Economy

Big-box retailers are leaving Canada because they can’t replicate their U.S. success. Nordstrom closed its Canadian business last month due to a lack of a “realistic path to profitability.” But, Lowe’s sold its Canadian retail operation to Sycamore Partners for $400 million in cash. After raising financing to avoid bankruptcy, Bed Bath & Beyond’s Canadian businesses will close, according to …

US President Joe Biden chose former Mastercard CEO Ajay Banga to run the World Bank, with the expectation that the India-born executive’s ties to the private sector and emerging economies can accelerate the 77-year-old institution’s makeover to better handle climate change. Banga, now 63 years old and a citizen of the United States, was nominated by Vice President Joe Biden …

Economics Minister Rafizi Ramli stated that Malaysia actively invites foreign investment and trade in the energy business in order to overcome the energy issue and secure energy security. As indicated by the reforms in the gas market liberalisation and third-party access that allow numerous companies to access and utilize Malaysian gas facilities, he stated that the country’s commitment to create …

Hong Kong is under pressure to reign down spending as it announces its annual budget on Wednesday, February 22. This is due to its massive fiscal deficits accrued during the COVID-19 epidemic, as well as its efforts to stimulate the economy and reclaim its financial luster. After spending over HK$600 billion on limiting the spread of illnesses and giving economic …

With a substantial per capita Gross National Product, the United Arab Emirates are among the world’s wealthiest nations. They tie for fourteenth position in the world with France, but they finish ahead of Sweden, Belgium, and the Netherlands. This indicates that they are among the most economically powerful nations. The Emirates are both a wealthy and developed country. Moreover, the …

Singapore is the most livable place in the world for expatriates from East Asia, according to the latest Location Ratings assessment published by global mobility expert ECA International. Singapore’s liveability score has increased over the last year. Covid-19 prohibitions were relaxed earlier in Singapore than in other large Asian cities, which boosted Singapore’s liveability ranking and its desirability as a …

Thailand’s economic development slowed faster than anticipated in the fourth quarter of 2022 due to a decrease in exports and manufacturing, but a resurgence in the crucial tourism industry could continue to bolster the recovery this year despite a decline in global demand. Friday’s report from the National Economic and Social Development Council (NESDC) indicated that the GDP of the …

In January, Singapore’s non-oil domestic exports fell 25% year-over-year, the greatest annual decline in a decade. The reduction was driven by Singapore’s non-oil exports to its main markets, with shipments to China decreasing by more than 41%, to the U.S. by 31.5%, and to Hong Kong by more than 55% for the month. The number is the fourth consecutive drop …

Grab argued that the addition of 100,000 transport network vehicle services (TNVS) providers would not result in an overstock, considering that demand had occasionally surpassed pre-pandemic levels. Grab Philippines senior director of operations Ronald Roda stated in a statement released on Friday, February 10: “We believe that the number of slots needed to meet demand in 2023 for new and …

Malaysia’s central bank said on Friday that the economy would not enter a recession this year and will have stronger-than-anticipated growth in 2022 as the nation gains a firmer footing to emerge from the pandemic-induced economic crisis of recent years. Some experts caution against excessive optimism, noting that domestic demand remained subdued and that layoffs and general pessimism in the …