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Economy News

Shares chase Wall Street higher despite China fears

Hong Kong - European and Asians stock markets chased Wall Street higher Thursday after days of wild swings, but dealers warned that the spectre of the slowing Chinese economy means more turbulence ahead.

Wall St rallies but markets still gripped by China fears

New York - US shares rallied strongly Wednesday after a top Federal Reserve official hinted the bank would not raise interest rates, but there was little sign that the global financial turbulence rooted in China's market meltdown was over.

Shanghai shares end down 1.27% despite rate cut

Shanghai - Shanghai stocks closed down 1.27 percent in volatile trading on Wednesday, extending days of falls despite a central bank interest rate cut aimed at boosting the flagging economy and slumping shares, dealers said.

Why an economic slump could be fantastic news for some companies

Every boom has its bust. But every bust looks different. Business Insider looks at the main winners and losers from this week's market meltdown.

Europe, US markets rally on China rate cut

London - European and US shares rebounded on bargain-hunting Tuesday as China cut interest rates after fears of a slowdown in the world's second-biggest economy sparked a "Black Monday" rout across global markets.

China cuts interest rates by 0.25 percentage points

Bejing - China's central bank on Tuesday cut its benchmark interest rates and the amount of cash banks must keep on hand, the latest stimulus aimed at boosting the world's second-largest economy as it battles a collapse in share prices.

World equities swing as Shanghai plumbs new depths

Shanghai - Equity markets convulsed on Tuesday as Chinese stocks pursued their worst rout in nearly two decades, after concerns of a slowdown in the world's second-largest economy sparked panic selling around the globe.

Market turbulence raises fresh worries over global economy

Washington - A roller-coaster ride on global markets, which saw some bourses record their largest one-week losses since 2008 as they took fright at a Chinese sell-off, have raised fresh worries over the strength of the global economy.

Shanghai stocks slump, but Asian bourses bounce

Shanghai - Shanghai stocks tumbled on Tuesday, extending their steepest four-day rout in almost 20 years after worries about China's faltering economy sent world markets reeling, but other Asian stocks bounced back from heavy early losses.

China shares in dramatic dive as fears mount over economy

Shanghai - Chinese shares plummeted on Monday, wiping out the year's gains and leading a slump across Asian equities as Beijing's latest market intervention failed to restore confidence, with concern mounting about the stalling economy.

Pot economy thrives in Uruguay

Montevideo - Working at a decidedly un-slackerly pace, employees are racing to get ready for the opening of the latest marijuana boutique to sprout up in pot-friendly Uruguay.

Two Koreas reach agreement in Kaesong wage row

Seoul - South Korea said Tuesday it had reached agreement with Pyongyang on a wage hike for North Korean workers at their Kaesong joint economic zone, ending a six-month dispute.

Brazilians rage against president, corruption

S - Hundreds of thousands of protesters demanded Brazilian President Dilma Rousseff's resignation Sunday, blaming her and the leftist Workers' Party for runaway corruption and looming recession in Latin America's biggest country.

Protests to raise ante in bitter Brazilian power struggle

Rio De Janeiro - Huge crowds on Sunday are expected to demand Brazilian President Dilma Rousseff's impeachment, injecting more volatility into an increasingly toxic political struggle in Latin America's biggest country.

Spanish corruption scandals cast shadow ahead of general election

Madrid - Spain's interior minister will be questioned in parliament on Friday as a constant flow of corruption scandals casts a shadow over the next general elections expected at the end of the year.

India's economic reform agenda hits roadblocks

New Delhi - Indian Prime Minister Narendra Modi's ambitious reform agenda has stalled with crucial bills stuck in India's parliament, which ended its latest session this week in bitter uproar.

Egypt beheading blow to tourism, may boost military aid

Cairo - The Islamic State group's apparent beheading of a Croatian engineer in Egypt threatens to scare off tourists and foreign investment but could boost Western support for Cairo's fight against jihadists, analysts say.

Record penalty for tuna giant after employee cooked in oven

Los Angeles - California-based canned tuna company Bumble Bee Foods will have to pay a record $6 million after the death of one of its employees, who was accidentally cooked in an industrial oven in 2012.

China cuts yuan rate against US dollar for second day

Shanghai - China cut the yuan's value against the dollar for the second consecutive day Wednesday, roiling global financial markets and driving expectations the currency could be set for further falls.

WikiLeaks raise reward funds for info on U.S.-EU trade deal

London - WikiLeaks on Tuesday launched a crowdfunding campaign to raise a 100,000 euro ($110,000) reward for anyone leaking insider information on a proposed free-trade deal between the United States and European Union.

Workers stage general strike in Uruguay

Montevideo - Workers in Uruguay staged a general strike Thursday to demand wage hikes and more government spending.As heavy rains drenched the capital city Montevideo, cars clogged the streets because there was virtually no public transport.

Egypt's Sisi inaugurates 'new Suez Canal'

Ismailia - Egyptian President Abdel Fattah al-Sisi staged a lavish ceremony Thursday to unveil a "new" Suez Canal, seeking to boost the country's economy and international standing by expanding the vital waterway.

Facts about Egypt's 'new Suez canal'

Cairo - Egypt is to inaugurate an expansion of the Suez Canal on Thursday, which it is touting as a boost to world trade. Here are some facts about the project to increase the capacity of the key waterway connecting the Mediterranean to the Red Sea.

Egypt seeks cash, prestige boost with 'new Suez Canal'

Cairo - Egypt is set to inaugurate a "new Suez Canal" waterway touted as an achievement rivalling the digging of the original, as it seeks to boost both its economy and international standing.

Corruption in Kenya 'worse than ever' says veteran campaigner

Nairobi - Corruption in Kenya is sliding out of control, veteran anti-corruption activist and whistle-blower John Githongo has warned in an interview following a scathing audit of government finances.

Immigration the major concern for Europeans: poll

Brussels - Immigration is the main concern of Europeans, ahead of economic problems and unemployment, according to a new opinion poll released by the European Commission.

Pacific trade talks fail to end in TPP deal

Washington - Delegates negotiating a vast Pacific free-trade agreement failed to reach a final deal after several days of intense talks in Hawaii, in a setback to US President Barack Obama.

Turkey's Erdogan in China for talks amid Uighur strains

Bejing - Turkish President Recep Tayyip Erdogan met Chinese leaders for talks in Beijing on Wednesday, a day after securing NATO's backing for Ankara's fight against Islamic State militants.

Critics fear Pacific trade deal favours big business over states

Sydney - With the end game in sight to what could be the world's most ambitious trade deal, critics fear a controversial mechanism to protect investors will strengthen the hand of big business while eroding national sovereignty.

Greece's headache: How to lift the capital controls?

Atenas - It is just the headache Greece's government does not need right now: how can it loosen the capital controls that are shielding its banks, but strangling the rest of the economy?
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