Bloomberg The world faces a recession in 2023 as higher borrowing costs aimed at tackling inflation cause a number of economies to contract, according to the Centre for Economics and Business Research (Cebr). The global economy surpassed $100 trillion for the first time in 2022 but will stall in 2023 as policy makers continue their fight against soaring prices, the …

  Bloomberg Vietnam’s Tien Phong Commercial Joint Stock Bank (TPBank) expects its pretax profit to rise 15% next year as the nation’s pioneer in adopting automation technology benefits from cost savings, according to Chief Executive Officer Nguyen Hung. “We see a 15% rise in pretax profit next year is quite doable as we aim to increase using robotic process automation …

  Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda stressed that the bank’s latest tweaks on its bond yield control program were not the beginning of an exit of monetary easing, but a way to make it sustainable and run smoothly. “This is definitely not a step towards an exit,” Kuroda said in a speech at an event hosted by …

  Bloomberg The steepest series of interest rate increases in Colombia is nearing an end as inflation is expected to slow sharply with the economy set for a hard landing next year, the country’s central bank chief said. Policymakers have responded to the highest inflation in more than two decades — due mainly to international factors — with a “contractionary” …

Bloomberg India is set to rank among this year’s best-performing major stock markets globally, overcoming concerns about higher interest rates and an economic slowdown that has mired peers. The S&P BSE Sensex Index is up 3% so far in 2022, the biggest gain in the world after measures in Singapore and Indonesia. A solid run of earnings buoyed key Indian …

  Bloomberg Stocks made small advances while currencies were mixed in Asia on Monday amid cautious trading and reduced liquidity with many markets closed for holidays. Benchmark equity indexes for mainland China, Japan and South Korea climbed less than 1%, with a gain of just above that for India. Other markets including Hong Kong, Singapore and Australia were shut. Appetite …

  Bloomberg Russia may reduce its oil output by 500,000-700,000 barrels a day in early 2023 in response to the Group of Seven’s price cap on the nation’s crude exports, according to Deputy Prime Minister Alexander Novak. “We are ready to partially cut our production early next year,” he said in an interview with Rossiya-24 TV channel, adding the volumes …

  Bloomberg Amazon.com Inc is trying to sell excess space on its cargo planes, according to people familiar with the matter, its latest effort to adjust from a rapid pandemic-era expansion to a slowdown in online growth. The e-commerce retailer, which has a fleet of about 100 planes in the US and Europe, in recent months has hired executives with …

  Bloomberg Guararapes Confeccoes SA, the Brazilian conglomerate that owns fashion retailer Riachuelo, is working with Banco Safra SA as it mulls a potential stake sale, according to people familiar with the matter. Shoemaker Arezzo Industria e Comercio SA and Grupo SBF SA, owner of sporting-goods retailer Centauro, are among the companies that have been approached, said the people, who …

  Bloomberg Ethiopian authorities reiterated that the deadly Boeing Co 737 Max jet crash near Addis Ababa almost four years ago was mainly due to a faulty safety feature, revealing little fresh insight into the accident. A final report into the Ethiopian Airlines Group incident concluded that all professionals and planes related to the crash were correctly certified, Dagmawit Moges, …