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Damages claim against BHP over Brazil dam jumps to £36bn: law firm
A damages claim faced by global mining firm BHP over a deadly 2015 Brazilian dam collapse has risen to an estimated £36 billion ($44 billion), the legal firm leading the UK class action said on Wednesday. The 2015 tragedy unfolded after the rupture of an iron ore tailings dam in the Minas Gerais region, owned by the Samarco joint venture between BHP and Brazilian iron ore mining company Vale.
US retail sales and producer prices fall, easing Fed pressure
US retail sales and wholesale prices slipped in February, according to government data released Wednesday, providing some respite for policymakers as the central bank prepares for a crucial interest rate decision next week. Retail sales contracted in February by 0.4 percent to $698 billion, down from a revised $701 billion a month earlier, the Commerce Department said on Wednesday.
SVB collapse calls for finance rethink financial: Stiglitz
In the wake of the collapse of Silicon Valley Bank that has shaken world markets, Nobel economics prize laureate Joseph Stiglitz told AFP that US authorities "did the right thing" to protect deposits but said the financial system needs a rethink. In this case its not a lending problem, it's a maturity mismatch and that can happen anywhere in our economic system."
Credit Suisse shares sink as top shareholder rules out more cash
Credit Suisse shares plunged more than 20 percent to new record lows after its main shareholder said it would not provide more financial assistance to the embattled Swiss banking giant. Credit Suisse shares were soon in freefall on the Swiss stock exchange, hitting a low of 1.71 Swiss francs just before 1100 GMT -- down 22.2 percent.
Dutch farmers set to turn protests into votes
A new party of Dutch farmers aimed to plough up Prime Minister Mark Rutte's environmental plans on Wednesday in crucial elections that will shape the upper house of parliament.
Russia's oil revenue sinks as price cap bites: IEA
Russia's oil-export revenue sank by almost half in February compared to last year as Western powers tightened sanctions on the country, the International Energy Agency said on Wednesday. Western powers set a price cap in February of $100 per barrel for more expensive fuel like diesel and $45 on lower-quality products such as fuel oil.
South Korea to build 'world's largest' chip centre
South Korea said Wednesday it would build the world's largest chip centre using $230 billion of private investment mostly from Samsung Electronics, as it seeks an edge in the global industry.
UK unveils cost-of-living budget as mass strikes hit nation
Britain on Wednesday unveils a new cost-of-living budget, including more help on soaring energy bills, but the government is set to stand firm on rising public sector pay demands as the country endures a fresh wave of strikes.
Zara owner Inditex posts record profit
Zara owner Inditex, the world's biggest fashion retailer, reported record profits for 2022 despite halting operations in Russia and soaring global inflation. Inditex also overcame a surge in production costs that has hit manufacturers as inflation soared following Russia's assault on Ukraine.
AFP
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