Author: Chief Editor

Shares in Chinese tech giants Alibaba Group (9988.HK) and Tencent (0700.HK) as well as in chipmakers slumped on Monday, as investors were spooked by new U.S. export control measures aimed at slowing Beijing’s technological and military advances. The Biden administration published a sweeping set of export controls on Friday, including a measure to cut China off from certain semiconductors made anywhere in the world with U.S. equipment. The raft of measures, some of which take immediate effect, could amount to the biggest shift in U.S. policy toward exporting technology to China since the 1990s. Experts said the new rules will have a broad impact, slowing China’s…

The Bank of England sought to ease concerns about this week’s expiry of its programme to calm turmoil in the government bond market, announcing on Monday new safety net measures including a doubling of the maximum size of its debt buy-backs. After finance minister Kwasi Kwarteng last month triggered a bond market rout with plans for unfunded tax cuts, the BoE said on Sept. 28 that it would temporarily buy up to 5 billion pounds ($5.53 billion) a day of gilts of at least 20 years duration. So far, the BoE has bought far less than the minimum daily limit,…

A lack of rain and snow in central California and restricted water supplies from the Colorado River in the southernmost part of the state have withered summer crops like tomatoes and onions and threatened leafy greens grown in the winter. That has added pressure to grocery prices, putting a squeeze on wallets with no end in sight. The rise in food prices this year has helped drive U.S. inflation to its highest levels in 40 years. California’s drought conditions, on top of Hurricane Ian ravaging citrus and tomato crops in Florida, are likely to push food costs even higher. Drought…

Turkish President Tayyip Erdogan vowed on Saturday that the central bank would continue to cut its policy interest rates every month for as long as he stayed in power, after it surprised markets by cutting rates twice in the last two months. “As long as this brother of yours is in this position, the interest will continue to fall with each passing day, each passing week, each month,” he told a rally in the western province of Balikesir. Inflation has surged since November last year, as the lira slumped following cuts to the policy rate by the central bank, in…

France will not ration petrol for drivers or restrict the use of service stations in response to supply problems caused by refinery strikes, Environment Minister Christophe Bechu said on Saturday. A walkout by CGT trade union members at TotalEnergies – mainly over pay – has disrupted operations at two refineries and two storage facilities, and two Exxon Mobil (XOM.N) refineries have faced similar problems since Sept. 20. “We haven’t reached this point yet,” Bechu told franceinfo radio when asked if the government would impose any national measures beyond bans in some places on filling jerry cans. “We are calling on people’s calm…

La Liga side Real Betis are concerned by Arsenal’s interest in their star midfielder Guido Rodriguez as per Spanish outlet Fichajes. Manuel Pellegrini’s side are reportedly fearful of losing the Argentine international as he continues to impress in midfield for Real Betis. Rodriguez has been a key player for the Seville-based club as they find themselves fourth in the La Liga table this campaign. Real Betis also sit at the top of their Europa League group table with three wins out of three against HJK Helsinki, Ludogorets and AS Roma. The report claims that Rodriguez’s brilliant performance in the middle of the park…

The Commissioner for Digital Economy and E-Government in Imo State, Dr Chimezie Amadi, has said over 100,000 youths, women and people with disabilities would receive core 21st century skills in software development with the take off of the new Ministry. Amadi stated this in a chat with journalists in Abuja yesterday. He said the ministry would train the youths, on blockchain, game development and other technical vocational skills, taking the advantage of the Broadband Penetration in all the local government areas of Imo State. The ministry, he added, was expected to improve broadband penetration and coverage, Increased e-Government activities, improved…

A group within the All Progressives Congress (APC) in Akwa Ibom State, the Akwa Ibom Democratic Forum(ADF), has urged the party to hold the former Minister of Petroleum, Chief Don Etiebet, responsible if the former Minister of Niger Delta Affairs, Senator Godswill Akpabio fails the Akwa Ibom North West senatorial election in 2023. Etiebet, a member, Board of Trustees(BoT) of the APC had few days ago threatened to ensure that Akpabio loses the 2023 senatorial election if he refuses to step down. He said it is wrong for the elder statesman to argue that it was the turn of Abak…

Says output cuts not a decision from one country against another Says effect of proposed Russia sanctions still unclear Says numbers showing strong indications recession could happen Oil output target cuts agreed by OPEC+ producers will leave them more supply to tap in the event of any crises, OPEC Secretary General Haitham al-Ghais told Al Arabiya TV on Friday. OPEC+, which includes the 13 members of OPEC and 10 allies led by Russia, agreed on Wednesday to lower their output target by 2 million barrels per day. OPEC’s de facto leader Saudi Arabia said the move was necessary to respond…

A towering rally in the U.S. dollar is expected to hit third-quarter corporate earnings, potentially presenting another obstacle to stocks in a year that has experienced an already-painful market decline. The dollar index , which measures the greenback’s performance against a basket of peers, traded an average of 16.7% higher in the quarter that ended Sept. 30 than in the same period a year ago, helped by a hawkish Federal Reserve and turmoil in global financial markets that boosted the dollar’s safe-haven appeal. That means a wide range of companies will likely cite the dollar’s rise as a headwind to…