Morris chang

New York (CNN Business) The American economy didn't get the memo that it's supposed to already be in a recession. The brutal GDP report released on July 28, showing the economy had contracted for a second quarter in a row, led some to insist the much-feared recession had already arrived. The good, the bad and the unknown of the inflation news And in some ways that makes sense: Since 1948, every period of back-to-back quarters of negative growth coincided with a recession. But the recession-is-already-here argument has been severely undermined since that GDP report came out. A series of events in the past 10 days suggest those recession calls are, at a minimum, premature. Yes, the economy is cooling off after last year's gangbusters growth. But no, it does not appear to be suffering the kind of downfall that would qualify as a recession. Read More Consider the following developments: The economy added more than … [Read more...] about American recession fears collide with reality

State-controlled Baowu, the world’s biggest crude steel producer, is likely to acquire controlling stakes in some integrated production lines owned by Tsingshan at Indonesia Morowali Industrial Park in Central Sulawesi province, the people familiar with the negotiations said. - A + A (Aug 15): Tsingshan Holding Group Co, the nickel giant owned by billionaire Xiang Guangda, is in advanced talks to sell some of its stainless-steel assets in Indonesia to China Baowu Steel Group Corp as part of a strategic review, according to people familiar with the negotiations. State-controlled Baowu, the world’s biggest crude steel producer, is likely to acquire controlling stakes in some integrated production lines owned by Tsingshan at Indonesia Morowali Industrial Park in Central Sulawesi province, the people said, asking not to be identified discussing confidential information. The talks started in April, and the assets for sale include production plants of stainless steel … [Read more...] about Billionaire behind big nickel short plans to sell steel assets

- A + A (Aug 15): Some shareholders and potential investors of Asian crypto exchange Zipmex Pte Ltd are urging chief executive officer Marcus Lim to step down over management decisions they argue led to a severe cash crunch, people familiar with the matter said. Zipmex, which capped withdrawals last month after exposure to troubled crypto lender Babel Finance hurt its finances, on Monday (Aug 15) was granted more than three months of protection from creditors by Singapore’s High Court. The reprieve will give the firm additional breathing room to come up with a funding plan. One large Zipmex shareholder has written to Lim asking him to resign, citing a loss of trust among partners and the fallout from the Babel exposure, one of the people said. It wasn’t clear how many investors support the effort to remove Lim. “The internal matter of senior executive positions (including responses to this letter) is being handled by the board and shareholders,” Lim said in a … [Read more...] about Investors of crypto exchange Zipmex seek CEO Lim’s resignation

- A + A KUALA LUMPUR (Aug 15): Hartalega Holdings Bhd slipped below RM2 on Monday (Aug 15) after falling as much as 15 sen or 7.5% to RM1.85 while rival glove maker Kossan Rubber Industries Bhd fell past RM1 to its intraday low at 97 sen as investors evaluated the post-Covid-19 business outlook for rubber glove makers that registered a jump in sales during the crucial phase of the outbreak, which started in early 2020. Hartalega, which ended the day at RM1.86 — down 67.54% year-to-date (YTD) — saw 50.57 million shares exchanged hands, ranking the stock at seventh among Bursa Malaysia’s top actives. The counter was also fourth on Bursa’s top losers list. Last Tuesday (Aug 9), Hartalega saw its net profit for the first quarter ended June 30, 2022 (1QFY23) slumped to RM88.28 million from RM2.26 billion a year earlier as the rubber glove manufacturer's revenue dropped significantly as average selling price (ASP) and sales volume of gloves declined after rising to a … [Read more...] about Hartalega slips under RM2, Kossan falls below RM1

(CNN) The House of Representatives voted Friday to pass Democrats' $750 billion health care, energy and climate bill, in a significant victory for President Joe Biden and his party. The final vote was 220-207, along party lines. Four Republicans did not vote. Now that the Democratic-controlled House has approved the bill, it will next go to Biden to be signed into law. Final passage of the bill marks a milestone for Democrats and gives the party a chance to achieve long-sought policy objectives ahead of the upcoming midterm elections. It comes at a critical time as Democrats are fighting to retain control of narrow majorities in Congress. The sweeping bill -- named the Inflation Reduction Act -- would represent the largest climate investment in US history and make major changes to health policy by giving Medicare the power for the first time to negotiate the prices of certain prescription drugs and extending expiring health care subsidies for … [Read more...] about House passes Democrats’ health care and climate bill, clearing measure for Biden’s signature

