Shimao, a big Shanghai real estate developer, defaults on debt

Shanghai-based Shimao Group failed to pay the interest and principal on a $1 billion bond due Sunday, according to a company filing to the Hong Kong stock exchange. The bond had no grace period for the principal, according to its offering document. China’s real estate sector has been lurching from one crisis to another since … Read more

Six startups progress via first accelerator program tailored for female founders

Six startups progress via first accelerator program tailored for female founders

The six founders showcased on Demo Day included Ba.La.Mu Founder Shenuka Umagiliya, Leo the Label Founder Sashini Jinasena, BlueFish Founder Bhagya Sandakalum, Miris by IslandMom Founder Shivani Tyronne, Lactoboost by Spice Carriage Founder Lasni Silva and True by Tina Founder Tina Sri Lanka’s first accelerator program tailored for the country’s female founders, AccelerateHER, recently held … Read more

Over 22,000 techies lose jobs in US, more than 12,000 in Indian startups

As the tech and startup sector gets hammered by economic meltdown, more that 22,000 workers in the sector have lost jobs in 2022, along with more than 12,000 in the Indian startup ecosystem. Startups, especially the ones who benefited from a pandemic boom, are feeling the pressure as valuations, particularly at the late stage, have … Read more

With no fuel and no cash, Sri Lanka keeps schools closed

COLOMBO, Sri Lanka (AP) — Cash-strapped Sri Lanka on Sunday extended school closures for one week because there isn’t enough fuel for teachers and parents to get children into classrooms, and the energy minister appealed to the country’s expatriates to send money home through banks to finance new oil purchases. A huge foreign debt has … Read more

What Asia learned from the financial chaos of 1997

An aerial view of Bangkok’s central business district on June 2, 2022. (Photo: Bloomberg) Twenty-five years ago this month marked the beginning of an economic, political and financial market turmoil that would become known as the Asian Financial Crisis. Currencies and stock markets tumbled. Governments were overthrown. Poverty rates available. The crisis raised serious doubts … Read more

New era of inflation will bedevil central banks and bond markets

Structural changes – hyper-globalization, global demographic shifts, technological changes and decline in labor’s bargaining power – unleashed disinflationary forces that kept price pressures whole subdued for much of the first two decades of this century. But the pandemic shock and other recent developments suggest that we may now have entered a new inflationary era, one … Read more

NC budget, immigration bills finalized as session ends | Health, Medicine and Fitness

By GARY D. ROBERTSON – Associated Press RALEIGH, NC (AP) — The North Carolina General Assembly wrapped up its chief work session for the year on Friday by finalizing proposed state budget adjustments for the new fiscal year, crossing off other must-do legislation but leaving some big policy matters unresolved or thwarted. The Republican-penned spending … Read more

NC budget, immigration bills finalized as session ends | Health, Medicine and Fitness

By GARY D. ROBERTSON – Associated Press RALEIGH, NC (AP) — The North Carolina General Assembly wrapped up its chief work session for the year on Friday by finalizing proposed state budget adjustments for the new fiscal year, crossing off other must-do legislation but leaving some big policy matters unresolved or thwarted. The Republican-penned spending … Read more

Biden offshore drilling proposal would allow up to 11 sales | Health, Medicine and Fitness

By JANET McCONNAUGHEY and MATTHEW BROWN – Associated Press NEW ORLEANS (AP) — President Joe Biden’s administration on Friday proposed up to 10 oil and gas lease sales in the Gulf of Mexico and one off the Alaska coast over the next five years — going against the Democrat’s climate promises but scaling back a … Read more