AFP News

  • Chinese electric carmaker NIO eyes $1.8 bn IPO in US

    Chinese electric carmaker NIO has filed for a $1.8 billion initial public offering in the United States as the burgeoning company seeks to compete with US rival Tesla.NIO is one of dozens of new automakers to crop up in China as...

  • Indian rupee hits record low of 70 to the dollar

    The Indian rupee hit a record low of 70 to the dollar on Tuesday as emerging market currencies are sold off by investors spooked by the Turkish financial crisis.The under-pressure rupee touched 70.09 briefly during mid-morning...

  • S. Korea bans recalled BMWs from streets pending safety inspections

    South Korea Tuesday temporarily banned from the streets all recalled BMW cars that have not yet passed safety checks following a spate of engine fires. BMW Korea last month started recalling 106,000 vehicles with an exhaust gas...

  • China data shows economic momentum flagging

    The Chinese economy is displaying further signs of weakness, with data Tuesday showing the pace of investment slumping to a record low in the first seven months of the year while retail sales growth slowed.Beijing faces a delicate...

  • Equities enjoy breather as Turkish lira rebounds

    Turkey's lira recovered steadily Tuesday, taking the pressure off stock markets, with European bourses finishing little changed and Wall Street pushing higher.Even as the selling pressured abated, investors kept a nervous eye on...

  • Markets rattled as Turkish lira dives

    Turkey's troubled lira tumbled Monday to fresh record lows against the euro and dollar, piling pressure on stock markets on fears the country's crisis could spill over into the world economy.Having already sparked a sell-off on...

  • Iran offers discount oil to Asia

    Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Monday. The "informed source" in Iran's oil ministry did not give details of the...

  • Trump's trade beef with China may backfire on meat

    A key objective of President Donald Trump's trade war is to pressure Beijing to "buy American", but when it comes to millions of dollars of US meat imports, China may simply take its business elsewhere.Beijing's retaliatory...

  • Lombok quake sends shudders through tourist industry

    The powerful earthquakes that struck the Indonesian island of Lombok in recent weeks killing some 400 people have sent holidaymakers fleeing, raising questions about how its lucrative tourism sector will bounce back.Two deadly...

  • World markets fear Turkey contagion

    A plunge of the Turkish lira to record lows sent shivers through global markets Friday as investors worried about contagion, especially for the European banking sector."For some time now investors have been looking at the...

  • Yuan decline helps China in US trade war, at a price

    The recent fall of the yuan has been a boon to Chinese exporters facing a trade war with the United States, but it poses financial risks that could prompt Beijing to prop up its currency.While markets are spooked by the standoff...

  • India's Jet Airways 'embarrassed' as stocks nosedive

    Shares in India's Jet Airways tumbled to a three-year low on Friday after the embattled airline failed to release its latest quarterly earnings as scheduled.Local media have raised concerns about India's second-largest carrier,...

  • S. Korea firms caught importing coal, iron from North: Seoul

    Three South Korean firms were caught importing coal and iron from the North last year, Seoul said Friday, in an apparent violation of UN sanctions imposed in August 2017 on the nuclear-armed state.More than 35,000 tonnes of North...

  • Qualcomm settles vastly reduced Taiwan antitrust fine

    US chipmaking giant Qualcomm on Friday agreed a sharply reduced fine with Taiwan after officials said it had harmed market competition and manipulated prices, as it faces a number of probes worldwide.Taiwan's Fair Trade Commission...

  • China's new online cosmetics stars: men

    When Jiang Cheng first tried a bit of concealer during his first year of university in China it gave him self-confidence and he was instantly hooked.Now he is among hundreds of Chinese men sharing beauty tips online and cashing in...

  • Back to black: Japan economy rebounds after first dip in 2 years

    Japan bounced back to growth following its first contraction in two years, official figures showed Friday, but fears of US trade wars clouded the outlook for the world's third-largest economy.The economy grew 0.5 percent...

  • Bookcases and biryani collide as Ikea tackles India

    Curious customers lay on beds and nestled into armchairs Thursday as Ikea opened its first Indian outlet, hoping to wow a burgeoning middle class with offerings tweaked to local tastes, including its famous meatballs.Opened with a...

