PARIS: The pandemic and soaring inflation have done nothing to take the shine off luxury brands, from Louis Vuitton to Gucci and Cartier, as the sector hiked prices to notch up stellar profits. The world economy began to recover from the pandemic last year but the rebound has been accompanied by rising inflation, with prices for raw materials and energy soaring.

BEIRUT: Once the economy’s crown jewel, Lebanon’s banks are shutting branches and laying off employees in droves, resizing to the bleak reality of a crisis they are widely blamed for. 

ISTANBUL: There is a silver lining to Turkey’s currency crisis and the global supply chain crunch: The country is becoming an attractive alternative at the gates of Europe for foreign firms. 

PARIS: Renault returned to profit last year but the global shortage of semiconductors will crimp production again in 2022, the French automaker said Friday. The company posted a better-than-expected net profit of 967 million euros ($1.1 billion) after a record eight-billion-euro loss in 2020, when the onset of the pandemic pummelled the global economy.

LONDON: Britain’s NatWest bank said Friday that it surged back into annual profit last year as the economy recovered from COVID, and forecast it stands to gain from rising interest rates. 

TUNIS: Every day at the family grocery stall in a Tunis market, Bilel Jani sees the reality of a biting economic crisis, which for many has overshadowed Tunisia’s latest political turmoil. 

KUWAIT: The Central Bank of Kuwait’s recent decision to open the door for the establishment of digital banks signaled a new milestone in the state financial regulator’s drive for digitization and keeping abreast with the latest trends in global financial services, Kuwaiti banking officials and experts have concurred. 

PARIS: European aircraft giant Airbus posted record profits in 2021 after two years of losses as it cruises past the pandemic-induced crisis in the travel industry, company results showed yesterday. 

WASHINGTON: Soaring US inflation rates are “not acceptable” but the health of the world’s largest economy is fundamentally sound thanks to policies that have mitigated the impact of the pandemic, Treasury Secretary Janet Yellen said.