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A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . You can listen to an audio version of the newsletter by clicking the same link. London (CNN Business) This week, Russia defaulted on its foreign debt for the first time since the Bolshevik revolution after it failed to pay interest on two bonds during a 30-day grace period that expired Sunday. But to put the event in context, we don't need to go as far back as 1918. Instead, we can look to 1998 . That's the year Russia defaulted on ruble-denominated bonds, triggering a "Moscow meltdown" that infected markets around the globe. Quick rewind: In August 1998 , following years of upheaval after the fall of the Soviet Union, the Russian government defaulted on its local debt and devalued the ruble. The move sparked chaos in Russia, driving up inflation, causing an economic contraction and triggering bank … [Read more...] about Russia’s last default sparked a crisis. This time is different

Share to Twitter Share to Linkedin Topline High-profile stock picker Cathie Wood conceded to being wrong about the duration of high inflation that's contributed to her fund's steep decline this year while doubling down on her belief that the economy has fallen into a recession—defying a vast majority of experts noting a recession is unlikely this year despite growing odds of one next year. Key Facts “We think we are in a recession,” Wood, the founder and CEO of New York City's Ark Invest, said on CNBC's Squawk Box Tuesday, noting that excess inventory driving up costs and leading to wider-than-expected profit shortfalls for corporations like Walmart and Target is a "big problem" facing the economy. Wood first declared the U.S. had fallen into a recession last week, warning on Twitter that massive inventories (often viewed as a leading indicator for demand) have the potential to unwind and hurt growth for the rest of the year, as consumer … [Read more...] about Cathie Wood Claims Economy Already In A Recession—Warns Inflation And Inventories Pose ‘Big Problem’

The Supreme Court of the United States has handed down a bevy of decisions in the past week as it nears the end of its term and prepares to adjourn for summer recess. advertisement advertisement The court’s latest decision , posted Monday morning, rules that a high school football coach was exercising a constitutional right in praying on the field after games, in a case that could erode the separation of church and state across the country. The case centers on Joseph Kennedy, an assistant coach at a public high school in Bremerton, Washington, a small community outside of Seattle. For eight years, Kennedy would routinely pray at the 50-yard line immediately after games—often joined by student athletes, who would surround him, heads bowed, at the field’s midway mark. After an opposing coach commented on the practice at one of these games, the Bremerton School District warned Kennedy not to pray if it would involve students. A clash followed over … [Read more...] about In other SCOTUS news: Supreme Court ruling boosts school prayer

This Friday, July 1, there will be an official declaration that Thailand is now in “post pandemic” mode. Here’s an overview of the current situation and what to expect. The word endemic is being avoided as Thai officials believe it will be up to the World Health Organisation to make that call. According to the Public Health Ministry permanent secretary Dr. Kiattiphum Wongrajit, “What we expect to see is only small or medium clusters that will not do any harm to our public health service. The disease will be under control.” He commented on the international concerns over two new Covid-19 sub-variants, BA.4 and BA.5, noting that infections had already been detected in Thailand but, at this stage, had not led to an increase in the number of serious cases being admitted to hospitals. On the tourist side of the pandemic, deputy government spokeswoman Traisulee Traisaranakul announced that the International Air Transport Association is predicting that foreign visitors to … [Read more...] about Thailand News Today | Post pandemic Thailand – What to expect

Shares of Morgan Stanley ( MS ) climbed after the bank announced plans for stock dividends and buybacks . Morgan Stanley shares rose over 3% after the company increased its dividend and announced a $20 billion stock buyback. Goldman Sachs, Bank of America, and Wells Fargo also boosted their dividends. Goldman had one of the largest dividend increases, with a 25% hike to $2.50 per share. Bank of America’s increase came to 5%, while Morgan Stanley raised its dividend by 20%. JPMorgan and Citigroup both held the line on their dividends, and said that increasingly stringent capital requirements forced the firms to keep them unchanged. JPMorgan did announce a new $30 billion stock buyback plan that began back in May. "It is notable that JPMorgan and Citi did not increase their dividends given that they are much more cautious about the health of U.S. consumers than other banks, and even though they have ample capital to sustain a downturn, they still think it is prudent to be … [Read more...] about Big Banks Announce Dividend Plans

