• Huge Titanic replica to open in China
    Author: AFPID: 1620977612527548400Fri, 2021-05-14 03:42 SUINING: The Titanic is being brought back from the deep, more than a century after its ill-fated maiden voyage, at a landlocked Chinese theme park where tourists can soon splash out for a night on a fullscale replica. The project’s main backer was inspired to recreate the world’s most infamous cruise liner […]
  • Riyals, euros or dollars: Women money changers at heart of Djibouti’s street economy
    Author: AFPID: 1620975487437491700Fri, 2021-05-14 06:38 DJIBOUTI: They are a familiar sight on the busy streets of Djibouti: women clutching handbags bulging with dollars, euros, riyals and rupees, the money changers keeping the informal economy ticking over. Perched on plastic chairs, feet propped on wooden steps, these “sarifley” as they are locally known are vital to the global […]
  • Musk tweets, doge leaps and bitcoin retreats
    Author: ReutersID: 1620974477167455500Fri, 2021-05-14 02:30 SINGAPORE: Bitcoin was pinned near its lowest in more than two months on Friday and headed for its worst week since February, while dogecoin leapt by a fifth as tweets from Tesla boss Elon Musk sent the two cryptocurrencies on a wild ride. Markets have gyrated to Musk tweets for months since […]
  • Egypt’s road building drive eases jams but leaves some unhappy
    Author: ReutersID: 1620973059047412900Fri, 2021-05-14 06:00 CAIRO: At weekends, Egyptian President Abdel Fattah El-Sisi is often driven out to a road construction site in Cairo where he is pictured surveying stretches of recently poured asphalt and being briefed by workers. The highways and bridges he inspects are the most visible part of a big infrastructure push meant to […]
  • Turkey’s Karpowership says it is shutting down power to Lebanon
    Author: ReutersID: 1620972329327391100Fri, 2021-05-14 05:28 BEIRUT: Turkey’s Karpowership, which provides electricity to Lebanon from two barges, said on Friday it was shutting down supplies over payment arrears and a legal threat to its vessels as the nation grapples with a deep economic crisis. The company, which supplies 370 megawatts (MW), or about a quarter of Lebanon’s current […]
  • Oil extends loss on India COVID-19 cases, US pipeline restart
    Author: ReutersID: 1620971656087342300Fri, 2021-05-14 05:34 SINGAPORE: Oil prices fell on Friday after dropping about 3 percent a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyberattack. Brent crude oil futures were down 10 cents, or […]
  • Bitcoin drops after report Binance under US probe, Tesla move
    Author: Fri, 2021-05-14 03:53 NEW YORK/LONDON/TOKYO: Bitcoin slid to a 2-1/2-month low on Thursday after a regulatory probe into crypto exchange Binance added to pressure from Tesla Inc. chief Elon Musk’s reversing his stance on accepting the digital currency. Bloomberg reported on Thursday that as part of the Binance inquiry, the US Justice Department and the […]
  • Building material prices surge in Saudi Arabia
    Fri, 2021-05-14 03:51 RIYADH: The price of building materials, especially steel, rose in the first quarter (Q1) of this year, as construction activity began to recover from the slowdown caused by the coronavirus disease pandemic last year. The price of steel surged to SR3,514.73 ($937.26) per ton in Q1 of 2021, a 33 percent increase […]
  • World Bank: Saudi Arabia among biggest sources of remittances in 2020
    Author: Fri, 2021-05-14 03:39 RIYADH: Saudi Arabia was the third largest source of remittances globally in 2020, just behind the UAE and the US, according to the latest report from the World Bank. The US was the biggest source country, sending $68 billion abroad last year, while foreign workers in the UAE sent home $43 billion […]
  • US stocks rebound following inflation scare
    Author: Fri, 2021-05-14 01:15 LONDON: US stocks rebounded on Thursday, a day after slumping on worries that soaring US inflation could trigger interest rate rises sooner than expected, and in turn harm global economic recovery. Focus was also on bitcoin, which resumed sharp falls after Tesla’s Elon Musk stopped allowing people to pay for his electric cars […]


  • SFO investigating GFG Alliance; Amazon creates 10,000 UK jobs; markets rally – business live
