South Korea's growth cooled last quarter before new Covid-19 wave hit

SEOUL (BLOOMBERG) – South Korea’s economic growth cooled after a rapid rebound from the pandemic slump, as exports fell from the prior quarter even as consumption jumped before the country was tested by its worst wave of the coronavirus. Gross domestic product rose 0.7 per cent during the April-to-June period from the previous quarter, the […]

US manufacturing output dips as chip shortage weighs on motor vehicles

WASHINGTON (REUTERS) – Output at US factories unexpectedly fell in June as motor vehicle production dropped amid an unrelenting global semiconductor shortage. Manufacturing output dipped 0.1 per cent last month after accelerating 0.9 per cent in May, the Federal Reserve said on Thursday. Economists polled by Reuters had forecast manufacturing output climbing 0.2 per cent […]

US retail sales fell in May in latest sign of bumpy recovery

WASHINGTON (NYTIMES) – Retail sales fell more than expected last month, the US Commerce Department reported on Tuesday (June 15), a sign of the uneven recovery of the American consumer and a shift in spending patterns as the country reopens after the coronavirus pandemic. The 1.3 per cent decline in May followed months of ups […]

Court approves Thai Airways plan for makeover of US$12.9 billion debt

BANGKOK (REUTERS) – Thai Airways International won court approval on Tuesday to restructure a debt load of US$12.9 billion (S$16 billion) as the airline, which is already in bankruptcy protection, seeks to turn around its fortunes. The court ruling removes the last hurdle to implementation of the plan, seen as critical for the carrier which […]

South Korea April factory output unexpectedly declines from March

SEOUL (REUTERS) – South Korea’s factory output in April unexpectedly declined from March but logged the fastest expansion in almost three years on a year-on-year basis compared to 2020’s pandemic-impacted figures, government data showed on Monday. From March, industrial production fell by a seasonally adjusted 1.6%, the biggest contraction since May last year and missing […]

Indian economy faces resilience test amid risks from virus

(BLOOMBERG) – The Indian economy’s resilience will be tested by its ability to overcome a devastating outbreak of Covid-19, although no one’s yet doubting its potential to pull off the world’s fastest pace of growth among major economies this year. The economy is on track to grow 10 per cent in the year that began […]

Bitcoin plunges: A bust or a buy?

NEW YORK/LONDON (REUTERS) – Cryptocurrencies that seemed to be defying gravity just weeks ago came back down to earth with a bump on Wednesday (May 19) after a roller-coaster ride which could undermine their potential as mainstream investments. The two main digital currencies, bitcoin and ether, fell as much as 30 per cent and 45 […]

Fed warns asset prices 'vulnerable to significant declines' as investors gorge on risk

WASHINGTON (BLOOMBERG) – A rising appetite for risk across a variety of asset markets is stretching valuations and creating vulnerabilities in the US financial system, the Federal Reserve said in its semi-annual financial stability report. “Vulnerabilities associated with elevated risk appetite are rising,” Fed Governor Lael Brainard, the head of the Board’s financial stability committee, […]

What's happening to China's tech sector?

SINGAPORE – China’s tech sector was a clear winner of the pandemic in 2020 with coffers swelling thanks to the broad shift to digital, propelling share prices to new heights. But it’s been a different story this year. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories […]

U.S. wages and benefits jump as economy reopens – The Denver Post

WASHINGTON — Wages and benefits grew quickly for U.S. workers in the first three months of the year, a sign that businesses are starting to offer higher pay to fill newly-opened jobs. U.S. workers’ total compensation rose 0.9% in the January-March quarter, the largest gain in more than 13 years, the Labor Department said Friday. […]