WASHINGTON (AFP) – With inflation rising sharply, and the Federal Reserve raising interest rates, the United States is facing an increased risk of a downturn, IMF managing director Kristalina Georgieva said on Friday (June 24). The world’s largest economy rebounded strongly from the pandemic downturn, but with the “unwelcome side effects” of rising prices, she […]
MOSCOW (REUTERS) – Telecoms equipment-maker Cisco will wind down its business in Russia and Belarus, the company told Reuters on Thursday (June 23), as the pace of Western companies departing accelerates. The United States company stopped business operations, including sales and services, in the region in March. Cisco joined US sportswear-maker Nike which also said […]
SINGAPORE (BLOOMBERG) – BlackRock is poised for a major expansion in Singapore as it follows other international firms looking to tap capital flows into South-east Asia. The world’s largest asset manager is in discussions to double its floor space at an office block in the city-state’s central business district, according to people familiar with the […]
WASHINGTON (REUTERS) – The Federal Reserve’s commitment to reining in 40-year-high inflation is “unconditional” but also comes with the risk of higher unemployment, United States central bank chief Jerome Powell said on Thursday (June 23). “It’s unconditional,” Powell told the US House of Representatives Financial Services Committee when asked about the Fed’s commitment to fight […]
NEW YORK (NYTIMES, BLOOMBERG) – Netflix laid off another 300 employees as the streaming giant seeks to bring costs under control amid uneven subscriber growth. The job losses are across the company, with most affected workers based in the United States. The cut is twice as large as the one Netflix made last month. “Today […]
A photo of a TV screen shows French President Emmanuel Macron speaking during televised address on June 22, 2022, in Paris. (LUDOVIC MARIN / AFP) PARIS – French President Emmanuel Macron said Wednesday night he could not ignore the deep political divisions in the country as shown by the results of the legislative elections. In […]
A pharmacist reconstitutes the Pfizer-BioNTech COVID-19 vaccine as she fills syringes with the vaccine for the incoming public at the UMass Memorial Health Care COVID-19 Vaccination Center in the Mercantile Center in Worcester, Massachusetts on April 22, 2021. (JOSEPH PREZIOSO / AFP) MEXICO CITY / LONDON / HARARE / COPENHAGEN / PARIS – Leaders of the […]
People participate in the second March for Our Lives rally in support of gun control in front of the Washington Monument on June 11, 2022, in Washington. (GEMUNU AMARASINGHE / AP PHOTO) WASHINGTON – The US Senate took an initial step towards passing the country's first major gun-control legislation in decades on Tuesday, galvanized by […]
Marilynn Malerba stands next to a photograph of late Chief Ralph Sturges at Tribal offices in Uncasville, Connecticut, on March 4, 2010. (JESSICA HILL / FILE / AP) ROSEBUD, South Dakota – US President Joe Biden on Tuesday announced his intention to appoint Mohegan Indian Tribe Lifetime Chief Marilynn Malerba as US treasurer, marking the […]
Freight cars stand on the railroad tracks of the freight station in Kaliningrad, Russia on June 21, 2022. (PHOTO / AP) UNITED NATIONS/MOSCOW – UN Secretary-General Antonio Guterres on Tuesday expressed grave concern about the current tension between Lithuania and Russia over Kaliningrad, said his spokesman. "We are, obviously, following these developments very closely in […]
A sign thanks visitors for visiting, outside Tiverton in south west England, on June 10, 2022, ahead of the Tiverton and Honiton by-election on June 23. (GEOFF CADDICK / AFP) TIVERTON/WAKEFIELD, England – British Prime Minister Boris Johnson could this week lose two parliamentary seats that once illustrated his broad appeal, showing his declining popularity […]
Trains stand stationary on tracks by platforms in Waterloo railway station in London on June 21, 2022. (MATT DUNHAM / AP PHOTO) LONDON – Britain's biggest rail strike in 30 years kicked off on Tuesday as tens of thousands of staff walked out in a dispute over pay and jobs that could pave the way […]
HONG KONG (REUTERS) – A desperate developer in China’s softening property market is coming up with a novel promotion to attract buyers, recently offering to take wheat and garlic as down payments. One advertisement of Henan-based developer Central China that had “swop wheat for house” in the title says buyers can use the crop, priced […]
TOKYO (REUTERS) – Oil prices continued to retreat on Thursday (June 23) as investors reassessed the risks of recession and the impact of interest rate hikes in major economies on fuel demand. US West Texas Intermediate (WTI) crude futures fell US$1.69, or 1.6 per cent, to US$104.50 a barrel by 4pm Singapore time. Brent crude futures […]
KUALA LUMPUR (BLOOMBERG) – Malaysia’s state-owned investment firm Johor Corp could seek to raise about RM1 billion (S$316.4 million) in an initial public offering of its plantation unit, according to sources with knowledge of the matter. The investment arm of the Johor state government is asking bankers for pitches for the potential listing of Kulim […]
LONDON (BLOOMBERG) – Tether is releasing a crypto token tied to the value of the British pound as part of a push into new stablecoins. The GBPT token will be available to trade on the Ethereum blockchain from early July, according to a statement on Wednesday (June 22). The crypto platform also offers tokens pegged […]
SAN FRANCISCO (REUTERS, BLOOMBERG) – Tesla’s new car factories in Texas and Berlin are “losing billions of dollars” as they struggle to increase production because of a shortage of batteries and China port issues, chief executive Elon Musk said in an interview published on Wednesday (June 22). “Both Berlin and Austin factories are gigantic money […]
WASHINGTON (BLOOMBERG) – Federal Reserve chair Jerome Powell gave his most explicit acknowledgement to date that steep interest rate hikes could tip the United States economy into recession, saying one is possible and calling a soft landing “very challenging”, “The other risk, though, is that we would not manage to restore price stability and that […]