Beale told AFP Thursday. Lloyd’s, which insures against catastrophes such as earthquakes, shipwrecks and revolutions, announced it …

COMMENT: Trump’s rejection of international trade rules by executive order and renegotiation foreshadow likely trade tensions By Oonagh Fitzgerald and Hector R. Torres Donald Trump’s presidency is posing fundamental challenges to the rule-based international trading system that has buttressed global growth for decades. But while America’s protectionist maneuverings threaten a …

New York, United States | AFP | Microsoft co-founder Bill Gates once again topped the Forbes magazine list of the world’s more than 2,000 billionaires, while US President Donald Trump slipped more than 200 spots, the magazine said Monday. Gates, whose wealth is estimated at $86 billion, led the list …

Beijing, China | AFP | State support for private firms is crucial in China’s market, the head of the mainland’s online search giant Baidu said Thursday, following complaints from European businesses that Beijing-backed firms are pushing out foreign competitors. “I think state support of private companies is absolutely necessary. In the …

Cairo, Egypt | AFP | Dozens of Egyptians protested across the country on Tuesday because they were unable to get their share of subsidised bread, police said. The protests followed a supply ministry decision to limit the number of subsidised loaves bakeries can sell people who do not yet have …

China trims GDP target, citing severe challenges Beijing, China | AFP | Chinese Premier Li Keqiang warned Sunday the world’s second-largest economy faces severe challenges, signalling a further deceleration as he announced a trimmed 2017 GDP growth target of “around 6.5 percent.” The economy is already growing at its slowest …

Washington, United States | AFP |  US President Donald Trump pledged Tuesday to bring one trillion dollars in public and private investment to rebuild what he called America’s crumbling infrastructure. Trump made the promise in a high-stakes speech to a joint session of Congress, moving to make good on one …

Rabat, Morocco | AFP |  Morocco’s key tourism sector barely grew last year amid security challenges, but operators are hoping Chinese and Russian visitors will boost their fortunes in the coming years. While political turmoil and jihadist attacks have battered the sector in Egypt and Tunisia, Morocco registered 10 million …