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South African GDP rebounds to scale new peak
South Africa's economy rebounded beyond pre-Covid levels in the third quarter of 2022 to reach its highest-ever peak, official data showed Tuesday. "The size of the economy now exceeds pre-pandemic levels," the official statistics agency said in a statement.
Biden celebrates giant semiconductor project
President Joe Biden flies Tuesday to Arizona to celebrate the mammoth expansion of a Taiwanese semiconductor plant, citing the project as proof that the United States is finally breaking dangerous dependency on foreign manufacturers for the vital component.
EU agrees ban on imports driving deforestation
The European Union reached an agreement Tuesday to ban the import of products including coffee, cocoa and soy in cases where they are deemed to contribute to deforestation. The scope encompasses palm oil, cattle, soy, coffee, cocoa, timber and rubber as well as derived products such as beef, furniture and chocolate.
Philippine lawmakers propose $4.9 bn sovereign wealth fund chaired by Marcos
Philippine lawmakers have proposed a $4.9 billion sovereign wealth fund to be chaired by President Ferdinand Marcos Jr to boost growth, but critics warn it will be prone to graft and risk Filipino pensions.
Energy crisis fuels renewables boom: IEA
The energy crisis is fuelling an acceleration of the rollout of renewable power, raising hopes for efforts to meet ambitious targets against global warming, the International Energy Agency said Tuesday.
Asian markets swing as Fed worries offset China Covid easing
Asian markets were mixed Tuesday as fresh fears that the US Federal Reserve will push interest rates higher than hoped played off against growing optimism over China's economic reopening. Markets had been running higher ahead of the jobs figures after a surprise drop in inflation and comments from Fed boss Jerome Powell that the bank would likely raise rates at a slower pace.
© AFP 2022
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