Is a Global Recession Coming? More experts sound the alarm | Business and Economy

Kuala Lumpur, Malaysia – Having started off as a murmur early in the year, warnings of an impending global recession are getting louder by the day. Over the past week, high-profile figures from the head of the World Trade Organization (WTO) to US Nobel Prize-winning economist Paul Krugman have sounded the alarm about the likelihood … Read more

Asian stocks plunge after shaky day on Wall Street | Business and Economy

Indices are falling in China, Japan, South Korea and Australia as investors weigh the prospect of a possible global recession. Asian equities have taken a plunge after mixed results on Wall Street, as markets are excited about the prospect of a possible recession. The Nikkei 225 index in Tokyo fell 2.2 percent to 25,984.51 points … Read more

Chinese Yuan Drops to Record Low Against the Dollar | Emerging Markets

The decline in the Chinese currency comes despite the central bank taking steps to support its value. The Chinese yuan has fallen to a record low against the US dollar in offshore trading, joining a host of currencies in sharp declines against the greenback. The offshore yuan, which trades outside mainland China, fell to 7.2386 … Read more

World Bank lowers economic outlook for Asia due to China slowdown | Business and Economy

The Washington-based lender expects the region to grow 3.2 percent in 2022, up from a 5 percent forecast in April. The World Bank has lowered its economic outlook for Asia-Pacific, pointing out that China’s ultra-strict “zero-COVID” policy is a drag on regional growth. The region’s economies are expected to grow 3.2 percent in 2022, down … Read more

The Church Linked to Abe’s Assassination, Japan’s Political Turmoil | political news

Shinzo Abe was not his killer’s favorite target. Investigators say Tetsuya Yamagami, who shot and killed Japan’s longest-serving prime minister on July 8, initially wanted to assassinate the leader of the Unification Church — a South Korean religious sect that blames the 41-year-old for his family’s financial ruin. But the COVID-19 pandemic got in the … Read more

Japan warns of speculative yen moves amid sharp declines | Economy

The finance minister says the government and the Bank of Japan are on the same page as they share concerns about the currency’s fall. Japanese Finance Minister Shunichi Suzuki has said authorities are ready to respond to speculative currency movements, a new warning that comes days after Tokyo intervened in the foreign exchange market to … Read more

Japan’s Kishida says it’s ready to take action to support the soaring yen | Business and Economy

The Japanese Prime Minister’s comments come after Tokyo bought yen for the first time since 1998 to support the currency. Japanese Prime Minister Fumio Kishida has warned that excessive movements in the yen due to speculation cannot be overlooked and pledged to act “with a high degree of vigilance” and intervene if necessary to re-support … Read more

Hong Kong ends quarantine after protest from businesses, residents | Coronavirus pandemic News

Step to lift travel restrictions comes amid fears the former British colony will lose its competitive edge. Hong Kong is lifting its controversial quarantine for arrivals starting next week, bowing to mounting pressure to end more than two and a half years of isolation that has hammered the economy and driven talent out of the … Read more

Hong Kong raises benchmark rate to 14-year high | Inflation

The de facto central bank of the financial center raises key interest rates to 3.5 percent after the latest rate hike in the United States. Hong Kong has raised its benchmark rate to a 14-year high after the Federal Reserve’s aggressive 0.75 percentage point hike overnight. The Hong Kong Monetary Authority, the de facto central … Read more

‘Risks are high’: Asian Development Bank lowers growth forecast | Business and Economy

The Manila-based development bank cuts its growth forecast for 2022 from 5.2 percent to 4.3 percent. The Asian Development Bank (ADB) has lowered its economic growth forecast for Asia’s emerging economies, pointing to challenges such as China’s “zero COVID” lockdowns, the war in Ukraine and rising interest rates. The Manila-based development bank said on Wednesday … Read more