  • Philippines boosts rates despite economic growth slowdown

    The Philippine central bank hiked its key interest rates by a decade-high 50 basis points on Thursday as it moved to curb inflation, while downplaying the impact its action would have on slowing economic growth.The monetary...

  • Criminal case filed against BMW over S. Korea car fires

    A group of BMW owners in South Korea filed a criminal complaint against the German automaker Thursday over alleged delays in recalling more than 100,000 cars after a spate of engine fires, their lawyer said.The timing of the...

  • China's factory-gate inflation tops forecasts in July

    China's factory price inflation slowed slightly in July but beat expectations as US tariffs came into force, while consumer prices were boosted by a pick-up in spending on travel.The figures are the first to be released since the...

  • Three Japan automakers admit false emissions data

    Japan's Suzuki Motor, Mazda and Yamaha have admitted using false emissions data for some vehicles, the transport ministry said Thursday, in the latest product quality scandal to hit the country's auto sector.The companies came...

  • Asian markets mostly up as dealers take China tariffs in stride

    Asian investors on Thursday largely brushed off China's tit-for-tat response to Donald Trump's latest tariff threats, with most markets rising, but concerns about the impact of an all-out trade war are keeping optimism in check.Be...

  • Bookcases and biryani collide as Ikea tackles India

    Ikea revolutionised homeware retail with affordable, self-assembly furniture with a Scandinavian twist, sold in stroll-around megastores offering a break for Swedish meatballs. On Thursday its first Indian outlet opens -- with...

  • Samsung unveils newest smartphone hoping for sales boost

    South Korean electronics giant Samsung unveiled the new Galaxy Note 9 smartphone Thursday, its latest effort to address flagging sales of the high-functioning gadgets.Boosting the power and the price, Samsung hopes to win back...

  • Pakistan defends its economic partnership with China

    Pakistan Wednesday defended its economic partnership with China, amid fears that the terms of opaque multi-billion dollar investments by Beijing could be exacerbating Islamabad's economic woes as it considers a fresh IMF bailout."...

  • China set to respond to new round of US tariffs

    China said Wednesday it will impose 25 percent tariffs on a further $16 billion of US goods, making good on its promise to retaliate against new American levies.The announcement is the latest round in a tit-for-tat trade conflict...

  • Swede dreams: Ikea makes big promises with first Indian store

    Ikea's boss promised Wednesday to meet the "needs, frustrations and dreams" of local consumers with the Swedish firm's first Indian store, its second attempt to break into a vast but difficult market."We bring an inspiring,...

  • Swede dreams: Ikea makes big promises with first Indian store

    Ikea's boss promised Wednesday to meet the "needs, frustrations and dreams" of local consumers with the Swedish firm's first Indian store, its second attempt to break into a vast but difficult market."We bring an inspiring,...

  • Samsung to invest billions in new tech to drive fresh growth

    South Korea's Samsung Group on Wednesday said it would invest $22 billion over the next three years in cutting-edge technology including artificial intelligence, self-driving cars and biopharmaceuticals, as it searches for ways to...

  • Despair as crippling drought hammers Australian farmers

    A crippling drought is ravaging vast tracts of Australia's pastoral heartlands, decimating herds and putting desperate farmers under intense financial and emotional strain, with little relief in sight.While the country is no...

  • IMF says India economy will put on new spurt

    India will remain one of the world's fastest-growing major economies in coming years, the International Monetary Fund said Wednesday, in welcome news for Prime Minister Narendra Modi before elections next year.In a wide-ranging...

  • Hong Kong's Cathay Pacific narrows losses in first half

    Hong Kong flag carrier Cathay Pacific said on Wednesday its losses had narrowed in the first six months of the year but warned global economic uncertainty would pose a challenge as the firm battles to revive its fortunes.The...

  • China exports top forecasts but warning over US tariffs impact

    China on Wednesday posted a forecast-busting surge in exports for July, but while its surplus with the US dipped slightly analysts warned that the full impact of US sanctions was yet to be felt.The figures come as the world's two...

