Recession Fears Send Oil Prices Plunging

Wall Street stocks climbed Wednesday as the United States (US) Federal Reserve (Fed) chief stressed the need to combat decades-high inflation, but elsewhere equities and oil prices tumbled on mounting recession fears as central banks hike interest rates.Wall Street was moderately higher in late morning trading, while European and Asian markets closed in the red, a day after healthy gains.Federal Reserve boss Jerome Powell began two days of testimony to US lawmakers on Wednesday, warning that

23 June 2022

Stocks Tank As Central Banks Hike Rates

Stock markets sank Thursday as more central banks hiked interest rates in efforts to tame runaway inflation, actions that raised fears they could spark recessions.One day after the Federal Reserve's (Fed) biggest United States (US) interest-rate hike in nearly 30 years, the Bank of England (BoE) raised borrowing costs to their highest level since the 2009 financial crisis.The BoE jacked up its rate by a quarter-point to 1.25 percent, its fifth straight increase, but it was lower than the

17 June 2022

Major Markets Tumble On Heightened Recession Fears

Global equities, oil prices and bitcoin plunged Monday on heightened recession fears triggered by runaway inflation.The dollar, however, gained versus major rivals, benefiting from its status as a haven investment and expectations of aggressive interest-rate hiking from the Federal Reserve (Fed).Bond yields also rose, with 10-year United States (US) Treasuries above 3.3 percent and Italy's 10-year debt breaking four percent for the first time in more than eight years.The US currency stru

14 June 2022

Russia's McDonald's Reopens Under New Name

The restaurant that launched McDonald's in Russia in 1990, heralding Moscow's opening after decades of Soviet rule, reopened Sunday with a new name and logo in a potent reminder of the upheaval sparked by the conflict in Ukraine.The United States (US) fast-food giant announced on 16 May that it would exit Russia in the wake of its Ukraine offensive.In Moscow's Pushkin Square on Sunday, dozens of people gathered outside the Russian incarnation of the fast-food restaurant, "

13 June 2022

Stock Prices Rise On Boost From China

Global stock markets advanced on Monday, driven by an easing of COVID lockdowns in the world's second-biggest economy, China.London's stock market, reopening after a British public holiday to mark Queen Elizabeth II's Platinum Jubilee, shrugged off news that embattled British Prime Minister Boris Johnson was to face a confidence vote from MPs in his own conservative party.Elsewhere, eurozone stocks also closed higher ahead of a European Central Bank (ECB) meeting Thursday when

7 June 2022

Asian Markets Extend Wall St Rally

Asian markets rose Monday as investors rediscovered some verve after the release of healthy United States (US) data and as China eases some of its strict COVID curbs in Shanghai and Beijing, lifting hopes for the world's number two economy.The gains extended a positive end to last week for global equities with some commentators saying there was a growing hope that the months-long sell-off may have run its course.Wall Street provided a strong lead and snapped a series of weekly losses, wi

30 May 2022

Cambodia’s Microloan Sector Under Scrutiny

When Sam’s hard-up relatives needed money to buy a plot of land and start their own business several years ago, they turned to Sathapana Bank in Siem Reap to borrow about US$20,000.Now the Siem Reap tuk-tuk driver and his wife are struggling to make monthly repayments of about US$500. “We do not have the capacity to pay, so we missed payments,” Sam, who asked to use a pseudonym, said.

29 May 2022

China Issues Warning On COVID-Hit Economy

China's premier called for more to be done to stabilise the world's second-largest economy, issuing an unusually stark warning as the country's zero-COVID strategy bites into growth.China is the last major economy welded to a policy of mass testing and hard lockdowns to eliminate virus clusters, but the strict curbs have battered businesses.Restrictions around the nation in recent months – including on the manufacturing hubs of Shenzhen and Shanghai, as well as the breadbasket

27 May 2022

Food Crisis: Malaysia Bans Chicken Exports

Malaysia says it will cut the export of chickens from the start of June because of shortages in the country.Elsewhere in Asia, India has banned wheat exports, while Indonesia blocked overseas sales of palm oil.It comes as the world faces the worst food crisis in decades following Russia's invasion of Ukraine.One agriculture expert has highlighted concerns about the potential rise of so-called "food nationalism" by governments in the region.Malaysian shoppers have seen chicken p

24 May 2022

AirAsia Faces Backlash Over Pandemic Refunds

Malaysia’s AirAsia is facing a wave of complaints from customers who say they have still not been refunded for flights that were cancelled or rescheduled during the pandemic.AirAsia and its subsidiary AirAsia X (AAX), both owned by Capital A Berhad, grounded thousands of flights in 2020 and 2021 after the Malaysian government shut state and international borders to curb the spread of COVID-19.

23 May 2022

Global Stocks Rally Eyeing China Reopening

Global stock markets rallied Tuesday on hopes that China will ease its weeks-long COVID lockdown and gradually reopen businesses.European exchanges closed higher and Wall Street's main indices also rose, spurred as well by a nearly one-percent rise in April retail sales."We've seen a much more positive vibe around European equity markets today, with reports out of Asia suggesting that China might be close to looking to ease some of its COVID restrictions, as case rates come dow

18 May 2022

Thailand’s Battered Tourism Struggles To Rebuild

At Railay Beach, an Instagrammers’ favourite known for its wide, warm sands bookended by limestone cliffs, 23-year-old Londoner Becca sips coffee and savours the return of Thai backpacking following a recent easing of entry requirements.“We saved our money, quit work and travelled here,” she said of her months-long trip with friends, which was impossible during the last two years lost to the pandemic.

16 May 2022