Barrage of Russian attacks aims to cut Ukraine’s lights
In central Kharkiv you hear the rattle of generators on every street. Ten days ago, Ukraine’s second city was plunged into darkness by a massive, targeted Russian missile attack on the energy system – it was the biggest since the start of the full-scale war. As Kharkiv works to restore power, there has been a wave of additional strikes across the country targeting the energy supply. Volodymyr Zelensky has condemned what he calls Russia’s “missile terror”. The Ukrainian president has also renewed his calls to his country’s allies for more air defence systems as protection. The authorities in Odesa on [Read More…]
Why US economy is powering ahead of Europe’s
While countries around the world have struggled to recover from the economic setbacks brought on by the pandemic, one has emerged particularly strong. With a fast-growing economy, a strong labour market and falling inflation, the US has outpaced its counterparts in Europe and elsewhere. In terms of GDP, it posted a 3.3% gain in the fourth quarter of 2023, far exceeding economists’ expectations of 2%. That put the US at 2.5% over the course of the year, outpacing all other advanced economies and on track to do so again in 2024. “The US is holding up much better than other [Read More…]
Apple overtakes Samsung as world’s biggest phonemaker
Apple now has the lion’s share of the global smartphone market, knocking Samsung off the top spot for the first time in 12 years. The American phone giant accounted for more than a fifth of phones shipped last year, according to data from the International Data Corporation (IDC). Samsung took 19.4% of the market share with Chinese phonemakers Xiaomi, OPPO and Transsion following behind. Smartphone sales have been faltering as many people upgraded in the pandemic. The IDC reports that almost 1.2 billion smartphones were sold last year – a drop of more than 3% on the previous year. It [Read More…]
Javier Milei: New president tells Argentina ‘shock treatment’ looms
Argentina’s new far-right president has vowed to deliver economic “shock treatment” in his first speech after formally taking office. Javier Milei warned Argentines “there is no money” and recommitted to a programme of harsh austerity measures. The populist outsider won a surprise election victory in November with radical pledges to overhaul the South American nation’s ailing economy. Mr Milei’s inauguration was held in Buenos Aires on Sunday. In a day of pomp and ceremony, the 53-year-old capped his extraordinary rise to power with a speech which left Argentines in no doubt he intends to embark on an economic path unlike any previous [Read More…]
Why businesses are pulling billions in profits from China
Foreign businesses have been pulling money out of China at a faster rate than they have been putting it in, official data shows. The country’s slowing economy, low interest rates and a geopolitical tussle with the US have sparked doubt about its economic potential. All eyes will be on a crucial meeting between Chinese leader Xi Jinping and US President Joe Biden this week. But businesses appear to be already erring on the side of caution. “Anxieties around geopolitical risk, domestic policy uncertainty and slower growth are pushing companies to think about alternative markets,” says Nick Marro from the Economist Intelligence Unit [Read More…]
Hamas blindsides Israel with most serious attack in a generation
Israel was taken by surprise by the most ambitious operation Hamas has ever launched from Gaza. The scale of what’s been happening is unprecedented. Hamas breached the wire that separates Gaza from Israel in multiple places in the most serious cross-border attack Israel has faced in more than a generation. It came a day after the 50th anniversary of the surprise attack by Egypt and Syria in 1973 that started a major Middle East war. The significance of the date will not have been lost on the Hamas leadership. Israel’s Prime Minister Benjamin Netanyahu says his country is at war [Read More…]
Rishi Sunak considers weakening key green policies
Rishi Sunak is considering weakening some of the government’s key green commitments in a major policy shift. It could include delaying a ban on the sales of new petrol and diesel cars and phasing out gas boilers, multiple sources have told. The PM is preparing to set out the changes in a speech in the coming days. Responding to the reported plans, he said the government was committed to reaching net zero carbon emissions by 2050 but in a “more proportionate way”. The aim of net zero is for the UK to take out of the atmosphere as many greenhouse [Read More…]
Disney ‘s Snow White: Has the fairy tale already gone sour?
Hot on the trail of a string of Disney live action remakes, the famous film company’s new version of 1937 classic Snow White and the Seven Dwarfs, set for release next year, has stirred controversy on social media. While debate about Disney’s reboots is nothing new, the backlash over the new Snow White (note the dwarfs have been dropped from the title) has been particularly vociferous from some quarters. Much of the furore – which has had some TikTokers up in arms – has been building in recent weeks after interviews with Rachel Zegler, who plays the new Snow White, [Read More…]
Biden to meet Sunak and King during UK visit
The context of this presidential visit can be summarised in two numbers. President Biden was last in the UK three months ago. And this visit is the fifth time in five months Prime Minister Rishi Sunak and President Biden have met. And you only need one word to describe this trip. Short, just like the last one. President Biden was in Belfast in April en route to the Republic of Ireland for a longer trip. This time, he is en route to the summit of the defence alliance Nato, which is taking place in Vilnius in Lithuania on Tuesday and Wednesday. It [Read More…]
Binance accused of ‘web of deception’ in US
Crypto giant Binance has been accused of engaging in a “web of deception” as it was hit with another lawsuit by US financial regulators. The Securities and Exchange Commission (SEC) said the trading platform and its founder Changpeng Zhao ignored the rules meant to protect investors to keep operating in the US. Both the company and Mr Zhao are accused of mishandling customer funds. Binance said it would defend the platform “vigorously”. The complaint from the SEC is the second lawsuit filed against the firm this year and follows promises by the US to police the crypto industry more aggressively. [Read More…]