Foreign Minister Datuk Seri Saifuddin Abdullah (right) shakes hands with Australian Foreign Minister Senator Penny Wong after holding a press conference at Wisma Putra on Tuesday, June 28, 2022. (Bernamapix) - A + A PUTRAJAYA (June 28): Malaysia and Australia reaffirmed their commitment to enhance cooperation in multifaceted areas of mutual interest, driven by Comprehensive Strategic Partnership (CSP) that both countries will build on. Foreign Minister Datuk Seri Saifuddin Abdullah said he and his Australian counterpart Penny Wong had discussed in depth the various positive growth areas under the CSP. The areas of growth include economy, people-to-people relations, technology as well on stability and security in the region, especially in the post Covid-19 pandemic period and beyond. “We expressed our delight and satisfaction towards the positive growth of our multifaceted cooperation, especially in the post Covid-19 pandemic period. “Malaysia is confident … [Read more...] about Malaysia, Australia reaffirm commitment to strengthen strategic partnership

Bloomberg filepix for illustration purpose only - A + A KUALA LUMPUR (June 28): The Memorandum of Cooperation (MoC) signed last month between Malaysia and Japan will see Malaysian workers going to Japan for work and to hone their skills further, so that they can contribute to the local labour market upon their return. Japanese Ambassador to Malaysia Katsuhiko Takahashi said the MoC did not mean that Japan is going to absorb labour from Malaysia. “The basic idea of the programme (MoC) is to make them work in Japan for a specific period of time (around three to five years), among others in the hospitality and agriculture sectors. Usually, after gaining skills, those Malaysians will come back to the local labour market. “This (programme) is not a system to absorb labour forces from Malaysia to Japan, but this is rather a value-added quality and journey where we provide them training and encourage them to come back and serve their own country,” said Takahashi … [Read more...] about Japan-Malaysia’s MOC to better equip skilled workers for labour market, says envoy

As recently as last month, news outlets across the country were still covering the Great Resignation —the unprecedented shift in turnover that saw employees leaving their jobs in droves in search of better positions. Yet in light of the recent tech-stock selloff and economic downturn, it looks like the tech industry’s insatiable appetite for new talent is slowing among certain industries. This is being touted as the Great Reset . advertisement advertisement Over the last few years, enthusiastic tech founders were able to take advantage of an unusual period in history where the market was flush with capital from overzealous investors and government-backed stimulus. Those founders are now waking up to a new reality and discovering that the money they raised is being burned at an unsustainable pace. Companies are making difficult decisions as a result, including a wave of layoffs across the tech industry. Other companies, including Meta , are … [Read more...] about How employers and candidates can adjust to the Great Reset

In this file illustration photo taken on August 10, 2020, the Twitter logo is displayed on a mobile phone in Arlington, Virginia. Photo by Olivier DOULIERY / AFP New Delhi, India — India directed Twitter to locally censor accounts and dozens of posts, including some referencing a report that mentioned the country’s declining internet freedoms, the social media platform confirmed to AFP Tuesday. Prime Minister Narendra Modi’s administration has been accused of stifling criticism, with rights groups sounding the alarm over growing curbs on freedom of speech in the world’s largest democracy. Last year, the government ordered Twitter to take down tweets by the US think-tank Freedom House that had discussed the detention of Indian citizens for questioning government policy on social media, and the use of internet shutdowns to stifle dissent. The tweets were no longer available in India as of this week, along with several accounts representing Pakistan’s government that had been … [Read more...] about India censors social media posts on declining internet freedom

Image: Instagram/@kylieverzosa Kylie Verzosa joked about being in search of a “groom” as she showed herself in the wedding dress she wore at a recently held bridal show. The actress-beauty queen treated fans to a glimpse of her backstage preparations as well as a closer look at her dress, through her Instagram page yesterday, June 27. Verzosa graced the runway donning an embellished mermaid gown by designer Julianne Syjuco. “What a dream. Closed the show for [Julianne Syjuco] for [Marry Me at Marriot],” Verzosa said. “Hot girl summer is getting married. Groom na lang po kulang po, opo (Only the groom is missing, yes).” View this post on Instagram A post shared by Kylie Verzosa (@kylieverzosa) View this post on Instagram A post shared by Kylie Verzosa (@kylieverzosa) Verzosa also showed more snaps from the event while seemingly appreciating the experience of … [Read more...] about Kylie Verzosa stuns in bridal gown: ‘Groom na lang po kulang’