Philippines’ infrastructure woes in focus as Marcos takes reins | Business and Economy

Manila, Philippines – As a young engineer in the early 1980s, Edgardo Perea worked on a project that he hoped would bring a reliable supply of clean water to households throughout Metro Manila. Forty years later, he is still waiting. Perea worked at Metropolitan Waterworks and Sewerage System, a government body, as part of a … Read more

Investors excited by Zimbabwe plan to mint gold to curb inflation | Business and Economy News

Harare, Zimbabwe – Zimbabwe is set to introduce gold coins that will enable investors to store value within the country as inflation spirals out of control and the local currency continues to rapidly devalue against major currencies. The move comes after inflation for June jumped to 191.6% from 132% in May. In a statement on … Read more

Forget Klarna? Investors bet new startups will in ‘buy now, pay later’

With hype over the “buy now, pay later” trend fading, some investors are betting they’ve found the next big thing. Buy now, pay later companies like Klarna and Affirm, which let shoppers defer payments to a later date or break up purchases into interest-free installments, are under immense strain as consumers become more wary about … Read more

Yemeni currency devaluation persists, despite new leadership | Economy News

The truce between Yemen’s internationally recognized government and the Houthi rebels has helped bring a semblance of stability to the country since it began at the start of April, considerably reducing hostilities on the country’s front lines, and making many Yemenis hopeful that an end to the war could be in sight. But Yemen’s economy, … Read more

In Indonesia, ‘pay later’ services leave some drowning in debt | Debt News

Ubud, Indonesia – Nadhea Putri’s mounting debt began with a single mobile phone purchase. Putri, who lives in Kuala Kapuas, Central Kalimantan, about 1,600km from Jakarta, had dreamed of upgrading to a newer model for months but did not have enough cash. Then, earlier this year, the 21-year-old university student noticed an option to buy … Read more

Sri Lanka under virtual lockdown as fuel restricted for pvt cars | Business and Economy News

Gov’t decided on Monday to limit distribution of fuel to essential services until July 10 and told residents to stay home. by Anusha Ondaatjie and Asantha SirimanneBloomberg Published On 28 Jun 202228 Jun 2022 Sri Lanka abruptly restricted fuel supplies and told residents to stay home, raising the risk of more unrest as the government … Read more

Iran applies to join BRICS group of emerging countries | Business and Economy News

Iranian official membership says ‘would result in added values ​​for both sides’. Iran has submitted an application to become a member of the group of emerging economies known as the BRICS, an Iranian official said on Monday. Iran’s membership in the BRICS group, which includes Brazil, Russia, India, China and South Africa, “would result in … Read more

Biden eyes China with memorandum to combat illegal fishing | Business and Economy

Move with Washington steps up engagement with Asia to counter China’s growing influence. US President Joe Biden on Monday signed a national security memorandum to fight illegal fishing, part of pledged efforts to help countries combat alleged violations by fishing fleets, including those from China. The White House said in a statement that it would … Read more

Guilty: Credit Suisse hit with money laundering conviction | Banks News

The verdict is the first ever criminal conviction of a major Swiss lender in the country’s history. Cocaine. Stashes of cash. A down-on-his-luck Bulgarian wrestler. For days during the February trial, the lurid details captivated Swiss finance as Credit Suisse Group AG faced charges that it had failed to prevent a drug trafficker from laundering … Read more

West pushes Russia into its first foreign debt default since 1918

Following reports that Moscow had failed to pay about $100 million in interest on two bonds during a 30-day grace period that expired Sunday, the White House said the default imposed showed the power of Western sanctions on Russia since it invaded Ukraine. “This morning’s news around the finding of Russia’s default, for the first … Read more