Economy

At a time when the global outlook is bleak, the promise of foreign funding to assist Indonesia in reducing its emissions is a clear cause for celebration. The question is at what volume. Delegates at COP27, the world’s top climate change conference, spent the majority of this year’s summit in Sharm el-Sheikh, Egypt, worried that geopolitical tensions and economic pressures …

In President Ferdinand Marcos Jr.’s first meeting with a Middle Eastern head of state, in the midst of a global oil crisis, the oil supply of the Philippines was not the “main” topic of conversation. The Philippines’ largest export was their labor force. “The Crown Prince, Prime Minister went on to discuss Saudi Arabia’s plans to expand its economy, and …

Rosidi Yapa began fishing 20 years ago. He still appreciates his profession, “but there are many differences between then and now.” In the past, he could fish in the waters off the coast of Johor and catch more than 20 tons of fish in three days, but now it takes “at least five to six days.” Rosidi, the skipper of …

Thailand is reversing a program that would have permitted affluent foreigners to acquire a limited amount of land, a government official said on Tuesday (Nov 8), following a popular uproar against the plan. Foreigners are limited to 0.16 ha of land provided they invest a minimum of 40 million baht (US$1.07 million) in securities or bonds for a minimum of …

Meta Platforms Inc META.O announced on Wednesday that it will lay off 13% of its workforce, or more than 11,000 workers, in one of the year’s largest layoffs, as the Facebook parent company confronts rising costs and a sluggish advertising market. The large layoffs, the first in Meta’s 18-year history, come after hundreds of layoffs at other prominent digital companies, …

United Airlines Holdings Inc has joined the list of firms banning advertising spending on Twitter, a United Airlines spokeswoman said Friday night. General Mills Inc. and Audi of America announced on Thursday that they have suspended advertising on Twitter, days after billionaire Elon Musk purchased the social media network for $44 billion. Concerns over Twitter’s new direction under new owner …

Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund that manages more than $284 billion in assets worldwide, and private equity firm KKR have formed an alliance in which they will co-invest in performing private credit opportunities in the Asia-Pacific region to address a lack of capital and support the long-term growth plans of businesses. As part of their “strategic relationship,” …

The New York Stock Exchange will suspend trading of Twitter shares on Friday, October 28, according to its website, as billionaire Elon Musk confronts a court-ordered October 28 deadline to conclude his $44 billion bid for the social media company. Musk, the world’s richest person, visited Twitter’s offices in San Francisco on Wednesday and updated his profile bio to “Chief …

The World Bank said on Monday, October 24 that it has disbursed an additional $500 million to assist the Ukraine in meeting its urgent expenditure requirements resulting from Russia’s invasion on February 24 and the ongoing war. The International Bank for Reconstruction and Development, the bank’s primary lending arm, received $500 million in loan guarantees from the United Kingdom, which …

On Thursday, October 20, the dollar crossed the symbolic milestone of 150 yen for the first time since 1990, while the British pound fell in choppy trade after Prime Minister Liz Truss announced her resignation. The Japanese yen fell quickly from an overnight trading high of 150.09 to a minute-long low of 149.63, raising concern that the Ministry of Finance …