Economy

CHINA: After months of brutal Covid lockdowns, China’s economy had its worst quarterly performance in more than two years. The world’s second-largest economy’s gross domestic product grew by just 0.4% in the three months ending June 30 this year compared to the same period last year, according to NBS data released on Friday. Reuters polled economists had predicted a 1% …

PHILIPPINES: Following an off-the-scheduled 75 basis point rate hike to battle inflation, the Philippine central bank’s governor indicated on Friday that it “may or may not” boost interest rates at its policy meeting in August. Bangko Sentral ng Pilipinas Governor Felipe Medalla indicated in a phone message that the bank will be “data reliant.” The central bank, however, will remain …

UKRAINE: As a result of Russia’s war in Ukraine, U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki agreed to collaborate on Tuesday to combat rising food and energy costs and currency market volatility. Economic and financial stability could be adversely affected by the increased volatility in the exchange rate, they added. They agreed to collaborate “where appropriate” …

JAPAN: There are many Japanese farmers who begin to worry about Typhoon Season months in advance, haunted by recollections of the tremendous rains and landslides that devastated wasabi farms during one of these storms. “Due to global warming, typhoons are now more powerful than ever before. It’s becoming stronger,” said an elderly farmer in Okutama, a suburb west of Tokyo, …

SRI LANKA: President Gotabaya Rajapaksa appears to have finally succumbed to Sri Lanka’s economic problems. Protesters attacked the president’s official residence and set fire to the prime minister’s house in Colombo on Saturday, and parliamentary speaker Mahinda Rajapaksa stated on Saturday that Rajapaksa will stand down on Wednesday (July 13). Opposition protests have long called for the resignation of Rajapaksa, …

MANILA: 22-year-old Chin Ching Peng had to make a choice between her dream career as a copywriter and a new field that would give her more money to support her family. According to her account of her job search in February, “most jobs (as a copywriter) offered salaries of S$2,500 or S$2,800… the only one that paid more than S$3,000 …

MANILA: At its August meeting, the Philippines central bank is prepared to hike its policy interest rates by 50 basis points and follow up with further policy measures to manage inflation and fight currency depreciation, the country’s central bank governor said on Thursday. There are “strong depreciation pressures” on the peso spurred by a hawkish tone from the U.S. Federal …

ITALY: The trial of 59 defendants charged with manslaughter and undermining transportation safety in the case of the Genoa bridge collapse in 2018, which claimed the lives of 43 people, begins in Italy on Thursday (July 7). Four years ago, on August 14, the Morandi bridge, a vital artery linking Italy and France, collapsed under the weight of heavy rain, …

MALAYSIA: A 25-basis-point increase in interest rates was announced by Malaysia’s central bank on Wednesday (July 6). This is the second rate increase this year. Ceiling and floor rates were correspondingly hiked to 2.50 percent and 2.00 percent, respectively, in the overnight policy rate corridor (OPR). An announcement from Bank Negara Malaysia (BNM) claimed the increase was necessary due to …

MALAYSIA: Minister Tan Sri Annuar Musa said that the government’s Special Task Force on Jihad Against Inflation will work to keep Malaysia’s inflation rate low and manageable to protect the well-being of Malaysian families. Annuar, the chairman of the task team, said they will focus on all prices of goods and services that could contribute to a rise in the …