ADB Cuts Developing Asia Growth View on Slowing China Expansion

ADB Cuts Developing Asia Growth View on Slowing China Expansion

The region is seen expanding 4.3% this year, according to the bank’s Asian Development Outlook Update released Wednesday, compared with a 4.6% projection in July. Growth in China, the largest economy in Asia, is expected to be slower at 3.3% against a 4% expansion seen previously. .

Fed Set to Reveal ‘Pain’ Coming in Next Stage of Inflation Fight

Fed Set to Reveal ‘Pain’ Coming in Next Stage of Inflation Fight

In June, the median policy maker’s projection for the unemployment rate called for a half-point increase, to 4.1%, by the end of 2024. Since then, monthly data on consumer prices have been disappointing: The latest report, published by the Labor Department on Sept. 13, showed inflation over the last year was still 8.3%. .

Oil Steadies as Looming Interest-Rate Hikes Spur Demand Concerns

Oil Steadies as Looming Interest-Rate Hikes Spur Demand Concerns

Crude has lost about a third of its value since early June, erasing all the gains made in the wake of Russia’s invasion of Ukraine, as concerns about a global slowdown weighed on demand. Liquidity has also thinned, leading to volatile price swings, while a stronger dollar has added to headwinds. .

Controversial US Visa Draws Rich From China to India After Reset

Controversial US Visa Draws Rich From China to India After Reset

(Bloomberg) — A US visa program that attracted $37 billion in foreign investments since 2008 for projects including New York’s Hudson Yards and Trump Bay Street in Jersey City is making a comeback — and the queue of wealthy applicants from China to India is growing. The revived EB-5 program is poised to fund undertakings … Read more

The Global Race to Hike Rates Tilts Economies Toward Recession

The Global Race to Hike Rates Tilts Economies Toward Recession

(Bloomberg Businessweek) — Central banks are intent on driving the world economy perilously close to a recession. Late to see the worst inflation in four decades coming, and then slow to crack down on it, the Federal Reserve and its peers around the globe now make no secret about their determination to win the fight … Read more

ECB Is Pushing Banks To Scrutinize Their Energy-Intensive Risks

ECB Is Pushing Banks To Scrutinize Their Energy-Intensive Risks

Skyscraper office buildings in the financial district of Frankfurt, Germany. The ECB insists the current price spike will ease, although officials’ most up-to-date view will be revealed at the rate decision, along with their assessment of an economy whose snapback from the pandemic is going awry. .

Dubai’s Future Is in the Hands of Two Very Different Princes

Dubai’s Future Is in the Hands of Two Very Different Princes

As their 73-year-old father, the ruler of Dubai, hands them more responsibility, Sheikh Hamdan bin Mohammed Al Maktoum, 39, and brother Sheikh Maktoum, 38, have each carved out a niche. They face the task of safeguarding Dubai’s status as the Middle East’s pre-eminent business hub amid competition from regional rivals and international scrutiny following Russia’s … Read more

China’s Chengdu Lifts Lockdown of Whole City From Monday

China’s Chengdu Lifts Lockdown of Whole City From Monday

The capital of Sichuan province, Chengdu is the biggest city to have shut down since Shanghai’s bruising two-month lockdown earlier this year. The lockdown in Chengdu followed that of Shenzhen and Zhengzhou, which deployed seven-day citywide restrictions. Strict, quick action to stamp out Covid is key to China’s zero-tolerance approach to the virus, which President … Read more

Russia’s Secret Gem Sales Are Dividing the Diamond World

Russia’s Secret Gem Sales Are Dividing the Diamond World

Some big European luxury brands have asked Alrosa’s rival, De Beers, to increase sales to suppliers they trust, according to people familiar with the matter who asked not to be identified discussing private information. The company has made some efforts to do so, but has little extra to sell, the people said. .