  • Global stocks mixed amid latest trade war volley; oil falls

    Global stocks were mixed Wednesday following the latest volley of tariffs in the escalating trade war between the United States and China, while oil prices fell sharply.China said it would impose 25 percent tariffs on a further...

  • Thousands of Indian tea workers strike for 50 cent pay rise

    Hundreds of thousands of tea plantation workers in eastern India went on a three-day strike Tuesday demanding a 50 cent increase in their daily wage from the government and estate owners.The strike in the Himalayan foothills of...

  • Pakistan to decide whether to seek IMF bailout 'by September'

    Pakistan must decide by the end of September if it will go to the IMF to bail out its economy, which is facing a balance-of-payments crisis, the likely new finance minister Asad Umar said Tuesday."By the end of September, we...

  • Indian ride-hailing firm Ola to take on Uber in Britain

    Indian ride-hailing company Ola announced on Tuesday that it is to launch services in Britain, expanding its foray abroad and intensifying its battle with US rival Uber.Britain will be Ola's second venture into a foreign market...

  • Australia marks two years of rates on hold by standing pat

    Australia marked two years since it last moved interest rates by keeping them on hold again Tuesday, with stubborn wage growth and high household debt acting as a drag on spending.The Reserve Bank of Australia slashed the cash...

  • US reimposes tough, unilateral sanctions against Iran

  • Chinese tech 'wolf' Huawei stalks Apple and Samsung

    Ren Zhengfei, the founder of Chinese telecoms behemoth Huawei, likens the company to a ruthless "wolf" tirelessly running down its prey, an ethos that could soon make it the apex predator of the smartphone world.Despite being...

  • Global equities profit from US earnings season

    Global stock prices rose on Tuesday on the back of solid second-quarter US...

  • First round of US tariffs on Chinese goods to hit $50 bn Aug 23: USTR

    The first round of President Donald Trump's 25 percent punitive tariffs on China will hit $50 billion in goods starting August 23, the government announced Tuesday.Washington already imposed tariffs on $34 billion in Chinese...

  • BMW apologises for engine fires that sparked S. Korea probe

    German automaker BMW apologised Monday for a spate of engine fires in South Korea that angered consumers and sparked a government investigation into an alleged delay in recalling more than 100,000 cars.More than 30 BMW cars --...

  • Japanese casino tycoon arrested in Hong Kong: ex-firm

    Controversial Japanese casino tycoon Kazuo Okada has been arrested in Hong Kong over alleged and unspecified "corruption-related" offences, his former company in Tokyo said on Monday.Universal Entertainment Corporation said the...

  • Vietnam court jails 46 bankers, execs for loan scheme

    A court in Vietnam convicted 46 former bankers and businessmen of corruption on Monday over a multi-million-dollar lending scam spearheaded by the once-powerful chairman of Vietnam's Construction Bank.It is the latest in a series...

  • Rusal posts profit despite US sanctions

    Shares in Russian aluminium giant Rusal surged Monday after the company posted a second-quarter profit, bolstered by higher metal prices despite US sanctions imposed earlier this year.The results were the first to be posted since...

  • HSBC to pay $765m US fine over crisis-era conduct

    Britain's Asia-focused bank HSBC on Monday revealed a $765-million US fine over the lender's actions in the run-up to the subprime crisis, as it also logged rising first-half profits.HSBC said it has agreed to pay the large US...

  • Trade war woes linger on global markets

    World stock markets traded sideways Monday as trade war fears continued to hamper investor sentiment, dealers said.Key eurozone markets Frankfurt and Paris reversed early small gains to close flat to lower, while the British...

  • Australian packaging giant Amcor in $6.8 bn takeover of US rival Bemis

    Australian firm Amcor announced a $6.8 billion buyout of US rival Bemis Tuesday to become the world's largest plastic packaging group, and will shift its primary listing to the New York Stock Exchange.Amcor will issue 5.1 of its...

  • Chip labour: Robots replace waiters in China restaurant

    The little robotic waiter wheels up to the table,...

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