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US retail sales, industrial production post April gains
Retail sales in the United States returned to growth in April fueled by a rebound in motor vehicle sales, data released Tuesday showed, but not by as much as many expected. - Strong vehicle production - A separate report released Tuesday by the Federal Reserve showed industrial production rose 0.5 percent month-on-month, beating median expectations of economists surveyed by MarketWatch.
Erdogan rival faces uphill struggle in Turkey runoff
Turkey's secular opposition leader may have succeeded in forcing President Recep Tayyip Erdogan into his first ever runoff, but his chances of winning on May 28 are remote. The opposition leader, himself an Alevi Kurd who represents one of Turkey's most repressed communities, was endorsed by the pro-Kurdish HDP party in late April.
EU backs tougher tax rules on crypto transactions
EU ministers agreed stronger rules Tuesday to crack down on the use of cryptocurrencies in tax fraud, as Brussels bolsters its efforts to regulate the volatile sector.
Mishandling of luggage soars as air travel rebounds: study
The rate of lost, damaged or delayed luggage nearly doubled last year as air travel rebounded and the sector faced staff shortages following the Covid pandemic, a study found on Tuesday. Passenger air traffic soared to 3.42 billion last year, but airports and airlines had fewer staff to handle the surge after laying off thousands when the pandemic brought the sector to its knees.
Ex-Audi boss pleads guilty in German 'dieselgate' trial
Ex-Audi CEO Rupert Stadler pleaded guilty at his "dieselgate" fraud trial in Germany on Tuesday, becoming the highest-ranking former executive to make a confession in the emissions cheating scandal that rocked the car industry. The "dieselgate" saga shocked Germany and is seen as the country's biggest post-war industrial scandal.
Wells Fargo to pay $1 bn to settle shareholder class action
US bank Wells Fargo has agreed to pay $1 billion to settle a class action lawsuit by shareholders who accused it of not having changed its management and practices quickly enough after a series of scandals. Since 2016, Wells Fargo has paid billions in settlements and financial penalties related to its business practices. tu/mtp/dan
China economic data for April miss expectations as demand cools
China's economic data for April missed expectations last month, official figures showed Tuesday, as low demand and high youth unemployment led to a patchy recovery after lifting strict Covid rules. Low domestic demand despite low inflation has slowed China's economic recovery.
New study quantifies link between climate crisis, wildfires
In a first, US climate scientists have quantified the extent to which greenhouse gasses from the world's top fossil fuel companies have contributed to wildfires.
Asian markets wobble as US struggles to reach debt deal
Equities were mixed in Asia on Tuesday as traders grow increasingly concerned that US lawmakers remain far apart in their bid to raise the country's borrowing limit to avert a default. US President Joe Biden, who has expressed confidence the two sides can bridge the gap, is scheduled to meet with McCarthy and other congressional leaders at the White House later Tuesday.
AFP
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