US private payrolls increased by 278,000 jobs last month, beating economists’ estimates which had predicted growth of 170,000, according to the ADP National Employment report. The findings, released on Thursday, indicated that the labour market showed resilience despite the Federal Reserve raising interest rates by 500 basis points since March 2022. On Wednesday, it was revealed that there were 10.1 million job openings at the end of April, with 1.8 job openings for each unemployed individual.
Senegalese politician Ousmane Sonko has been sentenced to two years in jail for "corrupting youth" but acquitted of rape charges. The political figure, who won significant support among young voters, claimed the allegations were a ruse to thwart his candidacy for next year's presidential election. Sonko came third in 2019's presidential contest, behind ex-Prime Minister Idrissa Seck and the incumbent Macky Sall. The politician has also received a 6-month suspended jail sentence in a defamation case.
The number of Americans filing new claims for unemployment benefits has risen modestly, with initial claims for state unemployment benefits hitting 232,000, according to data from the US Labor Department. It suggested the labor market remained tight despite increased fears of an ensuing recession. Job cut announcements increased 20% to 80,089 in May compared to the previous month. Analysts said although job growth has slowed from its previous pace, demand for labor remained strong, compared to the same period a year earlier. The jobless figure in April fell to a 53-year low of 3.4%.
US Secretary of Defense Lloyd Austin said he finds the Chinese Minister of National Defence Li Shangfu's refusal to meet him at the annual Shangri-La Dialogue Asian security summit in Singapore "unfortunate". The Pentagon leader has also met with Japanese Defense Minister Yasukazu Hamada on his way to the summit and said he is "concerned about at some point having an incident that could very, very quickly spiral out of control" following China's recent moves to assert its military presence in the region.
Athens International Airport shareholders have signed a memorandum of understanding with the Hellenic Republic Asset Development Fund (HRADF) to allow the privatisation agency to sell a 30% stake in the airport. Germany-based AviAlliance, which currently owns 40% of the airport, is also looking to acquire a further 10%, while HRADF's remaining 20% will be sold via an initial public offering. The 30% stake could be valued at between €800m and €1bn ($880.6m-$1.1bn). The sale was originally targeted to take place in H1 2021, but is now expected to conclude by the end of the year, depending on market conditions.
Jordan's crown prince, 28-year-old Hussein bin Abdullah, married Saudi architect Rajwa Alseif in a wedding attended by global royalty. The marriage was seen as cementing his future role in the monarchy as successor to Jordan's King Abdullah II. The event was held at the Zahran Palace in Amman, where King Abdullah II married Queen Rania in 1993 and King Hussein married his second wife, Antoinette Gardiner, a British citizen in the same gardens decades earlier.
Japan is to spend ¥3.5tn ($25bn) a year as it attempts to halt declining birthrates by providing financial support to families with young children. As we reported earlier this year, in a bid to stop the population falling, the government is trying to get women to have more babies, as currently the birth rate has fallen to 1.4 children a woman. This is significantly lower than the rate required to maintain the population, which heath experts put at 2.1. The decline affects an economy heavily indebted and struggling after years of deflation coupled with a rapidly ageing population. Parents will be entitled to a monthly allowance of around ¥15,000 ($107) for each child from newborn to two years old. There will then be ¥10,000 for children from the age of three and older, with the coverage expanded to include children in senior high school and the state will no longer use household income as a criterion in providing allowances to parents.
Japan, which has one of the world’s oldest populations, has long sought to tackle the issue through both incentivising mothers to produce more children and through reform of working practices to help keep women in employment after they start a family. The country’s banking industry has led the way in encouraging female employees to take to the boardroom and to become senior traders - they have even started to offer extra paid holidays to encourage women to have children. However, recent surveys have displayed a reluctance on the part of Japanese men to step up and do more housework so that their wives can balance a career with raising a family.
Italian tennis player Jannik Sinner has been knocked out of the French Open by Germany's Daniel Altmaier. Sinner, an eighth seed, lost in the second round after five hours and 26 minutes of play. Last year, he reached the quarter-finals of Roland Garros before losing to Rafael Nadal. Speaking after the match, Altmaier said he was delighted with the win and praised his team for the support they gave him throughout the tournament. Norwegian Casper Ruud also progressed to the third round on Thursday, beating Italian qualifier Giulio Zeppieri.
Jannik Sinner lost to Daniel Altmaier 6-7(0) 7-6(7) 1-6 7-6(4) 7-5 in a second round match at the French Open. Sinner began strongly but was eventually overcome by the German player, who only needed his fifth match point to send the Italian out of the competition. Also in the French Open, last year’s runner-up Casper Ruud defeated Italian qualifier Giulio Zeppieri to move into the third round.
