During the 2010s, Sri Lanka had one of the fastest-growing economies in Asia. Things took a 180-degree turn at the end of the decade as the country’s economy stumbled. In May 2022, the governme...
Tag: World economy
Fed expected to stick with hawkish interest rate hikes, strategists say
The Federal Reserve is unlikely to pivot from its hawkish interest rate hikes despite positive signs this week that inflation in the U.S. could be easing, according to market strategists. On Thursday,...
FAO food price index fell sharply in July but the respite may not last
Farmers harvest a wheat field near Melitopol in Ukraine. Wheat, soybean, sugar, and corn futures have fallen from their March highs back to prices seen at the start of 2022. Olga Maltseva | Afp | Gett...
Taiwan’s trade with China is far bigger than its trade with the U.S.
Apple supplier Foxconn, also known as Hon Hai Precision Industry, is based in Taiwan but has factories across mainland China. Sopa Images | Lightrocket | Getty Images BEIJING — Data show that Taiwan d...
Here are both sides of the argument on why a recession is debatable
If you’re unsure if the U.S. economy is in a recession, you’re not alone. Gross domestic product has declined in back-to-back quarters this year, which is a common signal to market watcher...
UK faces big inflation shock, defends historic 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 A...
Shipping firm Maersk warns of weak demand and warehouses filling up
A.P. Moller-Maersk, is one of the world’s biggest container shippers with a market share of around 17%, and is widely seen as a barometer of global trade. Andia | UIG via Getty Images AP Moller-...
U.S. Treasury Secretary on supply chain resilience: Use friend-shoring
U.S. Treasury Secretary Janet Yellen (pictured here at a news conference, ahead of the G-20 meeting in Bali on July 14), said supply chain resilience is a key focus of the Biden-Harris administration....
Inflation rose 9.1% in June, even more than expected, as consumer pressures intensify
Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a ...
US recession looks likely, there are 3 ways the economy could get hit
Rising gas prices are piling pressure on the U.S. economy. Bloomberg | Getty Images The odds of the U.S. economy falling into recession by next year are greater than 50%, Richard Kelly, head of global...
Chinese companies look to U.S. and Asia as growth slows at home
BEIJING — Some Chinese consumer brands are looking for growth overseas, in markets like the U.S. and Southeast Asia. Take Miniso, a Guangdong-based seller of toys and household products. Sometimes cal...
Ben & Jerry’s sues parent company Unilever over sale of Israeli business
A tub of Ben and Jerry’s ice cream, manufactured by Unilever Plc. Chris Ratcliffe | Bloomberg | Getty Images Ben & Jerry’s is suing parent company Unilever to stop the sale of its Isra...
China’s economy didn’t bounce back in the second quarter, survey finds
China’s exports surged by 16.9% in May from a year ago, two times faster than analysts expected. Pictured here on June 15, 2022, are workers in Jiangsu province making stuffed toy bears for expo...
China cuts quarantine for overseas travelers, easing Covid controls
For more than two years, overseas travelers have had to quarantine upon arrival in China because of Covid restrictions. Pictured here at Beijing International Airport on June 18, 2022, are passengers ...
Avoidable or inevitable recession? Billionaire David Rubenstein’s view
Much of the U.S. market focus has been on the Federal Reserve’s more aggressive interest rate hikes as a reason to fear a recession. But Carlyle Group co-founder and co-chairman David Rubenstein...
Travel demand unlikely to dissipate despite airport chaos
Emirates has said it doesn’t see travel demand dissipating any time soon, even as the industry battles a string of challenges that have already sparked airport chaos ahead of the busy summer hol...
Executives defend industry as airlines cancel flights around world
Air travel is roaring back, but not without some significant hiccups. Particularly in North America and Europe, travelers have described chaos at airports, with scores of flights canceled or delayed, ...
Dubai’s famous boozy brunches get a reboot as Saturday becomes the new Friday
The UAE is tackling this issue of work-life balance and the government recently rolled out a 4.5-day working week for Emirati government employees. Laszlo Szirtesi | Getty Images News | Getty Images T...
China real estate troubles sent debt indicator to record high
Fixed asset investment data for the first five months of 2022 showed real estate investment declined at a greater scale than it did during the first four months of the year. Pictured here on May 16 is...
May retail, industrial production, fixed asset investment
BEIJING — China released economic data for May that topped muted expectations for a month hampered by Covid controls. Industrial production rose mildly by 0.7% in May from a year ago, versus an expect...
Nearly all factories in Shanghai resume work as Covid controls ease
German automaker Volkswagen is one of state-owned automaker SAIC’s foreign partners in China. Pictured here on June 7, 2022, is the joint venture’s factory in Shanghai. Qilai Shen | Bloomb...
Chinese automakers want to bring assisted driving to the masses
Jidu, Baidu’s electric car venture alongside Geely, revealed its first concept car on June 8, 2022. Baidu BEIJING — As Chinese companies race for a slice of the world’s largest car market,...
Self-driving car companies’ first step to making money isn’t robotaxis
A WeRide robotaxi with health supplies heads to Liwan district on June 4, 2021, in the southern Chinese city of Guangzhou. Southern Metropolis Daily | Visual China Group | Getty Images BEIJING — While...
China faces a nearly $1 trillion funding gap. It will need more debt to fill it.
During the first four months of the year, investment in real estate development fell by 2.7% from a year ago. Pictured here is a project in Qingzhou, Shandong province, on May 15, 2022. CFOTO | Future...
CEPI chief outlines the disease differences
Health officer uses a thermal head to detect a monkeypox virus on arriving passengers at Soekarno-Hatta International Airport in Tangerang near Jakarta, Indonesia on May 15, 2019. Jepayona Delita | Fu...
Recovering despite lack of Chinese visitors
Air travel in Singapore is recovering and has reached around 40% of pre-Covid levels despite China’s border restrictions, Transport Minister S. Iswaran said. China’s passenger traffic is s...
Davos elite don’t expect a Covid-19 style health crisis from monkeypox
Business and political leaders gathered in the Swiss hilltop town of Davos in May 2022 for the World Economic Forum. Xinhua News Agency | Xinhua News Agency | Getty Images As the business and politica...
Wouldn’t worry about monkeypox, cuts drug costs for low-income
Albert Bourla, Pfizer CEO, at the WEF in Davos, Switzerland on May 25th, 2022. Adam Galici | CNBC Pfizer‘s CEO said Wednesday that he “wouldn’t worry much” about a recent monke...
Volkswagen CEO says carmaker will overtake Tesla on EV sales by 2025
The chief executive of Volkswagen believes Europe’s biggest carmaker can overtake Tesla to become the world’s largest seller of electric vehicles by 2025. Speaking to CNBC’s “S...
Why China will likely recover more slowly from the latest Covid shock
As Shanghai tries to reopen businesses, one downtown district over the weekend banned residents from leaving their apartment complexes again for mass virus testing. Pictured here, in another district ...