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Deflation looms in China amid property crisis and Covid-19 curbs: Survey

BEIJING – China faces increasing risks from deflation as demand crumbles under the weight of an ongoing property crisis and is threatened by continued Covid-19 restrictions – a stark contrast with other major economies, according to a private survey. Companies reported the weakest growth in sale prices since the last quarter of 2020 in the three […]

Singapore 4th in global digital competitiveness, top in Asia

SINGAPORE – Singapore has moved up one spot to place 4th in the latest edition of the IMD World Digital Competitiveness Ranking, after Denmark, the United States, and Sweden. The Republic’s progress was driven by an enhancement in tertiary education (improvement in pupil-teacher ratio), an increase in its share of employees working in research and […]

Crypto billionaire Bankman-Fried eyeing bid for bankrupt Celsius’ assets

PORTLAND, Oregon – Mr Sam Bankman-Fried, the crypto billionaire who has been bailing out distressed industry players in recent months, is considering bidding for the assets of bankrupt lender Celsius Network, according to a person familiar with his deal-making. FTX is also in the process of raising a US$1 billion (S$1.44 billion) funding round, the […]

US fines 16 Wall Street firms $2.6b for talking deals, trades on personal apps

WASHINGTON – United States regulators on Tuesday fined 16 financial firms, including Barclays, Bank of America , Citigroup, Credit Suisse, Goldman Sachs , Morgan Stanley and UBS, a combined US$1.8 billion (S$2.6 billion) after staff discussed deals and trades on their personal devices and apps. The sweeping industry probe is a landmark case for the […]

A new model for smart and green industrial parks under development in central Vietnam

Vietnam, one of the fastest growing economies in the world, did something extraordinary at the United Nations annual climate change conference, or COP26, last year: It pledged not to build any new coal projects beyond those already under development as it transitions towards clean energy. To achieve its ambitious goal, the country is actively implementing  […]

TikTok may face $42 million fine for failing to protect children’s privacy in Britain

NEW YORK – TikTok, the popular video-sharing app, may face a fine of 27 million pounds (S$42 million) for failing to protect children’s privacy in Britain. In the first major case under new British rules protecting minors online, British regulators on Monday sent a warning notice to TikTok saying the company had handled youngsters’ information […]

Proposed price cap on Russian oil will benefit less well-to-do nations: US official

SINGAPORE – Low- and middle-income countries will be the primary beneficiaries of a proposed price cap on Russia’s oil trade, said Ms Catherine Wolfram, deputy assistant secretary for climate and energy economics at the United States Treasury. The top US official, who is in town for the Asia-Pacific Petroleum Conference, added that the objective of […]

Adani Group to invest $1.43b in next decade as India benefits from global geopolitical shifts

SINGAPORE – The global economy is in uncharted waters as central banks risk recession to combat inflation and a war between Russia and Ukraine changes geopolitical realities, but India stands to gain from the turbulence. Addressing the Forbes Global CEO Conference in Singapore on Tuesday, Mr Gautam Adani said that with fractures in the EU’s […]