World

TOKYO: Japan's imports jumped to a record amount in July, boosted by global fuel inflation and a weak yen, outweighing exports and deepening the trade deficit, in a sign of a further worsening in the terms of trade for the export-oriented economy. The trade data came on the heels of Reuters Tankan, which showed improvement in Japan's business sentiment in August, while a key gauge of corporate capital spending rebounded in June from the previous month's decline. While the mixed batch of data provides some evidence of resilience, policymakers are likely to maintain calls for more stimulus as the world's third-largest economy struggles to shake off the hit from the pandemic and as the global outlook dims. "Exports are likely to slow down ahead due to global tightening of monetary policy, ...

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 decades, it has been notoriously difficult for travelers to get a refund from an airline if their flight is canceled. In many cases, carriers will simply issue a voucher for the money the passenger already spent. However, the voucher can only be used towards a future flight on that airline, essentially giving the airline an interest-free loan and leaving the customer without their cash. On Wednesday, the U.S. Department of Transportation published a new proposal that, among other things, would allow for a major expansion of consumer rights...

Serena Williams enters her final US Open as a long shot to take home the trophy but her title as the biggest earner in the history of women's tennis will remain for many years to come. Since turning professional in 1995, Williams has amassed a mind-boggling $94.6 million in prize money, more than twice as much as the second name on the list, which happens to be her older sister Venus, with $42.3 million. "It's hard to overstate her success," Victor Matheson, a sports economist at College of the Holy Cross in Massachusetts, said of the 23-time Grand Slam champion. "There are few other examples of athletes in sport who are so far beyond the number two like that." Put another way, about 25,000 women have won prize money in the history of the WTA and Serena Williams has earned more than th...

HONG KONG: Hong Kong's High Court on Tuesday (Aug 2) quashed a court reporting restriction for a landmark national security case involving a now disbanded group that once organised the city's annual candlelight vigils to commemorate the 1989 Tiananmen incident. The decision by Court of First Instance judge Alex Lee removes a ban on reporting imposed by a lower court magistrate and will allow open reporting of pre-trial proceedings - known as committal hearings - in a Hong Kong national security case for the first time. "The magistrate's reasoning was totally in opposition to the principles of Open Justice that govern the exercise of judicial power in the context of restricting access to, or reporting of, court proceedings," Lee wrote in a summary of the judgment, adding that the magistra...

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. Chase's Aeroplan® Credit Card offers flyers a great opportunity to earn valuable Aeroplan points and elite benefits, making it a solid choice for those who enjoy international travel. While Aeroplan is the official loyalty program of Air Canada, you don't necessarily need to be a frequent customer of the carrier to redeem this card's rewards. In fact, you can use Aeroplan points to book domestic flights on United Airlines, among several other Star Alliance partners such as Lufthansa and Singapore Airlines. With a modest $95 annual fee, valuabl...

BEIJING :Chinese developers in "survival mode" sharply cut property investment in July while new construction starts suffered their biggest fall in nearly a decade, suggesting the liquidity-challenged sector is not about to turn the corner anytime soon. China's property market, accounting for about a quarter of the economy, has been trapped in a capital crisis since the summer of 2020, leading some cash-strapped developers to default on their debts and struggle to complete projects. Wary buyer sentiment has also chilled new investment by developers. Property investment in July fell 12.3 per cent year-on-year, the biggest decline in 2022, while new construction starts by floor area slumped 45.4 per cent, the largest drop since January-February 2013, according to Reuters calculations based...

Mr Goh estimated that he could be earning more had he switched over to the ride-hailing platforms, or had concurrently used the ride-hailing applications on the job, which taxi drivers are allowed to do. Still, he has no regrets because of his familiarity with driving a taxi without having to depend on the apps. However, he is still paying the price. Due to increased competition from the other ride-hailing platforms, a drop in passenger demand amid the raging COVID-19 pandemic, as well as increasing fuel and rental costs, Mr Goh said that his recent take-home income is about 35 per cent less compared with pre-pandemic. Although he has been getting more customers of late due to the increase in transport demand following further relaxation of COVID-19 measures, his income has yet to see an...

In this article TSLA Tesla CEO Elon Musk gestures as he visits the construction site of Tesla's Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021. Patrick Pleul | Reuters At the Tesla 2022 shareholders' meeting on Thursday, investors asked CEO Elon Musk how the company plans to spend its money in coming years, and about his global economic outlook. Musk joked that "making macroeconomic prognostications is a recipe for disaster" but nonetheless estimated that "we are past peak inflation" and likely to see a "relatively mild recession," lasting for about 18 months. The CEO based his economic analysis on the commodity prices Tesla is being asked to pay for materials and goods it needs to make electric vehicles. "We do get a fair bit of insight into where prices of things are g...

New York : Global equities and the U.S. dollar advanced on Monday despite weaker-than-expected economic data in China that prompted the country's central bank to cut its lending rate, stoking concerns of a global recession. The People's Bank of China unexpectedly cut key interest rates on Monday after the world's second-largest economy reported July data on industrial output and retail sales that missed most analyst estimates. China's strict COVID-19 restrictions have hobbled activity at its main manufacturing hubs and popular tourist spots, including Shanghai, even as a deepening downturn continues in the property market. After earlier session losses, markets were trading slightly higher. The MSCI world equity index, which tracks shares in 50 countries, was up 0.05 per cent. Overnight ...

HONG KONG: HSBC's bosses will meet retail investors on Tuesday (Aug 2) in Hong Kong, the biggest market for Europe's largest lender, seeking to convince them their strategy to operate as a global bank is vital to boosting growth. The London-headquartered group is under pressure from its largest shareholder, Ping An Insurance Group Co of China Ltd, to explore options including spinning off its mainstay Asia business to increase shareholder returns. The informal meeting, which will discuss earnings and strategy, comes a day after HSBC rejected the break-up call, reported forecast-beating profit and promised chunkier dividends, sending its Hong Kong-listed shares to a one-month high. HSBC's response represented its most direct defence since news of Ping An's proposal broke in April. The l...