World Bank chief says poorest countries owe $62B on bilateral debt
WASHINGTON — The world’s poorest countries now owe $62 billion in annual debt service to official bilateral creditors, an increase of 35% over the past year, World Bank President David Malpass said on Thursday, warning that the increased burden is increasing the risk of defaults. Mr. Malpass told the Reuters NEXT conference in New York […]
Read More →As economy stutters, China’s youth seek safety of civil service
BEIJING — As a physics student at the elite Peking University in Beijing, Lynn Lau was expecting big Chinese private sector companies to scour the campus this summer for upcoming talent. But with the world’s second-largest economy growing at its slowest rate in decades, many recruiters stayed away this year. The wishes of Ms. Lau’s […]
Read More →When the chips go up: Big banks bet on S. Korea, Taiwan stocks for 2023
Global banks are turning bullish on South Korean and Taiwanese shares, expecting a revival in semiconductors to drive a rally next year, while they see Japan’s market as resilient thanks in part to its weak currency. The calls come as US rates are still rising, with most markets around the world eyeing their worst annual […]
Read More →FTX collapse crushes crypto dreams in Africa and beyond
LAGOS/BANGKOK — Days before his FTX cryptocurrency exchange collapsed, co-founder Sam Bankman-Fried tweeted “Hello, West Africa!” — his latest nod to a region where a growing number of kitchen table investors had put their faith, and savings, in FTX. In South Africa, Nigeria, and Ghana, FTX held a series of swish events in the months […]
Read More →New York, Singapore are the world’s most expensive cities
NEW YORK and Singapore have emerged as the joint-most expensive cities to live in, according to a new worldwide survey. The cost of living in 172 of the world’s major cities rocketed an average 8.1% over the past year, driven by factors including the war in Ukraine and supply-chain snarls, according to the Economist Intelligence […]
Read More →UN seeks record $51.5-billion aid ‘lifeline’ next year
GENEVA — The United Nations (UN) and partners on Thursday launched an appeal for a record $51.5 billion in aid money for 2023, with tens of millions of additional people expected to need humanitarian assistance. The UN Global Humanitarian Overview estimates that an extra 65 million people will need help next year, bringing the total […]
Read More →China softens tone on COVID severity after several protests
BEIJING — China is softening its tone on the severity of COVID-19 and easing some coronavirus restrictions even as its daily case toll hovers near record highs, after anger over the world’s toughest curbs fueled protests across the country. Several cities in the world’s second-largest economy, while still reporting new infections, are breaking with practice […]
Read More →French baguette gains place on World Cultural Heritage list to bakers’ delight
PARIS — The humble baguette, France’s staple bread, made it onto the United Nation’s cultural heritage list on Wednesday, drawing delighted responses from French bakers and non-bakers alike. Paris-based UN heritage body UNESCO on Wednesday voted to include the “artisanal know-how and culture of baguette bread” on its list of Intangible Cultural Heritage, which already […]
Read More →Royal aide steps down after racist comments — Buckingham Palace
LONDON — A member of the British royal family’s household has left her role after making “unacceptable and deeply regrettable” comments about race and nationality to a woman at a grand reception at Buckingham Palace, a spokesperson said on Wednesday. Ngozi Fulani, who was born in Britain and works for a domestic abuse support group, […]
Read More →Elon Musk expects Neuralink’s brain chip to begin human trials in 6 months
ELON MUSK said on Wednesday he expects a wireless brain chip developed by his company Neuralink to begin human clinical trials in six months, after the company missed earlier timelines set by him. The company is developing brain chip interfaces that it says could enable disabled patients to move and communicate again, with Mr. Musk […]
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