Economy

The World Bank said on Monday, October 24 that it has disbursed an additional $500 million to assist the Ukraine in meeting its urgent expenditure requirements resulting from Russia’s invasion on February 24 and the ongoing war. The International Bank for Reconstruction and Development, the bank’s primary lending arm, received $500 million in loan guarantees from the United Kingdom, which …

On Thursday, October 20, the dollar crossed the symbolic milestone of 150 yen for the first time since 1990, while the British pound fell in choppy trade after Prime Minister Liz Truss announced her resignation. The Japanese yen fell quickly from an overnight trading high of 150.09 to a minute-long low of 149.63, raising concern that the Ministry of Finance …

Analysts believe that President Xi Jinping’s call for China to “win the battle” in core technologies could herald a change in Beijing’s strategy to expanding its tech industry, with greater state-led funding and intervention in response to US pressures. Xi’s comprehensive work report to kick off the once-every-five-years Communist Party Congress included four allusions of technological independence, compared to none …

CNBC reported on Monday, October 10 that JPMorgan Chase & Co. chief executive Jamie Dimon stated the United States and global economy could enter a recession by the middle of next year. In an interview with a business news channel, he cited runaway inflation, large interest rate hikes, the Russian invasion of Ukraine, and the unknown impacts of the Federal …

On Monday, October 10, this year’s Nobel Prize in Economics was awarded to three economists from the United States. One of the winners, Ben Bernanke, is a former head of the Federal Reserve. Their research focused on how saving failing banks can prevent an even more severe economic disaster. Bernanke, Douglas Diamond, and Philip Dybvig were awarded the Nobel Prize …

Hong Kong beats Singapore in several aspects as an international financial centre, according to a senior official, who also revealed that a two-day global investment summit will be expanded to three days next month, coinciding with a big fintech festival in Singapore. But Financial Secretary Paul Chan Mo-po, who drew the comparison in a blog post on Sunday after a …

The producers of kimchi in South Korea are going through a difficult time as a result of a lack of cabbages brought on by climate change, which has caused costs to skyrocket this year. This has compounded the harm caused by cheaper products made by Chinese competitors. Since kimchi, a spicy pickled side dish consumed daily by many Koreans and …

As part of a crackdown on the notoriously murky online gaming industry, the Philippines is going to stop the operations of 175 offshore gambling firms and deport approximately 40,000 Chinese workers, according to an official from the justice department who made the announcement on Monday, September 26. The industry first started up in the Philippines in 2016, and it has …

Next month, the Prime Minister of Singapore will travel to Australia for meetings with Anthony Albanese. During these meetings, it is anticipated that the two men would sign a new “green economy pact.” In the midst of escalating regional tensions between the United States and China over Taiwan, Lee Hsien Loong will go to Sydney and Canberra to participate in …

What is the richest country in the world? As a result of China’s skyrocketing economic growth, the typical Chinese citizen today has a higher standard of living than their European counterparts. When compared to the average person in Europe, an adult in China has a net worth of US$26,752 (AU$40,980), while the average person in Europe has a net worth …