World Street | China pauses press briefings, Gold glitters at fresh high, Bitcoin booms to $68,400, Zara zooms back on Ukraine

World Street offers a sneak peek into the world of business and economy

From China's press break in parliamentary meetings to abortion being made a constitutional right in France, here are top news from across the globe in today's edition of World Street.

Press Break

China's Premier Li Qiang will break a three-decade tradition by skipping the annual parliamentary meetings' press briefing, potentially heightening investor concerns over opaque policymaking. The announcement came from Lou Qinjian, spokesperson for this year's National People's Congress, briefing in Beijing on March 4.

Abortion Allusion

France made history by incorporating the right to abortion into its Constitution, a global precedent applauded by women's rights organisations but vehemently condemned by anti-abortion groups. MPs and senators overwhelmingly supported the measure, with 780 votes in favor and 72 against, during a special joint session of parliament held under the opulent ceilings of Versailles Palace, located just outside Paris.

Poll Promises

Vladimir Putin's promises for the upcoming Russian presidential elections will cost tens of billions of dollars over the next six years. His plans involve increasing state support to boost the birth rate and life expectancy, investing in infrastructure and technology, and enhancing non-oil exports. Additionally, there are proposals to address Russia's labor shortage, which has been worsened by the conflict in Ukraine.

Zara's Comeback

Zara is getting ready to open its stores in Ukraine again. They had closed them when the war started. This is a big moment because it shows that life is slowly getting back to normal in some cities, even with the conflict with Russia going on. In 2022, some shops, restaurants, and bars started reopening. H&M, another big clothing store, reopened its shops in Ukraine in November 2023.

Macbook Makeover

Apple introduced the updated versions of its 13-inch and 15-inch MacBook Air laptops on March 4. These new laptops come with Apple's latest M3 chip. Apple mentioned that the new MacBook Air laptops have better 1080p webcams, support faster Wi-Fi, and have up to 18 hours of battery life. The design hasn't changed from the previous models. With the new M3 chip, users can now connect up to two external displays, which is an improvement compared to earlier chips that only supported one screen.

Gold Glitters

Gold prices soared to their highest level ever on March 4 as traders speculated that the Federal Reserve would initiate interest rate cuts in the latter half of the year. This marks the second consecutive trading session in which gold has set a record, following Friday's closing at an all-time high of $2,095.70 per ounce.

Bitcoin Boom

Bitcoin had a strong start to the week, nearing its all-time high after a pause over the weekend. The leading cryptocurrency rose by nearly 9 percent to $68,491.47, according to Coin Metrics. At its peak, it reached $68,638.55, the highest level since November 2021 when it last hit a record high. Ether also saw gains, rising over 5 percent to $3,650.41.

Rate Cuts Hopes Diminishing

Atlanta Fed President Raphael Bostic emphasised that the US Federal Reserve feels no immediate need to lower interest rates, citing a thriving economy and job market. However, he cautioned about the potential risk of inflation remaining above the central bank's 2 percent target or rising further due to "pent-up exuberance." Bostic maintained his stance that the Fed may consider approving two quarter-point rate cuts by the year's end.

'X' Tussle

Former top executives from Twitter, including CEO Parag Agrawal, Chief Financial Officer Ned Segal, legal head Vijaya Gadde, and General Counsel Sean Edgett, have filed a lawsuit against Elon Musk and X Corp. They claim they are owed $128 million in unpaid severance.

Japan's Growth

In the last quarter of 2023, Japanese businesses boosted their investments, suggesting they were more optimistic than suggested by the overall growth figures released last month. The finance ministry reported a notable 8 percent increase in capital expenditures on goods (excluding software) in the three months ending December compared to the previous quarter.

(With inputs from Reuters and other agencies)