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SEOUL, South Korea (AFP) — The heir and de facto leader of Samsung group received a presidential pardon Friday, the latest example of South Korea’s long tradition of freeing business leaders convicted of corruption on economic grounds. Billionaire Lee Jae-yong, who was convicted of bribery and embezzlement in January last year, will be “reinstated” to give him a chance to “contribute to overcoming the economic crisis” of the country, Justice Minister Han Dong-hoon said. Lee […]
Main growth contributors were transportation and construction; services sector posted highest positive growth (Eagle News) – The Philippine economy grew by 7.4 percent in the second quarter of 2022, mostly due to growth in the construction sector and transportation and storage, according to figures from the Philippine Statistics Authority. The figure, however, was lower than the first quarter growth figure of 8.3 percent, and also lower than the fourth quarter of 2021 growth rate […]
The Philippines’ economic growth slowed in the second quarter, officials said Tuesday, as they warned that surging inflation and the coronavirus pandemic would weigh on the outlook for the rest of the year. Gross domestic product rose 7.4 percent, slightly weaker than the 7.5 percent expected and down from 8.2 percent in the previous three months, Economic Planning Secretary Arsenio Balisacan told reporters. “We’re likely to face challenges indeed in sustaining that growth,” he […]
DepEd says August 22 school opening to push through as scheduled (Eagle News) — President Ferdinand “Bongbong” Marcos Jr. said that the resumption of face-to-face classes this month (August) would revive the economy amid the impact of the Covid-19 pandemic as he cited enrollment figures of 15.2 million learners for this coming school year. In his weekly vlog, President Marcos said that the full implementation of face-to-face classes would resume as scheduled. This would […]
by Ahmad Parhizi Agence France-Presse TEHRAN, Iran (AFP) — A year after Iran’s President Ebrahim Raisi took power, his government has curbed the Covid pandemic but faces a sharp downturn of the sanctions-hit economy as nuclear talks remain stalled. Having pledged to help especially the poor, the ultraconservative cleric now faces runaway consumer prices that have sparked protests. Raisi was elected in June last year in a ballot for which less than half of voters […]
by Paul Handley Agence France-Presse WASHINGTON, United States (AFP) — The Russian economy has been deeply damaged by sanctions and the exit of international business since the country invaded Ukraine, according to a new report by Yale University business experts and economists. Even though Moscow has been able to pull in billions of dollars from continued energy sales at elevated prices, largely unpublished data shows that much of its domestic economic activity has stalled since […]
The United States is set to release key data on economic growth Thursday and global investors are watching closely as the world’s largest economy flirts with recession — while President Joe Biden walks a political tightrope. Though Biden says he is confident the US economy is not suffering a downturn, a report showing a second consecutive quarter of negative growth — meeting one of the common definitions of a recession — would increase fears of […]
by M. Jegathesan Agence France-Presse IJOK, Malaysia (AFP) — Overripe palm oil fruits hang untouched in trees while others lie rotting scattered around a plantation, as Malaysian farmers reap the bitter harvest of a severe labor shortage. The tropical country is the world’s second-biggest producer of the edible vegetable oil, which is found in many everyday goods from chocolate to cosmetics. The sector has long been reliant on migrants from neighboring Indonesia for back-breaking plantation […]
by Heather Scott Agence France-Presse WASHINGTON, United States (AFP) — The Federal Reserve is set to announce another big interest rate increase on Wednesday, the fourth this year, in its ongoing battle to tamp down price pressures that have been squeezing American families. US central bankers are hoping that their aggressive stance will start to cool red-hot inflation that topped nine percent in June, the highest in more than 40 years, without derailing the world’s […]
WASHINGTON, United States (AFP) — Despite damaging Western sanctions imposed on Moscow in the wake of the invasion of Ukraine, Russia’s economy appears to be weathering the storm better than expected as it benefits from high energy prices, the IMF said Tuesday. The sanctions were meant to sever Russia from the global financial system and choke off funds available to Moscow to finance the war. But the International Monetary Fund’s latest World Economic Outlook upgraded […]
Move to bring in initial P11.7 billion revenue in 2023 alone (Eagle News) – President Ferdinand “Bongbong” Marcos Jr., said he would implement “tax administration reforms” to increase revenue collections and “implement a sound fiscal management” to improve the country’s economy. In his first State of the Nation Address (SONA), Marcos Jr., explained his blueprint to uplift the Philippine economy and “immediately address the economic scarring” brought about by the Covid-19 pandemic. One of […]
WASHINGTON, United States (AFP) — President Joe Biden said Monday he does not expect the United States suffer an economic downturn, although GDP figures due later this week may show the economy shrinking for a second consecutive quarter. “We’re not going to be in a recession in my view,” Biden told reporters. Citing strong employment figures, the president said he hoped instead for a soft landing where “we go from this rapid growth to steady […]
