Olga Shumytskaya | Moment | Getty Images A new billionaire emerged every 30 hours during the Covid-19 pandemic, and nearly a million could fall into extreme poverty at around the same rate in 2022. Th...
Tag: World economy
IMF chief Georgieva and Citigroup’s Jane Fraser discuss economy
[The stream is slated to start at 11:30 a.m. ET. Please refresh the page if you do not see a player above at that time.] Spiraling food and energy prices are squeezing households around the world, whi...
Lucid Group to build first factory outside the U.S. in Saudi Arabia
U.S. electric vehicle maker Lucid Group will set up its first overseas factory in Saudi Arabia, the company announced. Javier Blas | Bloomberg | Getty Images U.S. electric vehicle maker Lucid Group wi...
Goldman Sachs cuts its China GDP forecast on Covid controls
Since March, mainland China has struggled to contain its worst Covid outbreak in two years. Notably, the metropolis of Shanghai, pictured here on May 18, only started this week to begin discussing res...
Brits are being warned of ‘apocalyptic’ food price rises
More than four in five people in the U.K. are worried about rising living costs and their ability to afford basics necessities like food and energy over the coming months, according to a new survey. T...
Some factories might leave China, but big picture it doesn’t matter
China still holds the cards for global supply chains, whether or not Covid lockdowns frustrate businesses in the near term. An employee works on the production line of the screens for 5G smartphones a...
Covid lockdowns weigh on retail, industrial production data
The persistent spread of Covid and resulting stay-home orders — primarily in Shanghai — forced factories to close or operate at limited capacity in April. Pictured here on May 12 is a refrigerator fac...
South Africa’s economy threatening downturn
DURBAN, South Africa – April 16, 2022: Massive debris at the Durban harbor following heavy rains, mudslides, rain and winds in Durban. The harbour serves as a bulwark for the economy of the city...
Coach owner Tapestry cuts profit outlook as China lockdowns dent demand
Customers walk past a Coach store at Shanghai New World Daimaru department store on August 12, 2019 in Shanghai, China. VCG | Visual China Group | Getty Images Coach owner Tapestry on Thursday trimmed...
Dubai Airports traffic may reach pre-Covid levels in early 2024: CEO
Air passenger traffic in Dubai may reach pre-pandemic levels in 2024, a year earlier than previously expected, Dubai Airports CEO Paul Griffiths said. “We recorded 13.6 million passengers in tha...
China’s consumer prices climb as Covid prompts food stockpiling
Fresh vegetable prices rose by 24% year-on-year in April as consumers stocked up to prepare for potential stay-home orders. Pictured here is a delivery driver for Alibaba’s Hema Fresh supermarke...
Shanghai production plunged in April after Covid lockdown
Although Shanghai began in mid-April to prioritize several hundred companies for resuming work, foreign business organizations have said that doesn’t mean the factories can operate at full capac...
US businesses in China cut revenue forecasts, investment plans
Truck drivers, such as the one pictured here in Shanghai in late April, typically need to show valid negative virus tests in order to move goods between cities in China. The American Chamber of Commer...
From Estee Lauder to Apple, China’s Covid restrictions take their toll
Factories in China affected by Covid lockdowns can conditionally resume work, by housing workers on-site. Pictured here is an auto parts manufacturer in Suzhou that has had 478 employees on site since...
UN deputy responds to criticism over Ukraine conflict: Amina Mohammed
Russian is one of five nations that hold a veto power on the U.N’s Security Council. Carlo Allegri | Reuters The United Nations deputy secretary-general has told CNBC there will be “lesson...
China’s Beijing city loosens robotaxi rules for Baidu Apollo Go, Pony.ai
Chinese tech companies Baidu’s Apollo Go and Pony.ai announced Thursday they received permission from Beijing city authorities to remove the safety driver for part of their robotaxi business in ...
Central bank tries to slow weakening yuan vs US dollar
The Chinese yuan has weakened sharply against the U.S. dollar in the last several weeks as the greenback strengthens and investors worry about China’s economic growth. Fotoholica Press | Lightro...
What’s next for Pepsi’s after exiting Russia amid Ukraine war
Following Moscow’s invasion of Ukraine, multinational companies have withdrawn from Russia in staggering numbers. As of April 22, more than 700 U.S. companies have scaled back, suspended or ex...
Watch Fed Chairman Jerome Powell speak live at IMF debate
[The stream is slated to start at 1 p.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell speaks Thursday on a panel presented by the ...
Workers in Shanghai struggle to get back to work
Tesla’s Shanghai factory was “back up and running” as of Wednesday, according to CEO Elon Musk’s comments during a quarterly earnings call, per a StreetAccount transcript. This...
Woman caught Covid twice in 20 days marking a new record
A medical worker takes a swab sample from a citizen for nucleic acid test at a testing site in Binhai New Area in north China’s Tianjin, Jan. 9, 2022. Zhao Zishuo | Xinhua News Agency | Getty Im...
People should cut energy use to stop Ukraine war
Virgin Group founder Richard Branson on Wednesday called on individuals and governments to cap their driving speeds and turn down their heating in a bid to reduce reliance on Russian energy and bring ...
Investors cautious on China markets amid growth concerns, delisting fears
While mainland Chinese stock fund held onto inflows, European stock funds saw billions of dollars in net outflows in the first quarter, with declines in Japanese stock funds as well, according to EPFR...
Shanghai reports first Covid deaths since start of latest lockdowns
Shanghai, China’s largest city and the one hit hardest by the latest Covid outbreak, announced another round of mass virus testing that’s set to end Thursday, April 21. Str | Afp | Getty I...
Q1 GDP beats expectations to grow 4.8% YOY
A traffic police officer prepares to check a truck at a service station near Shanghai, which has ordered tighter restrictions on travel in and out of the city as China battles its most severe Covid ou...
Shanghai by the numbers: China’s Covid lockdowns
The Huangpu River splits the Chinese city of Shanghai between the older settlement on the west and the newer, financial center on the east. Johannes Eisele | Afp | Getty Images China’s latest wa...
China’s 2022 Covid lockdowns inflation risk bigger vs 2020
China’s automobile and component exports more than doubled in 2021 from a year ago, exceeding 30% growth in China’s exports overall, Bernstein analysts found. Yi Fan | Visual China Group |...
Chinese EV maker Nio says it’s gradually resuming production after Covid halt
In February 2020, Nio got a lifeline of financing support led by the government of Hefei city, where the electric car start-up has established its China headquarters. Qilai Shen | Bloomberg | Getty Im...
Ukraine war most dangerous since Cuban missile crisis
Israeli author, historian and professor Yuval Noah Harari has spoken out frequently against President Vladimir Putin’s war in Ukraine, adding that it has had the unintended consequence of forgin...
China inflation makes it harder for PBOC to cut interest rates US Fed
Transportation fuel prices rose by 24.1% in China in March 2022 from a year ago, the largest increase within the country’s consumer price index. Vcg | Visual China Group | Getty Images BEIJING —...
New omicron XE variant detected in Japan as UK cases rise
As of April 5 2022, 1,125 cases of XE — a new scombinant subvariant — have been identified in the U.K., up from 637 on March 25. Dominic Lipinski | Pa Images | Getty Images Japan has reported its firs...