Visibility is critical for career success. However, when many professionals get serious about being more visible, they focus solely on the relationship they have with their bosses, which is a big mistake . advertisement advertisement Your boss is one person in the hemisphere of stakeholders. While they do have some control over your career opportunities and growth, they are not the end-all be-all. Should you nurture this relationship? Absolutely! But if you are only focused on being visible and “seen” by your boss, your strategy will fall short. Your boss has their own priorities; while a good boss will want to see their employee excel, they are also likely focused on their own agenda. I’ve seen it time and time again where a boss moves on to a new role, new company, or (gasp) is fired, and all their direct reports are nervous because they don’t really have close connections with other people in the organization. Essentially, you don’t want to be in … [Read more...] about Why a ‘skip-level meeting’ is key to building your career

Sugar. Stock photo MANILA, Philippines — Kickback from sugar importations may reach up to P600 million, according to Senate President Juan Miguel Zubiri citing his sources. “My dear colleagues, we were not born yesterday. I think most of us know that importation is a lucrative business,” the Senate leader said during the plenary session. Zubiri said that according to his sources, authorities ask for “tongpats” or bribes worth P50 to P100 per bag of imported sugar. “Let me put it in proper context, 300,000 metric tons of sugar is six million bags. At P50, that is P300 million. At P100, that is an income of P600 million possible tongpats na matatanggap,” he said. Zubiri issued these remarks amid the controversy involving an “illegal” resolution for the importation of 300,000 metric tons of sugar. “May I make a suggestion during our hearing? Can we do a systemic change in the style of the importation?… Let’s say Coca-Cola needs 50,000 metric tons. Give them the permit to … [Read more...] about Zubiri: Sugar importation kickback may reach up to P600 million

Philippine National Police (PNP) chief Gen. Rodolfo Azurin Jr. MANILA, Philippines – Newly installed Philippine National Police (PNP) chief Gen. Rodolfo Azurin Jr. on Monday defended the major reshuffle that affected at least 70 senior officials, including his second and third in command. The change in PNP hierarchy transferred Lt. Gen. Rhodel Sermonia from deputy chief for administration to chief of the Area Police Command (APC) in the Visayas, and Lt. Gen. Vicente Danao Jr. from deputy chief for operations to chief of APC Western Mindanao. READ: PNP major revamp surprises some officials “Kailangan pag-aralan natin what is best for the organization (We need to study what’s best for the organization), and I think the only thing I had in mind when I did that was for Vic [Danao] and Rhodel [Sermonia] to have the opportunity to have regions that they are going to supervise wherein they can also shine in their own respective fields, considering that they are very competent in … [Read more...] about PNP chief defends major revamp in police hierarchy

State-owned Bharat Petroleum Corporation Ltd (BPCL) will invest Rs 1.4 lakh crore in petrochemicals, city gas and clean energy in the next five years as it looks to non-fuel businesses for growth. BPCL, the nation's second-biggest oil refining and fuel marketing company, is "recalibrating its strategies to leverage emerging opportunities while mitigating risks," its chairman and managing director Arun Kumar Singh said in the firm's latest annual report. As countries across the world opt for cleaner, carbon-free fuel, oil companies are looking at businesses to de-risk their mainstay hydrocarbon operations. Gas is being seen as a transition fuel as electric mobility and hydrogen pick pace. "The company has firmed up plans to diversify and expand in adjacent and alternative businesses to create additional revenue streams and provide a hedge against any possible future decline in liquid fossil-fuel business," he said. BPCL, which owns 20,217 out of 83,685 petrol pumps in the … [Read more...] about BPCL to spend Rs 1.4 lakh crore on petchem, gas business

Paytm founder Vijay Shekhar Sharma (left) and PhonePe founder Sameer Nigam A host of things can trigger bitter rivalry between top fintech companies. These include – apart from market share – the creation of slicker apps, developing better credit algorithms, hiring the best talent, or winning the most important licences. Fintech unicorns Paytm, PhonePe and BharatPe are now competing fiercely on another front: Deploying more speaker devices in stores that announce receipt of payments made through their apps. Picture this. A shopkeeper is catering to several customers. Some pay cash and others use payment apps to scan the now ubiquitous quick response (QR) code pasted on the front desk. The busy merchant barely manages a glance at the message on their mobile phone screens confirming payment and they leave. Later, the merchant discovers the payment did not reach his account. And he realises that he was duped – the mobile screen message confirming completion of the payment … [Read more...] about Paytm vs PhonePe: Merchant sound device may be at heart of feud