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Arab Times
7 minutes ago
- Arab Times
Global markets mostly gain after Wall Street tumbles following poor US jobs report
BANGKOK, Aug 4, (AP): Global shares advanced Monday after Wall Street had its worst day since May following the release of weak US jobs data. France's CAC 40 added 0.8% in early trading to 7,609.44, while the German DAX rose nearly 1.0% to 23,702.42. Britain's FTSE 100 edged up 0.4% to 9,108.28. US shares were set to drift higher with Dow futures up 0.6% at 43,951.00. S&P 500 futures rose 0.6% to 6,302.75. Markets in Asia had already reacted on Friday to US President Donald Trump's announcement late Thursday of sweeping tariffs on imports from many US trading partners. The new import duties are set to take effect on Thursday. The signs of trouble on the US economic horizon have raised hopes that the Federal Reserve may relent and cut interest rates, analysts said. Tokyo's Nikkei 225 index lost 1.3%, bouncing back from bigger losses earlier in the day to finish at 40,290.70. The Hang Seng in Hong Kong jumped 0.9% to 24,733.45, while the Shanghai Composite index climbed nearly 0.7% to 3,583.31. In South Korea, the Kospi surged 0.9% to 3,147.75. Australia's S&P/ASX 200 was nearly unchanged at 8,663.70. Investors' worries about a weakening US economy deepened after the latest report on job growth in the U.S. showed employers added just 73,000 jobs in July. That is sharply lower than economists expected. The Labor Department also reported that revisions shaved a stunning 258,000 jobs off May and June payrolls. "The labor market, once a pillar of resilience, is now looking more like a late-cycle casualty, as soft data begin to replace soft landings in market discourse,' Stephen Innes of SPI Asset Management said in a commentary. Trump's decision to order the immediate firing of the head of the government agency that produces the monthly jobs figures raised concern over whether there might be interference in future data. The surprisingly weak hiring numbers led investors to step up their expectations the Fed will cut interest rates in September. The yield on the 10-year Treasury fell to 4.21% from 4.39% just before the hiring report was released. That's a big move for the bond market. The yield on the two-year Treasury, which more closely tracks expectations for Fed actions, plunged to 3.68% from 3.94% just prior to the report's release.
The Star
7 minutes ago
- The Star
Man electrocuted while taking selfie on a train roof in Germany
DUSSELDORF (dpa): A man suffered severe burns from a powerful electric shock after climbing onto a stationary train at Cologne central station to take a selfie, German police said on Monday. The man got too close to a power line, the police said in a statement. Even without making direct contact, an electric arc was created with a current approximately 65 times stronger than that of a conventional power socket, they said. The man fell from the train and was taken to the hospital with extensive burns. While conscious, he said he wanted to take a selfie, the police statement said. The accident on Sunday caused significant disruption to rail services, affecting 24 trains, according to a spokeswoman. The police are looking for witnesses to the incident. - dpa
Local Germany
9 minutes ago
- Local Germany
German city of Heidelberg introduces minimum fares for Uber rides
The south-western city of Heidelberg has introduced minimum fares for Uber and other taxis alternatives like Bolt. It's currently the only major German city with minimum fares in place. The new regulation in Heidelberg stipulates that prices for trips in ride-share cars can be a maximum of 7.5 percent below the fees set for taxi drivers. Previously the price of Uber rides was found to be around 35 percent cheaper than taxi fares for the same ride. Taxi fares in Germany are regulated by the local district, and often have set minimum rates which can prevent taxi businesses from charging below a certain price. Ride sharing startups like Uber and Bolt have so far been exempt from these rules. How much more will an Uber ride cost? Unfortunately for customers of Uber, Bolt or similar app-based ride hailing services, rides around town will be significantly pricier going forward. As an example, DPA reported that a journey from Heidelberg's main station to it's world-famous castle, which takes about 15 minutes, could cost as little as €9 with Uber versus about €25 by taxi. READ ALSO: Weimar to Heidelberg - The best German university towns for foreign students Being limited to a maximum of 7.5 percent below taxi fares, the same Uber ride could be expected to cost just over €23 now. Why limit prices? A spokesperson for the city of Heidelberg told DPA, "The order is necessary to prevent dumping prices in rental car traffic - regardless of whether the services are platform-based or not." Uber criticized the decision, calling it a "black day for consumers," and suggesting that the rule would unfairly affect people with low incomes who might no longer be able to afford trips. A recent study from the University of Oxford's Department of Computer Science, however, suggests that Uber's dynamic pricing model creates higher fares for passengers and also lower earnings for drivers. Advertisement The non-profit consumer organisation Stiftung Warentest found that while Uber prices can be cheaper than taxi fares in some cases, they will also be significantly higher during times of high demand. One example was seen at the Oktoberfest in 2019 when an Uber ride from Munich Airport to the Wiesn cost almost €120 – €40 more than with a taxi. While Germany's regulations on taxi prices might keep prices higher at times, they also are designed to protect passengers from wildly inflated prices when demand surges. READ ALSO: 'Gute Fahrt' - The essential vocab you need for driving in Germany Will more German cities adopt minimum prices? Differences in the rules for taxi prices versus services like Uber have previously led to widespread protests by taxi drivers . The Federal Taxi Association sees similar pricing issues in more than 20 major German cities. "We urge all affected cities in Germany to follow Heidelberg's example," the taxi association's managing director told DPA. Advertisement Meanwhile the federal association "Wir fahren", has said it will support affected companies in taking legal action against the decision. The city of Leipzig had previously set minimum rates for ride service providers, but the city revoked the order at the end of May following a legal dispute. The district of Lörrach in southwestern Baden-Württemberg had introduced a similar regulation in 2022, but Uber is not actively operating there. The city of Munich has recently said it would not set minimum prices for ride share services for the time being. In the city of Heidelberg, which has a population of 155,000, there are 162 licensed taxi drivers and at least 95 vehicles at 18 companies organized through Uber, according to figures provided by the city. The city sees the taxi industry as part of the public service and "worthy of protection".
