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Swiss central bank profits boosted by gold price surge
Switzerland's central bank on Friday reported a profit of 12.6 billion Swiss francs ($15.7 billion) for the first nine months of 2025, boosted by soaring gold prices and rising stock markets. To diversify its reserves, the Swiss central bank's equity portfolio uses a passive strategy that reflects stock market indices rather than picking stocks out to generate profits.
Profits dip at ExxonMobil, Chevron on lower crude prices
US oil giants ExxonMobil and Chevron reported lower earnings Friday as the decline in oil prices offset the lift from higher production. The results showed the impact on earnings from crude oil prices in the $60-$70 per-barrel range, down about $10 from the 2024 period.
2,000 trucks stuck in Belarus after Lithuania closes border: association
Some 2,000 trucks were stranded Friday in Belarus after Lithuania closed its border in response to recent airspace disruptions, a truckers association said. "Around 2,000 trucks are stranded in Belarus," Oleg Tarasov, vice president of Linava, the Lithuanian road carriers' association, told AFP on Friday.
French lawmakers reject wealth tax proposal in budget debate
France's lower house on Friday rejected a wealth tax proposed by the left, which has threatened to bring down the government if a levy on the super-rich is not in the budget. The lower house of parliament also voted down a "Zucman-light" proposal from the Socialists.
China's suspension of rare earth controls applies to EU: official
The EU's commissioner for trade on Friday said China's one-year suspension on its restrictions of rare earth materials would apply to the bloc as well as the United States. Following discussions with the United States, China on Thursday said it would suspend certain export restrictions announced in October, including on rare earth materials, for one year.
Italy complains about strong euro, urges ECB to cut rates
Italy's foreign minister called on the European Central Bank on Friday to reduce interest rates to weaken the euro, warning its strength was hurting his country's exporters.
AI giants turn to massive debt to finance tech race
Meta raised $30 billion in debt on Thursday, as tech giants flush with cash turn to borrowing to finance the expensive race to lead in artificial intelligence. The trend toward debt is new for internet giants long accustomed to having ample cash flow to pay for what they want.
Shein set to open first physical store in Paris
Controversial online fast-fashion seller Shein will open its first bricks and mortar store in the world in Paris next week, its new landlord announced Friday. Since the Shein announcement was made Disneyland Paris has abandoned plans to open a pop-up store in BHV while workers at the Paris store have staged a strike over the plan.
Nvidia to supply 260,000 cutting-edge chips to South Korea
US tech giant Nvidia said on Friday it will supply 260,000 of its most cutting-edge chips to South Korea, as CEO Jensen Huang met President Lee Jae Myung and the heads of the country's biggest companies on the sidelines of the APEC summit. Huang has sought to forge closer ties with South Korean tech giants in his visit to the country this week.
AFP
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