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Business
Vietnam shoemaker PouYuen to lay off 6,000 workers amid plummeting demand
One of Vietnam's leading shoe manufacturers, catering to brands like Nike Inc and Adidas AG, announced plans to lay off thousands of employees due to a significant drop in orders.…
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Pharmacy emerges as top category in EU’s high-tech exports, valued at €446 billion
The European Union (EU) witnessed a substantial surge in high-tech imports from non-EU countries in 2022, totaling an estimated €482 billion—an impressive 22% increase compared to the…
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US default threatens global crisis as $31.46 trillion debt deadline looms
The United States is facing a potential global economic crisis as it approaches a catastrophic default on its $31.46 trillion debt, according to US Treasury Secretary Janet Yellen.…
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Chinese Yuan hits record lows against surging US dollar
The yuan has hit new record lows against the surging US dollar, with the internationally-traded yuan reaching its lowest point since 2011 and China's domestic currency hitting its…
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Abu Dhabi outperforms other economies in MENA region with 9.3% GDP growth in 2022
The Statistics Centre - Abu Dhabi (SCAD) has released the Gross Domestic Product (GDP) estimates report for 2022, revealing that Abu Dhabi's economy grew by 9.3% by the end of the year,…
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Pakistan’s economy suffers major setback as IMF denies $6 billion loan
The International Monetary Fund (IMF) has dealt another blow to Pakistan's economy by rejecting the country's claim of fulfilling the conditions necessary to secure a $6 billion loan.…
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Apple shares climb as iPhone sales rebound, surpassing estimates
Apple Inc.'s shares experienced an uptick in early trading after the tech giant reported a rebound in iPhone sales during the last quarter. The world's most valuable company managed to…
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Shopify cuts workforce by 20 percent, sells logistics arm to Flexport for equity stake
Shopify has announced plans to reduce its workforce by 20%, impacting over 2,000 employees, and has agreed to sell its logistics business to Flexport in exchange for approximately 13%…
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Wall Street faces staffing cuts as Morgan Stanley plans to eliminate 3,000 jobs
As the slump in Initial Public Offerings (IPOs) and mergers on Wall Street continues to deepen this year, leading advisory firms including Morgan Stanley, Bank of America, and Citigroup…
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Tech giant Apple’s savings account hits $1 billion milestone in record time
Apple Inc., the Cupertino-based tech behemoth, has garnered unprecedented attention with the recent launch of its Apple Card Savings Account. The introduction of this financial…
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