Germany flashes the cash
German retail sales have jumped by the largest amount in seven years and unemployment has fallen in Spain. As Amy Pollock reports both have added to the optimism over the region's economy.
German retail sales have jumped by the largest amount in seven years and unemployment has fallen in Spain. As Amy Pollock reports both have added to the optimism over the region's economy.
The Israeli army said it took "operational control" of the Palestinian side of the Rafah border crossing between Gaza and Egypt on Tuesday and that troops were scanning the area."Right now at the moment what's happening, we have operational control over the Gazan side of Rafah crossing, and we have special forces scanning the area to find additional terror infrastructure or terrorists," the military said.
Microsoft was hit with a Spanish startup group's complaint about its cloud practices to the Spanish antitrust regulator on Tuesday, the latest grievance over its fast-growing cloud computing services and which followed a trade group's EU complaint. The U.S. tech giant ranks second in the cloud computing sector, behind market leader Amazon but is expected to close the gap rapidly as a clutch of generative AI features powered by OpenAI's technology attract business users. The Spanish Startup Association, which represents more than 700 startups in Spain, cited a number of allegedly anti-competitive practices by Microsoft in recent years.
An Israeli tank brigade has seized control of the Gaza Strip side of the Rafah border crossing with Egypt, authorities say, moving forward with an offensive in the southern city even as cease-fire negotiations with Hamas remain on a knife’s edge. Israel, meanwhile, insisted the deal did not meet its core demands. The high-stakes diplomatic moves and military brinkmanship left a glimmer of hope alive — but only barely — for an accord that could bring at least a pause in the 7-month-old war that has devastated the Gaza Strip.
Most markets built on the latest global rally Tuesday as optimism that the US Federal Reserve will cut interest rates this year continued to breeze through trading floors.Investors will be keeping an eye on comments from Fed officials this week in light of the recent jobs data, which came after three months of forecast-beating inflation figures that had seen markets lower their rate cut expectations to less than two -- from six at the start of the year.
Norway and Moldova on Tuesday signed a memorandum of understanding to tighten cooperation in the energy sector aimed at securing supply in the eastern European country that is trying to end its long-standing reliance on Russia. The agreement aims to "promote and enhance cooperation in the field of energy; including but not limited to, energy transition and energy security, as well as to encourage new investments in the energy sector".
Palestinian civilians told to evacuate eastern Rafah by the Israeli military have described their fear and despair at being uprooted from their homes and shelters, as Israel airstrikes hit Gaza’s southernmost city.
The United States sees Iran's capacity to move its oil as reliant on service providers based in Malaysia, with oil being transferred near Singapore and throughout the region, the U.S. Treasury Department's top sanctions official said on Tuesday. Brian Nelson, Treasury's undersecretary for terrorism and financial intelligence, was speaking during a four-day visit to Singapore and Malaysia, which the department said aimed to advance its work in countering financing and revenue generation by Iran and its proxies.
GEORGE, South Africa (Reuters) -Rescuers searched through the debris of a multi-storey building collapse in the South African city of George early on Tuesday that has left at least five people dead and dozens still trapped. President Cyril Ramaphosa offered his condolences to the families of the deceased and called for an investigation. "Investigations into the cause of the incident must aim to bring closure to the community and prevent a repeat of this disaster," Ramaphosa's office said in a statement.
Oil giant Saudi Aramco said Tuesday its first-quarter net profit dipped 14.5 percent on year to $27.27 billion as the Gulf kingdom kept production cuts in place.Net income was 102.27 billion riyals ($27.27 billion), down from 119.54 billion riyals ($31.88 billion) for the same period in 2023, Aramco said, adding that "the decrease was primarily a result of lower crude oil volume sold".
