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Pressure on Merz as Trump tariffs hit German economy
Germany's economy shrank more than expected in the second quarter as US tariffs battered exports, official data showed Friday, ramping up pressure on Chancellor Friedrich Merz to turn Europe's top economy around.
Australia orders audit of crypto trading giant Binance
Australia has ordered the local arm of the world's largest cryptocurrency exchange, Binance, to appoint an external auditor after identifying "serious concerns" with its money laundering and terrorism financing controls.
US wine sellers left in limbo despite EU tariff deal
At a wine shop in Washington's Capitol Hill neighborhood, bottles sourced from Europe are becoming costlier to import -- and soon, pricier for customers to buy, the owner says -- thanks to a resident just down the road in the White House. "Everybody's redoing their price books at this point," said Michael Warner, co-owner of wine boutique DCanter in Washington's Capitol Hill neighborhood.
Under Trump pressure, US Fed chief to walk tightrope in speech
US Federal Reserve chief Jerome Powell is expected to walk a fine line while delivering a closely watched speech at a central banking conference on Friday, as he faces down attacks from President Donald Trump alongside mixed economic data. Powell is due to deliver his final Jackson Hole speech as Fed chair at 10:00 am Eastern Time (1400 GMT) on Friday.
Nvidia chief says H20 chip shipments to China not a security concern
Shipping Nvidia's H20 chips to China was "great" for Beijing and Washington and not a security threat, the tech giant's chief said Friday. The California-based company produces some of the world's most advanced semiconductors but cannot ship its most cutting-edge chips to China due to concerns from Washington that Beijing could use them to enhance military capabilities.
Rice prices up 91 pct year-on-year in Japan
Rice prices in Japan soared 90.7 percent in July year-on-year, official data showed Friday, but the rate of increase slowed from previous months offering some relief for Prime Minister Shigeru Ishiba. But other data released Wednesday showed exports to the United States plunging 10.1 percent in July, with cars down 28.4 percent.
Asian markets tick up as investors eye Jackson Hole meeting
Asian markets were mostly up Friday morning ahead of a pivotal speech by the US central bank chief, expected to shed light on possible interest rate cuts in the world's top economy.
Meta makes huge cloud computing deal with Google: source
Meta has made a cloud computing deal with Google worth more than $10 billion over the course of six years, a source close to the transaction told AFP Thursday. Google parent Alphabet's cloud computing business was on pace to bring in $50 billion over the course of the year, the company said in a recent earnings report.
Less tax, more luxury: millionaires flock to Dubai
Rich people are flocking to Dubai in record numbers, drawn to the desert city by its zero income tax policy and easy luxury lifestyle that has become harder to maintain elsewhere. Some are pushed out by a stricter taxation policy for people with "non-dom" status -- those who live in Britain but whose permanent domicile is abroad and had benefitted from no tax on income earned outside the country.
AFP
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