Economy

President Vladimir Putin delivered Russia’s long-awaited reaction to a Western price ceiling on Tuesday, December 27, by signing an order prohibiting the delivery of crude oil and oil products to nations that adhere to the quota for five months beginning on February 1. In response to Moscow’s “special military operation” in Ukraine, the Group of Seven, the European Union, and …

As we go towards 2023, Prime Minister Anwar Ibrahim will encounter formidable obstacles as he navigates the country’s economy. With his vast expertise and intelligence, Anwar is the ideal choice to guide us through the obstacles that will arise when the world economy enters challenging times. The forecasts for the coming year are not favorable. According to the International Monetary …

President Joko Widodo of Indonesia stated on Wednesday that a restriction on exports of bauxite will go into effect as planned in June 2019 in order to stimulate domestic processing of a mineral used as the primary ore source for aluminum. The resource-rich nation has startled markets with its commodities exports policy, including temporary but contentious prohibitions earlier this year …

China accused the United States on Wednesday, December 14, of using subsidies to bolster domestic sectors and refusing to adhere by World Trade Organization norms (WTO). Li Chenggang, China’s Ambassador to the WTO, stated in a speech that he was dissatisfied with the United States’ trading record, stating that it did not live up to President Joe Biden’s inauguration commitment …

The Financial Times reported on Wednesday, December 14 that Chinese tech giant Alibaba Group Holding Ltd cannot purchase some of the most advanced chip designs after SoftBank-owned British chip tech firm Arm Ltd determined that the United States and the United Kingdom would not approve export licenses to China. This is the first time that Arm has determined it cannot …

Despite persistently rising prices, President Ferdinand Marcos Jr. is confident that the Philippines will not enter a recession, noting improvements in the local labor situation. In a video, Marcos remarked in Filipino, “We are certain that we will not have a recession in the Philippines since the unemployment rate is very low.” A technical recession occurs when an economy has …

Wednesday, December 7, a federal judge in California dismissed a lawsuit against reality TV star Kim Kardashian, boxing legend Floyd Mayweather Jr., and others over their role in promoting a cryptocurrency, stating that it was unclear whether the investors who filed the lawsuit actually saw the promotions. The January complaint alleges that EthereumMax officials conspired with celebrity promoters to entice …

The domestic trade and consumer affairs ministry of Malaysia has promised to address the issue of the lack of eggs in some parts of Kuala Lumpur. Additionally, it cautioned customers against making rash purchases, arguing that this is what originally led to the issue. On Tuesday (Nov 29), the ministry was quoted as saying by the New Straits Times that …

President Yoon Suk-yeol of South Korea warned that the government may intervene to break up a statewide strike by truckers, deeming it unlawful and undesirable to “hold hostage” the national supply chain during an economic crisis. On November 24, thousands of unionized truckers began their second major strike in less than six months, which is already impacting several businesses in …

Anwar Ibrahim, the recently selected prime minister of Malaysia, stated on November 25 that he will prioritize the cost of living as he enters office amid a faltering economy and a highly divided nation following a tight election. Anwar, 75, was sworn in as prime minister on November 24, culminating a three-decade political career from protégé of senior leader Mahathir …