Global electricity demand slowing sharply: IEA

Global demand for electricity is slowing sharply this year due to sluggish economic growth and runaway energy prices and the trend will likely continue next year, the International Energy Agency said Wednesday.

Global economic outlook has ‘darkened significantly’: IMF

The global economic outlook has “darkened significantly” and could deteriorate further, the IMF’s managing director said Wednesday, citing Russia’s war in Ukraine and the rapid inflation it has caused, threatening widespread hunger and poverty.

BBM’s team slashes PH economic growth outlook  for 2022

President Ferdinand “Bongbong” Marcos Jr.’s economic managers expect the local economy to expand at a slower pace than earlier predicted as the country grapples with inflation, bloated debt levels and heighted global uncertainty.

Zara owner Inditex profits up despite Ukraine war

Global clothing giant Inditex, which owns Zara, posted Wednesday a surge in its first-quarter profits despite closing its stores in Russia after its invasion of Ukraine. The world’s biggest fashion retailer said its net profit increased by 80 percent in the first three months of its financial year to April 31, compared to the same […]

From deflation to war: How the ECB responded and what is next

The global surge in inflation has brought to an end a long period of low interest rates and forced central banks around the world to try to bring prices under control by raising borrowing costs. Inflation in the eurozone soared to an all-time peak of 8.1 percent in May, precipitating a response from the European […]

Global markets mostly sink on Fed chief’s remarks

Global stock markets slid Friday after the Federal Reserve warned of an aggressive tightening of monetary policy to tame runaway inflation. Frankfurt and Paris stocks were down almost two percent in late afternoon deals while London lost one percent as investors shrugged off a survey showing the bloc’s economic activity accelerated in April. Wall Street […]

China govt to help run coal power plants at full capacity

China will help its coal-fired power plants run at full capacity, the government has announced, raising further alarm about the fate of Beijing’s climate pledges. Swathes of the world’s second-biggest economy were paralysed last year because of power shortages, partly caused by a drop in coal supply as global prices of the fossil fuel soared. […]

Global Covid cases surge nine percent in a week

The Covid-19 pandemic took a turn for the worse this week, fuelled by fast deteriorating situations in western Europe and the United States. Here is the global state of play based on an AFP database. – Half a million a day – The number of new daily coronavirus cases increased sharply by nine percent globally […]

FedEx relocates pilots from Hong Kong over city quarantine rules

Global delivery giant FedEx said Wednesday it was closing its crew base in Hong Kong and relocating pilots overseas because of the city’s strict anti-coronavirus measures. The move is the latest blow to Hong Kong’s reputation as a global logistics hub as strict travel curbs and mandatory quarantine rules keep the city cut off from […]

Wrong number: Squid Game card triggers call deluge

Global streaming giant Netflix has edited a phone number that appears in its global hit series “Squid Game” after South Koreans who use it or similar combinations were deluged with calls — some asking to join the show’s life-or-death games. The South Korean-made series has topped Netflix popularity charts in more than 80 countries since […]