World economy
‘Echoes of the Cold War’ as Blinken heads to Africa, vying with Russia for influence
PRETORIA, South Africa, August 8, 2022: South Africa’s Foreign Minister Naledi Pandor (R) and Secretary of State Antony Blinken (L) attend a strategic dialogue opening session meeting at the South African Department of International Relations and Cooperation. ANDREW HARNIK/POOL/AFP via Getty Images U.S. Secretary of State Antony Blinken arrived in South Africa on Monday to […]
Read More
Labor supply in hospitality sector is “very tight” given wage inflation: HSH CEO
The Hongkong and Shanghai Hotels’ CEO Clement Kwok says the luxury hotel group remains cautious on the business outlook despite the momentum in “revenge-spending”. Source
Read More
Video game giants had a miserable second quarter as the pandemic gaming boom hits a wall
A gamer plays on Sony’s Playstation 5 console at his home in Seoul. Yelim Lee | AFP via Getty Images The giants of the video game world saw their sales slide in the second quarter, as initial tailwinds from the Covid pandemic faded. In the three months ended June, Microsoft, Sony and Nintendo each posted […]
Read More
Taiwan’s trade with China is far bigger than its trade with the U.S.
Container trucks line up to enter the Port of Keelung in Keelung, Taiwan. Data show that Taiwan depends more on China for trade than it does on the U.S. Billy H.C. Kwok | Bloomberg | Getty Images BEIJING — Data show that Taiwan depends more on China for trade than it does on the U.S., […]
Read More
Bank of England’s Bailey warns UK faces ‘very big’ inflation shock, defends historic rate hike
LONDON — The Bank of England on Thursday defended its decision to hike interest rates at the fastest clip in 27 years, saying the U.K. faces a “very big” shock to inflation. BOE Governor Andrew Bailey said that the risks of high inflation becoming persistent had risen since the Bank’s previous meeting in June, prompting […]
Read More
Amazon, Apple, Google and Tesla have all done it. Here’s why companies split their stock
Google is just one of dozens of companies recently making its stock more affordable. The tech giant’s parent company, Alphabet (GOOGL), split its two classes of shares (GOOG) by a 20-to1 ratio in July. Amazon (AMZN) made the same 20-for-1 move in June while Tesla (TSLA) announced around the same time that it’s going with […]
Read More
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 […]
Read More
Countries are not doing enough to contain monkeypox outbreak, epidemiologist says
There are grave concerns that the U.S. and other countries are not doing enough to contain monkeypox from becoming a large scale global outbreak, according to an infectious disease epidemiologist. Over the weekend, the World Health Organization activated its highest alert level for the virus, labeling monkeypox a public health emergency of international concern. The […]
Read More
G-20 finance meetings in Bali overshadowed by war in Ukraine
Financial leaders of the Group of 20 richest and biggest economies have wrapped up meetings on the Indonesian resort island of Bali without a final joint communique after talks were overshadowed by divisions over the war in Ukraine. As G-20 host this year, Indonesia has sought to bridge divisions between G-20 members over Russia’s invasion, […]
Read More
U.S. inflation jumped by 9.1% in June, a four-decade high: Here’s what you need to know about inflation
Americans paid much higher prices for goods and services in June compared to a year earlier, as inflation continued to soar, the Bureau of Labor Statistics reported. The consumer price index is one of the primary measures of inflation. CPI jumped to 9.1% last month from a year ago, above the 8.8% Dow Jones estimate. That […]
Read More