Asia Economy
China’s property sales are set to plunge 30% — worse than in 2008, S&P says
Most apartments in China are sold before developers finish building them. Pictured here on June 18, 2022, are people selecting apartments at a development in Huai’an, Jiangsu province, near Shanghai. Future Publishing | Future Publishing | Getty Images BEIJING — China’s property sales are set to plunge this year by more than they did during […]
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IMF slashes global GDP forecast as economic outlook grows ‘gloomy and more uncertain’
The International Monetary Fund on Tuesday cut its global growth projections for 2022 and 2023, dubbing the world’s economic outlook “gloomy and more uncertain.” The IMF now expects the world economy to grow 3.2% this year, before slowing further to a 2.9% GDP rate in 2023. The revisions mark a downgrade of 0.4 and 0.7 […]
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India’s IT giants pay CEOs millions as turnover climbs among software talent
There is a wild mismatch between the salaries of the CEOs of Indian Information Technology companies and lower and mid-level employees, the latter seen here going about their business at the headquarters of India’s best-known technology company, Infosys Technologies Ltd. in Bangalore in a stock photo. Bloomberg | Bloomberg | Getty Images The chief executive […]
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China’s latest spike in Covid cases strands tourists and restricts travel
The western province of Gansu is one of the hardest hit by China’s summer Covid outbreak. Pictured here is a Red Cross volunteer spraying disinfectant in Dingxi, Gansu. Vcg | Visual China Group | Getty Images BEIJING — China’s daily Covid case count has climbed into the hundreds as the summer holidays get underway. Many […]
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Global chip shortage is not over and the slowdown is ‘going to bite,’ IDC says
The global chip shortage will continue, and consumers will have to pay for it, an analyst from the International Data Corporation said. Sasirin Pamai | Istock | Getty Images The global chip shortage is not over yet, and the war in Ukraine continues to put a strain on supplies of important parts needed, one analyst […]
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Biden arrives in Saudi Arabia a ‘much diminished president,’ the kingdom’s former intel chief says
Prince Turki Al Faisal, Saudi Arabia’s former intelligence chief and onetime ambassador to Washington. Stefan Wermuth/Bloomberg “As an example, on energy issues, he came in with a policy to stop completely fossil fuel usage not only in the United States, but worldwide, and now he is finding himself having to rely on fossil fuels as […]
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Shares of Tianqi Lithium slump around 10% in first day of trading in Hong Kong
Shares of Tianqi Lithium slumped about 10% in their Hong Kong market debut Wednesday, after the Chinese company raised about $1.7 billion in the city’s biggest listing so far this year. The stock traded at around 74.50 Hong Kong dollars ($9.49), lower than the offer price of HK$82 ($10.45) a share. It slipped to as […]
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U.S. Treasury diplomat nominee aims to curb China’s lending influence
Jay Shambaugh, associate professor of economics at the George Washington University, speaking at a macro policy discussion in the U.S. on Wednesday, April 17, 2013. The nominee for the U.S. Treasury’s top economic diplomacy job said on Tuesday he wants to limit China’s growing global lending influence by working with international financial institutions and development […]
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U.S., Japan agree to address currency, economic impact of Ukraine war
Japanese Finance Minister Shunichi Suzuki shaking hands with US Treasury Secretary Janet Yellen at the latter’ office in Tokyo on July 12, 2022. U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki agreed on Tuesday to further strengthen bilateral ties and work together to address rising food and energy prices exacerbated by Russia’s […]
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Singapore’s state-owned investor Temasek reports record portfolio value
A signage for Temasek Holdings is displayed during a news conference following the company’s annual review in Singapore on July 9, 2019. Bryan van der Beek | Bloomberg | Getty Images SINGAPORE — Temasek Holdings reported Tuesday that the net value of its portfolio grew to $286.48 billion (403 billion Singapore dollars) at the end […]
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