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Key US inflation gauge cools further as rate hikes bite
A key indicator of US inflation cooled in June to the lowest annual rate in over two years, although this remains above the central bank's target, according to government data released Friday. In June, prices for goods were seen slipping even as the costs of services picked up from a year ago, said the Commerce Department on Friday.
Air France-KLM doubles profits despite inflation
Air France-KLM announced Friday it doubled its net profit in the second quarter, benefiting from high demand in air travel despite rising inflation which has increased costs. Ticket prices have soared since the pandemic, driven by rising fuel costs, increased demand and capacity constraints.
Stagnant German growth clouds eurozone economy
Flatlining German growth figures on Friday contrasted with positive performances in France and Spain, adding to worries that the traditional manufacturing powerhouse could become a drag on the eurozone economy. The disappointing result put Germany behind eurozone peers France and Spain, which both reported positive figures in the second quarter.
Crisis-hit NatWest bank launches review into Farage case
British bank NatWest on Friday said it had launched an independent review into its handling of arch-Brexiteer Nigel Farage, whose account it controversially shut, costing the jobs of top executives. Davies added in a media call that the group had appointed UK law firm Travers Smith to lead the review into the bank's handling of Farage.
Germany's pivotal chemicals industry gripped by crisis
Thomas Kadowsky imagined that he would keep working at the German industrial coatings plant where he had served as team leader for over 30 years until he retired. "I was completely stunned," Kadowsky, 58, told AFP. Kadowsky and 130 other people will lose their jobs with the closure of the plant next year.
British Airways parent IAG flies back to profit
IAG, parent of British Airways, said Friday it returned to first-half profit as the aviation sector recovers from the Covid pandemic despite inflation lifting company costs and ticket prices. Ticket prices have soared since the pandemic, driven by rising fuel costs, increased demand and capacity constraints.
Blinken, Austin visit Australia on last leg of Pacific blitz
US Secretary of State Antony Blinken and Pentagon chief Lloyd Austin visited Australia Friday on the final leg of a Pacific tour designed to reinforce Washington's standing in the region. Pentagon chief Austin comes to Australia from Port Moresby, where the United States signed a defence agreement earlier this year giving troops access to key military facilities.
Ethiopian Airlines facing 'real challenges' despite Covid success
Ethiopian Airlines successfully weathered the Covid pandemic by shifting its strategy, but Africa's only profitable carrier still faces "real challenges" in sourcing parts and staying competitive at a time of inflation, its CEO told AFP. The 2022-2023 financial year ending June 30 "was a very successful year," Mesfin Tasew said in an interview in Ethiopia's capital Addis Ababa.
2CV classic car meet gets show on the road
Around 5,000 Citroen 2CVs from across the globe are tootling into the Swiss countryside this week for a mass gathering celebrating the instantly recognisable French classic car. "I think the magic of the 2CV, it's iconically French.
AFP
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