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Asia tracks Wall St sell-off as US labour market softens
Asian stocks sank Thursday, extending a rollercoaster week across world markets as investors jockey for position ahead of key US jobs data, while oil struggled to bounce back after hitting a five-month low. Data on Thursday from payrolls firm ADP showing a smaller-than-forecast rise in private sector jobs reinforced views that the labour market and economy were slowing as inflation comes down.
Bitzlato founder pleads guilty to running 'criminal' US crypto exchange
The Russian founder of the Bitzlato cryptocurrency exchange pleaded guilty on Wednesday to operating a money transfer business that accepted illicit funds.
Lawsuit says Meta exposes children to exploitation
The US state of New Mexico filed a lawsuit Wednesday accusing Facebook and Instagram of being a "breeding ground" for predators who target children. "Facebook and Instagram are a breeding ground for predators who target children for human trafficking, the distribution of sexual images, grooming, and solicitation," the suit argued.
McDonald's eyes speedy ramp-up to 50,000 restaurants by 2027
McDonald's announced an aggressive expansion roadmap Wednesday to reach 50,000 restaurants worldwide by 2027, in the fastest growth plan in brand history. The company is planning about $2.5 billion in capital expenditures in 2024 and will add $300 million to $500 million each year thereafter through 2027.
Big US banks balk at new capital rules in Senate hearing
Large US banks railed against new proposed capital requirements at a congressional hearing on Wednesday, joining Senate Republicans in casting the measures as crimping loans to everyday Americans.
Canada maintains key interest rate at 5%
Canada's central bank on Wednesday held its key lending rate at five percent, citing the global economic slowdown and easing inflation. The data "suggest the economy is no longer in excess demand," the central bank said, adding the economic slowdown has reduced price pressures for an array of goods and services.
Google looks to take generative AI lead with Gemini
Google on Wednesday infused its Bard chatbot with a new-generation artificial intelligence model called Gemini, which it touts as being able to reason better than ChatGPT and other rivals. Google in September integrated Gmail, YouTube and other tools into its Bard chatbot as tech giants seek to persuade users that generative AI is useful and not dangerous or just a fad.
Italy's ruling parties kill minimum wage bill
Italy's governing right-wing parties on Wednesday scuppered an attempt by the opposition to introduce a minimum wage, which would have brought the country into line with the majority of the EU. Members of parliament voted instead to give Prime Minister Giorgia Meloni's hard-right government six months to enact measures to make pay in Italy "fairer".
US October trade deficit widens further on decline in exports
The US trade deficit continued to grow in October due to a fall in exports, according to government data published Wednesday. October's widening trade deficit was the result of a $2.6 billion decline in the value of US exports to the world, while imports rose by $500 million.
AFP
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