Shanghai’s fashion stores struggle to clear lockdown stock hangover
SHANGHAI — Almost a month since Shanghai lifted its strict coronavirus disease 2019 (COVID-19) lockdowns, fashion retailers are stuck with piles of unsold stock as cautious consumers stay away from the commercial hub’s glitzy shopping districts. Curbs to stop the virus in Shanghai, China’s fashion capital, ground the city of 25 million to a halt […]
Read More →US vows more high-level engagement with Pacific islands amid China push
WASHINGTON — White House Indo-Pacific coordinator Kurt Campbell said on Thursday he expects more high-level US officials to visit Pacific island countries as Washington steps up its engagement to counter China in the strategically important region. Mr. Campbell said the United States needed more diplomatic facilities across the region, and more contact with Pacific island […]
Read More →US recession fears darken outlook for global growth
WASHINGTON/LONDON/TOKYO — Manufacturing growth is slowing worldwide as China’s coronavirus disease 2019 (COVID-19) curbs and Russia’s invasion of Ukraine disrupt supply chains and keep inflation at the highest in years, while the growing risk of a US recession poses a new threat to the global economy. Gauges of factory activity released Thursday in Japan, Britain, […]
Read More →Cisco, Nike quit Russia, as pace of Western firms leaving speeds up
US companies Cisco Systems and Nike plan to fully exit Russia, the two firms told Reuters on Thursday, as the pace of Western firms departing accelerated. Telecoms equipment maker Cisco will wind down its business in Russia and Belarus, the company said. Nike is making a full exit from Russia three months after suspending its […]
Read More →US urges nations to reach out if having issues with Russian food, fertilizer
NEW YORK — Countries should ask the United States for help if they have any problems importing Russian food and fertilizer, a senior US official said on Wednesday, stressing that such goods were not subject to US sanctions over Moscow’s war in Ukraine. “Nothing is stopping Russia from exporting its grain or fertilizer except to […]
Read More →Moderna booster candidate shows strong response against Omicron subvariants
MODERNA, INC. said on Wednesday that an updated version of its COVID-19 vaccine designed to target the Omicron variant also generated a strong immune response against the fast-spreading Omicron subvariants BA.4 and BA.5, which have gained a foothold in the US in recent weeks. The updated vaccine, which Moderna is hoping will be approved for […]
Read More →G7, NATO leaders to ratchet up pressure on Russia, keep eye on China — US officials
North Atlantic Treaty Organization/Flickr WASHINGTON — Leaders from the Group of Seven (G7) rich democracies and the NATO alliance will work to increase pressure on Russia over its war in Ukraine next week, while underscoring their continued concerns about China, senior US officials said on Wednesday. President Joseph R. Biden, Jr., leaves Saturday to meet […]
Read More →Mass biodiversity loss would slash global credit ratings, report warns
LONDON — Major global biodiversity loss could cause enough economic damage by the end of the decade to severely cut more than half of the world’s sovereign credit ratings — including China’s, the first major study on the issue has warned. The research published on Thursday by a group of British universities looked at a range of […]
Read More →Some Brits turn to gambling, crypto to make ends meet, charity warns
LONDON — Britain’s worsening cost-of-living squeeze is pushing some people into gambling and cryptocurrency investments in last-ditch attempts to make ends meet, a gambling charity warned on Thursday. GamCare said it had increasingly received calls from people receiving state welfare payments who had gambled in the hope they could cover soaring energy and food bills, […]
Read More →Why is there a worldwide oil-refining crunch?
Drivers around the world are feeling pain at the pump with fuel prices soaring, and costs are surging for heating buildings, power generation, and industrial production. Prices were already elevated before Russia invaded Ukraine on Feb. 24. But since mid-March, fuel costs have surged while crude prices are up only modestly. Much of the reason […]
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