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Business

DOJ says the U.S. and allies have frozen $30 billion of Russian elites’ assets, $300 billion of Moscow bank funds

The 106m-long and 18m-high super luxury motor yacht Amadea, one of the largest yacht in the world is seen after anchored at pier in Pasatarlasi for bunkering with 9 fuel trucks, on February 18, 2020 in Bodrum district of Mugla province in Turkey. Anadolu Agency | Getty Images The Department of Justice said Wednesday that […]

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Business

Avoidable or inevitable recession? Billionaire investor David Rubenstein on what decides it

Much of the U.S. market focus has been on the Federal Reserve’s more aggressive interest rate hikes as a reason to fear a recession. But Carlyle Group co-founder and co-chairman David Rubenstein, a billionaire investor and philanthropist, says the economy’s path may be beyond the central bank’s control, and two other global players are more […]

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Business

China cuts quarantine time for international travelers in big step toward easing Covid-19 controls

For more than two years, overseas travelers have had to quarantine upon arrival in China because of Covid restrictions. Pictured here at Beijing International Airport on June 18, 2022, are passengers waiting to be taken to quarantine-designated destinations. Leo Ramirez | Afp | Getty Images BEIJING — China cut the quarantine period for international travelers […]

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Business

Emirates boss says travel demand unlikely to dissipate despite airport chaos

Emirates has said it doesn’t see travel demand dissipating any time soon, even as the industry battles a string of challenges that have already sparked airport chaos ahead of the busy summer holiday season. Tim Clark, president of the Dubai-based carrier and an airline veteran, said that he had “never seen anything” like the headwinds […]

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Business

‘The system is rusty’: Executives defend industry as airlines cancel scores of flights

Air travel is roaring back, but not without some significant hiccups. Particularly in North America and Europe, travelers have described chaos at airports, with scores of flights canceled or delayed, luggage lost and wait times to board planes exceeding four hours. That’s partly the result of labor shortages from the pandemic, as layoffs have put […]

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Business

Powell vows that the Fed is ‘acutely focused’ on bringing down inflation

Federal Reserve Board Chairman Jerome Powell speaks to reporters after the Federal Reserve raised its target interest rate by three-quarters of a percentage point to stem a disruptive surge in inflation, during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, U.S., June 15, 2022. Elizabeth Frantz | […]

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Business

Dubai’s famous boozy brunches get a reboot as Saturday becomes the new Friday

The UAE is tackling this issue of work-life balance and the government recently rolled out a 4.5-day working week for Emirati government employees. Laszlo Szirtesi | Getty Images News | Getty Images They say it’s risky playing with a winning formula — especially when that formula results in massive revenue for Covid-battered restaurants and is […]

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Business

Most factories in Shanghai resume work as Covid controls ease, ministry says

German automaker Volkswagen is one of state-owned automaker SAIC’s foreign partners in China. Pictured here on June 7, 2022, is the joint venture’s factory in Shanghai. Qilai Shen | Bloomberg | Getty Images BEIJING — Factories in two of China’s Covid-hit economic hubs have mostly resumed work as the impact of the virus subsides, according […]

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Business

Treasury yields are little changed as investors weigh next moves from central banks

U.S. Treasury yields were modestly higher on Thursday as investors assessed the latest move from the European Central Bank and awaited key jobs and inflation data this week. The yield on the benchmark 10-year Treasury note ticked up less than 1 basis point to 3.033%, while the yield on the 30-year Treasury bond fell slightly […]

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Technology

Credit Suisse is more upbeat on Apple’s supply chain recovery than Android’s

Apple opened its 54th flagship store in Greater China in the city of Wuhan in May. The iPhone company warned in late April that supply chain disruptions from China’s Covid controls would likely hurt sales in the current quarter by $4 billion to $8 billion. Sopa Images | Lightrocket | Getty Images BEIJING — Apple’s […]