Paris and Switzerland’s Zurich tied Hong Kong as the world’s most expensive cities this year as the COVID-19 pandemic impacted the prices of everyday items, according to a report from the Economist Intelligence Unit. Singapore fell to fourth place as foreign workers left the country after losing their jobs. The research was based on the prices of 138 everyday goods and services in around 130 cities worldwide.
SHANGHAI (AFP) -- Chinese e-commerce leader Alibaba on Thursday reported solid 30 percent year-on-year revenue growth for the July-September quarter, providing some much-needed good news amid turmoil over its Ant Group affiliate's abandoned IPO. Hangzhou-based Alibaba said revenue -- a key measure of the internet giant's business health as well as overall Chinese consumer spending -- rose to 155 billion yuan ($23 billion).The announcement comes ahead of China's November 11 "Single's Day&qu
BRUSSELS (AP) -- The European Union's executive commission on Thursday lowered its growth forecast for the economic rebound from the coronavirus pandemic next year and said the economy wouldn't reach pre-virus levels until 2023. The regular autumn forecast foresees the economy of the 19 countries that use the euro growing only 4.2 percent in 2021 instead of the previous estimate of 6.1 percent. The downgrade comes as governments record increasing numbers of infections, sick people in hos
BEIJING (AP) -- Global stock markets and US futures rose Tuesday on investor hopes that a possible victory by challenger Joe Biden in the American presidential election might lead to more economic stimulus. Dow futures were up 1.6% while those for the S&P 500 were 1.3 percent higher ahead of the start of trading on Wall Street. European indexes were up firmly in midday trading, while Asian markets closed higher. Traders are betting Biden might push for a bigger US stimulus package if
LONDON (AP) -- A global economic watchdog on Monday proposed an overhaul of international tax rules to make sure big tech companies pay their dues, and warned that failure to adopt it would make the economic recovery from COVID-19 harder. The Paris-based Organization for Economic Cooperation and Development, which advises the world's top economies, said its global tax overhaul framework will be presented to Group of 20 finance ministers meeting this week and could be implemented by mid-2021 if
TOKYO (AP) -- Global shares mostly rose on Monday as investors weighed the prospects of more US economic stimulus and rising coronavirus cases across the world. US shares were set for a steady outset to the week, with Dow futures rising 0.1 percent and S&P 500 futures up nearly 0.6 percent. France's CAC 40 rose 0.8 percent to 4,985, while Germany's DAX rose 0.6 percent at 13,126. Britain's FTSE 100 added 0.1 percent to 6,024 after European Union officials say they finally are seeing progr
SEATTLE (AP) -- Amazon has introduced new palm reading technology in a pair of Seattle stores and sees broader uses in places like stadiums and offices. Customers at the stores near Amazon's campus in Washington can flash a palm for entry and to buy goods. The company chose palm recognition, according to Dilip Kumar, vice president of Physical Retail & Technology, because it's more private than other biometric technology, and a person would be required to purposefully flash a palm at the
Public attitudes about the economy have become bleaker as the coronavirus pandemic continues to weigh globally, according to a Pew Research Center survey released recently. Overall, a median of only 31 percent of adults across the surveyed nations assess their country’s current economic situation as good, while more than two-thirds say conditions are bad. In Germany, while the majority continue to view the economy positively, the percentage who view it negatively has more than dou
General Motors formed its second major electric vehicle partnership in less than a week, this time a $2 billion deal with startup Nikola. GM will take an 11 percent ownership stake in the Phoenix company and will engineer and build Nikola's Badger hydrogen fuel cell and electric pickup truck. The Badger is expected to be in production by the end of 2022. GM also will help with cost reductions for Nikola's other vehicles including heavy trucks, and the company will use GM's battery system and
LG Chem became the largest supplier of electric vehicle batteries in the first seven months of this year, data showed. Based on the global usage of EV batteries, LG Chem’s market share stood at 25.1 percent in the January-July period, compared with 10.6 percent a year earlier, according to market tracker SNE Research. The data showed that 13.4 gigawatt-hours of energy from LG Chem’s EV batteries was used in the January-July period, compared with 6.8 gigawatt-hours a year ear
FRANKFURT AM MAIN (AFP) -- Germany is in a V-shaped economic recovery and should avoid a new phase of lockdowns, the economy minister said Tuesday, despite a resurgence of coronavirus cases. German GDP is expected to fall 5.8 percent in 2020, a narrower recession than the 6.3 percent drop projected earlier, Peter Altmaier said, signalling that the country is emerging from the worst of the crisis. Altmaier said Germany "can and will" avoid lockdowns like Germans lived through in Mar
DETROIT (AP) -- A day after its 5-for-1 stock split took effect, Tesla is announcing plans to sell up to $5 billion worth of common shares. The electric car and solar panel maker says in a filing with securities regulators that it intends to sell up to 10.03 million shares and use the proceeds for unspecified general corporate purposes. The sales would be made "from time to time" and Tesla says the actual amount of the offering can't be determined at present. The stock would be so
Samsung Electronics maintained its dominant status in the global DRAM market in the second quarter of the year, a report showed, as the pandemic drove demand for server chips. The South Korean tech giant’s market share in the global DRAM market stood at 43.5 percent in the April-June period, down 0.6 percentage point from three months earlier, while its revenue increased 13.8 percent to $7.4 billion over the cited period, according to data from market researcher TrendForce. Its
PCs, somewhat left behind in the mobile internet age, are making a comeback as people stuck at home due to the coronavirus rely on them for work, education and entertainment, industry watchers say. Gartner and International Data Corp. reports show shipments of desktop computers, laptops and workstations grew in the second quarter as pandemic-related disruptions to the supply chain were overcome. IDC determined that PC shipments worldwide jumped 11.2 percent to 72.3 million units on the
Amazon has overtaken Apple as the world’s most valuable brand, according to global market research conducted by Kantar. The report, titled 2019 Top BrandZ, claims the value of the e-commerce giant’s brand grew to $415 billion. Apple came second, valued at $352 billion, with Microsoft in third place at $326 billion South Korea’s Samsung had the 40th biggest value at almost $32 billion.