Bloomberg India’s Supreme Court upheld Prime Minister Narendra Modi’s 2016 decision to overnight invalidate high-value currency notes, a decision that could provide firepower to the ruling party ahead of a series of elections in coming months. A five-judge panel in a majority verdict said the government’s move satisfied the test of “proportionality” and the court cannot supplant the wisdom ...

  Bloomberg Hong Kong Financial Secretary Paul Chan said he is optimistic about the city’s economic prospects for this year and expects the local real estate market to rebound after the China border reopens. Hong Kong’s exports, tourism and local service industry are all expected to rebound on China’s border reopening, and consumption in the first quarter is likely to ...

Bloomberg Chinese tourists accounted for nearly a third of Thailand’s visitors prior to Covid, so their pending return has local businesses hoping for a much needed boost. But a full recovery from the crisis remains a way off. Thai government and industry estimates on Chinese visitor numbers for next year range from 3 million to 5 million — a wide ...

Bloomberg Luiz Inacio Lula da Silva retook the helm of Latin America’s largest democracy promising to bring back the economic inclusion and prosperity that marked his first two terms as Brazil’s president between 2003 and 2011. It won’t be easy: Brazil grew more politically polarised over the past two decades, with trust in his Workers’ Party eroded by corruption scandals. ...

Bloomberg Four people have died and three are critically injured after a mid-air collision involving two helicopters near the Sea World theme park on Australia’s Gold Coast. Queensland Police said it appeared that one helicopter was taking off and another was landing when the incident occurred on Monday. The Australian Transport Safety Bureau is appealing for witnesses and has sent ...

  Bloomberg Japan’s Defense Ministry said it spotted a Chinese military drone near the Japanese islands of Okinawa and Miyakojima on New Year’s Day. The unmanned reconnaissance aircraft, which the ministry identified as a WZ-7 drone, flew from the East China Sea towards the Pacific Ocean before circling back and heading west, the ministry said in a statement. The aircraft ...

Bloomberg A Ukrainian strike on a Russian military facility in the occupied eastern town of Makiyivka killed 63 troops being housed there, Russia’s defense ministry said, making it one of the deadliest losses acknowledged by Moscow. Ukraine warned that Russia may launch more attacks over the Orthodox Christmas holiday later this week even as it downed all 39 Shahed drones ...

  Bloomberg New Chinese Foreign Minister Qin Gang sought better Sino-US ties in a phone conversation with Secretary of State Antony Blinken on New Year’s Day, according to a statement from the Ministry of Foreign Affairs in Beijing. Qin, who served as China’s ambassador to the US prior to his new job, looked forward to maintaining a close working relationship ...

  Bloomberg New York Governor Kathy Hochul promised to reduce crime, improve affordability and stem the state’s population loss as she took the oath of office for her first full term. Hochul’s inauguration capped a remarkable ascendancy in New York politics, becoming the first woman to take the state’s top office in her own right, after inheriting it in 2021 ...

  Bloomberg The Bank of Korea (BOK) should keep its policy focus on fighting inflation and be ready to help stabilise markets, Governor Rhee Chang-yong said in a New Year speech. Inflation is the most important factor for people’s livelihoods and is expected to remain elevated, Rhee said, according to a transcript of his remarks released by the BOK. The ...