UK economy contracts as households cut spending

The UK economy contracted in the second quarter, with households cutting spending as the cost of living crisis began to bite and health sector output falling as Covid cases and testing declined. Gross domestic product, the measure of the quantity of goods and services produced, fell 0.1 per cent in the second quarter of the […]

Can Europe avoid the energy bill apocalypse?

This article is an on-site version of our Disrupted Times newsletter. Sign up here to get the newsletter sent straight to your inbox three times a week Good evening from a sweltering London European governments continue to search for ways of weaning themselves off Russian power before huge increases in energy bills hit households over […]

The Japan-US Alliance Embraces the Economic – The Diplomat

Tokyo Report | Economy | East Asia The advent of the new Economic 2+2 shows how closely economic issues are intertwined with security concerns. Secretary of State Antony J. Blinken and Secretary of Commerce Gina Raimondo co-host the inaugural ministerial meeting of the U.S.-Japan Economic Policy Consultative Committee with Japanese Foreign Minister Hayashi Yoshimasa and Japanese Minister of Economy, […]

How the North Korean Government Is Squeezing Foreign Currency Out of Its People – The Diplomat

Advertisement In recent years, the North Korean government has intensified efforts to collect foreign currency held by its citizens. This situation not only reflects North Korea’s lack of foreign currency, but also highlights the country’s poor performing domestic currency (the Korean People’s Won, or KPW) and, more broadly, signals that the country’s economy is in […]

FirstFT: Asset managers’ big crypto bet

This article is an on-site version of our FirstFT newsletter. Sign up to our Asia, Europe/Africa or Americas edition to get it sent straight to your inbox every weekday morning Good morning. Big-name money managers are stampeding into digital assets, discovering ways to monetise investor interest even as trading volumes and prices for bitcoin and […]

Western companies wake up to China risk

A global pandemic, a major war in Europe — both were risks that seemed almost unimaginable, until they happened. Now the tensions with China provoked by US House Speaker Nancy Pelosi’s trip to Taiwan last week, coming just months after Russia’s invasion of Ukraine, have forced businesses to confront the possibility that a danger long […]

Xi, Henan, and China’s Growing Financial Crisis – The Diplomat

Advertisement In July, videos of tanks supposedly rolling onto the streets of Henan circulated online, with many posts drawing comparisons to the Tiananmen Square Massacre. While the video was later refuted – the Associated Press confirmed the tanks were taking part in a military exercise in another city more than 400 kilometers away – the […]

At 75, India’s Biggest Challenge Is to Create Jobs – The Diplomat

Advertisement As India’s economy grew, the hum of factories turned the sleepy, dusty village of Manesar into a booming industrial hub, cranking out everything from cars and sinks to smartphones and tablets. But jobs have run scarce over the years, prompting more and more workers to line up along the road for work, desperate to […]

Former Workers Sue Multinational Firms Over Alleged Malaysian Labor Abuses – The Diplomat

In this Aug. 26, 2020, file photo, a worker inspects disposable gloves at the Top Glove factory in Shah Alam outside Kuala Lumpur, Malaysia. Credit: AP Photo/Vincent Thian, File Advertisement Former workers at the Malaysian rubber glove maker Brightway Holdings have sued two foreign companies in a United States court, accusing them of “knowingly profiting” […]

Is China to Blame for Sri Lanka’s Debt Woes? – The Diplomat

Advertisement China has never been Sri Lanka’s biggest lender. Nevertheless, as Sri Lanka has fallen into economic woes, particularly in the wake of COVID-19, blame has turned to China. However, Sri Lankan officials have repeatedly expressed the view that China is not the source of the country’s economic woes. So what’s the real story? China […]

Investors shun Pakistani bonds on rising default threat

Investors are on alert for Pakistan to follow Sri Lanka into default as the south Asian country struggles with soaring commodity prices and tighter credit conditions. Pakistan’s foreign bonds due to mature in 2024, 2025 and 2026 are trading firmly in distressed territory, at about 71, 65 and 63 cents on the dollar, respectively, according […]

India Noncommittal on the Partnership for Global Infrastructure and Investment – The Diplomat

Advertisement The G-7 countries that met a month ago for the Leaders’ Summit in Germany formally launched the Partnership for Global Infrastructure and Investment (PGII). The PGII is an infrastructure initiative to fund connectivity projects in developing countries and is seen as a counter to China’s Belt and Road Initiative (BRI). U.S. President Joe Biden […]

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