BEIJING: Chinese e-commerce giant Alibaba has announced the surprise departure of former CEO Daniel Zhang, who had been set on Monday to take charge of a key subsidiary as the firm undergoes a major restructuring. Hangzhou-based Alibaba is one of China’s most prominent technology firms, with business operations spanning cloud …
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FDI net inflows down 20% in H1
At a Glance Philippines’ net foreign direct investments (FDI) dipped 20.4% to $3.911 billion for the first six months versus $4.913 billion same time in 2022. The Bangko Sentral ng Pilipinas (BSP) on Monday, Sept. 11, says the “slowdown in FDI may be due largely to investor concerns over weak …
Read More »Italy’s PM Meloni targets tight 2024 budget
MILAN: Italian Prime Minister Giorgia Meloni is tightening the budgetary screws to show that Rome can balance its books, even if it means delaying electoral promises. By the government’s own admission, the room for maneuvring is extremely limited due to lower tax receipts from a slowing economy that risks deficit …
Read More »Google’s landmark antitrust trial begins
WASHINGTON: Google faces its biggest ever legal challenge in a Washington court on Tuesday as it fends off accusations from the US government that it acted unlawfully to build its overwhelming dominance of online search. Over 10 weeks of testimony involving more than 100 witnesses, Google will try to persuade …
Read More »Small B.C. businesses get creative trying to survive inflation
Rising costs fuelled by inflation are pushing many small businesses in B.C. to find creative ways to adapt or pivot in the hope they can weather the storm. Many small retailers say it’s taking everything they have just to survive Rising costs fuelled by inflation are pushing many small businesses …
Read More »There’s now a Bank of Canada number for carbon tax’s impact on inflation. It’s small
Conservatives argue the Liberal government’s climate measure drives up the cost on everything. The inflation-watching head of the central bank offered some perspective on this. Making everything more expensive? Only by a fraction of a percentage point. There’s some, and one could stress some, point to the Conservative Party’s steady …
Read More »Outages at Square, Cash App causing widespread problems for users
Thousands of Square and Cash App customers were unable to access their accounts or send money on Thursday and early Friday due to system outages impacting both payment services. Full functionality has yet to be restored to the payment services as of midday Friday. Thousands of Square and Cash App …
Read More »US Treasury backs IMF funding boost
WASHINGTON, D.C.: The US Treasury is pushing to increase funding for the International Monetary Fund (IMF) by raising the quota obligations paid by member countries, a top official said on Thursday. The comments from Jay Shambaugh, the Treasury’s undersecretary for international affairs, underscore the Biden administration’s push for the IMF …
Read More »Apple shares fall on China iPhone restrictions
NEW YORK CITY: Apple shares fell sharply for a second straight session on Thursday following reports of significant Chinese restrictions on iPhones at government offices and state-backed entities. Shares of the world’s biggest publicly traded company were down 2.8 percent at $177.79 in late morning trading. SHARP DROP People are …
Read More »Viral vomit incident on Air Canada flight probed by Public Health Agency of Canada
Canada’s public health agency says it’s investigating a recent episode in which passengers on an Air Canada flight were almost forced to sit in vomit-soiled seats, an incident that reflects a broader frustration with flight operations in Canada, travel specialists say. Incident on Montreal-bound flight made headlines around the world …
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