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EU unveils plan to counter US green subsidies, China competition
The EU on Wednesday unveiled proposals including a controversial expansion of state aid rules to counter the threat to European industry from US green subsidies and unfair competition from China. The EU's competition chief Margrethe Vestager however insisted the bloc would act carefully and the relaxation of state aid rules would be "temporary, well targeted".
US manufacturing activity contracts for third month: survey
Activity in the US manufacturing sector shrank for a third straight month in January, hovering at the lowest levels since May 2020 as new orders and production slumped, according to survey data released Wednesday. In recent months, the manufacturing Purchasing Managers Index has been at its lowest levels since the pandemic recovery began.
US private hiring slows more than expected in January: survey
Private employers in the United States slowed their hiring pace in January, payroll firm ADP said Wednesday, in the latest sign that economic activity is cooling on efforts to rein in inflation.
Total CEO expected in Mozambique after gas project halted
The head of French energy giant TotalEnergies is expected this week to visit Mozambique, where a multi-billion-dollar gas project has been on hold since a 2021 jihadist attack, according to government sources. He is expected to hold talks with President Filipe Nyusi and government ministers, the sources said.
Pakistan inflation rises to 48-year high as IMF visits
Inflation has risen to a 48-year high in crisis-hit Pakistan, where the International Monetary Fund is visiting for urgent talks, according to data released on Wednesday by the country's statistics bureau. "Inflation is so high that one cannot earn enough."
Eurozone inflation falls but uncertainty remains
The eurozone's annual inflation rate has fallen for a third consecutive month, official data showed on Wednesday, but uncertainty over the figures and continued price growth cooled optimism. There had been fears that the eurozone's core inflation, which excludes food and energy prices, would jump in January.
Norway not a war profiteer, PM says
Norway has grown richer by the minute as the conflict in Ukraine boosts its gas revenues, but the country is not a war profiteer, its prime minister told AFP in an interview. Calls have mounted in Norway and abroad for the country to redistribute at least part of the windfall to Ukrainians, or risk being called a war profiteer.
Half a million strike in UK's largest walkout in 12 years
Half a million workers went on strike in Britain on Wednesday, calling for higher wages in the largest such walkout in over a decade, closing schools and severely disrupting transport. With thousands of schools closed for the day, Education Minister Gillian Keegan told Times Radio she was "disappointed" teachers had walked out.
Hong Kong economy shrank 3.5 percent in 2022
Hong Kong's economy shrank by 3.5 percent in 2022, with exports plunging and the city's worst-ever coronavirus outbreak battering businesses, the government announced Wednesday, while saying it hoped China's reopening would spur a recovery.
AFP
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