Economy

As China tightens grip, Hong Kong's luster as 'world city' dims |  Business and Economy

As China tightens grip, Hong Kong’s luster as ‘world city’ dims | Business and Economy

Hong Kong, China – German entrepreneur Joseph loved his life in Hong Kong. When not tending to his logistics company, he would enjoy strolls along the waterfront promenade, weekend brunches in the upscale Soho district and foot and back massages to relieve the daily stresses of life. But less than two years after setting up …

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5 things to know before the stock market opens Wednesday, June 29

5 things to know before the stock market opens Wednesday, June 29

Here are the most important news items that investors need to start their trading day: 1. Stocks looking for stability Traders on the floor of the New York Stock Exchange, June 28, 2022. Source: NYSE Equities markets’ attempt to build on last week’s momentum has so far fizzled this week. Futures were little changed Wednesday …

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Philippines' infrastructure woes in focus as Marcos takes loins |  Business and Economy

Philippines’ infrastructure woes in focus as Marcos takes loins | Business and Economy

Manila, Philippines – As a young engineer in the early 1980s, Edgardo Perea worked on a project that he hoped would bring a reliable supply of clean water to households throughout Metro Manila. Forty years later, he is still waiting. Perea worked at Metropolitan Waterworks and Sewerage System, a government body, as part of a …

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Fed's Mester backs 75 basis point hike in July if conditions remain the same

Fed’s Mester backs 75 basis point hike in July if conditions remain the same

Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the US economy in New York November 18, 2015. lucas jackson | Reuters Federal Reserve Bank of Cleveland President Loretta Mester said Wednesday that if economic conditions remain the same when the US central bank meets to decide …

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G-7 leaders united behind Ukraine, aim at Kremlin oil money

G-7 leaders united behind Ukraine, aim at Kremlin oil money

ELMAU, Germany (AP) — Leaders of the world’s biggest developed economies said Tuesday they would explore far-reaching steps to cap Russia’s income from oil sales that are financing its invasion of Ukraine and struck a united stance to support Kyiv for “as long as it takes” as the war grinds on. The final statement from …

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New G-7 infrastructure plan offers alternative to China Belt & Road

New G-7 infrastructure plan offers alternative to China Belt & Road

The Group of 7 has announced a new infrastructure funding program that could rival China’s Belt and Road Initiative. One expert says the G-7’s plan offers hope to developing countries but it remains to be seen whether it can match the BRI. On Sunday, the US and the other members of the G-7 including Canada, …

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Avoidable inevitable or recession?  Billionaire David Rubenstein's view

Avoidable inevitable or recession? Billionaire David Rubenstein’s view

Much of the US 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, a billionaire investor and philanthropist, says the economy’s path may be beyond the central bank’s control, and two other global players are more …

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West pushes Russia into its first foreign debt default since 1918

West pushes Russia into its first foreign debt default since 1918

Following reports that Moscow had failed to pay about $100 million in interest on two bonds during a 30-day grace period that expired Sunday, the White House said the default showed the power of Western sanctions imposed on Russia since it invaded Ukraine. “This morning’s news around the finding of Russia’s default, for the first …

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