    Rolling coverage of the latest economic and financial newsSFO investigating GFG AllianceFull story: Investigation includes arrangements with GreensillAmazon to hire 10,000 more UK staffEarlier:FTSE 100 rallies, but mining companies dragIntroduction: Iron ore prices plunge in China amid clampdown.Full story: Bank of England head says drivers of inflation will not persist 1.28pm BST ING rates strategist […]
  • Rachel Reeves to consult Joe Biden’s team on Labour’s economic offer
    Shadow chancellor will discuss how party can appeal to blue-collar voters and urban graduatesThe new shadow chancellor, Rachel Reeves, intends to consult Joe Biden’s economic team on how Labour can make a major economic offer before the next election, rooted in job security, childcare and social infrastructure.The party has suffered a bruising week of infighting, […]
  • Wall Street rebounds as US jobless claims fall to pandemic low – as it happened
    Rolling coverage of the latest economic and financial newsLatest: FTSE 100 closes in red, but off lowsWall Street rallies after two days of heavy fallsUS jobless claims drop to 473,000 last weekUS PPI inflation jumpsEarlier:Bond yields rise as inflation worries weigh on marketsBT to create 7,000 UK jobs in broadband pushBitcoin slides after Tesla suspends […]
  • Bank of England head says drivers of inflation will not persist
    Governor Andrew Bailey at odds with bank’s chief economist warning of price inflation above 2% targetThe governor of the Bank of England has sought to calm financial market fears over rising inflation but has exposed a policy rift with Threadneedle Street’s outgoing chief economist, Andy Haldane.The day after Haldane used a newspaper article to warn […]
  • Double-digit inflation rates are a thing of the past | Larry Elliott
    But news from the US means markets are likely to remain twitchy at the prospect of interest rate hikes Flared jeans. Fawlty Towers. Abba churning out No 1 singles. It has been a long time, but the explanation for the severe bout of jitters on global stock markets this week comes down to a word […]
  • Senior Bank of England policymaker warns of inflation risk
    Andy Haldane says economic recovery will resemble bouncing tennis ball and outpace US this yearBritain’s economy will “power through in the months ahead”, according to a senior Bank of England policymaker, “moving swiftly from bounce-back to boom”.The recovery will resemble a bouncing tennis ball and outpace the US and the rest of the G7 this […]
  • Federal Reserve complacency over US inflation risks looks wrong | Nils Pratley
    Many investors are right to wonder if the ultra-low interest rates they have been semi-promised until 2023 will materialiseStatistical quirk or a warning of a fundamental change in the inflationary weather? We know on which side of the debate the US Federal Reserve will land. It will take the relaxed view that the sharpest monthly […]
  • Rachel Reeves decries lack of employment bill in Queen’s speech
    New shadow chancellor faces Rishi Sunak in Commons for first time and signals intent to recoup lost votersLabour’s Rachel Reeves made a clear attempt to start reconnecting with the party’s lost supporters by using her debut as shadow chancellor to back British workers and to attack the lack of government action on employment rights in […]
  • Markets fall as US consumer prices see sharpest monthly climb since 2008
    Consumer Price Index increases 4.2% in April year-on-yearUsed cars and trucks lead surge in pricesUS consumer prices soared in April as post-lockdown demand and shortages drove up the cost of a wide range of goods, from used cars and home furnishings to airline tickets. Related: FTSE 100 shares fall sharply amid US inflation fears Continue […]
  • US inflation jumps to highest rate since 2008; UK economy rebounds – as it happened
    US inflation jumps to 4.2%; US 10-year bond yields soarUK remains hardest hit by pandemic among G-7 nations European Commission lifts growth forecasts on vaccines, stimulusUK trade with EU recovers in MarchOil prices rise as IEA sees demand recovery outpacing supplyTui to deploy Dreamliner as Portugal bookings skyrocketClosing summary 3.06pm BST A big jump in […]

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