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Author's articles
New French government faces key test with budget plan
New French Prime Minister Michel Barnier faces a major test Thursday as he presents a deficit-slashing budget to his cabinet before submitting it to a largely hostile parliament. If the opposition parties in parliament come out against the budget draft law, the government has the option of forcing it through without a vote under article 49.3 of the French constitution.
Ikea posts fall in annual sales after lowering prices
Ikea reported Thursday that its annual sales fell in value after the world's biggest furniture retailer lowered prices to revive traffic at its online and brick-and-mortar stores. Ikea said physical store visits increased by 4.5 percent following the price drops while online traffic jumped by 21 percent.
7-Eleven owner restructures to fight takeover
The owner of 7-Eleven announced a major restructuring on Thursday as it seeks to boost its share price and fend off what would be the biggest foreign takeover of a Japanese firm. An improved share price would also make a takeover attempt by ACT more expensive for the Canadian firm, while also easing pressure from shareholders pressing management to restructure.
Chinese electric car companies cope with European tariffs
MG Motor, BYD and other Chinese electric car manufacturers say they will maintain their low sticker prices in Europe even after being hit with hefty tariffs this month. MG, the best-selling Chinese electric car brand in Europe, says it will guarantee its prices until the end of 2024, having stockpiled cars before the duties took effect.
Uniqlo owner reports record annual earnings
Uniqlo's parent company Fast Retailing on Thursday announced "a record high performance in fiscal 2024" with domestic profits in Japan boosted by hot summer weather and a tourism boom. Domestic Uniqlo stores maintained a "strategic inventory of core summer ranges through the end of the summer season" and enhanced its marketing initiatives, Fast Retailing said.
China's solar goes from supremacy to oversupply
Strong state support and huge private investment have made China's solar industry a global powerhouse, but it faces new headwinds, from punitive tariffs abroad to a brutal price war at home. The sector's supersonic expansion has overleveraged the domestic industry, overloaded China's grid and sparked a brutal price war, experts say.
Asian markets track Wall St record as Hong Kong, Shanghai stabilise
Asian markets tracked a record day on Wall Street Thursday, with Shanghai and Hong Kong supported by a Chinese central bank move to boost liquidity for major stock-buyers. The gains led a rally across Asia, which came after the Dow and S&P 500 chalked up fresh records on Wall Street thanks to a burst in tech giants including Amazon and Apple.
China's central bank says opens up $70.6 bn in liquidity to boost market
China's central bank boosted support for markets on Thursday as it launched a "swap facility" offering firms access to $70.6 billion in liquidity as Beijing seeks to raise confidence in the country's flagging economy.
'A casino in every kitchen': Brazil's online gambling craze
Fernanda, a cleaner from Rio de Janeiro, lists off the items she sold to feed her online gambling addiction, one of millions of Brazilians caught in a betting craze that has swept the nation. The Brazilian government recently published a list of around 200 betting sites that have been licensed to operate after agreeing to the new regulations.
AFP
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