World

The world has been transfixed by Ukraine’s fight for survival. As the war drags on, we’d better start considering what will become of Russia, as well. President Vladimir Putin’s nation has now been subjected to an isolation more sudden and total than that experienced by any major power in recent history. What that leads to may not be pretty. Since late February, Russia has been hit with punishing economic, trade and financial sanctions. It is careering toward a debt default, as a rapid technological decoupling is also under way. Foreign firms are fleeing the country, while Russian teams are excluded from international competitions in soccer and other sports. Even the International Cat Federation has barred Russian felines from its events. Russia isn’t some tinpot tyranny like Cuba or No...

SHANGHAI: More Chinese companies are halting domestic listing plans, filings show, as the country's biggest coronavirus outbreak in two years hampers due diligence and information gathering, affecting an estimated US$9 billion-plus in fundraising. Over the past week, 15 companies seeking initial public offerings (IPOs) on Shanghai's tech-focused STAR Market have suspended applications, almost all citing impacts from the epidemic, exchange filings showed. The city started lockdowns on Monday. In Shenzhen, which conducted three rounds of mass testing in March, 67 IPO applicants targeting the start-up board ChiNext have suspended the listing process this month, citing the need to update disclosure to regulators, according to filings. In all, the suspensions potentially delay fundraising wo...

Japan is dispatching an official jet usually reserved for the emperor and prime minister to ferry Ukrainian refugees to Tokyo, an unprecedented move that highlights the red-carpet treatment being offered to those fleeing Russia’s invasion. Foreign Minister Yoshimasa Hayashi is set to fly to Poland in a 150-seater Boeing 777 government jet Friday, the government’s chief spokesman said. The plane was then expected to be used to fly refugees back to Tokyo, according to NHK and other media. The country has already accepted 325 people fleeing Ukraine in less than a month. While that’s a tiny fraction of the millions who have fled, it’s still more than the total number of refugees Japan has allowed for the past seven years from all over the world. Japan does have a track record of taking in l...

CHICAGO: Sky-high fertiliser prices have farmers worldwide scaling back its use and reducing the amount of land they're planting, the fallout from the Ukraine-Russia conflict that has some agricultural industry veterans warning of food shortages. Western sanctions on Russia, a major exporter of potash, ammonia, urea and other soil nutrients, have disrupted shipments of those key inputs around the globe. Fertiliser is key to keeping corn, soy, rice and wheat yields high. Growers are scrambling to adjust. The pivot can be seen in agricultural powerhouse Brazil, where some farmers are applying less fertilizer to their corn, and some federal legislators are pushing to open protected indigenous lands for the mining of potash. In Zimbabwe and Kenya, small farmers are reverting to using manure ...

NEW DELHI : Walmart's Indian e-commerce company Flipkart has internally raised its IPO valuation target by around a third to $60-70 billion, and now plans a U.S. listing in 2023 instead of this year, two sources with direct knowledge of the plan told Reuters. Flipkart, which competes with Amazon.com Inc in India's booming e-commerce space, had earlier set an IPO valuation goal of $50 billion, Reuters has reported. The main reason for waiting for the IPO is due to Flipkart's internal plan to boost valuations further by focussing on two of its relatively new businesses - online healthcare services and travel bookings, two of the sources with direct knowledge said. Two separate sources familiar with Flipkart's plans said the ongoing global market turmoil sparked by the Russia-Ukraine crisi...

A Boeing 777X airplane takes off during its first test flight from the company's plant in Everett, Washington, January 25, 2020. Check out the companies making headlines in midday trading. Boeing — Shares fell about 4% after a Boeing 737 passenger jet crashed in China with 132 people on board. China's civil aviation agency lost contact with the flight over Wuzhou, and the number of deaths is currently unknown. Air Products and Chemicals — The specialty chemical stock gained nearly 1% after JPMorgan upgraded Air Products and Chemicals to overweight from neutral. JPMorgan said the stock's rough start to a year had created a discount relative to a rival chemical stock with several possible catalysts coming up. Berkshire Hathaway — Berkshire Hathaway (BRK.A) shares rose about 2% on news th...

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. For the elderly, retirement income is typically composed of what the National Institute of Retirement Security calls the 'three-legged stool' — a combination of retirement savings from defined contribution plans such as a 401(k), a pension and Social Security benefits. With nearly 40% of men and women relying on Social Security benefits for more than 50% of their retirement income, the government program plays a vital role in ensuring that many elderly Americans don't end up in poverty. Spousal and widow's benefits were first established in 19...

Two weeks ago, Ukrainian President Volodymyr Zelenskyy excoriated the United Nations Security Council for failing to protect his country and he demanded action, reform or its dissolution. His judgment of the UNSC’s utility is shared by many; it’s also a misreading of its design and an inexact assessment of its purpose. Still, the invasion of Ukraine has been a test for international institutions. Many have been found wanting. Fortunately, several have risen to the moment. We should acknowledge their successes and distill their lessons. Zelenskyy’s remarks were brutal. The U.N. Security Council, “the key institution of the world designed to combat aggression and ensure peace cannot work effectively,” he said, adding that the organization “was unable to carry out the functions for which i...

Traders work on the floor of the New York Stock Exchange on March 28, 2022, in New York City. Following a positive week for stocks, the Dow Industrial Average was down over 100 points in morning trading. A key signal of recession flashed in the bond market this week, but SkyBridge Capital's Anthony Scaramucci told CNBC that he would be cautious on predicting there would be a downturn. On Monday, the U.S. 5-year and 30-year Treasury yields inverted for the first time since 2006. On Tuesday, the yield spread between the 2-year and the 10-year rate came close to inverting but stayed positive. Historically, the yield curve has inverted prior to recessions, indicating investors' concern about the health of the economy. "So historically it would signal that we're heading into a recession 12 ...

The test series victory in Pakistan on Friday (Mar 25) left Australia captain Pat Cummins excited about the team's prospects when they tour Sri Lanka in a few months and India next year. Cummins joined Richie Benaud and Mark Taylor as the only Australian captains to lead their team to a series victory in Pakistan when his side clinched the deciding third test in Lahore by 115 runs for a 1-0 win. The 28-year-old fast bowler was handed the reins of the test side in November when Tim Paine stepped down amid a sexting scandal shortly before an Ashes series at home. Cummins showed very few nerves against arch-rivals England and inspired the side to a comprehensive 4-0 win and is now unbeaten in his eight tests as Australia captain. "It's one of just immense satisfaction for me," Cummins tol...