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Norway's wealth fund posts $107 bln first quarter gain
Norway's sovereign wealth fund, the world's largest, posted a gain of more than $100 billion in the first quarter amid the global stock market recovery, it said Thursday. Shares, which accounted for 72.1 percent of the fund's portfolio, saw a 9.1 percent return in the first quarter, buoyed by a stock market rally amid the prospect of falling interest rates.
Taiwan chip giant TSMC's profits surge on AI demand
Taiwanese semiconductor giant TSMC announced Thursday a nearly 9 percent increase in net profits in the first quarter of 2024, buoyed by global demand for its microchips used to power everything from mobile phones to AI technology. CFO Wendell Huang also said during an earnings call Thursday that TSMC expects its second-quarter revenues to increase by 27.6 percent.
X working with Pakistan govt to 'understand concerns' over ban
Social media platform X said Thursday it would work with Pakistan's government "to understand its concerns" after authorities insisted an ongoing two-month ban was based on security grounds. "We continue to work with the Pakistani Government to understand their concerns," X's Global Government Affairs team posted, in their first comments since the site was disrupted.
UN says solutions exist to rapidly ease debt burden of poor nations
The heavy debt weighing on developing countries can be alleviated through readily available measures, the UN's trade and development chief said, pleading for bold international action. There have been numerous efforts over the decades to resolve debt problems weighing on poor countries, but Grynspan said they have been so slow and complicated that they often act as a "deterrent".
EU seeks to take on China, US to reverse economic decline
The European Union's economy is falling further behind China and the United States, a major headache that will dominate leaders' talks on Thursday as they discuss how to stem the bloc's economic decline and bounce back. The EU has been put further on the back foot as China and the United States have ploughed billions of dollars of state aid to prop up their critical industries.
Tesla, Starlink entry on agenda when Musk heads to India
Tech billionaire Elon Musk is set to visit India as his businesses seek new markets in the world's most populous nation, with electric carmaker Tesla -- suffering a sales downturn in the United States -- reportedly scouting factory locations. The Financial Times reported earlier this month that Tesla would send a team to scout locations in at least three states for a factory.
Markets rise as traders consider US rate outlook
Asian markets rose Thursday with traders mulling the outlook for US interest rates as Federal Reserve officials questioned the need for a cut anytime soon. Comments from Fed officials reinforced the view that sticky inflation and a resilient US economy will keep the bank from easing monetary policy anytime soon.
Prosecutors seek 12-year sentences for 'Panama Papers' accused
The prosecution sought 12-year prison sentences Wednesday for the founders of a now-defunct law firm at the center of the so-called "Panama Papers" tax evasion scandal. The prosecution requested up to 12 years in prison for both in that case.
US to reimpose oil sanctions on Venezuela
The United States said Wednesday it will snap back sanctions on Venezuela's crucial oil industry after President Nicolas Maduro's government continued its repression of opponents.
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