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US retail sales shrinks for second straight month on consumer caution
Retail sales in the United States slumped for a second straight month in December, according to data released Wednesday, as consumers grow cautious on economic uncertainty and measures to ease demand bite. But "more recently we think people have become more cautious in the face of increased economic uncertainty and sharply higher borrowing costs," he added. bys/caw
UN chief slams oil firms for 'big lie' on global warming
UN Secretary-General Antonio Guterres skewered oil firms on Wednesday for having "peddled the big lie" about their role in global warming, telling the World Economic Forum that they should be held accountable. "Some in Big Oil peddled the big lie.
Burberry fashions rising sales despite China slump
British luxury fashion house Burberry, renowned for its handbags and trenchcoats, announced rising sales Wednesday despite a Covid-driven slump in China and tough economic climate globally. Store sales in China tanked 23 percent owing to Covid restrictions that have since eased.
Uber resumes services in Tanzania
Ride-hailing giant Uber has resumed its services in Tanzania, it said on Wednesday, settling a fare dispute with the government. Uber suspended services in the East African country last April after the government introduced legislation capping maximum commission from drivers at 15 percent from the previous 33 percent.
'Pressing need' for US, China to communicate on economic issues: Yellen
Close communication between the United States and China on economic issues is vital, US Treasury Secretary Janet Yellen said Wednesday ahead of a meeting with a top Chinese official in Zurich.
At Davos, Saudi Arabia says curbing oil dependency a priority
Saudi Arabia is working to reduce its reliance on oil exports, Economy Minister Faisal Al-Ibrahim said Wednesday, as the Middle East powerhouse sent one of the largest delegations to the Davos summit to make its case. We want to diversify our economy, it is important, it is essential," Al-Ibrahim told AFP at the World Economic Forum.
Moving house: Arctic mining town's move divides residents
Each time he boasts about the colossal relocation of his town centre in the Swedish Arctic, Kiruna mayor Gunnar Selberg gets a dressing-down from a very dissatisfied resident: his wife. - Ghost town - Time is of the essence for Kiruna.
Taiwan records biggest economic contraction since 2009
Taiwan's economy shrank in the final quarter of 2022, the government said Wednesday, in the island's worst quarterly contraction since it was hammed by the global financial crisis in late 2009. The island's exports fell 8.63 percent in the last three months of 2022 from the same period last year, the figures released on Wednesday showed.
UK inflation slows in December but remains sky-high
Annual inflation in Britain slowed to 10.5 percent in December, official data showed Wednesday, but remained close to historically high levels that are causing a cost-of-living crisis and mass strikes. "Inflation eased slightly in December, although still at a very high level, with overall prices rising strongly during the last year as a whole," said ONS chief economist Grant Fitzner.
AFP
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