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Asian stocks up as Trump announces Iran-Israel ceasefire
Asian shares gained and oil prices were down Tuesday, as fears of an energy market shock eased following US President Donald Trump's announcement of a ceasefire between Iran and Israel. Trump said Iran and Israel had agreed to a staggered ceasefire that would bring about an "official end" to their conflict, as strikes continued to hammer Tehran.
Better than gold: how Ecuador cashed in on surging cocoa prices
In Ecuador, farmers who bet on cocoa beans rather than bananas, the country's top agricultural export, are cashing in as a global shortage of the main ingredient in chocolate feeds a price bonanza.
New York state to build nuclear power plant
New York Governor Kathy Hochul announced plans Monday to build a nuclear power facility, enlisting a state agency for the first major new US nuclear construction since 2009. Hochul tapped the New York Power Authority to develop a nuclear plant with combined capacity of at least one gigiwatt of electricity, according to a New York state press release.
US existing home sales little-changed on sluggish market
Sales of existing homes in the United States were tepid in May, according to industry data released Monday, as high mortgage rates weighed on the market. From a year ago, existing home sales were down 0.7 percent.
Asian countries most vulnerable to Strait of Hormuz blockade
Around 84 percent of oil passing through the Strait of Hormuz is destined for Asia, leaving the economies of China, India, South Korea and others vulnerable should Iran blockade the crucial trading route over US strikes on its nuclear sites.
Star-packed, Covid-shaped 'Death Stranding 2' drops this week
Japanese video game legend Hideo Kojima releases "Death Stranding 2: On the Beach" this week, a star-studded PlayStation sequel inspired by the Covid pandemic. Kojima Productions, the eponymous studio the developer founded in 2015 after leaving Japanese giant Konami, said in March this year that the first "Death Stranding" had more than 20 million players.
New CEO of Jeep owner Stellantis starts with leadership shake-up
Antonio Filosa began his tenure as chief executive of US-European auto giant Stellantis on Monday with a leadership shake-up, as he seeks to jump-start performance at the struggling maker of Jeep, Peugeot and Fiat vehicles. Picat, who was once seen as a potential successor of Tavares, has been mentioned as a possible replacement for Renault's departing chief executive Luca de Meo. tsz-fmp/lth/cw
Eurozone business activity almost flat again in June
Business activity in the eurozone was up marginally in June, marking the sixth consecutive month of expansion -- albeit at a slowing, sluggish pace, a closely watched survey showed Monday. The expansion in the 20-country currency area was centred on the manufacturing sector, where production increased for the fourth successive month, according to the survey.
Oil prices spike after US strikes on Iran
Oil prices surged and Asian markets traded lower on Monday on concerns of disruption to energy markets after US air strikes on Iran's nuclear facilities. "An oil price shock would create a real negative impact on most Asian economies" as many are big net energy importers, they wrote, reflecting the market's downbeat mood.
AFP
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