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US charges two for protecting Russian oligarch's super yacht
The US unveiled criminal charges Friday against two men who it said sought to protect sanctioned Russian oligarch Viktor Vekselberg's $90 million superyacht from seizure.
US Fed official favors smaller rate hike in February
There is ample evidence that a steep climb in interest rates has dampened demand and economic activity, suggesting the US central bank can further slow its rate hikes, Federal Reserve Governor Christopher Waller said Friday. Over the past year, the Fed has raised rates seven times including four steep 75-basis point jumps before slowing to 50 basis points in December.
In cold Davos, warmer days seen for the world economy
An air of optimism for the global economy blew through Davos this week after fears that the war in Ukraine, an energy crisis and soaring inflation could trigger a global recession. A drop in energy prices that had soared following Russia's invasion of Ukraine has fuelled the optimism.
After Davos, a race for money to stop climate change
US climate envoy John Kerry bluntly summed up in one word what the planet needs to avoid a global warming catastrophe at the World Economic Forum this week: money. But the week-long forum exposed fault lines over how to meet those targets at a time when the world faces a costly war in Ukraine, an economic downturn, soaring inflation and a cost-of-living crisis.
Yellen contrasts US-Africa relations with China, Russia on Senegal visit
US Treasury Secretary Janet Yellen on Friday touted the fruits of a new "mutually beneficial" economic strategy towards Africa, contrasting the damage caused by Russia's invasion of Ukraine and China's practices. - Russia - Yellen cited the Covid-19 pandemic and Russia's invasion of Ukraine as major economic headwinds for Africa.
US home sales slump for 11th month, slammed by mortgage rates
Sales of existing homes in the United States have fallen for the 11th straight month, as a rough period of limited inventory and high mortgage rates persists, according to industry data released Friday. "December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates," said NAR chief economist Lawrence Yun in a statement.
Western climate subsidies risk hitting emerging markets: IMF
The head of the IMF warned Friday that Western subsidies to combat climate change and encourage the transition to clean energy sources risked hitting the economies of the developing world.
Google announces 12,000 job cuts
Google's parent company Alphabet announced about 12,000 job cuts globally on Friday citing a changing "economic reality", becoming the latest US tech giant to enact large-scale restructuring. According to tech site Layoffs.fyi, nearly 194,000 industry employees have lost their jobs in the US since the beginning of 2022, not including those announced by Alphabet on Friday.
Elite Davos forum 'sitting target' of conspiracy theorists
A Swiss Alpine town where heads of state and business titans huddle for a week of debate: the World Economic Forum in Davos is an ideal target for conspiracy theorists pushing the idea of an elite cabal running the world.
AFP
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