US Justice Department sues Visa, saying it monopolizes debit card markets
NEW YORK — The U.S. Justice Department filed an antitrust lawsuit against Visa on Tuesday, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market, costing consumers and businesses billions of…
Sri Lanka’s new president calls parliamentary elections to consolidate his mandate
Colombo, Sri Lanka — Sri Lanka’s new President Anura Kumara Dissanayake dissolved Parliament late Tuesday and called for parliamentary elections in less than three weeks in an effort to consolidate power after his weekend election victory. A government notification said…
German economy expected to contract again in 2024, say sources
Berlin — Germany’s leading economic institutes have downgraded their forecast for 2024 and now see Europe’s largest economy shrinking by 0.1%, people familiar with the figures from the autumn joint economic forecast told Reuters on Tuesday. Germany’s economy was the…
Biden administration seeks to ban Chinese, Russian tech in most US vehicles
New York — The U.S. Commerce Department said Monday it’s seeking a ban on the sale of connected and autonomous vehicles in the U.S. that are equipped with Chinese and Russian software and hardware with the stated goal of protecting…
Eurozone business activity slumps after Olympics boost
Brussels, Belgium — Eurozone business activity declined for the first time in seven months in September, as France lost steam after the end of the Paris Olympic Games, a key survey said Monday. S&P Global’s purchasing managers’ index (PMI) —…
EU challenges China’s dairy product probe at WTO
Brussels — The European Commission launched a challenge at the World Trade Organization (WTO) on Monday against China’s investigation into EU dairy products, initiated after the European Union placed import tariffs on Chinese electric vehicles. This is the first time…
High inflation memories cloud US consumers’ outlooks
Washington — Even before the Federal Reserve approved its outsized half-percentage-point interest rate cut last week, financial markets had begun making credit cheaper for households and businesses as they bid down mortgage rates, cut corporate bond yields, and chipped away…
Investor focus turns to data, election, earnings after Fed rate cut
NEW YORK — A roaring rally in U.S. stocks will face a gauntlet of economic data, looming political uncertainty and a corporate earnings test in coming weeks as investors navigate one of the most volatile periods of the year for…
Nigeria’s inflation rate dips, but Nigerians still feel the pinch
ABUJA, NIGERIA — The high inflation rate in Nigeria dropped slightly in August, but a decline in the value of the nairia and a continued increase in fuel prices are eroding the slight gains and threatening to reignite the inflationary…
German minister: VW must solve most of its problems alone
Frankfurt, Germany — Germany wants to support Volkswagen and help it avoid factory closures but the ailing car giant will have to fix most of its problems itself, Economy Minister Robert Habeck said Friday. Volkswagen said earlier this month it…