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“Fundamentally,” President Biden said as he nominated Jerome Powell for another four years as the world’s most powerful central banker, “we need stability and independence at the Federal Reserve.” He’s probably right about that. The problem is that the need for stability — and for avoiding shocks for the markets, and for independence — cuts across the desire to exert ...

Bloomberg Shares of India’s pioneering digital payments startup Paytm plummeted for a second day after its $2.5 billion initial public offering, marking one of the worst debuts ever by a major technology company. The stock fell about 14% after a 27% plunge in its debut Thursday, cutting its market value to about $12 billion. The drop has hit individual investors ...

Bloomberg BHP Group and Woodside Petroleum Ltd approved investment in a $12 billion Australian gas project as the companies also confirmed details of a merger to combine their energy assets. BHP agreed in August to merge its oil and gas business with Woodside to create a top 10 global energy producer. The deal, which is expected create synergies of over ...

Bloomberg Thailand’s unemployment rose to its highest level in more than 16 years after the worst wave of Covid-19 outbreak to hit the nation decimated jobs in the third quarter. The Southeast Asian nation had 870,000 unemployed people at the end of September, representing a 2.25% jobless rate, according to the National Economic and Social Development Council. It’s the worst ...

Bloomberg Singapore’s Mapletree Logistics Trust is set to acquire assets across China, Japan and Vietnam in deals worth over S$1.4 billion ($1.03 billion) amid growing consumption of e-commerce in those markets. The real estate investment trust is purchasing 13 logistics properties in China valued at S$870 million, while the proposed acquisitions of three similar assets in Vietnam are worth S$129.9 ...

Bloomberg South Korea’s exports are poised to extend a run of double-digit gains in November, underpinned by chip and ship sales and signalling global demand remains solid in the run up to the year-end holiday season. The value of Korea’s overseas shipments advanced 27.6% during the first 20 days of this month, the customs office reported, following a 24% increase ...

Bloomberg Sun Life Financial Inc, after shelling out almost $4 billion in the past two years to build up its US and asset-management businesses, is now poised to focus its dealmaking on Asia. Chief Executive Officer Kevin Strain, who took the reins in August, said that Asia’s growing middle class and the company’s goals for increasing earnings in the region ...

Bloomberg President Joe Biden’s administration is considering whether to send American military advisers to Ukraine as Russian forces on that country’s border pose the threat of invasion, CNN reported. The network, citing unnamed sources, said the US was also looking into providing more weapons to Ukraine’s armed forces, including anti-aircraft stinger missiles. CNN added that some of the equipment, including ...

Bloomberg The Nigerian government rejected a leaked report’s findings that its security forces shot and killed unarmed protesters in Lagos last year. The unsigned report by a panel of inquiry set up by the Lagos state government, which began circulating, said 11 civilians died on October 20, 2020, after soldiers and police officers opened fire. The document said the events ...

Bloomberg A top German diplomat urged the UK to honour the post-Brexit Northern Ireland Protocol, and warned that the dispute over the issue is “not a game” as European Union ministers rallied behind the bloc’s chief negotiator. “Dear friends in London and in Britain, please come to your senses,” Deputy Foreign Minister Michael Roth said in Brussels during a meeting ...