WORLD
CDC Director lays out overhaul of agency after pandemic missteps
Director Rochelle Walensky began telling CDC’s staff Wednesday that the changes are aimed at replacing the agency’s insular, academic culture with one that’s quicker to respond to emergencies.
BUSINESS
HSBC, Citigroup and the end of global banking
The global ambitions of both HSBC and Citigroup have been pared back, replaced by a narrower focus on core markets. The shift in strategy of the two banks tracks the arc of globalization
WORLD
In Pics | Bengaluru among 6 cities emerging as new expat hotspots
In a world reshaped by infection, invasion and inflation, a clutch of cities is challenging the old order, luring companies and start-ups to burnish their credentials as a global city
BUSINESS
A new normal is dividing the global chip industry
Most foundry stocks have declined over the past year, even with continued double-digit revenue growth, largely because the high rate of spending on new facilities heightens concerns that capacity will outstrip demand if a global recession hits
BUSINESS
Asia gas prices surge to highest since war began on fuel crunch
The Asian benchmark spot LNG price jumped close to $60 per million British thermal units on Tuesday, the highest level since early March when Russia’s invasion of Ukraine upended energy markets.
BUSINESS
Goldman sees India bonds getting added to JPMorgan index in 2023
The nation’s sovereign bonds may be added to JPMorgan’s GBI-EM Global Diversified bond index with an initial 10% weightage, analysts Danny Suwanapruti and Santanu Sengupta wrote in a note to clients.
BUSINESS
An Indian restaurant’s rise mirrors Asheville’s
Once I had retrieved my jaw from the floor, pride replaced my surprise. As an Indian-American, I have been gratified to see my gastronomic heritage go from the margins to the mainstream in the US.
BUSINESS
Adam Neumann’s flow isn’t his latest comeback, there was also flowcarbon
Perhaps unsurprisingly, there’s no mention of a smaller investment that is also a redemption of sorts: Neumann’s championing of tokenized carbon credits via a startup called Flowcarbon, which is apparently unaffiliated with Flow though both are backed by Andreessen Horowitz.
BUSINESS
Adam Neumann’s Flow isn’t his latest comeback, there was also Flowcarbon
After the disaster that was WeWork, its co-founder Adam Neumann has now come up with a new real-estate startup, Flowcarbon. Hopefully this project will fare better than Neumann's other ventures
BUSINESS
Chipmakers are flashing more warnings on the global economy
South Korean behemoths Samsung Electronics Co. and SK Hynix Inc. have signaled plans to dial back investment outlays, while across the East China Sea, the world’s biggest contract chipmaker Taiwan Semiconductor Manufacturing Co. indicated a similar expectation.
BUSINESS
China’s Li Keqiang urges more pro-growth policy as economy sputters
Li told officials at a meeting to take the lead in helping boost consumption and offer more fiscal support via government bond issuance for investments, state television CCTV reported Tuesday evening. He also vowed to “reasonably” step up policy support to stabilize employment, prices and ensure economic growth.
COMMODITIES
Zinc surges as Trafigura-owned smelter to halt production
Surging energy costs -- exacerbated by Russia’s move to squeeze gas shipments to Europe following its invasion of Ukraine -- are putting pressure on industrial output across the region.
BUSINESS
Vladimir Putin weaponizing winter is a likelihood Europe isn’t prepared for
You'd think in the context of a looming energy crisis, setting up lights would rank at the bottom of the list of priorities. I love Christmas as much as anyone, I hope that this year it comes wrapped in a reality check — for everyone.
BUSINESS
Singapore’s rental market is showing no sign of cooling off for expats
Among major global cities, Singapore tied with New York for the dubious distinction of the fastest rental increase in first half of 2022. But the pain for tenants isn’t over yet.
BUSINESS
A full-scale nuclear war could cost 5 billion lives, study shows
Scientists at Rutgers University mapped out the effects of six possible nuclear conflict scenarios. A full-scale war between the US and Russia, the worst possible case, would wipe out more than half of humanity, they said in the study published in the journal Nature Food.
BUSINESS
Apple lays off recruiters as part of its slowdown in hiring
About 100 contract workers were let go in a rare move for the world’s most valuable company. The recruiters were responsible for hiring new employees for Apple, and the cuts underscore that a slowdown is underway at the company
BUSINESS
These six cities are emerging as new expat hot spots
While countries from Curacao to Cape Verde have rolled out digital nomad visas for web-based wanderers, building and retaining a large, cosmopolitan talent base takes more than a beach and a wi-fi connection.
BUSINESS
Business travel won’t hit $1.4 trillion pre-pandemic level until 2026
The return to the 2019 level also is being slowed by supply-chain disruptions, labor shortages, lockdowns in China and the effects of the war in Ukraine on nearby regions, according to the group’s 2022 Business Travel Index Outlook.
BUSINESS
Top miner BHP hits profit record and sees stronger China outlook
The producer will study plans to expand its top-earning iron ore unit to 330 million tons of production a year, and is continuing to assess options to lift volumes in copper and nickel, Melbourne-based BHP said Tuesday in a statement. A giant new potash mine in Canada remains on track to begin production in 2026.
BUSINESS
Singapore’s next premier Lawrence Wong warns US, China may ‘sleepwalk into conflict’
In an interview on Monday with Bloomberg Editor-in-Chief John Micklethwait, Wong said the relationship between the world’s biggest economies was on a “very worrying” trajectory in the wake of House Speaker Nancy Pelosi’s visit to Taiwan and China’s subsequent military drills around the island.
BUSINESS
China needs more stimulus to boost growth, PBOC paper says
In a front-page report Tuesday, the newspaper said Beijing should introduce new pro-growth policies at the appropriate time to keep growth within a reasonable range, citing Wen Bin, chief economist at China Minsheng Bank.
BUSINESS
Rakesh Jhunjhunwala’s stock holdings worth nearly $4 billion in focus after death
The man known as India’s Warren Buffett died of a reported cardiac arrest Sunday at the age of 62. The self-made trader invested in a wide swathe of established businesses and startups, and served on the boards of several Indian firms.
BUSINESS
Asia analysts predict biggest profit drop since pandemic started
Earnings per share for MSCI Asia Pacific Index members slid 16 percent in the three months through June from a year earlier, the steepest decline in eight quarters, according to analyst estimates compiled by Bloomberg Intelligence
BUSINESS
Rice crop in India suffers setback as patchy rains reduce plantings
Total rice acreage in the South Asian nation, the world’s second-biggest grower, has fallen 12% so far this season, according to the farm ministry.
