A federal judge in New York ordered Argentina on Monday to sell its majority stake in oil firm YPF, the latest blow to Buenos Aires in a decade-long international legal saga. To partially satisfy the outstanding sum, Preska on Monday ordered Argentina to transfer its 51 percent stake of YPF to an intermediary, with instructions that the shares then be handed over to the plaintiffs.
The petroleum marketers noted that they have huge quantities of unsold petroleum products that they may be unable to sell as the price war intensifies
The US Internal Revenue Service (IRS) is considering letting go up to half of its approximately 90,000 employees, a source with knowledge of the situation told AFP on Tuesday. When asked about US press reports of the plans to halve the IRS headcount, the source confirmed such a project was being discussed internally.
Taiwanese chip-making giant TSMC plans to invest a whopping $100 billion in the United States, after US President Donald Trump threatened to slap tariffs on overseas-made chips. It follows Trump's accusations that Taiwan stole the US chip industry and his threats to impose tariffs of up to 100 percent -- and Taipei's promises to invest more in the United States.
China's defence spending will rise by 7.2 percent in 2025, the same as last year, Beijing said on Wednesday, as its armed forces undergo rapid modernisation and eye deepening strategic competition with the United States. China's military spending last year made up 1.6 percent of its GDP, far less than the United States or Russia, according to the Stockholm International Peace Research Institute.
Asian markets were mostly up Wednesday as investors weighed bullish growth targets announced by China despite its sluggish economy and the looming prospect of a global trade war. "Investors don’t like tariffs, and they are deeply uncomfortable with President Trump's new world order, which is weighing on market sentiment," said Kathleen Brooks, research director at XTB trading platform.
A US judge on Tuesday denied Elon Musk's request to prevent OpenAI from becoming a for-profit business in a loss for the Tesla tycoon amid his feud with Sam Altman.
The first commercial mission of Europe's new heavy-lift rocket Ariane 6 has been rescheduled for Thursday, French company Arianespace announced, after an "anomaly" forced a last-minute postponement. But minutes before Monday's blast off from Europe's spaceport in Kourou, French Guiana, the company found an "anomaly" in one of the refuelling pipes.
President Donald Trump's tariffs and the retaliation they attracted will likely weigh on US growth and boost inflation, according to analysts, but, beyond that, uncertainty surrounding the levies threatens to overshadow optimism about his future policies.
Australia's plan to exempt YouTube from a world-leading teen social media ban is "illogical" and a "mockery", rival tech giants Meta and TikTok said Wednesday. While a host of countries from France to China have mooted similar measures, Australia's looming ban would be one of the strictest in the world.
Economy
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