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US industrial output slips in November
Industrial production in the US slumped in November with "broad based" decreases, the Federal Reserve said Thursday, as output for bigger-ticket consumer products and manufacturing fell. "Decreases were broad based across market groups," the report said.
US retail sales contract in November on auto and other goods
Retail sales in the US turned negative in November as the holiday shopping season got underway, dragged by auto, furniture and building supplies, according to official data released Thursday.
ECB opts for smaller rate hike but inflation still 'far too high'
The European Central Bank opted for a smaller interest rate rise of half a percentage point on Thursday but warned it expects "significantly" further hikes as red-hot inflation was still "far too high". "Interest rates will still have to rise significantly at a steady pace," they said.
Bank of England lifts interest rate to 14-year high
The Bank of England on Thursday hiked its interest rate by half a point to 3.5 percent, the highest level in 14 years, in a bid to cool sky-high inflation. Paul Dales, chief UK economist at Capital Economics, said on Thursday that he expected the BoE to keep on hiking up to a peak of 4.5 percent early next year, as inflation remains at historically-high levels. bcp/rfj/raz
New Volkswagen boss eyes tapping the brakes on software drive
Volkswagen's new boss Oliver Blume will seek to rally the board and shareholders at back-to-back meetings from Thursday to support his strategy on a crucial automotive software that felled his predecessor. That would have potentially serious knock-on effects -- from delays on a flagship model to budget overruns -- that Blume would need to talk the board and shareholders round to accepting.
Bulgarians stock up on firewood as energy costs surge
Winter is closing in but the sound of chainsaws still reverberates on the forest-covered slopes of the mountains in northern Bulgaria, while horses stand ready to transport the freshly cut wood down the steep paths. Then they started their short journey down a steep forest path to a place from where the wood can be loaded onto trucks.
Google says does not change search results after Hong Kong anthem row
Google said Thursday it does not manipulate search results, after Hong Kong's government said the tech giant had refused its demand to remove a popular protest song. The song was accidentally played for Hong Kong athletes at two international sports events last month, prompting the demand from the Chinese city to remove it from search results.
ECB tipped to follow Fed with smaller rate hike
The European Central Bank is expected to follow the US Federal Reserve's lead on Thursday and opt for a smaller interest rate hike, analysts said, on signs that red-hot inflation is finally easing.
Asian markets sink with Wall St on hawkish Fed outlook
Asian equities fell Thursday after the Federal Reserve signalled US interest rates would go higher than expected and warned the world's biggest economy would grow less than expected next year, fanning fears a recession is on the way.
AFP
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