World

The commodity price spike that has been worsened by Russia’s invasion of Ukraine isn’t an equal-opportunity dispenser of economic distress. The surging energy costs are causing headaches for governments around the world, but are especially painful for poorer nations that rely heavily on imported fuels. These countries don’t have the fiscal buffer enjoyed by wealthier peers, and can’t count on increased revenue from their own exports. Morocco, Thailand, Vietnam and Pakistan are some of the most-affected larger economies, based on energy import and gross domestic product data from the United Nations. Poorer families in those countries — and others — will find it tougher to buy basic goods, manufacturing sectors that support millions of jobs will be at risk, and some governments may even fi...

LONDON : Four buyout funds have made binding bids for a slice of the media rights business of France's top-flight soccer league as the race to support the country's cash-strapped clubs with a vital lifeline enters the final stages, sources told Reuters. CVC Capital Partners, Silver Lake, Hellman & Friedman and Oaktree Capital have all submitted rival bids ahead of a March 9 deadline, three sources said, speaking on condition of anonymity. A last-ditch attempt by European private equity firm BC Partners to team up with Oaktree fell through, with BC Partners walking away from the auction, they said. French soccer governing body Ligue de Football Professionnel (LFP) kicked off a process last year to sell a minority stake in a newly created company that will market the TV and online broadca...

STOCKHOLM/WASHINGTON : Sweden's Ericsson on Wednesday said the U.S. Justice Department accused it of breaking terms of a 2019 deal with prosecutors by failing to properly disclose misconduct and compliance failures in Iraq. Ericsson, which has been at the center of a scandal over possible payments to Islamic State, said U.S. authorities determined it failed to make sufficient disclosures about its activities in Iraq before entering a deferred prosecution agreement in 2019 with the Justice Department to resolve a probe into years of alleged corruption in China, Vietnam and Djibouti. The Justice Department also said the firm failed to make proper disclosures after the deal was signed, Ericsson said in a statement. Under the terms of the 2019 deal, the Justice Department agreed to hold off...

SINGAPORE: Judgment was reserved in the case of convicted Malaysian drug dealer Nagaenthran Dharmalingam's last-minute defence against his execution at the Court of Appeal on Tuesday (Mar 1). Nagaenthran is appealing against a High Court decision that dismissed his bid to commence judicial review proceedings on the basis that he purportedly possesses the mental age of someone below 18. The appeal was heard by a panel of five judges: Chief Justice Sundaresh Menon, Justice Andrew Phang Boon Leong, Justice Judith Prakash, Justice Belinda Ang and Justice Chao Hick Tin. The crux of the appellant's arguments was that Nagaenthran is not competent for execution as he has an intellectual disability. His lawyer, Ms Violet Netto, cited medical reports, international treaty obligations and customar...

A powerful rally in technology and growth stocks helped drive the stock market higher in its best week of the year. The S&P 500 was up about 6.2% for the week, ending at 4,463. The Nasdaq was up 8.2%, and the Dow gained 5.5%. With the Federal Reserve's first rate hike out of the way, market pros are now debating whether the market can continue the upswing it started in the past week. Some of the names that had been most punished like airlines, were among the biggest winners on the week. Airlines were up about 14.7% for the week. High growth names also bounced, with the ARK Innovation Fund, a poster child for growth, jumping about 17.4%. The fund is still down more than 46% over the last six months. Consumer discretionary stocks gained more than 9% as the top performing sector, followed ...

WASHINGTON :The United States on Tuesday named former senior diplomat Joseph Yun to lead languishing talks with three tiny but strategically important Pacific Island countries, a signal that countering China remains a US priority despite Russia's war in Ukraine. The State Department confirmed the appointment of Yun, who served as U.S. special envoy for North Korea under former US presidents Barack Obama and Donald Trump, in response to queries from Reuters. "In light of the critical nature of these complex negotiations, President Biden is appointing Ambassador Joseph Yun as Special Presidential Envoy for Compact Negotiations," a statement from the department said. "We are currently engaged in negotiating amendments to certain provisions of the Compacts of Free Association with the FAS, ...

Panasonic Corp. plans to build a U.S. factory to supply Tesla Inc. with lithium-ion batteries, NHK has reported, seeking to ramp up production to meet anticipated demand for electric vehicles. The Japanese electronics conglomerate is looking at sites in Oklahoma and Kansas to build the plant, the public broadcaster reported, citing an unidentified source. Tesla is bringing a new factory online in nearby Texas, where it recently established a new headquarters in Austin. Panasonic has a longstanding relationship with Tesla, with the two companies jointly operating the massive battery plant known as the Gigafactory outside of Reno, Nevada. The batteries to be built in any new U.S. factory will probably be 4680 cells, a new type with a 46-millimeter diameter and 80-millimeter height. Because...

BANGKOK: Thailand's embattled prime minister will hold talks with party leaders in his ruling coalition Thursday (Mar 17) as he seeks to control growing divisions that could lead to early elections later this year. Prayut Chan-o-cha heads a sprawling coalition facing criticism over his mismanagement of COVID-19, a pandemic economy still in the doldrums and simmering tensions over huge 2021 pro-democracy protests that have dominated the past 12 months. The turbulent political atmosphere in Southeast Asia's second-largest economy has seen a weakened opposition agitate for the prime minister to step down, calling for a no-confidence debate when parliament resumes in May. And on Monday, General Prayut's one-time mentor, Deputy Prime Minister Prawit Wongsuwan, said early elections could be h...

Japan’s Rui Hachimura and the Washington Wizards will play the Golden State Warriors in two NBA preseason games outside Tokyo before the 2022-23 campaign begins, the league announced Monday. The first NBA games held outside North America since the start of the COVID-19 pandemic will be played Sept. 30 and October 2 at Saitama Super Arena, which can expand to a maximum capacity of 36,500 spectators. It’s a signal sport is returning to an era not seen since the pandemic shut down the league two years ago. “Having our teams resume international travel is a sign we’re getting back to a more normal way of life,” said NBA commissioner Adam Silver. “The fact we can bring NBA basketball to other continents again is extremely encouraging.” Hachimura, in his third season with the Wizards, became...

BEIJING: China posted a steep jump in daily COVID-19 infections on Tuesday (Mar 15), with new cases more than doubling from a day earlier to a two-year high as a virus outbreak expanded rapidly in the country's northeast. A total of 3,507 domestically transmitted cases with confirmed symptoms were reported on Monday across more than a dozen provinces and municipalities, the National Health Commission said, up from 1,337 a day earlier. China's case load is still tiny by global standards, but health experts said the rate of increase in daily cases over the next few weeks will be a crucial factor in determining whether its tough "dynamic clearance" approach - which aims to contain each outbreak - is still effective against the rapidly spreading Omicron variant. A COVID-19 forecasting syste...