The foreign ministers of the BRICS group (Brazil, Russia, India, China and South Africa) met to discuss ‘rebalancing’ the world order and promoting a multipolar world. Topics under discussion included the use of alternative currencies to the US dollar for international trade and reforming global decision-making. Members of the group said they wanted to welcome new members, with Saudi Arabia, Iran and the United Arab Emirates thought to be among the 12 countries expressing interest in joining.
India's campaign for greater economic self-reliance is on shaky ground as critics doubt the success of becoming a smartphone manufacturing hub due to low-end assembly-line jobs. Since asking investors to manufacture locally, across industries such as electronics, electric-vehicle batteries, solar panels, and textiles, only "Make in India" appears to have succeeded. While it worked for mobile phones attributed to a five-year, $24 billion Production Linked Incentive subsidy, other plans for semiconductors have collapsed. Experts are sceptical and wonder whether the handouts outweigh the value added.
Members of the European Parliament (MEPs) voted by 442 to 144, with 33 abstentions, to express "doubt" that Hungary is suitable to take over the rotating EU presidency, which is expected in the second half of 2024. The country is under scrutiny for its stance on the rule of law and other issues, with the European Parliament calling on member states to find "a proper solution". The non-binding text did not detail what would happen if that solution wasn't found, but experts suggested chairmanship of some meetings could be transferred to another country or the rotation could be altered.
Cameroon's ongoing cholera outbreak has claimed the lives of 26 more people in the past two weeks, bringing the overall death toll to 426, according to a health ministry official. The outbreak was declared in October 2021 but saw a sharp increase in cases in late March after a period of low transmission. The number of confirmed cases in the country now stands at 1,868. Cholera can cause acute diarrhoea, vomiting, and weakness, and can kill within hours if untreated. The World Health Organization has expressed concern that many countries are reporting higher case fatality ratios than in previous years.
Switzerland has convicted Alieu Kosiah for crimes against humanity and war crimes during Liberia's civil war. Kosiah was found guilty of multiple atrocities in 2021 and was sentenced to 20 years in prison. The crimes were committed in the first of Liberia's back-to-back civil wars. It was the first time a Liberian had been convicted of war crimes committed during the conflict in the world. Kosiah was deported after serving his sentence and barred from re-entering Switzerland for 10 years. Liberia's civil wars are infamous for the use of child soldiers, with an estimated 250,000 people dead between 1989 and 2003.
Ukrainian President Volodymyr Zelenskyy has rejected peace plans that take into account Russia's concerns to end the 16-month war in the country. Speaking at a summit of European leaders in Moldova, Zelenskyy renewed calls to endorse Ukraine's peace plan. He said: "A peace plan cannot be prepared by the aggressor — it is prepared by those who have suffered." China has proposed a peace plan, whilst South Africa has offered a plan involving some other African countries.
Ukrainian President Volodymyr Zelenskyy has rejected peace plans that take into account Russia's concerns to end the 16-month war in the country. Speaking at a summit of European leaders in Moldova, Zelenskyy renewed calls to endorse Ukraine's peace plan. He said: "A peace plan cannot be prepared by the aggressor — it is prepared by those who have suffered." China has proposed a peace plan, whilst South Africa has offered a plan involving some other African countries.
Oil prices increased in early Asian trade on Friday as markets assessed the possibility of price-supportive oil production cuts from OPEC+ over the coming weekend, amid positive outlooks on US monetary policy and its debt ceiling bill. Brent crude futures rose to $74.41 a barrel and West Texas Intermediate crude rose to $70.25 a barrel. The industry is gearing up for the June 4 meeting of OPEC+ to determine whether or not to further reduce output to support government revenues.
Oil prices increased in early Asian trade on Friday as markets assessed the possibility of price-supportive oil production cuts from OPEC+ over the coming weekend, amid positive outlooks on US monetary policy and its debt ceiling bill. Brent crude futures rose to $74.41 a barrel and West Texas Intermediate crude rose to $70.25 a barrel. The industry is gearing up for the June 4 meeting of OPEC+ to determine whether or not to further reduce output to support government revenues.
South Korea's consumer inflation rose 3.3% YoY in May, the slowest pace in 19 months and marking the fourth consecutive month of easing; the figure matched market expectations. Data from the Statistics Korea also revealed that on a monthly basis, the index rose 0.3% in May, continuing its sixth consecutive month of gains. However, the central bank warned that the inflation outlook remains uncertain due to a number of factors including global oil prices, economic growth and public utility price increases.
South Korea's consumer inflation rose 3.3% YoY in May, the slowest pace in 19 months and marking the fourth consecutive month of easing; the figure matched market expectations. Data from the Statistics Korea also revealed that on a monthly basis, the index rose 0.3% in May, continuing its sixth consecutive month of gains. However, the central bank warned that the inflation outlook remains uncertain due to a number of factors including global oil prices, economic growth and public utility price increases.
