Business
Latest stories
Biden pitches economic policies as key to manufacturing jobs revival

Bringing back factory jobs is one of the most popular of White House promises — regardless of who happens to be the president.

Donald Trump said he'd do it with tariffs. Barack Obama said companies would start "insourcing." George W. Bush said tax cuts would do the trick. But factory jobs seemed to struggle to fully return after each recession.

W140 Full Story
How hip-hop went from being shunned by big business to multimillion-dollar collabs

The signs of hip-hop's influence are everywhere — from Pharrell Williams becoming Louis Vuitton's men's creative director to billion-dollar brands like Dr. Dre's Beats headphones and retail mainstays like Diddy's Sean John and Jay-Z's Rocawear.

It didn't start out that way.

W140 Full Story
Wall Street holds steady after dropping 5 of past 6 days

Stocks and bonds are holding relatively steady as Wall Street waits for a highly anticipated report on inflation. The S&P 500 was little changed in early trading Wednesday, coming off a rough run where it's dropped five of the last six days. The Dow and the Nasdaq were also barely moving. On Thursday the government will give the latest monthly update on inflation that consumers are feeling across the country. Economists expect to see an acceleration to 3.3% in July from 3% in June. That's down sharply from a peak of more than 9% last summer.

THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.

W140 Full Story
Syria increases drug prices by 50% as Syrian pound hits new low

The Syrian government decided to increase prices of drugs by 50%, the head of the pharmacies syndicate in Damascus said Tuesday, as the Syrian pound hit new a low in recent days.

Hassan Derwan did not give a reason for the price hike in his interview with the pro-government daily Al-Watan. Earlier this year, prices were raised by between 50% and 80%.

W140 Full Story
'Stigmatized': Sex workers join criticism of UK banks

London-based sex worker Marin Scarlett and right-wing populist Nigel Farage might initially appear unlikely campaigning allies, but when it comes to the pitfalls of banking in Britain they share a common cause.

"It's ridiculous that financial institutions can act like moral arbiters," Scarlett told AFP, echoing Farage's exact same criticism last month after a scandal erupted around his treatment by British banks.

W140 Full Story
Argentines ask patron saint of work for jobs with elections around the corner

Argentines lined up on a bitterly cold winter morning in an annual pilgrimage to a Roman Catholic shrine for the patron saint of work, asking for jobs and prosperity as many struggle with one of the world's highest inflation rates.

Voters in the South American country are set to go to the polls Sunday in national primary elections that will determine party candidates for the October presidential race. But many of those in line at the shrine to St. Cayetano had little optimism things would change regardless of who comes out on top.

W140 Full Story
Italy proposes bank tax to help people with interest rate hikes, sending stocks plunging

Italian bank stocks plunged Tuesday after the Cabinet approved a proposal to apply a 40% tax on some bank profits this year to help consumers and businesses cope with higher borrowing costs.

Transport Minister Matteo Salvini announced the tax at a Monday evening press conference, saying it was a measure of "social equity" to make up for a series of interest rate hikes from the European Central Bank.

W140 Full Story
China's July exports tumble, adding to pressure to reverse economic slump

China's exports plunged by 14.5% in July compared with a year earlier, adding to pressure on the ruling Communist Party to reverse an economic slump.

Imports tumbled 12.4%, customs data showed Tuesday, in a blow to global exporters that look to China as one of the biggest markets for industrial materials, food and consumer goods.

W140 Full Story
Geagea slams 'demonic' Hezbollah-FPM alliance, opposes funding state from BDL

Lebanese Forces leader Samir Geagea blamed Tuesday the "demonic alliance" between the Axis of Defiance and the Free Patriotic Movement for the tragic situation in Lebanon, as he criticized the government for borrowing from the Central Bank.

"Borrowing from the Central Bank is illegal," Geagea said, dubbing the successive finance ministries a "disaster".

W140 Full Story
Saudi Arabian oil giant Aramco reports $30B in Q2 profits

Saudi state-run oil giant Aramco said Monday that it made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices.

Total sales stood at just over 400 billion riyals (about $106 billion), down from 562 billion riyals ($150 billion in the second quarter of 2022. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease "mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins."

W140 Full Story