August, 2022

• 16 August

  Ola’s founder plans to produce electric vehicles in India by 2024

  

    Bloomberg Bhavish Aggarwal, who founded India’s top ride-hailing startup and then moved into manufacturing electric scooters, is expanding his business empire again, unveiling plans to enter the electric-car market in competition with local giants like Tata Group and global automakers from Hyundai Motor to Tesla. The 36-year-old entrepreneur said that Ola aims to launch its first electric car in ...

  Read More »
• 16 August

  Gold drops with China’s slowdown

    Bloomberg Gold dropped — following four straight weeks of gains — as investors assessed signs China’s economy is struggling to recover ahead of minutes from the Federal Reserve later in the week. Bullion fell 1.1%, after the longest run of weekly gains in almost a year, as it came under pressure from the stronger dollar. The precious metal has ...

  Read More »
• 16 August

  Thailand tourism boom underpins outperforming baht

  

  Bloomberg Thailand’s baht rebounded so rapidly in the past few weeks on optimism about the country’s tourism-led growth that it’s already hit year-end analyst targets. The currency jumped 2.3% to about 35.45 per dollar this month, leading gains in Asia by a wide margin. In addition to rising forecasts for tourists arrivals, the advance is also being driven by a ...

  Read More »
• 16 August

  China holds fresh patrols around Taiwan to protest senator’s visit

  

  Bloomberg China’s military said it held fresh patrols around Taiwan to “fight back” against another US congressional visit less than two weeks after House Speaker Nancy Pelosi traveled to Taipei. The patrols and exercises conducted in the “sea and air space around Taiwan” on Monday provided a “resolute response and stern deterrence to US-Taiwan collusion,” Chinese Defense Ministry spokesman Senior ...

  Read More »
• 16 August

  Putin vows to expand partnership with North Korea’s Kim Jong-un

  

  Bloomberg Russian President Vladimir Putin offered to expand relations with North Korea, reaching out to his neighbor as the Kremlin scours the globe for weapons for its war in Ukraine. Putin sent a congratulatory message to North Korea for its Liberation Day holiday on Monday marking the end of Japan’s 1910-1945 colonial rule over the Korean Peninsula. Although Putin regularly ...

  Read More »
• 16 August

  Myanmar’s Suu Kyi gets six more years in prison

  

    Bloomberg Myanmar’s deposed leader Aung San Suu Kyi was sentenced to six more years in prison on Monday in a judgment that could further anger supporters of the 77-year-old Nobel peace prize laureate. A special court inside a prison compound in the capital Naypyidaw found her guilty of four corruption charges related to a charity named after her late ...

  Read More »
• 16 August

  Australia PM orders review into Morrison’s ‘shadow government’

    Bloomberg Australian Prime Minister Anthony Albanese has ordered a review into claims his predecessor secretly took charge of multiple ministries during the pandemic, describing it as a “shadow government.” Former leader Scott Morrison allegedly swore himself in as health minister, finance minister and resources minister between 2020 and 2021, sometimes without the knowledge of the incumbent, according to a ...

  Read More »
• 16 August

  UK’s debt, welfare costs set to surge by $60.7 billion, says FT

  

    Bloomberg Inflation and higher interest rates will push up the UK’s debt serving costs and social welfare spending by more than £50 billion ($60.7 billion) in next fiscal year, according to Financial Times (FT) calculations. The bill for servicing government debt will almost double, to £95 billion ($115.35 billion) from £50 billion ($60.71 billion), given that about £500 billion ...

  Read More »
• 16 August

  US to limit exports of some chip tech to cut ‘nefarious’ use

  

    Bloomberg The US is imposing export controls on technologies that support the production of advanced semiconductors and turbines, protecting against their “nefarious” military and commercial use. The innovations “are essential to the national security” of the US and meet the criteria for the protection, the Department of Commerce’s Bureau of Industry and Security said in a statement. The agency ...

  Read More »
• 16 August

  Irish house prices rise

    Bloomberg Irish house prices rise to the highest since 2007 in June, matching the peak seen before the country suffered one of the worst property crashes in Western Europe. It’s taken over 15 years for prices to recover from the property crash that almost bankrupted the country, forcing it to seek an international bailout in November 2010. The national ...

  Read More »