TOKYO (Reuters) -Japan's Nintendo said on Tuesday it plans to make an announcement about the successor to its long-lasting Switch console during the financial year ending March 2025. Nintendo has extended the lifecycle of the Switch device with hit titles such as "The Legend of Zelda: Tears of the Kingdom", with the market focused on the prospects for next-generation hardware. The Kyoto-based gaming company said it expects to sell 13.5 million Switch units in the current financial year as it tries to squeeze further sales from the aging device.
TOKYO (Reuters) -Japan has described as "regrettable" U.S. President Joe Biden's comment that "xenophobia" is stifling the Asian nation's economic growth, the top government spokesperson said on Tuesday. Last week Biden said "xenophobia" in economies from China to Japan and India was hobbling their growth, while arguing at a Washington fund-raising event that migration has been good for the U.S. economy. "We lodged representations to the United States that the comment was not based on the correct understanding of Japan's policy and regrettable," Chief Cabinet Secretary Yoshimasa Hayashi told a regular news conference, without elaborating.
Asian markets forged higher Tuesday after another day of gains on Wall Street led by technology stocks. U.S. futures were nearly flat and oil prices edged higher. The advance was led by semiconductor companies like Tokyo Electron, which closed 4.8% higher, and Advantest, which picked up 2.2%.
Swiss banking giant UBS on Tuesday said first quarter net profit rose 71 percent to nearly $1.8 billion, far exceeding expectations, after two quarters in the red due to the mammoth takeover of Credit Suisse.In the first quarter of last year, UBS had posted a net profit of just over $1 billion.
Oil giant Saudi Aramco announced first-quarter net profit of $27.27 billion on Tuesday, down 14.5 percent from last year as the Gulf kingdom kept production cuts in place. Net income was 102.27 billion riyals ($27.27 billion), down from 119.54 billion riyals ($31.88 billion) for the same quarter in 2023, Aramco said, adding that "the decrease was primarily a result of lower crude oil volume sold".
The body of a 4-year-old boy was recovered from floodwaters near Fort Worth, Texas, on Sunday, as search and rescue teams statewide continue to patrol streets and neighborhoods inundated by rainfall.
An Israeli tank brigade seized control Tuesday of the Gaza Strip side of the Rafah border crossing with Egypt, authorities said, moving forward with an offensive in the southern city even as cease-fire negotiations with Hamas remain on a knife’s edge. Israel, meanwhile, insisted the deal did not meet its core demands. The high-stakes diplomatic moves and military brinkmanship left a glimmer of hope alive — but only barely — for an accord that could bring at least a pause in the 7-month-old war that has devastated the Gaza Strip.
Human Rights Watch said Tuesday an Israeli strike in Lebanon that killed seven first responders was "an unlawful attack on civilians", and urged Washington to suspend weapons sales to Israel.The rights group urged the United States to "immediately suspend arms sales and military assistance to Israel given evidence that the Israeli military is using US weapons unlawfully". lg/aya/srm/jd/kir
Hindu nationalist Prime Minister Narendra Modi cast his ballot Tuesday in India's ongoing general election after giving several inflammatory campaign speeches accused of targeting minority Muslims.Modi's brand of Hindu-nationalist politics has made India's 220-million-plus Muslim population increasingly anxious about their future in the country.
BERLIN (Reuters) -German chip manufacturer Infineon announced a cost savings programme on Tuesday as it again lowered its full-year revenue outlook, blaming ongoing industry-wide weak demand. The company lowered its revenue guidance to 15.1 billion euros ($16.3 billion), plus or minus 400 million euros, for the year, down from its previous guidance of 16 billion euros, plus or minus 500 million euros. The segment result margin, management's preferred measure of operating profitability, is also likely to be lower than predicted three months ago, at around 20%, Infineon said.
One of London's oldest gentlemen's clubs on Tuesday votes on whether to start accepting women amid a row that has bitterly divided members.BBC world affairs editor John Simpson last week tweeted: "Various Garrick Club members including Sting, Mark Knopfler and leading actors and producers have reportedly written to the club chairman saying they'll resign if the membership doesn't vote to accept women next Tuesday."