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Cautious ECB opts for summer rate pause
The European Central Bank held borrowing costs steady Thursday, giving policymakers more time to assess progress on inflation after last month's first interest rate cut in five years. Progress on inflation led the ECB to lower borrowing costs for the first time since 2019 in June, bringing some relief to households and businesses.
India's Infosys beats profit estimates as client spending rises
Indian IT giant Infosys raised its annual revenue guidance Thursday after reporting a 7.1 percent on-year rise in net profit for the June quarter, signalling a gradual revival in client spending. The company earned $761.3 million (63.68 billion rupees) in net profit for the quarter, beating expert estimates, while on-year revenue was up 3.6 percent to $4.7 billion.
China's leaders vow to fight 'risks' plaguing economy
China's leadership vowed Thursday to resolve "risks" plaguing the economy, state media said, but were yet to offer any concrete steps to pull the country out of its financial woes. With the country facing those headwinds, this week's meeting resolved to "strengthen guidance of public opinion and effectively prevent and resolve ideological risks", according to state media.
Ivory Coast tilts economy from farming to natural resources
The discovery of huge deposits of natural resources including oil, gas and gold in the Ivory Coast is pushing the country’s economy in a new direction as it explores its underground potential. Three discoveries of oil deposits were made in September 2021, July 2022 and February this year, revealing huge reserves estimated at six billion barrels.
Taiwan's TSMC second-quarter net profit jumps on Gen AI demand
Taiwan chip giant TSMC said Thursday net profit jumped by more than a third in the second quarter of 2024, buoyed by global demand for generative artificial intelligence products. "Moving into third quarter 2024, we expect our business to be supported by strong smartphone and AI-related demand for our leading-edge process technologies."
'I feel empty': Cambodians on canal route await fate
Food stand owner Dem Mech wells up as he sits in the yard of the home he will lose if Cambodia proceeds with a massive new canal running from the Mekong river to the sea. The waterway will run 180 kilometres (110 miles) from the Mekong to the Gulf of Thailand, travelling part of the way along the Bassac river.
Asian markets drop with Wall St as Biden sparks fresh chip fears
Asian markets sank with Wall Street on Thursday after a warning from the White House that it would target firms supplying China with key semiconductor technology, and Donald Trump's comments on crucial chip supplier Taiwan. Meanwhile, Trump's comments that Taiwan -- home of the key chip-maker TSMC and other major producers -- should pay the US for its defence caused some geopolitical unease.
Cambodia looks to 'breathe' with controversial new canal
Dust covers everything in Lim Tong Eng's yard, thrown up by excavators toiling next door to enlarge a channel that Cambodia's government hopes will soon be a major shipping canal. That is contested by some experts, who note the channel outside Eng's house links directly to the Mekong mainstream, and that Cambodian officials increasingly tout the canal's irrigation benefits.
Disneyland workers threaten strike action over wages, treatment
More than 200 Disneyland Resort employees protested outside the world-famous California theme parks Wednesday, calling for better wages and denouncing alleged anti-union practices by the company ahead of a looming strike vote.
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